Trump Just Bet $2 Billion on Quantum Computing: Ranking IBM, QBTS and RGTI Stock Now - Barchart.com

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After President Donald Trump's administration began taking direct stakes in stocks tied to rare earth minerals, semiconductors, and artificial intelligence (AI) infrastructure, quantum computing looked like the next logical target. Quantum technology sits at the crossroads of cybersecurity, military modeling, drug discovery, and AI — all industries with national security implications. So, when the administration announced on May 21 that it would invest $2 billion directly into the quantum computing sector, Wall Street didn’t exactly blink in surprise. The surprise was where the money went. Only three companies were selected by the Trump administration: International Business Machines (IBM), D-Wave Quantum (QBTS), and Rigetti Computing (RGTI) — and IBM alone got half of the funding.Which quantum stock is actually the best buy? Let's take a closer look.IBM Got the Biggest Check for Good ReasonIBM will receive roughly $1 billion of the total package to expand domestic quantum infrastructure, scale its Quantum System Two platform, and accelerate government-focused quantum cloud services. That's because IBM already has the ecosystem Washington wants to build around.Unlike most quantum startups, IBM isn’t trying to survive long enough for quantum to become commercially useful. It already generates enormous cash flow from software, consulting, and infrastructure services. In 2025, IBM produced $14.7 billion in free cash flow, while revenue rose 8% to $67.5 billion.The numbers matter because quantum computing remains expensive. Building stable quantum systems requires years of R&D spending before meaningful profits emerge. IBM can fund that internally.Here’s how the three companies compare right now: Company TTM Revenue TTM Net Income TTM Free Cash Flow Market Focus IBM $68.9 billion $10.7 billion $14 billion Diversified tech + quantum D-Wave $12.4 million -$368 million -$63.5 million Quantum annealing Rigetti $10 million -$225 million -$6.2 million Superconducting quantum systems Granted, IBM’s size cuts both ways. Quantum may become a major business someday, but it still represents a tiny portion of IBM’s overall operations. Even if quantum revenue doubled overnight, it would barely move the needle compared to IBM’s consulting and software divisions.Still, IBM is the safest quantum investment on the board.D-Wave Has Revenue, But Its Technology Is NarrowerD-Wave will receive up to $100 million from the federal investment to expand quantum optimization systems for logistics, defense simulations, and manufacturing applications.Surprisingly, D-Wave may actually be the closest of the three companies to real-world commercial usage today. Its quantum annealing systems specialize in optimization problems rather than universal quantum computing. That limits flexibility, but it also makes the technology usable right now.The company reported a 179% year-over-year (YOY) rise in revenue in 2025, reaching about $24.6 million. D-Wave also expanded its customer base across government and industrial contracts.The problem is profitability. D-Wave still burns cash through operations and continues to rely on external financing to support growth. In the first quarter, operating losses widened significantly to $54.7 million.That creates risk for shareholders of QBTS stock. If quantum adoption takes longer than expected, companies without durable balance sheets may need repeated capital raises that dilute investors.Still, among the pure-play quantum names, D-Wave arguably has the clearest commercial niche today.Rigetti Offers the Highest Risk — And Possibly the Highest RewardRigetti Computing also received up to $100 million aimed at scaling its superconducting quantum processors and domestic fabrication capabilities.Unlike D-Wave’s specialized approach, Rigetti is chasing general-purpose quantum computing more directly. If the technology works at scale, the upside could be enormous. The issue is execution.Rigetti generated only $7.1 million in annual revenue last year while posting $84.7 million in full-year operating losses. The company has repeatedly restructured operations to conserve cash. Government funding helps, but it doesn’t erase the fact that Rigetti remains dependent on future breakthroughs that are still uncertain.That said, sharp investors willing to stomach volatility may find RGTI stock attractive precisely because expectations remain low. Smaller companies can produce massive returns if even a portion of the market opportunity materializes.In any case, this is not a conservative investment. It’s venture-capital-style speculation wrapped inside a publicly traded stock. www.barchart.com The Bottom LineIn short, IBM is probably the best all-around quantum computing stock to buy today. It has the infrastructure, profitability, customer relationships, and financial flexibility to capitalize on federal investment without betting the company on one emerging technology.But investors looking for pure quantum exposure may find D-Wave more compelling than Rigetti right now. D-Wave already generates more revenue, has clearer commercial applications, and appears closer to practical adoption.Rigetti still offers possible upside — potentially enormous upside — but it remains the most speculative of the trio.When all is said and done, the Trump administration’s $2 billion investment validates quantum computing as a strategic national priority. The technology race is no longer theoretical; Washington just put taxpayer dollars behind it. The only question now is which companies can turn that support into durable businesses — and lasting shareholder returns. On the date of publication, Rich Duprey did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More News from Barchart Related Symbols Symbol Last Chg %Chg IBM 249.88 -3.96 -1.56% Intl Business Machines QBTS 27.05 -2.35 -7.99% D-Wave Quantum Inc RGTI 24.49 -1.93 -7.31% Rigetti Computing Inc Don’t Miss a Minute of Daily Action Our exclusive midday newsletter highlights top stories, big movers, and breakout charts. By clicking SIGN UP NOW you agree to receive this free newsletter and other Barchart marketing emails at the email address you provided, and you agree to our Terms of Use and Privacy Policy. Opt out anytime. By clicking SIGN UP NOW you agree to receive this free newsletter at the email address you provided, and you agree to our Terms of Use and Privacy Policy. Opt out anytime.

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