RGTI vs IONQ: Which Quantum Computing Stock Led the Q2 Earnings Race?

Quantum computing remains one of Wall Street's highest-risk, highest-reward themes, and the latest earnings season gave investors a fresh reason to compare two of the sector's biggest names. While Rigetti Computing RGTI and IonQ IONQ are pursuing different technology road maps, both used their second-quarter 2026 updates to showcase accelerating commercial traction and ambitious scaling plans.

IONQ delivered the bigger financial headline. Revenues surged 287% year over year to $80.1 million, marking its fifth straight record quarter, while management raised full-year revenue guidance to $280-$290 million. The company also strengthened its vertically integrated strategy through the SkyWater acquisition and highlighted progress toward semiconductor-based 256-qubit systems.

Rigetti's numbers were smaller, with revenues climbing 185% to $5.1 million, but its quarter centered on execution. The company advanced its 108-qubit Cepheus-1 platform, reiterated its chiplet-based roadmap toward 1,000 qubits and secured a Department of Commerce letter of intent for up to $100 million in potential CHIPS Act funding.

Investors have rewarded the stronger commercial momentum. Over the past month, IONQ and RGTI’s shares have gained 14.3% and 4.6%, respectively, reflecting greater confidence in IonQ's near-term execution. Still, Rigetti's government backing, modular architecture and hybrid computing partnerships suggest this race is about more than today's revenue figures.

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Let's get into more detail.

Rigetti's Growth Catalysts

Rigetti's second quarter reinforced its execution-focused investment case as revenue rose 185% year over year to $5.1 million, driven by on-premises Novera QPU sales, while gross margin expanded to 43% from 31% a year ago. The company also advanced its 108-qubit Cepheus-1 platform, reaffirmed its chiplet-based roadmap toward 1,000 qubits, secured a U.S. Department of Commerce letter of intent for up to $100 million in potential CHIPS Act funding and maintained a strong balance sheet with $541.3 million in cash and investments and no debt.

What's Holding Rigetti Back

Rigetti's biggest challenge remains translating technical progress into sustained commercial scale. Despite strong revenue growth, quarterly sales remain modest at $5.1 million, while operating expenses increased to $30.3 million as the company continued investing heavily in R&D, fabrication, refrigeration infrastructure and chip development. The company also needs to deliver meaningful improvements in Cepheus-1's gate fidelity and coherence times while executing on its ambitious 1,000-qubit roadmap, with the proposed CHIPS Act funding still awaiting a definitive agreement.

IonQ's Growth Drivers

IonQ strengthened its leadership position in the second quarter as revenue surged 287% year over year to $80.1 million, while organic revenue climbed 132%. The company continued expanding its commercial footprint, with 60% of revenues coming from commercial customers, 50% from international markets and 25% from multiproduct sales, while remaining performance obligations jumped to $485 million. IonQ also raised its 2026 revenue guidance to $280-$290 million and reinforced its full-stack strategy through the SkyWater acquisition and growing exposure across quantum computing, networking, security and defense.

What Could Slow IonQ's Momentum

IonQ's rapid expansion continues to come with elevated costs and execution demands. The company posted an adjusted EBITDA loss of $120.3 million during the quarter, while SkyWater-related investments increased near-term spending as it accelerated product development and supply chain integration. Although the $1.8 billion SkyWater acquisition strengthens IonQ's long-term manufacturing strategy, it also raises the complexity of integrating operations while delivering on an ambitious roadmap spanning semiconductor-based quantum hardware, networking and security solutions.

2026 Estimates: RGTI Vs. IONQ

For the full year, the Zacks Consensus Estimate for RGTI’s bottom line is pegged at a loss of 19 cents per share, implying a 70.3% improvement over the 2025 reported figure.

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The Zacks Consensus Estimate for IONQ’S 2026 bottom line is pegged at a loss of $1.19 per share, implying 34.6% growth over the 2025 reported loss.

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Bullish Price Target for RGTI over IONQ

Based on short-term price targets offered by 12 analysts, the average price target for IonQ represents an increase of 55.1% from the last closing price of $44.86.

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Based on short-term price targets offered by 11 analysts, the average price target for RGTI represents an increase of 64.99% from the last closing price of $17.91.

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Final Take: RGTI or IONQ?

IonQ appears to have won the second-quarter earnings battle with far stronger revenue growth, higher commercial traction and a raised 2026 outlook, while Rigetti's update leaned more on technical milestones and long-term execution. However, neither stock currently carries a favorable Zacks rating. IonQ carries a Zacks Rank #4 (Sell), while Rigetti carries a Zacks Rank #5 (Strong Sell), suggesting weaker near-term expectations for both. Given IonQ's stronger operating momentum but elevated spending and integration risks, and Rigetti's earlier-stage commercial profile, investors may prefer to stay on the sidelines until fundamentals improve and their Zacks ratings turn more favorable.

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).

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