The quantum computing sector is moving from theoretical concepts to functional hardware deployments. Investors looking at the field in 2026 often weigh the merits of IonQ against Rigetti Computing. Both firms operate in a high-stakes environment where they prioritize research and development over immediate profitability.
IonQ uses trapped-ion technology and recently acquired SkyWater Technology to build its own semiconductor foundry. This move aims to secure supply chain independence. In FY 2025, the company reported $130 million in revenue. While this shows significant growth compared to the previous year, the company still logged a net loss of $510.4 million. IonQ maintains a debt-free balance sheet with a current ratio of 15.5x, providing it with liquidity for near-term operations.
Rigetti Computing focuses on superconducting processors and serves commercial clients through cloud platforms. Its revenue figures are smaller, totaling $7.1 million in FY 2025. Like its competitor, Rigetti reports substantial net losses. The company currently manages a negative net margin of over 3,000 percent, highlighting the capital-intensive nature of its hardware development. Despite this, Rigetti holds a strong current ratio of 37.4x and carries no debt.
When comparing the two, IonQ shows more commercial traction. Its recent revenue surge and large backlog suggest stronger demand from enterprise and government partners. The acquisition of a manufacturing facility also differentiates its long-term strategy from competitors who rely entirely on third-party fabrication. Rigetti continues to hit technical milestones, but its smaller revenue base and recent internal financial scrutiny present unique challenges for shareholders.
Investors must weigh these technical risks against the long-term potential of quantum advantage. Because neither company has positive earnings, traditional valuation metrics like the Price-to-Earnings ratio do not apply. Instead, the market looks at price-to-sales ratios, which remain high for both firms. Choosing between them depends on your tolerance for the risks inherent in deep-tech hardware companies during the early stages of industrial adoption.