Rigetti Computing RGTI and D-Wave Quantum QBTS are gearing up to report second-quarter 2026 results in early August, with investors looking for evidence that the quantum computing rally is being supported by continued commercial execution. While both companies entered the second quarter on the back of better-than-expected first-quarter results, their growth strategies remained distinctly different.
D-Wave continued to build momentum through record bookings, an expanding backlog and rising enterprise adoption of its annealing quantum platform, while Rigetti focused on scaling its superconducting gate-model roadmap with broader customer access to its 108-qubit Cepheus system and growing demand for its on-premises quantum processing units (QPUs).
Investor enthusiasm remained strong during the April-to-June quarter, though D-Wave retained the upper hand in the market. QBTS shares surged 75.1% over the period, outpacing the 43.1% gain in Rigetti stock, reflecting confidence in D-Wave's accelerating commercial traction and system sales outlook.
As both companies prepare to report June-quarter results, investors will closely watch whether Rigetti's technology milestones and D-Wave's growing commercial pipeline translated into stronger financial performance and reinforced their long-term positions in the rapidly evolving quantum computing market.
April to June Price Comparison
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Can D-Wave Sustain Its Commercial Momentum in Q2?
D-Wave's second-quarter results are likely to reflect continued commercial traction following a record first quarter. Management expects revenues to improve sequentially, driven by the ongoing recognition of revenues from the Florida Atlantic University Advantage2 system sale, steady growth in Quantum Computing as a Service subscriptions and higher professional services revenues. The company also exited the March quarter with record bookings of $33.4 million and remaining performance obligations of $42.4 million, providing healthy revenue visibility heading into the June quarter.
Beyond near-term revenues, investors will also be watching D-Wave's execution on its expanding system sales pipeline. Management now expects to sell two to three quantum systems annually and reiterated that at least two systems are scheduled for delivery in 2026, with additional deals under active negotiation. Progress on bookings conversion, enterprise customer adoption and commercialization of the Advantage2 platform could provide further support to second-quarter performance.
D-Wave also ended the first quarter with approximately $588 million in cash and marketable securities, leaving it well capitalized to fund product development, expand its commercial footprint and advance both its annealing and gate-model quantum computing roadmaps. Any updates on customer wins, system deployments and revenue timing are likely to remain key catalysts for the stock.
What to Expect From Rigetti's Q2 Results
Rigetti's second-quarter results are expected to reflect continued progress in commercializing its superconducting quantum computing platform. The company indicated that the remaining revenues from previously announced Novera QPU purchase orders would be recognized primarily in the second quarter, following strong first-quarter growth driven by system deliveries. Continued execution on government and research contracts, alongside expanding cloud access to its 108-qubit Cepheus-1 system, is also expected to support the June-quarter top line.
Beyond revenues, investors will closely monitor customer adoption and execution against Rigetti's technology roadmap. Management highlighted growing demand for its on-premises Novera QPUs from national laboratories, universities and research institutions, while commercial interest continued to build across industries such as materials, logistics and financial services. Any updates on additional system orders, progress on the C-DAC 108-qubit deployment in India and improvements in the performance of the Cepheus-1 platform could serve as key catalysts during the quarter.
Rigetti ended the first quarter with approximately $569 million in cash, cash equivalents and available-for-sale investments and no debt, providing ample financial flexibility to fund its chiplet-based roadmap, expand fabrication capacity and advance higher-qubit quantum systems. Investors will also look for updates on fidelity improvements, customer deployments and progress toward the company's long-term goal of achieving quantum advantage.
Q2 Earnings Expectation: RGTI Vs. QBTS
The Zacks Consensus Estimate for RGTI’s second-quarter earnings per share (EPS) is pegged at a loss of 3 cents. This suggests an improvement from a 5-cent loss in the year-ago quarter. QBTS is expected to report a loss of 8 cents per share. It had incurred a 55-cent loss a year earlier.
Notably, the consensus estimate for EPS for both companies has remained unchanged over the past 60 days, indicating stable analyst expectations.
RGTI Consensus Estimate
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QBTS Consensus Estimate
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Short-Term Price Targets Favor QBTS Over RGTI
Based on short-term price targets offered by 10 analysts, the average price target of RGTI of $31 represents an increase of 98.2% from the last closing price of $15.64.
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Based on short-term price targets offered by 13 analysts, the average price target of QBTS of $38.31 represents an increase of 136.3% from the last closing price of $16.21.
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Our Take: QBTS or RGTI?
Both companies are making meaningful progress in quantum computing, but they are at different stages of commercialization. Rigetti's investment thesis continues to hinge on executing its ambitious gate-model roadmap and translating technological advances into a broader base of recurring commercial revenues. The company has demonstrated encouraging progress with its chiplet architecture and cloud expansion, but its business remains heavily influenced by the timing of hardware deployments and research contracts. Until revenue becomes more predictable and commercial adoption broadens beyond early-stage customers, investors may remain cautious despite Rigetti's technological strengths. This outlook aligns with its Zacks Rank #3 (Hold).
D-Wave, meanwhile, appears to have established stronger commercial traction. Rather than relying primarily on future technology milestones, the company is increasingly demonstrating that customers are willing to pay for its existing quantum solutions through cloud subscriptions, enterprise licensing and system sales. Its expanding commercial pipeline and improving revenue visibility suggest execution is becoming a larger driver of the investment story than promise alone. As the quantum industry gradually shifts its focus from technological potential to commercial adoption, D-Wave appears better positioned to capitalize on that transition. Backed by a Zacks Rank #2 (Buy), QBTS looks like the more compelling quantum stock ahead of second-quarter earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).