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Of course, quantum computing remains a long-term story. Investors are betting that today’s technological breakthroughs will eventually translate into meaningful commercial success. While neither company has reached profitability, both IonQ and Rigetti are beginning to show signs that demand for their technology is moving beyond the purely theoretical stage.
IonQ delivered one of the sector’s most impressive growth figures last quarter, with revenue soaring 755% year over year to $64.7 million, compared to just $7.6 million a year earlier. The company also ended the period with $470 million in remaining performance obligations, providing visibility into a substantial pipeline of future business.
Rigetti, meanwhile, is making progress on its own path. Quarterly revenue climbed to $4.4 million from $1.5 million in the prior-year period, while the company finished the quarter with a cash balance of $569 million. Management highlighted that financial position as providing ample flexibility to continue advancing its quantum-computing roadmap.
Despite those encouraging developments, one top investor, known by the pseudonym Stone Fox Capital, believes investors should head for the exits when it comes to both quantum stocks.
