The business results show commercial progress, but they do not establish whether the stocks’ rally is justified. IonQ reported far more revenue than Rigetti in Q2 2026, and both reported rapid year-over-year growth. Both also reported substantial losses. Without share-price performance and valuation figures measured on the same dates, revenue growth alone cannot settle whether either stock is rising on fundamentals or momentum.
What the latest quarterly revenue shows
Both companies reported results for Q2 2026, making revenue a useful point of comparison. The scale of their businesses, however, is very different: a high growth percentage from a small starting point does not mean two companies have comparable revenue.
| Q2 2026 measure | IonQ | Rigetti |
|---|---|---|
| Revenue | $80.1 million; quarterly record, reported by IonQ in its Q2 2026 results release filed with the SEC. | $5.138 million, reported in Rigetti’s Q2 2026 Form 10-Q. |
| Year-over-year revenue growth | 287%, as reported by IonQ in its Q2 2026 results release filed with the SEC. | 185%, from $1.801 million in Q2 2025, according to Rigetti’s Q2 2026 Form 10-Q. |
| Revenue composition | The company attributed growth to deployments across its platform, including quantum computers, cloud utilization and commercial activity. The cited release does not establish how much revenue was recurring. | $4.098 million from quantum-computer and component sales; $952,000 from collaborative research and professional services; and $88,000 from system access. Rigetti’s Form 10-Q said the increase was mainly due to sales of 9-qubit Novera systems and related products. |
| Remaining performance obligations | Not stated in the cited Q2 2026 results release. | $2.7 million at June 30, 2026, according to Rigetti’s Form 10-Q. This is contracted transaction price not yet recognized as revenue, not a complete measure of demand or pipeline. |
IonQ’s chief operating officer and chief financial officer, Inder Singh, characterized the quarter as driven by “global deployments of our IonQ Tempo quantum computers, strong cloud utilization, and broad-based commercial momentum across our quantum platform.” That is management’s explanation of the result, not independent confirmation that the growth will persist.
Revenue mix matters as much as growth
IonQ: larger reported scale, but recurring revenue is not established here
IonQ reported $130.0 million in revenue for 2025, up 202% from 2024, in its FY2025 results release filed with the SEC. That full-year figure and Q2 2026’s $80.1 million are different reporting periods, so they should not be added together or treated as equivalent measures. IonQ’s Q2 release described growth across deployments, cloud use and its broader platform; that narrative does not by itself demonstrate how much revenue is recurring or how durable the mix will be.
#1 Best Overall
Rigetti: Q2 sales were concentrated in systems and components
In Rigetti’s Q2 2026 revenue breakdown, quantum-computer and component sales made up most of the reported total, particularly sales of 9-qubit Novera systems and related products. System access and services were smaller portions. The $2.7 million in remaining performance obligations is a limited snapshot of contracted revenue awaiting recognition; it does not measure all prospective customer interest, nor should it be read as guaranteed future growth.
Losses and cash: progress is not profitability
The reported losses below are for different periods, so they provide context rather than a like-for-like quarterly comparison.
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- IonQ: Its FY2025 Form 10-K reports a $510.4 million net loss attributable to IonQ for 2025, compared with $331.6 million in 2024 and $157.8 million in 2023. The company’s reported revenue growth has not yet translated into annual GAAP profitability.
- Rigetti: Its Q2 2026 results release reports a $28.1 million operating loss and a $52.6 million GAAP net loss for the quarter.
The cash and investment figures are also from different dates and are not a matched comparison of cash generation:
- IonQ reported $3.3 billion in cash, cash equivalents and investments as of December 31, 2025, in its FY2025 results release filed with the SEC. This is a year-end balance, not a current cash figure.
- Rigetti reported $541.3 million in cash, cash equivalents and available-for-sale investments as of June 30, 2026, and no debt at quarter end, in its Q2 2026 results release.
Large balances can provide capacity to fund operations, but they do not show that a company’s commercial model is profitable. Rigetti’s Q2 2026 Form 10-Q says the company expects to meet cash requirements primarily through existing liquidity, potential securities financings or other capital sources until it can generate significant revenue from quantum processing units and system sales, development contracts and other services, including its quantum-computing-as-a-service offering. That disclosure makes financing and possible dilution part of the risk to monitor; it is not a projection that a financing will necessarily occur.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteWhat would establish whether the rally has fundamental support?
Business growth and a rising share price answer different questions. To judge whether market enthusiasm is supported by results, investors need to compare reported operating progress with what the shares already price in. That requires market data not established by the company results above.
- Match the market dates. Record each share price, share count and market capitalization on the same dates, then calculate performance over the same stated start and end periods. Without those dates, “the rally” has no defined measurement window.
- Compare valuation on a consistent basis. Calculate market capitalization or enterprise value using clearly defined trailing or forward revenue. State the date and whether the revenue measure is reported or projected; do not compare one company’s trailing multiple with another’s forward multiple as if they were equivalent.
- Test commercial delivery, not just announcements. Distinguish completed customer deliveries and recognized revenue from plans, roadmaps, memoranda or other announcements. The figures here establish reported revenue and some revenue composition, not long-term technical or economic feasibility.
- Track the source and cost of growth. Review cash-flow statements alongside GAAP losses, and account for equity issuance, warrants, acquisitions and stock-based compensation where material. A cash balance can reflect financing rather than cash generated by operations.
The Q2 2026 results support a limited conclusion: IonQ had much higher reported revenue, while Rigetti also posted fast growth from a much smaller base and relied primarily on system and component sales in that quarter. The results do not supply a matched-date share return, market capitalization or valuation multiple for either company. They therefore cannot show whether either stock’s rally is justified by its fundamentals, or is mainly momentum.
Rank #4
This is a comparison of reported company results, not a buy-or-sell recommendation. Both firms’ filings describe forward-looking and execution risks; guidance and commercialization claims should be treated as management statements, not assured outcomes. IonQ’s Q2 investor-results page contains inconsistent forward-looking guidance wording in different sections, so a specific full-year guidance range should not be inferred from that page without reconciling it against the SEC-filed release and any later correction.
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