RGTI vs. QBTS: Which Quantum Stock Could Deliver Bigger Gains for Investors?

Quantum computing stocks are drawing investor interest as the race for next-generation technology heats up. Notably, Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) are two names in the spotlight, but the key question for investors is which stock offers greater upside potential in the months ahead.

For context, Rigetti Computing builds superconducting quantum processors and cloud-based quantum services for industries such as finance, chemistry, and logistics. Meanwhile, Canada’s D-Wave focuses on quantum annealing, providing on-site and cloud systems for optimization problems and real-world business applications. Both RGTI and QBTS are currently trading down by 30% from their October highs, creating an attractive opportunity for investors.

Rigetti Computing (NASDAQ: RGTI)

In Q3 2025, Rigetti generated just $1.94 million in revenue, reflecting its early stage of commercial growth. However, the company has a strong cash position—$558.9 million at quarter-end, rising to around $600 million by early November after warrant exercises.

This gives Rigetti plenty of runway to pursue its ambitious modular, multi-chip architecture plans, including its goal of building a 1,000+ qubit system by 2027. For context, Rigetti’s 1,000+ qubit system is a next-generation quantum computer aiming to scale its superconducting qubits beyond 1,000. It’s designed to tackle complex, real-world problems faster than classical computers.

Is RGTI a Good Stock to Buy?

On Wall Street, Benchmark’s five-star-rated analyst David Williams has recently reduced his price target on RGTI stock from $50 to $40. While Williams remains positive on Rigetti’s progress and its steady roadmap execution, recent volatility in emerging tech and AI sectors has cooled near-term investor enthusiasm for quantum stocks. However, he considers the pullback “healthy.”

Williams also noted that recent hardware sales indicate Rigetti is moving toward real-world commercial adoption. Since the company controls its hardware and uses a cost-efficient design, he believes it can scale more effectively.

D-Wave Quantum (NYSE: QBTS) 

D-Wave’s Q3 2025 revenue doubled year-over-year to $3.7 million, with bookings showing sequential gains. Growth was mainly fueled by expanding enterprise applications in logistics, manufacturing optimization, and hybrid workflows.

Notably, its Leap Quantum Cloud platform continued to gain traction with repeat customers. The company cut losses, improved profit margins with higher cloud use, and ended the quarter with stronger cash reserves.

Is QBTS Stock a Good Buy?

On the other hand, Williams increased his price target from $20 to $35 on QBTS, predicting an upside of 56% from the current level. Williams highlighted that D-Wave closed the quarter with record bookings of $2.4 million, up 80% from the prior quarter. These bookings reflect the company’s expected future sales.

Overall, he described D-Wave’s Q3 performance as showing “strong progress and continued momentum” toward commercialization and profitability. He also pointed out that D-Wave has launched an enterprise licensing option, responding to customer demand for multiple applications. This could raise average contract values and show that clients are moving from experimenting to setting up formal quantum projects.

RGTI or QBTS: Which Is the Best Quantum Stock, According to Analysts?

Using TipRanks’ Stock Comparison Tool, we have compared RGTI and QBTS to see which stock offers higher upside to investors.

Among the two, RGTI stock carries a Moderate Buy rating from analysts, with an average price target of $40.60, implying roughly 57% upside potential. Meanwhile, QBTS stock holds a Strong Buy rating and offers even higher upside potential of over 70%, with an average price target of $38.89.