IONQ, RGTI, or QBTS: Which Quantum Computing Stock Is the Most Attractive Pick?
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IonQ Inc. (NYSE:IONQ)
IonQ is developing trapped-ion quantum computers for commercial, industrial, and academic applications. Earlier this month, the company reported nearly flat revenues for the first quarter of 2025 but a lower-than-anticipated loss per share.
Interestingly, IONQ stock has rallied 70.5% over the past month and has risen 9.4% year-to-date. Investors are bullish on the company's prospects, backed by some strategic deals and acquisitions made recently.
Moreover, IONQ stock jumped 36% on Thursday after CEO Niccolo de Masi said in an interview with Barron's that IonQ could become the Nvidia (NVDA) of quantum computing, triggering optimism among investors.
Is IonQ a Good Stock to Buy?
Following the Q1 print, Benchmark analyst David Williams reiterated a Buy rating on IONQ stock with a price target of $40. The top-rated analyst noted that IONQ's Q1 results were marked by continued commercialization progress and further expansion of its networking portfolio. Moreover, the top line reflected traction across existing and new partnerships, as the company executes on its roadmap and capitalizes on adjacent opportunities.
He added that IonQ's Lightsynq and Capella Space acquisitions build on the recent Qubitekk and ID Quantique deals, giving the company a vertically-integrated quantum networking stack from data center to the edge and terrestrial to satellite-based communication links. While Williams acknowledges that the time horizon for these capabilities to become integrated into the quantum computer is well into the future, they represent lucrative revenue verticals in the near and intermediate term while also providing access to markets and technologies to further develop the quantum computing ecosystem.
Wall Street has a Strong Buy consensus rating on IonQ stock based on four Buys and one Hold recommendation. At $40, the average IONQ stock price target implies a downside risk of 12.5% from current levels.
Rigetti Computing (NASDAQ:RGTI)
Rigetti Computing claims to be a pioneer in full-stack quantum computing. The company serves global enterprise, government, and research customers via its Rigetti Quantum Cloud Services platform.
RGTI has secured key government-funded projects in the U.S. and the UK to advance its technology. While Rigetti Computing stock has surged 54% over the past month, it is down 8.1% on a year-to-date basis.
Notably, Rigetti Computing delivered disappointing top-line for the first quarter, with revenue plunging 52% year-over-year to $1.5 million. While the company swung to a profit in Q1 2025 from a loss in the prior-year quarter, it was due to non-cash gains from the change in fair value of derivative warrants and earn-out liabilities. Nonetheless, management is confident about the road ahead, supported by nearly $238 million in cash, cash equivalents, and available-for-sale investments after a recent strategic investment from Quanta Computer.
What Is the Price Target for RGTI Stock?
Recently, Benchmark's Williams reiterated a Buy rating on Rigetti Computing stock with a price target of $14. The 5-star analyst said that he remains confident about RGTI's technology roadmap and its consistent advancement toward meeting 'internal fidelity goals.' He believes that RGTI's superconducting methodology and modular architecture give it an edge in solving the scalability issue encountered by gate-based systems.
Williams contends that although RGTI projects a slower timeline for mass adoption versus its rivals, growing interest in QPU (quantum processing unit) hardware sales offers near-term revenue potential ahead of wider quantum uptake. He is encouraged by consistent execution across every element of the technology platform, with 'fidelity standing as the key remaining obstacle to realizing quantum advantage.' Despite RGTI's cautious outlook, Williams believes that the company is strategically positioned with a compelling architecture, significant IP moat, and strong balance sheet to support its initiatives.
RGTI stock price target of $15 implies about 7% upside potential from current levels.
D-Wave Quantum (NYSE:QBTS)
D-Wave Quantum Inc. claims to be the only company in the world that is building both annealing and gate-model quantum computers, with a focus on unlocking commercial use cases in optimization. The company recently reported impressive first-quarter results, delivering a 509% year-over-year jump in revenue to $15 million.
CEO Dr. Alan Baratz stated that Q1 2025 was 'arguably the most significant in D-Wave's history.' Notably, the company recognized revenue on the sale of its first Advantage system to a major research institution in the quarter and became the first company to demonstrate quantum supremacy over classical computing on a real-world problem.
QBTS stock also rallied earlier this week when the company announced that its sixth-generation Advantage2 system can be accessed via its Leap cloud platform. Overall, D-Wave Quantum stock has skyrocketed about 124% so far in 2025.
Is QBTS Stock a Buy, Sell, or Hold?
On May 21, B. Riley analyst Craig Ellis reiterated a Buy rating on D-Wave Quantum stock. Following the announcement related to the general availability of the company's Advantage2 quantum computer, the 5-star analyst noted that the sixth-gen machine's availability impresses with expected timing and shows solid gains in qubit connectivity to 20-way action to enable more complex problems, a 40% rise in energy scale and 75% reduction in noise for higher quality complex calculation solutions, and a 2x coherence boost for faster time to solution.
He contended that while QBTS Bears point out that some of the information in the announcement was not entirely new, Bulls think that the update shows that the company is executing on its product roadmap, progressing deeper into the commercialization zone.
Overall, Wall Street has a Strong Buy consensus rating on D-Wave Quantum stock based on six unanimous Buys. The average QBTS stock price target of $13 implies a possible downside of about 31%.
Conclusion
Wall Street is highly bullish on all three quantum computing stocks discussed here, as reflected in the Strong Buy rating. However, following the solid year-to-date rally, they see downside risk in IONQ and QBTS stocks. Meanwhile, RGTI stock scores unanimous Buys from all the analysts covering the stock, who are looking beyond the decline in Q1 revenue and are confident about the company's growth potential. They see the year-to-date pullback in RGTI stock as a buying opportunity. Nonetheless, investors should be aware of the high risk and volatility associated with quantum computing stocks before investing in them.
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