D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Buy for 2027?

In the race to quantum supremacy, two companies are vying for attention: D-Wave Quantum and Rigetti Computing. Both face high risks due to their exposure to the nascent quantum computing market, but they target different areas within the sector. D-Wave Quantum specializes in commercial annealing systems for optimization tasks, while Rigetti Computing focuses on superconducting systems.

D-Wave Quantum has secured a diverse list of customers, including Mastercard, BASF, and Unisys. The company's latest annual report for its 2025 fiscal year shows a significant revenue increase of 178.5%, reaching $24.6 million. However, the company still reports a substantial net loss of $355.1 million. D-Wave's current ratio stands at 42.4x, and its debt-to-equity ratio is 0.1x, indicating a relatively low level of debt. Nonetheless, the company reported a negative free cash flow of $75.8 million.

On the other hand, Rigetti Computing operates a full-stack quantum-classical platform and heavily relies on government contracts, which accounted for over 90% of its revenue in 2025. The company's 2025 revenue reached $7.1 million, a decrease of 34.3% from the previous year. Rigetti's current ratio is 37.4x, and its debt-to-equity ratio is near zero, meaning the company carries almost no debt relative to its shareholder equity.

However, free cash flow remains negative at $77.2 million, reflecting the heavy capital requirements for its proprietary facility.

While both companies face competition from established tech giants and volatility in the market, D-Wave Quantum's dual technology approach and growing customer orders could potentially give it an edge in capturing a larger market share. Therefore, based on the information provided, I would invest in D-Wave Quantum over Rigetti Computing for better long-term growth potential in 2027.