Two quantum computing stocks, D-Wave Quantum (NYSE: QBTS) and Rigetti Computing (NASDAQ: RGTI), attracted investor attention last year as quantum computing emerged as a potential technological breakthrough following artificial intelligence. Both stocks saw significant gains during this period.
Quantum computing remains largely experimental, with companies addressing key issues such as error-proneness. The technology uses quantum bits, or qubits, which are less stable than traditional bits due to their susceptibility to external factors like temperature changes or vibrations.
Beyond error correction, scaling qubits to thousands or millions and designing efficient connectivity architectures present additional challenges. Companies continue to push forward, with Nvidia CEO Jensen Huang noting in June that quantum computing is nearing an inflection point and approaching practical problem-solving, a shift from earlier statements.
D-Wave is recognized as a leader in quantum annealing, a specialized approach focused on finding optimal solutions for specific problems rather than solving complex math equations. This technology is more mature than the gate-based methods pursued by many firms, and D-Wave now produces commercial systems for tasks like supply chain optimization, serving over 100 paying customers with growing revenue and bookings.
D-Wave is also expanding into gate-based quantum computing. In 2025, it completed two large secondary stock offerings to boost cash, recently used to acquire Quantum Circuits. By integrating Quantum Circuits' dual-rail technology, D-Wave aims to develop an error-correcting, gate-based system.
Rigetti Computing pursues a more universal gate-based quantum system designed for complex computational problems. It uses a modular chip architecture to aid scaling and owns a manufacturing facility to accelerate chip design and production.
Rigetti's systems are reported to be over 1,000 times faster than those of competitor IonQ. However, its accuracy lags, with up to 99.5% 2-gate fidelity compared to IonQ's 99.99%. Both rates are considered error-prone, but Rigetti could gain an edge with an error-reduction breakthrough. Rigetti has partnered with Nvidia, enabling integration into the NVQLink platform.
Rigetti has made some sales of its Novera QP system and holds a three-year contract with the U.S. Air Force. Revenue remains minimal, and the company was not selected for Stage B of the DARPA Quantum Benchmarking Initiative program after being among the initial 18 participants.
Rigetti recently delayed the general availability of its new 108-qubit machine due to fidelity problems, highlighting ongoing accuracy challenges.