Rigetti vs. IonQ: Which Quantum Stock Wins After Quantinuum's IPO?

After a volatile start to 2026, quantum computing stocks have staged an impressive comeback. Since April 1, shares of IonQ IONQ have surged 109.9%, while Rigetti Computing RGTI has rallied 58.4%, both significantly outperforming the S&P 500's 14.5% gain. The recovery reflects renewed investor optimism toward the quantum computing industry as commercialization milestones accelerate and governments and enterprises increase investments in next-generation computing technologies.The latest catalyst fueling enthusiasm is the Quantinuum's QNT blockbuster public listing. The company has emerged as one of the largest pure-play quantum computing firms, and its public debut is resetting valuation expectations across the industry. Investors now have a new benchmark for assessing publicly traded quantum names, sparking fresh interest in companies with credible technology road maps, growing commercial traction and sufficient capital to scale their platforms.With the quantum sector entering a new phase of price discovery following Quantinuum's listing, investors must determine which stock is better positioned to capitalize on the industry's next leg of growth. Let's find out.Image Source: Zacks Investment ResearchRigetti's Chiplet Progress and Adoption Fuel GrowthRigetti continues to strengthen its position in superconducting quantum computing through its differentiated chiplet-based architecture and improving commercial traction. In the first quarter of 2026, the company reported revenue growth of nearly 199% year over year to $4.4 million, driven primarily by on-premises Novera QPU deliveries and related contracts.The company recently achieved general availability of its 108-qubit Cepheus-1-108Q system, one of the largest modular quantum computers currently available. Rigetti's chiplet architecture has been validated through the successful integration of 12 interconnected chiplets, marking an important step toward scaling higher-qubit systems. Customer momentum is also improving, supported by expanding availability across Amazon Braket, Microsoft Azure Quantum and qBraid, as well as an $8.4 million order from India's C-DAC. With $569 million in cash and no debt, Rigetti remains well-funded to execute its long-term roadmap.Risks to ConsiderHowever, risks remain considerable. Revenues are still relatively small and heavily dependent on the timing of system deliveries and government contracts. The company remains unprofitable and must continue improving fidelities while proving that its chiplet-based approach can scale to commercially relevant, fault-tolerant systems with more than 1,000 qubits. Execution risks could also intensify as competition in the quantum computing industry heats up following Quantinuum's IPO.IonQ's Quantum Platform and Demand Drive OptimismIonQ has emerged as one of the quantum industry's early commercialization leaders. In the first quarter of 2026, the company generated a record $64.7 million in revenues, up 755% year over year. Management also raised its 2026 revenue guidance to $260-$270 million, reflecting strong demand across its quantum computing platform.Commercial momentum remains impressive. Remaining performance obligations surged 554% year over year to $470 million, providing strong revenue visibility. About 60% of first-quarter revenues came from commercial customers, while 35% originated from international markets. The company has also presold its first chip-based 256-qubit system and expects customer commissioning to begin in the second quarter of 2027. Its proposed SkyWater Technology acquisition is likely to further strengthen manufacturing capabilities and support long-term scaling ambitions.Risks to ConsiderHowever, risks remain significant. IonQ continues to invest heavily in manufacturing expansion and next-generation system development, which could keep profitability under pressure. The company also faces execution risks in translating its growing backlog into sustainable earnings. Additionally, the stock's massive rally has elevated valuation expectations, potentially capping near-term upside.2026 EstimatesRGTI expects to record earnings growth of 71.9% in 2026. Revenues are expected to increase 257.3% in 2026.Image Source: Zacks Investment ResearchIONQ expects record earnings growth of 42.9% in 2026. Revenues are projected to surge 101.9% in 2026.Image Source: Zacks Investment ResearchShort-Term Price Targets Favor Rigetti Over IonQBased on short-term price targets offered by 10 analysts, the average price target of RGTI of $31 represents an increase of 45.1% from the last closing price of $21.36.Image Source: Zacks Investment ResearchBased on short-term price targets offered by 11 analysts, the average price target of IONQ of $69.95 represents an increase of 23.7% from the last closing price of $56.55.Image Source: Zacks Investment ResearchWhich Stock Offers Higher Upside Potential After Quantinuum's IPO?Both companies stand to benefit from the renewed investor interest generated by Quantinuum's public debut. Quantinuum's IPO is likely to act as a valuation reset for the sector, drawing additional institutional capital toward publicly traded quantum computing companies with credible technology road maps and commercialization strategies.However, Rigetti appears better positioned for near-term upside in a post-Quantinuum environment. Although both stocks currently carry a Zacks Rank #4 (Sell), RGTI offers substantially higher analyst-implied upside potential, a sizeable cash position with no debt, and growing momentum around its chiplet-based architecture and system deployments.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Meanwhile, IonQ remains the sector's commercial leader and arguably possesses the strongest long-term platform strategy. However, its shares have already more than doubled since April, resulting in richer valuation multiples and potentially limiting additional gains in the near term.Investors seeking exposure to the next phase of enthusiasm following Quantinuum's IPO may find Rigetti's risk-reward profile more attractive at current levels. Long-term investors may continue to monitor IonQ's commercialization progress closely, but after its extraordinary rally, RGTI appears to offer the better upside opportunity as the quantum sector enters its next chapter.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks