Compare · Technology
D-Wave vs. Rigetti: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
D-Wave
1 · What it sells
D-Wave Quantum sells cloud time on its quantum computers, expert help and whole machines, with revenue of $24.6 million in FY2025 and $3.1 million in Q2 FY2026.
Sources and detail on the D-Wave page2 · Who pays it
By the company's own count, businesses paid 67.7% of D-Wave's revenue in the first half of 2026 and research and government customers the other 32.3%.
Sources and detail on the D-Wave page3 · What it keeps from $100
Of every $100 that came in during FY2025, including interest income, costs were $829.1, mostly a non-cash warrant charge, so D-Wave lost $729.1; its operating loss was $100.4 million.
Sources and detail on the D-Wave page4 · Where the operating profit comes from
D-Wave reports one operating segment and no profit by product line, and had an operating loss of $100.4 million in FY2025 and $53.3 million in Q2 FY2026.
Sources and detail on the D-Wave page5 · The one thing to watch
Bookings were $35.5 million in the first half of 2026, up from $2.9 million a year earlier, while revenue in the same half was $5.9 million, down from $18.1 million.
Sources and detail on the D-Wave page
Rigetti
1 · What it sells
Rigetti builds quantum computers and makes their chips in its own factory, earning $7.1 million of revenue in FY2025 from research and cloud access and $5.1 million in Q2 FY2026, mostly from machine sales.
Sources and detail on the Rigetti page2 · Who pays it
In the first half of FY2026, government entities in the US and abroad paid 22.2% of Rigetti's revenue and other customers, mostly buying machines, paid 77.8%.
Sources and detail on the Rigetti page3 · What it keeps from $100
Of every $100 that came in during FY2025, $63.3 was interest on its cash, and costs plus a non-operating warrant loss came to $926.3, so Rigetti lost $826.3; its operating loss was $84.7 million.
Sources and detail on the Rigetti page4 · Where the operating profit comes from
Rigetti reports one segment and had an operating loss in every year and quarter shown, $84.7 million in FY2025 and $28.1 million in Q2 FY2026, on gross profit of $2.1 million and $2.2 million.
Sources and detail on the Rigetti page5 · The one thing to watch
Rigetti agreed on Sep 8, 2026 to issue 7,739,938 shares to the Department of Commerce for an award of up to $100 million, of which $43.9 million is available at the start and the rest depends on milestones.
Sources and detail on the Rigetti page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
D-Wave
Where $100 went · FY2025
| Research and development | $104.2 |
|---|---|
| Cost of revenue | $8.8 |
| Non-cash warrant charge | $555.5 |
| General and administrative | $84.6 |
| Sales and marketing | $59.0 |
| Interest and other costs | $17.0 |
| Net loss (costs above money in) | −$729.1 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $24.6 million + $24.1 million of interest income = $48.7 million). Costs came to $829.1, so the last line is a net loss of $729.1. The warrant charge alone was $555.5 and is non-cash. Counting revenue alone, the operating loss was $408.2 per $100. Stock-based pay of $22.7 million sits inside the cost lines.
Rigetti
Where $100 went · FY2025
| Research and development | $234.4 |
|---|---|
| Cost of revenue | $19.2 |
| Selling, general and administrative | $97.0 |
| Loss on the value of warrants (non-cash) | $575.6 |
| Net loss (costs above money in) | −$826.3 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $7.1 million + interest income $16.6 million + a $2.5 million gain on earn-out values = $26.2 million), $27.1 was revenue and $63.3 was interest. Costs and the warrant loss came to $926.3 per $100, so the last line is a net loss of $826.3. Stock-based pay ($17.6 million) and depreciation and amortization ($8.2 million) sit inside the cost lines.
Line items differ because each company groups its costs its own way in its filings. Only on D-Wave's receipt: Non-cash warrant charge; General and administrative; Sales and marketing; Interest and other costs. Only on Rigetti's receipt: Selling, general and administrative; Loss on the value of warrants (non-cash).
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
D-Wave
Rigetti
See the numbers
Net income
D-Wave
Rigetti
See the numbers
Free cash flow
D-Wave
Rigetti
See the numbers
Who pays each company
D-Wave
- Businesses (commercial customers) · 67.7% of revenue67.7% of first-half 2026 revenue by the company's own count, up from 16.0% a year earlier. In Q2 FY2026 alone they paid 62.4%. Customers named in the 10-K include Mastercard, BASF, NTT DOCOMO, Ford Otosan and Pfizer.
- Research centers and government customers · 32.3% of revenueThe other 32.3% of first-half 2026 revenue (Cityfort calculation from the Q2 FY2026 earnings release). The first half of 2025 included $13.7 million from D-Wave's first sale of a whole annealing computer. Research, academic and government customers buy machines to run on site.
Rigetti
- Government entities in the US and abroad · 22.2% of revenueMostly research contracts. They paid 22.2% of revenue in the first half of FY2026, down from 90.2% in FY2025, when US government entities alone paid 48.0%.
- Other customers · 77.8% of revenueCompanies, universities and research groups, in the first half of FY2026 mostly buying quantum computers and parts. The 77.8% share is a Cityfort calculation from the Q2 FY2026 10-Q (100% minus the government share).
Revenue by segment
D-Wave
FY2025
| Segment | Revenue | Share |
|---|---|---|
| System sales | $16.2M | 65.8% |
| Cloud access (QCaaS) | $5.5M | 22.4% |
| Professional services | $2.7M | 11.1% |
| Other | $0.2M | 0.7% |
Rigetti
First half FY2026
| Segment | Revenue | Share |
|---|---|---|
| Quantum computers and components | $7.1M | 74.9% |
| Research contracts and services | $2.3M | 23.6% |
| Cloud access | $0.1M | 1.5% |
Debt and cash
D-Wave
- Debt
- $35M
- Cash and investments
- $546M
On Jun 30, 2026.
At Jun 30, 2026 D-Wave held $546.2 million of cash and marketable securities against $35.0 million of loans. Most of the loans are a Canadian government loan that is repaid only from future revenue.
Rigetti
- Debt
- $0M
- Cash and investments
- $541M
On Jun 30, 2026.
At Jun 30, 2026 Rigetti held $541.3 million of cash and investments and no borrowings. Operations and capital spending used $48.4 million of cash in the first half of FY2026.
Who owns each company
D-Wave
- 2 classes of shares (votes per share: Common stock 1, Exchangeable shares of a Canadian subsidiary 1).
- Officers and directors as a group: 1.3% of shares (as of Apr 15, 2026).
- BlackRock, Inc.: 8.3% (as of Jun 30, 2026).
- U.S. Department of Commerce: 1.9% (as of Sep 8, 2026).
Rigetti
- One class of shares.
- Officers and directors as a group: 1.6% of shares, 1.6% of votes (as of Apr 15, 2026).
- BlackRock, Inc.: 7.9% (as of Jun 30, 2026).
- Vanguard Portfolio Management: 6.0% (as of Mar 31, 2026).
- Vanguard Capital Management: 5.1% (as of Mar 31, 2026).
Sources: D-Wave S11, S33, S5, S32, S27, S26 · Rigetti S20, S5, S32, S33, S34
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: customer or supplier concentration, liquidity, technology, competition, regulation. Every risk is on each company's page.
D-Wave
- New shares spread ownership thinner (other)Shares outstanding rose from 161.1 million at Dec 31, 2023 to 372.0 million at Jun 30, 2026, through share sales, warrant exercises and the Quantum Circuits deal. D-Wave issued 7,095,721 more to the Department of Commerce in September 2026, which its 8-K/A calls dilutive.
- Paying for an acquisition (execution)Quantum Circuits cost $538.5 million in fair value. Goodwill of $342.6 million and intangible assets of $211.8 million were on the books at Jun 30, 2026. The business added $0.3 million of revenue and a $16.0 million net loss through Jun 30, 2026.
- One outside maker for its chip wafers (execution)SkyWater Technology Foundry makes D-Wave's wafers. Their agreement renews yearly, and either side can end it with one year's notice.
Rigetti
- Revenue has depended on government budgets (demand)Government entities paid 90.2% of FY2025 revenue. The company said revenue was hurt by the expiry of the National Quantum Initiative Act in September 2023 and its pending reauthorization.
- Warrant values swing net income (other)Changes in the value of warrants turned operating losses into net income in Q1 FY2025 and Q1 FY2026, and added $150.6 million to the FY2025 net loss. The warrants expire on Mar 2, 2027.
Key facts
- How does D-Wave make money compared with Rigetti?
- D-Wave's revenue by segment in FY2025: System sales 65.8%, Cloud access (QCaaS) 22.4%, Professional services 11.1%, Other 0.7%. Rigetti's revenue by segment in First half FY2026: Quantum computers and components 74.9%, Research contracts and services 23.6%, Cloud access 1.5%.
- Which is bigger by revenue, D-Wave or Rigetti?
- D-Wave reported $24.6M of revenue in FY2025, and Rigetti reported $7.1M in FY2025.
- How much net income did D-Wave and Rigetti report?
- D-Wave reported net income of −$355M in FY2025, and Rigetti reported −$216M in FY2025.
- How much of every $100 did D-Wave and Rigetti keep as net income?
- D-Wave kept −$729.1 of every $100 that came in during FY2025, and Rigetti kept −$826.3 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do D-Wave and Rigetti have?
- D-Wave had $35M of debt and $546M of cash and investments on Jun 30, 2026. Rigetti had $0M of debt and $541M of cash and investments on Jun 30, 2026.
- When do D-Wave's and Rigetti's fiscal years end?
- D-Wave: Dec 31. Rigetti: Fiscal year ends Dec 31.
Sources: D-Wave S4, S2, S3, S1, S5, S12, S35 · Rigetti S4, S3, S2, S1, S5, S12
Built from each company's page. D-Wave updated Nov 6, 2026; Rigetti updated Nov 6, 2026.
Sources
D-Wave
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025), D-Wave Quantum Inc. (SEC EDGAR), Feb 26, 2026
- S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024), D-Wave Quantum Inc. (SEC EDGAR), Mar 14, 2025
- S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023), D-Wave Quantum Inc. (SEC EDGAR), Mar 29, 2024
- S4Form 10-K/A, fiscal year 2022 (restated; years ended Dec 31, 2022, 2021 and 2020), D-Wave Quantum Inc. (SEC EDGAR), Mar 18, 2024
- S5Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026), D-Wave Quantum Inc. (SEC EDGAR), Aug 6, 2026
- S11Proxy statement (DEF 14A), 2026 annual meeting, D-Wave Quantum Inc. (SEC EDGAR), Apr 23, 2026
- S12Earnings release, Q2 FY2026 (8-K Ex. 99.1), D-Wave Quantum Inc. (SEC EDGAR), Aug 6, 2026
- S26Form 8-K filed Sep 8, 2026: CHIPS Act Other Transaction Agreement with the U.S. Department of Commerce (Item 1.01, Ex. 99.1), D-Wave Quantum Inc. (SEC EDGAR), Sep 8, 2026
- S27Form 8-K/A filed Sep 9, 2026: Securities Issuance Agreement, shares issued to the U.S. Department of Commerce, D-Wave Quantum Inc. (SEC EDGAR), Sep 9, 2026
- S32Schedule 13G/A, BlackRock, Inc. (event date Jun 30, 2026), BlackRock, Inc. (SEC EDGAR), Jul 29, 2026
- S33Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S35Q2 2026 earnings presentation (8-K exhibit), D-Wave Quantum Inc. (SEC EDGAR), Aug 6, 2026
Rigetti
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025), Rigetti Computing, Inc. (SEC EDGAR), Mar 4, 2026
- S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024), Rigetti Computing, Inc. (SEC EDGAR), Mar 7, 2025
- S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023), Rigetti Computing, Inc. (SEC EDGAR), Mar 14, 2024
- S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022; 2021 column is 11 months), Rigetti Computing, Inc. (SEC EDGAR), Mar 27, 2023
- S5Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026), Rigetti Computing, Inc. (SEC EDGAR), Aug 6, 2026
- S12Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026), Rigetti Computing, Inc. (SEC EDGAR), Aug 6, 2026
- S13Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026), Rigetti Computing, Inc. (SEC EDGAR), May 11, 2026
- S20Proxy statement (DEF 14A) for the 2026 annual meeting, Rigetti Computing, Inc. (SEC EDGAR), Apr 24, 2026
- S32Schedule 13G/A filed by BlackRock, Inc. (holdings as of Jun 30, 2026), Rigetti Computing, Inc. (SEC EDGAR), Jul 29, 2026
- S33Schedule 13G filed by Vanguard Portfolio Management (holdings as of Mar 31, 2026), Rigetti Computing, Inc. (SEC EDGAR), Apr 29, 2026
- S34Schedule 13G filed by Vanguard Capital Management (holdings as of Mar 31, 2026), Rigetti Computing, Inc. (SEC EDGAR), Apr 30, 2026
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