RGTI, QBTS, IONQ: Which Is the Best Quantum Stock after Q3 Results?

The three large pure-play quantum computing companies, Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and IonQ Inc. (IONQ), recently reported their fiscal third-quarter results. Following their mixed performances, it's time to determine which stands out as the stronger quantum stock post-earnings.

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Amid growing investor interest in quantum technology following the artificial intelligence (AI) boom, each company is pursuing a distinct strategy and carries different levels of risk in this rapidly-growing industry. IonQ uses trapped ions that operate at room temperature, while Rigetti relies on superconducting qubits that must be kept extremely cold. D-Wave, on the other hand, employs quantum annealing with superconducting qubits optimized for solving complex optimization problems.

Before evaluating which company holds the most promise, let's briefly review their financial performances for the quarter ended September 30, 2025, and examine analysts' perspectives on each.

Rigetti's Mixed Results Garner Mixed Ratings

Rigetti posted a narrower loss of $0.03 per share, compared to Wall Street's expected loss of $0.04. However, revenue declined 18.1% year-over-year to $1.94 million and fell short of analysts' consensus of $2.17 million.

Rigetti's mixed results also garnered mixed reactions from analysts. Alliance Global Partners analyst Brian Kinstlinger kept his "Buy" rating and raised the price target from $20 to $37, implying 17.8% upside potential. Kinstlinger believes Rigetti could move to DARPA Stage B by the end of the first quarter of 2026 and says the company's updated technology plan should help it start scaling its business in 2028.

Meanwhile, Benchmark Co. analyst David Williams maintained a "Buy" but lowered his price target from $50 to $40, implying 27.4% upside potential. Williams cited a broader slowing of share momentum across the sector for his lowered price target. He remains positive on the long-term outlook supported by technical progress, partnerships, and funding. He pointed out that after strong gains through mid-October, the stock is consolidating. With shares up 107% year-to-date, Williams views the recent pullback as healthy and advises buying on dips as new catalysts arise.

IONQ's Record Revenues Drive Higher Ratings

IonQ's revenue surged 222% year-over-year to $39.87 million, beating the consensus estimate of $26.99 million. However, its diluted loss of $3.58 per share was significantly wider than the analysts' expected loss of $0.44 per share and the prior-year period's loss of $0.11 per share.

Notably, IonQ has been selected for Stage B of DARPA's Quantum Benchmarking Initiative, a major U.S. defense project aimed at measuring and defining progress in quantum computing. IonQ's participation highlights its leading position in quantum technology and its role in shaping industry standards and practical applications.

Following the results and the DARPA inclusion news, several analysts lifted their price targets on IONQ stock. Cantor Fitzgerald analyst Troy Jensen kept his "Buy" rating, while raising the price target from $60 to $70, implying 28.6% upside. Jensen noted that IonQ is still in the early stages of commercializing its technology, and the company could capture 30% of the quantum hardware, software, and services market by 2035, which is valued at about $954 million in today's terms.

Also, Jefferies analyst Kevin Garrigan and Rosenblatt Securities analyst John McPeake maintained their "Buy" ratings and lifted their price targets from $70 to a Street-high of $100, implying 83.8% upside potential.

D-Wave's Rising Sales Attract Price Target Boosts

D-Wave's sales jumped by 100% year-over-year to $3.7 million, surpassing the consensus estimate of $3.03 million. Conversely, its diluted loss of $0.41 per share was worse than the expected loss of $0.07 per share and higher than the $0.11 loss per share of Q3FY24. After the quarter, D-Wave also secured a €10 million system deal in Italy to build a new quantum hub backed by the Italian government.

Stifel Nicolaus analyst Ruben Roy raised his price target on QBTS from $26 to $35 and kept a Buy rating, implying 20.7% upside. Roy pointed to clear examples showing how D-Wave's technology is already delivering measurable results, unlike many peers that are still focused on research and testing. He believes its early success in real-world use could help the company build a strong lead before other quantum systems reach the market.

Also, Canaccord Genuity analyst Kingsley Crane maintained his "Buy" rating and lifted the price target from $20 to $41, implying 41.4% upside. Crane highlighted D-Wave's strong Q3 2025 results, with bookings increasing significantly to $2.4 million, up from $1.3 million in Q2 2025, showing improved business momentum. He views bookings as the best indicator of the health of the business, and is encouraged to see the figure rise.

Which Is the Best Quantum Computing Stock?

We used the TipRanks Stock Comparison Tool to determine which quantum computing stock is most favored by analysts.

Currently, Wall Street has assigned a "Strong Buy" consensus rating to all three stocks, with IONQ offering the highest upside potential among them. Notably, IonQ has the most commercially advanced models, generates higher revenue compared to RGTI and QBTS, and also achieves better accuracy, positioning it as a better buy, currently.