TLDR
- Citadel Advisors purchased Rigetti Computing and D-Wave Quantum shares in Q3 2025
- Rigetti has gained 3,750% since January 2023, D-Wave up 1,770% since January 2024
- Wall Street analysts project 42% upside for Rigetti and 48% upside for D-Wave
- Rigetti builds gate-based quantum systems while D-Wave focuses on quantum annealing
- Both stocks trade at high valuations with Rigetti at 1,080x sales and D-Wave at 325x sales
Billionaire investor Ken Griffin added quantum computing exposure to his portfolio in the third quarter of 2025. Citadel Advisors purchased 51,700 shares of Rigetti Computing and 122,600 shares of D-Wave Quantum.
The positions represent small investments for Citadel. However, the moves align with positive sentiment from Wall Street analysts tracking both quantum computing companies.
Rigetti Computing stock has climbed 3,750% since January 2023. D-Wave Quantum has risen 1,770% since January 2024.
Seven analysts covering Rigetti set a median price target of $40 per share. This represents 42% upside from the December 6 price of $28.
Eleven analysts following D-Wave established a median target of $40 per share. The target suggests 48% upside from the current $27 price.
Rigetti Computing Technology and Business Model
Rigetti Computing specializes in superconducting quantum computing using gate-based systems. The company manufactures its own quantum processors.
Rigetti also develops hardware and software infrastructure for cloud-based quantum computing services. The company created the first multi-chip quantum processor.
This vertical integration strategy provides control over the supply chain. The approach may offer advantages when scaling fault-tolerant quantum systems.
Rigetti currently trades at 1,080 times sales. This valuation is approximately 10 times higher than Palantir, the most expensive stock in the S&P 500.
D-Wave Quantum Annealing Approach
D-Wave Quantum uses superconducting circuits but builds quantum annealers instead of gate-based systems. Quantum annealers solve optimization problems effectively.
These systems cannot run most quantum algorithms that gate-based computers can execute. However, D-Wave builds systems with over 4,000 physical qubits today.
Rigetti’s roadmap does not include 1,000-qubit systems until 2027. This gives D-Wave current advantages in qubit count and near-term applications.
D-Wave reported third quarter revenue of $3.7 million, up 100% year-over-year. The company posted a non-GAAP net loss of $18.1 million.
D-Wave has increased its outstanding share count by 31% in 2025. Over two years, shares outstanding have grown 117%.
The stock trades at 325 times sales. Both quantum computing stocks carry high valuations relative to revenue.
Quantum Computing Market Outlook
The quantum computing market is expected to grow 21% annually through 2030. Grand View Research projects the quantum sector will be 450 times smaller than the AI market by 2030.
Most experts believe commercially useful quantum computers remain one to two decades away. Citadel Advisors has outperformed the S&P 500 by 7 percentage points over three years.
Analyst price targets for Rigetti range from $35 to $51. D-Wave targets span from $35 to $48 per share.
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