“`html
The competition in quantum computing is intensifying between two key players, IonQ and Rigetti Computing. IonQ, established in 2015, focuses on trapped-ion technology and aims for a target of AQ 64 (algorithmic qubits) by 2025. The company currently has $697 million in cash but reported an adjusted EBITDA loss of $35.8 million in Q1 2025. In contrast, Rigetti, founded in 2013, is leveraging superconducting quantum computing with a modular chiplet design, targeting a 36-qubit system by mid-2025 and over 100 qubits by year-end. Rigetti has a market cap near $5 billion and recorded $1.47 million in revenue for Q1 2025, down 52% year-over-year.
In terms of stock performance, IonQ shares have surged 442.8% over the past year, while Rigetti’s stock skyrocketed 1,116.4%. IonQ has a market capitalization of around $12.3 billion with a forward 12-month price/sales (P/S) ratio of 98.14, reflecting significant growth expectations. Conversely, Rigetti’s P/S ratio is 236.36, indicating high investor excitement but also increased vulnerability. Recent estimate revisions show that IonQ’s expected loss per share for 2025 has widened to 60 cents, while Rigetti’s remains unchanged at 5 cents.
Overall, IonQ appears to have the upper hand as an investment for 2025, supported by more robust revenue generation, a healthier cash reserve, and a strategic focus on both quantum computing and networking, which could generate nearer-term revenues. Rigetti’s reliance on government funding and less established revenue sources render it a more speculative bet in the current landscape.
“`
