Rigetti vs. IonQ: Diverging Revenue, Shared Uncertainty
Key Points
Quantum computing remains a promising but mostly theoretical technology in 2026.
IonQ's quarterly revenue jumped from $11.4 million in Q2 2024 to $64.7 million in the latest quarterly report, while Rigetti's revenue fell from $3.1 million to $1.9 million.
IonQ is clearly winning the revenue race, but that doesn't make it a safe long-term bet.
- 10 stocks we like better than IonQ ›
Rigetti Computing: Navigating a Revenue Plateau
Rigetti Computing (NASDAQ:RGTI) primarily generates revenue by building integrated quantum computers and the superconducting quantum processors that power them for cloud environments.
While reporting no major adverse events during the period, it announced the sale of a quantum processing unit to a university and reported a negative net income margin of approximately 975% for the Q4 2025 quarter ended Dec. 31, 2025.
IonQ: Scaling Revenue Amid Scrutiny
IonQ (NYSE:IONQ) primarily earns revenue by developing general-purpose quantum computing systems and selling access to these machines through its own service and third-party cloud platforms.
While facing multiple legal investigations following a short-seller report, it announced a merger agreement for a technology acquisition and reported an approximately 1,245% net income margin for the Q1 2026 quarter ended March 31, 2026.
Why Revenue Matters for Retail Investors
Revenue here refers to the data provider's standardized income statement revenue line item, and it provides retail investors with a crucial baseline measure of the total money a business brings in from its primary operations before any expenses are deducted.
Image source: The Motley Fool.
Quarterly Revenue for Rigetti Computing and IonQ
| Quarter (Period End) | Rigetti Computing Revenue | IonQ Revenue |
|---|---|---|
| Q2 2024 (June 2024) | $3.1 million | $11.4 million |
| Q3 2024 (Sept. 2024) | $2.4 million | $12.4 million |
| Q4 2024 (Dec. 2024) | $2.3 million | $11.7 million |
| Q1 2025 (March 2025) | $1.5 million | $7.6 million |
| Q2 2025 (June 2025) | $1.8 million | $20.7 million |
| Q3 2025 (Sept. 2025) | $1.9 million | $39.9 million |
| Q4 2025 (Dec. 2025) | $1.9 million | $61.9 million |
| Q1 2026 | Not yet reported | $64.7 million |
Data source: Company filings. Data as of May 10, 2026.
Foolish Take
IonQ's revenue trajectory looks impressive on paper. The company went from $11.4 million in Q2 2024 to $64.7 million in Q1 2026. Rigetti, meanwhile, drifted in the opposite direction. If this were a race, one runner is sprinting while the other appears to be looking for the concession stand.
Still, neither company is close to profitability. Both stocks remain heavily shorted and prone to sharp swings. Many analysts have issued bullish ratings on Rigetti and IonQ, but I’d call that speculative in this early era. It’s just too hard to pick long-term winners in the quantum computing industry in 2026.
The technology is promising, but the commercial applications are mostly theoretical so far. Both of these stocks carry enough volatility to ruin your week and nosebleed-inducing valuations.
Pure-play quantum computing stocks may have a lot of upside, but only if you pick the right names long before they turn profitable.
Investors who want quantum exposure without the ulcer might consider tech giants such as Alphabet or IBM instead. Both are serious players in quantum research, and both have the minor advantage of actually making money.
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Anders Bylund has positions in Alphabet and International Business Machines. The Motley Fool has positions in and recommends Alphabet, International Business Machines, and IonQ. The Motley Fool has a disclosure policy.
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