Quantum computing has captured the imagination of investors. Despite the tech's multidecade timeline to maturity and possible widespread use, most quantum computing stocks have soared since President Trump's election victory last November. The reason? Investing in quantum computing might be like buying Apple, Microsoft, or Nvidia when these tech giants were mere start-ups.

D-Wave Quantum (QBTS 2.17%) and Rigetti Computing (RGTI -2.84%) have been two of the top performers over this period. Specifically, D-Wave's shares have bolted higher by 384% over the prior three months, whereas Rigetti Computing's stock has risen by a staggering 767%. Their otherworldly performance over this short period underscores the market's enthusiasm for all things quantum.

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The market's appetite for quantum stocks is at a fever pitch. Below, I'll break down the core value propositions of these two advanced computing pioneers to discover which stock is the better buy right now.

Breaking down D-Wave

D-Wave Systems is a commercial leader in quantum computing, primarily known for quantum annealing technology. The company developed systems for optimization problems, creating practical applications in business operations like supply-chain management and logistics, while recently expanding into gate-based quantum computing development.

The D-Wave revenue model combines direct hardware sales with cloud-based services through the Leap quantum platform. This hybrid approach serves both major organizations requiring dedicated systems and a broader market of users accessing quantum computing resources through the cloud.

Through early market entry, D-Wave built significant competitive barriers with an intellectual property portfolio of over 200 U.S. patents granted and pending. Strategic partnerships with leading technology companies and research institutions across the United States have validated the technology and market approach.

While maintaining leadership in quantum annealing applications, D-Wave's expansion into gate-based quantum computing reflects the company's strategic diversification in the evolving quantum computing market. This dual-technology approach, supported by established cloud infrastructure and market presence, positions D-Wave for growth across multiple quantum computing segments.

Breaking down Rigetti Computing

Rigetti Computing is a full-stack quantum computing company specializing in gate-based quantum systems using superconducting transmon qubits. The company's technology addresses diverse computational challenges, from cryptography to molecular simulation.

By developing both quantum hardware and software components in-house, Rigetti maintains control over system integration and optimization. This comprehensive development approach enhances system performance and reliability across the quantum computing stack.

Rigetti operates one of the most advanced quantum processor manufacturing facilities in the U.S. through its California-based foundry. It has established strategic partnerships with government agencies and research institutions, supporting technology development and market adoption.

The company's vertically integrated approach, from chip fabrication through system deployment, positions Rigetti as a significant player in the advancement of practical quantum computing applications. The in-house manufacturing capability provides advantages in development cycles and quality control, compared to companies relying on external fabrication.

Market comparison: Valuation and growth strategies

D-Wave and Rigetti both command premium valuations, compared to the S&P 500, with price-to-sales ratios of 101.4 and 173.6, respectively. These high multiples reflect market expectations for substantial future growth in quantum computing adoption.

The companies target different segments of the quantum computing market through distinct technological approaches. D-Wave's established quantum annealing technology serves specific commercial applications with proven implementation cases. Rigetti's gate-based systems compete directly with major technology companies but offer potential applications across a broader range of computational problems.

Research firm McKinsey & Company estimates the quantum technology market could reach a whopping $173 billion by 2040. D-Wave's focus on optimization problems and Rigetti's general-purpose quantum approach represent different strategies for capturing value in this expanding market.

While D-Wave leverages existing commercial relationships, Rigetti aims to compete through technical advancement and full-stack development capabilities. As such, both companies stand a decent shot at capturing a significant share of this market in the years ahead.

Which quantum stock is the better buy?

While both quantum computing pioneers offer compelling investment cases, D-Wave Quantum screens as the superior choice at current valuations. The combination of proven commercial quantum systems, established revenue streams, and a more reasonable price-to-sales ratio creates a stronger foundation for long-term capital appreciation. In short, D-Wave's technological leadership in quantum annealing, coupled with its multiyear head start in commercialization and more appealing valuation, makes it the smarter quantum computing play right now.