How the 3 Leading Quantum Firms Stack Up After Q1 Earnings

Summary

The three major players in the U.S. quantum computing space—D-Wave Quantum Inc. NYSE: QBTS, Rigetti Computing NASDAQ: RGTI, and IonQ Inc. NYSE: IONQ—reported first-quarter earnings within days of each other in May 2026. This gives investors a chance to easily compare three firms vying to be the go-to name in this fast-growing industry. IonQ reported first, with Rigetti and D-Wave following. Investors hoping for a clear winner in this three-way race might be disappointed, as each firm had some strengths and faced some glaring obstacles in the first three months of the year. All three also saw their share prices decline immediately following their earnings releases. Below, we take a closer look at how each of these companies stacks up heading into the midway point of 2026. Rigetti: Big Sales Growth, Lots of Cash, But Mounting ExpensesOne of the biggest highlights from Rigetti's Q1 2026 earnings was its sizable revenue growth. The firm reported $4.4 million in revenue, nearly triple the $1.5 million that it generated in the prior-year period. Sales of the company's Novera QPU system helped to drive this growth. On top of year-over-year (YOY) gains in Q1, Rigetti also highlighted expected Novera sales in Q2 and a major system sale in Q4 later this year. Rigetti Computing TodayRGTIRigetti Computing$19.44 +1.02 (+5.53%) As of 02:02 PM Eastern This is a fair market value price provided by Massive. Learn more.52-Week Range$10.30▼$58.15Price Target$29.18 While the revenue growth is impressive, in absolute terms, Rigetti still has very modest sales, especially for a company valued at more than $6 billion. This issue, however, plagues the broader pure-play quantum computing space. D-Wave may be known as the quantum player with lots of excess cash on hand, but this quarter, Rigetti demonstrated that it also has money to spend. It ended Q1 with about $569 million in cash and equivalents, which should allow the company to invest up to $100 million in the United Kingdom. Carrying ...