Rigetti, D-Wave, or IonQ: Which Quantum Stock Has the Best Shot at Survival?

There's a lot of buzz surrounding quantum computing stocks right now, and three of the most popular among investors are Rigetti Computing (RGTI +0.97%), D-Wave Quantum (QBTS -0.40%), and IonQ (IONQ +1.11%). Their share prices have soared over the past three years, but most have lackluster sales, and rising costs mean that the jury is still out on their ability to survive over the long term. So, let's take a quick look at what each company is doing to stay in the fight and which one looks best positioned to be here years from now. Image source: Getty Images. IonQ's commercial business is expanding IonQ recently reported second-quarter revenue of $80.1 million, a 287% increase from the year-ago quarter. Part of that jump came from a recent acquisition of SkyWater Technology, a chip foundry business, but organic sales are on the rise, too. IonQ's management says that organic quantum computing revenue will double this calendar year. That's impressive growth and shows that IonQ can attract commercial customers. But investors should know that the company isn't profitable yet, and its losses are widening. IonQ's non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $120.3 million in the second quarter, much higher than its loss of $36.5 million in the year-ago quarter. Still, IonQ has cash and cash equivalents of $3 billion, so there's little worry that the company will run out of money any time soon. ExpandNYSE: IONQIonQPremium FeatureMoneyball Superscore63/100Today's Change(1.11%) $0.50Current Price$45.48Key Data PointsMarket Cap$18BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Day's Range$44.12 - $46.5552wk Range$25.89 - $84.64Volume27.4MAvg Vol21.3MGross Margin-3317.96% Rigetti is gaining customers, but commercial sales are lacking Rigetti recently expanded its collaboration with Hewlett-Packard and the Pittsburgh Supercomputing Center, and its sales popped 185% in the second quarter. The problem is that revenue was just $5.1 million, barely a blip on the company's own income statement. Investors should know that Rigetti's CEO, Subodh Kulkarni, has said that "commercial revenue remains early" and it's likely it could be several more years before its tech reaches a point where it's significant. The good news for Rigetti is that the company is debt-free and has $541 million in cash to keep the lights on for a while. ExpandNASDAQ: RGTIRigetti ComputingPremium FeatureMoneyball Superscore52/100Today's Change(0.97%) $0.16Current Price$16.66Key Data PointsMarket Cap$5.5BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Day's Range$16.36 - $17.3052wk Range$12.53 - $58.15Volume17.5MAvg Vol19.8MGross Margin-3975.14% D-Wave has a long way to go D-Wave's bookings in the second quarter were impressive, soaring 1,120% to $35.5 million. That's a good sign that customers are interested in D-Wave's products and services, but revenue hasn't come as easily for the company. D-Wave had sales of just $3.1 million in the quarter, below sales in the year-ago quarter, and its adjusted EBITDA loss was $37.1 million for the quarter. D-Wave has about $588 million in cash and cash equivalents, which should give the company a substantial runway, but its lack of sales and significant losses should be a red flag for investors. ExpandNASDAQ: QBTSD-Wave QuantumPremium FeatureMoneyball Superscore68/100Today's Change(-0.40%) $-0.07Current Price$17.41Key Data PointsMarket Cap$6.6BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Day's Range$17.23 - $18.0052wk Range$12.75 - $46.75Volume14.5MAvg Vol17.7MGross Margin-730.78% IonQ likely has the best shot at survival The quantum computing market is just getting started, and it'll likely be a wild ride for a while. But IonQ has higher revenue than its peers, and its organic sales from its quantum computing business appear on track to increase significantly. And, given its very strong cash position, IonQ has plenty of money to keep itself going for the foreseeable future. But that doesn't mean investors should hit the buy button right now. IonQ's stock is very expensive, with a trailing price-to-sales (P/S) ratio of 57, which is far above the tech sector average of about 8. It could take many more years for the commercial benefits of quantum computing to catch up to the technology's potential. Which means that investors buying IonQ or any quantum computing stock will have to wait a while to see how all of this plays out -- and likely endure significant share price volatility along the way.Read NextSep 25, 2026 •By Johnny RiceIonQ Has Made Another Quantum Computing Breakthrough: Here's What a $1,000 Investment in It Could Look Like in 5 YearsSep 25, 2026 •By Will HealyBetter Quantum Computing Stock: Nvidia vs. IonQSep 25, 2026 •By Keithen Drury$500 Invested in IonQ Now Could 10x if Quantum AI Hits by 2029Sep 24, 2026 •By Keith SpeightsIonQ Cleared One of Quantum Computing's Biggest Hurdles.

Should You Buy the Stock?Sep 23, 2026 •By Robert IzquierdoBigBear.ai vs. IONQ: Comparing Revenue Trends Between an Artificial Intelligence Upstart and a Quantum Computer CompanySep 23, 2026 •By Joe TenebrusoWhy IonQ Stock Is Up TodayAbout the AuthorChris Neiger has been a contributing Motley Fool technology and automotive analyst since 2012.

Before The Motley Fool, Chris was an automotive journalist for the BBC. He holds a master’s degree in journalism from Regent University and a bachelor’s degree from the University of Delaware.TMFNewsieStocks MentionedIonQNYSE: IONQ$45.48(+1.11%)+$0.50Motley Fool Stock Advisor’s Latest PickGet Access---% Avg ReturnD-Wave QuantumNASDAQ: QBTS$17.41(-0.40%)-$0.07Rigetti ComputingNASDAQ: RGTI$16.66(+0.97%)+$0.16*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.