Both companies reported second-quarter revenues above $5 million, but the drivers behind those results looked very different. Rigetti’s 185% revenue jump was fueled by quantum hardware deployments, while QUBT’s 9,000% surge reflected contributions from its rapidly expanding photonics and semiconductor businesses. With both stocks competing for investor attention in one of the market’s fastest-evolving industries, the bigger question is which execution strategy appears stronger based on their latest updates.<\/p>\n
Let’s get into more detail.<\/p>\n
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Image Source: Zacks Investment Research<\/p>\n
Rigetti’s Growth Catalysts<\/p>\n
Rigetti’s second-quarter results reinforced an execution-driven investment case as revenues jumped 185% year over year to $5.1 million, fueled by on-premises Novera QPU sales, while gross margin expanded to 43% from 31% a year ago.<\/p>\n
Beyond the financials, the company continued advancing its 108-qubit Cepheus-1 platform, reaffirmed its chiplet-based roadmap toward roughly 1,000 qubits over the next three years, strengthened its government ties through a U.S. Department of Commerce letter of intent for up to $100 million in potential CHIPS Act funding and ended the quarter with $541.3 million in cash, cash equivalents and investments and no debt.<\/p>\n
What’s Holding Rigetti Back<\/p>\n
Rigetti’s biggest challenge remains converting technical milestones into durable commercial scale. Although revenues grew sharply, quarterly sales remain relatively modest at $5.1 million, while operating expenses climbed to $30.3 million as the company continued investing heavily in R&D, chip design, fabrication and refrigeration infrastructure to support higher-qubit systems.<\/p>\n
At the same time, management still needs to deliver meaningful improvements in Cepheus-1’s gate fidelity and coherence times before progressing toward its 1,000-qubit ambitions, while the proposed CHIPS Act funding remains contingent on a definitive agreement and customary approvals.<\/p>\n
QUBT’s Growth Drivers<\/p>\n
Quantum Computing\u2019s second quarter highlighted a broader commercialization strategy that extends beyond quantum computing alone. Revenues surged to $5.6 million from just $61,000 a year ago, with contributions from government, commercial and educational customers across its photonics portfolio.<\/p>\n
The company accelerated its expansion through the acquisitions of NHanced Semiconductors, Luminar Semiconductor and NuCrypt, strengthening its advanced packaging and semiconductor manufacturing capabilities while launching its Fab 2 initiative.<\/p>\n
Commercial traction also improved with the rollout of the NeuraWave photonic AI platform, the installation of a DIRAC-3 optimization system at a global consulting firm, a multi-unit NeuraWave framework agreement with Planck Dynamics and a contract backlog that reached $42.5 million, backed by a cash and investment position of roughly $1.3 billion.<\/p>\n
What Could Slow QUBT’s Momentum<\/p>\n
QUBT’s rapid expansion also brings meaningful execution risks as the company integrates multiple acquisitions while scaling manufacturing and commercialization simultaneously. Operating expenses more than doubled to $21.8 million, due to higher R&D spending, personnel costs, sales and marketing investments and acquisition-related expenses.<\/p>\n
The company remains heavily dependent on government-funded work, with management indicating that roughly 70%-80% of current business comes from government subcontracting, while contract timing remains lumpy and backlog is expected to be recognized over 12 to 18 months rather than translating into immediate revenue.<\/p>\n
In addition, management is evaluating another $50-$100 million of potential investment to enhance NHanced’s manufacturing capabilities, adding another layer of capital deployment and integration complexity.<\/p>\n
2026 Estimates: RGTI Vs. QUBT<\/p>\n
The Zacks Consensus Estimate for RGTI\u2019s 2026 bottom line is pegged at a loss of 19 cents per share, implying a 70.3% improvement over the 2025 reported figure.<\/p>\n
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Image Source: Zacks Investment Research<\/p>\n
The Zacks Consensus Estimate for QUBT\u2019s 2026 bottom line is pegged at a loss of 19 cents per share, implying a 72.7% decline over the 2025 reported loss.<\/p>\n
![\"Zacks](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/09\/186592.jpg\"\/)
Image Source: Zacks Investment Research<\/p>\n
Bullish Price Target for QUBT Over RGTI<\/p>\n
Based on short-term price targets offered by six analysts, the average price target for QUBT represents an increase of 103.8% from the last closing price of $9.16.<\/p>\n
![\"Zacks](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/09\/186593.jpg\"\/)
Image Source: Zacks Investment Research<\/p>\n
Based on short-term price targets offered by 11 analysts, the average price target for RGTI represents an increase of 79.1% from the last closing price of $16.50.<\/p>\n
![\"Zacks](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/09\/186596.jpg\"\/)
Image Source: Zacks Investment Research<\/p>\n
Final Take: RGTI or QUBT?<\/p>\n
The latest earnings season highlighted two very different execution stories. QUBT paired revenue growth with expanding commercial traction through acquisitions, a growing photonics business, a $42.5 million backlog and a sizeable $1.3 billion cash position, while Rigetti’s quarter centered on advancing its superconducting roadmap, government partnerships and long-term technology milestones. Analyst sentiment also reflects a wider upside outlook for QUBT, with its average price target implying 103.8% upside from recent levels compared with 79.1% for Rigetti.<\/p>\n
The two stocks entered the next phase with different outlooks. QUBT currently carries a Zacks Rank #3 (Hold), reflecting a more balanced near-term earnings outlook, while Rigetti carries a Zacks Rank #5 (Strong Sell), indicating weaker earnings expectations. Although QUBT appears better positioned from a commercialization and analyst-sentiment standpoint, both companies remain high-risk plays in an emerging industry where execution, customer adoption and technology milestones will likely remain the key factors to watch.<\/p>\n