Rigetti Soars 17%, D-Wave Up 17% as IonQ Raises Guidance to “An Industry Record”

Key Takeaways

• Rigetti Computing and D-Wave Quantum both jumped 17% today after IonQ raised its 2026 revenue guidance to $505-515 million.

• Rigetti's $5.1 million of second-quarter revenue is a sliver of IonQ's quarter.

• Analysts expect Rigetti's 2026 revenue to more than triple, with over a third of it from one system for India.

• Both report on Nov. 10 and need orders of their own.

Rigetti Computing ( RGTI:NASDAQ )soars 17% today, and D-Wave Quantum ( QBTS:NASDAQ )is up 17%.

Neither had news of its own: quantum peer IonQ beat estimates and raised its outlook after Thursday's close.

IonQ just had a monster quarter

IonQ's third-quarter revenue was $173.8 million, up 336%. It raised its 2026 revenue guidance to $505-515 million, against a $455 million consensus. COO and CFO Inder Singh called the new guidance "an industry record of more than half a billion dollars."

Part of that growth was bought: the SkyWater acquisition added $83.5 million. But its backlog more than doubled to $1.2 billion.

Rigetti's sales are still tiny

Rigetti's second-quarter revenue was $5.1 million . IonQ brought in about 34 times that last quarter.

Analysts expect Rigetti's revenue to more than triple this year, to $23.3 million, and reach $83.4 million by 2028:

Even that 2028 figure is less than half of what IonQ booked in one quarter.

Investors are paying up anyway. At the last close, Rigetti traded at 123x forward sales:

That's well below its 225x three-year average, and nowhere near the 1,415x of October 2025. At today's price, it's even higher.

D-Wave is an IonQ customer, too

D-Wave's tie to IonQ is more direct: IonQ extended a multi-year quantum manufacturing agreement with D-Wave through SkyWater.

D-Wave's revenue nearly tripled to $24.6 million in fiscal 2025, from $8.8 million in 2024, and analysts expect $42.5 million this year and $148 million by 2028:

D-Wave reports before the open on Nov. 10. That quarter has to show the order growth those estimates assume.

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Nov. 10 is the real test

Rigetti reports the same day. It needs about $13.7 million of second-half revenue to hit this year's $23.3 million consensus, after $9.5 million in the first half.

Of that, $8.4 million is a 108-qubit system for India's C-DAC, booked only once it's installed and accepted. If acceptance slips into 2027, so does more than a third of this year's estimate.