Neither company’s latest results establish which stock is the better buy at today’s price. BigBear.ai has the larger reported business: it generated $36.7 million in Q2 2026 revenue and reported $269.6 million in backlog. Rigetti reported $5.1 million in Q2 revenue and is a more speculative bet on quantum-computing commercialization, though it reported a larger cash-and-investments balance. Choosing between them requires weighing those business differences against current valuation, your time horizon, and your tolerance for losses and dilution.
How do BigBear.ai and Rigetti compare on the same reporting period?
The latest located quarterly results are for the three months ended June 30, 2026. BigBear.ai released its results on July 30, 2026; Rigetti released its results on August 6, 2026. The figures below are company-reported, not forecasts, except where explicitly identified as guidance.
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| Measure | BigBear.ai (BBAI) | Rigetti Computing (RGTI) |
|---|---|---|
| Business | AI-enabled decision-intelligence software and services for government and commercial customers, including data processing, predictive analytics, and visualization. (BigBear.ai 2025 Form 10-K) | Full-stack superconducting quantum-computing systems and services. (Rigetti Q2 2026 results, August 6, 2026) |
| Q2 2026 revenue | $36.7 million, up 13% year over year. (BigBear.ai Q2 2026 results, July 30, 2026) | $5.1 million. (Rigetti Q2 2026 results, August 6, 2026) |
| Profitability in Q2 2026 | 32.8% gross margin and a $25.7 million net loss. (BigBear.ai Q2 2026 results, July 30, 2026) | $28.1 million operating loss and $52.6 million GAAP net loss. (Rigetti Q2 2026 results, August 6, 2026) |
| Backlog or orders | $269.6 million backlog as of June 30, 2026. Backlog is not the same as revenue already earned. (BigBear.ai Q2 2026 results, July 30, 2026) | The 2025 Form 10-K reported an $8.4 million purchase order for a 108-qubit system for C-DAC, with deployment expected in the second half of 2026. The filing does not establish that deployment was completed. (Rigetti 2025 Form 10-K) |
| Cash and investments | $409.8 million as of June 30, 2026. (BigBear.ai Q2 2026 results, July 30, 2026) | $541.3 million as of June 30, 2026. (Rigetti Q2 2026 results, August 6, 2026) |
| 2026 outlook | Management affirmed full-year 2026 revenue guidance of $135 million–$165 million. This is guidance, not realized revenue. (BigBear.ai Q2 2026 results, July 30, 2026) | The cited Q2 release describes technology-roadmap and deployment work but does not establish a comparable full-year revenue guidance figure. |
What does the operating evidence say about BigBear.ai?
A larger revenue base, but not yet demonstrated profitability
BigBear.ai’s $36.7 million in Q2 revenue and 13% year-over-year growth show a more substantial current sales base than Rigetti’s in the reported quarter. Its 32.8% gross margin indicates that revenue exceeded the direct costs reflected in gross profit, but the $25.7 million net loss shows that gross profit had not translated into bottom-line profitability.
The year-over-year reduction in BigBear.ai’s net loss should not be read by itself as proof that the business has reached sustainable profitability. Management attributed part of the change to a smaller noncash derivative fair-value loss and a much smaller goodwill impairment than in the prior-year period. Those items affect reported net income without necessarily showing that the underlying operating model has become profitable.
#1 Best Overall
Backlog and guidance are execution tests
The $269.6 million backlog reported at June 30, 2026, gives investors a measure of contracted work, but it is not cash in hand or revenue already recognized. The investment question is whether BigBear.ai can convert that work into revenue on schedule and at margins that support the business. Its $135 million–$165 million full-year 2026 revenue range is management’s forecast; actual results could differ.
Government exposure adds contract risk
BigBear.ai’s 2025 Form 10-K describes sales to defense, intelligence, and commercial customers and warns that reviews or cancellations of government programs could adversely affect the company. The available figures do not provide a directly comparable government-revenue concentration percentage for BigBear.ai, so its exposure should not be treated as numerically equivalent to Rigetti’s reported share.
Rank #2
What does the operating evidence say about Rigetti?
Quantum computing offers a different, less proven growth case
Rigetti develops superconducting quantum-computing systems and related services. Its Q2 2026 revenue of $5.1 million was far below BigBear.ai’s, while its $28.1 million operating loss and $52.6 million GAAP net loss show the scale of losses relative to current sales. The cited results do not establish that Rigetti has achieved profitable commercialization or a sustained, large-scale sales base.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsThe company’s progress therefore depends on more than announcing technical milestones: investors need evidence that systems can meet useful performance needs, attract customers, and generate repeatable revenue. The cited filings describe ongoing research and development and capital requirements; they do not establish when that combination will produce a profitable business.
Orders and government revenue need context
Rigetti’s 2025 Form 10-K reported that U.S. government entities accounted for 48.0% of its 2025 revenue. That historical share signals customer concentration, but it does not establish the same mix in Q2 2026 or future periods.
The same filing described an $8.4 million purchase order for a 108-qubit system for C-DAC and expected deployment in the second half of 2026. A purchase order is evidence of a specific contracted opportunity, not proof of completed delivery, customer acceptance, or continuing demand. The cited filing does not establish whether that expected deployment subsequently occurred.
Does Rigetti’s larger cash balance make it the safer choice?
No. Rigetti reported $541.3 million in cash, equivalents, and investments at June 30, 2026, compared with BigBear.ai’s $409.8 million in cash and investments on the same date. Those balances do not measure runway or overall business strength by themselves. Investors also need to consider each company’s cash use, obligations, expected development spending, and share count.
Rigetti’s filings describe significant losses since inception, ongoing research and development, capital needs, and the possibility of future securities financing that could dilute existing shareholders. BigBear.ai’s results also include a net loss, so neither cash balance should be interpreted as proof that a company can fund its plans without risk. The figures provided here do not establish a comparable cash runway for the two companies.
Best Value
Which stock may suit which investor?
| If your priority is… | The more relevant case to examine | What could weaken that case |
|---|---|---|
| A larger existing revenue base and an operating business with reported backlog | BigBear.ai, based on its Q2 2026 revenue and June 30, 2026 backlog. | Backlog may not convert on schedule or at attractive margins; the company remains loss-making and has exposure to changes in government programs. |
| High-risk exposure to potential quantum-computing commercialization | Rigetti, whose business is centered on superconducting quantum systems and services. | Current revenue is small relative to reported losses, profitable commercialization is unproven in the cited evidence, and continued funding needs could lead to dilution. |
| A business already shown to be profitable | Neither company is established as profitable by the Q2 2026 figures cited here. | BigBear.ai reported a Q2 net loss; Rigetti reported Q2 operating and GAAP net losses. |
What should you check before deciding whether either is a buy?
Operating performance alone cannot determine whether a stock is attractively priced. The cited company results do not provide a same-date market valuation comparison, so they cannot establish that either security is undervalued or cheaper than the other.
- Use one market-data date. Compare each company’s share price, market capitalization, and enterprise value using figures from the same date. Do not pair a current price for one company with a stale price or valuation for the other.
- Relate valuation to the business evidence. For BigBear.ai, assess whether the market price assumes its revenue guidance and backlog will convert into durable growth and improving margins. For Rigetti, assess what future adoption and revenue scale the price implies against current sales, losses, and development needs.
- Look beyond cash totals. Review cash flows, obligations, spending plans, and changes in share count. A larger cash balance does not, on its own, establish longer runway or less dilution risk.
- Track milestones against what is actually reported. Distinguish revenue recognized from backlog, an announced order, or management guidance. For Rigetti, look for evidence of deployment, customer use, and repeat business; for BigBear.ai, look for backlog conversion and margin progress.
- Match the thesis to your risk capacity. A thesis that depends on near-term contract execution differs from one that depends on a developing technology achieving broad commercial adoption. Consider whether you could tolerate delays, losses, or financing that reduces your ownership percentage.
How current is this comparison?
The latest located quarterly results in this comparison are BigBear.ai’s Q2 2026 release from July 30, 2026, and Rigetti’s Q2 2026 release from August 6, 2026. Annual filings provide business and risk context, not later-quarter performance. The operating facts are current through October 7, 2026; they do not include a matched market-price or valuation snapshot for October 2026.
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