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Neither stock can be called the better buy on the available operating results alone: a fair comparison needs current share prices and valuation measures alongside your time horizon and tolerance for loss. On the latest reported quarter located through October 7, 2026, BigBear.ai had the larger established revenue base and a reported backlog, while Rigetti had a larger cash-and-investments balance and a much more speculative quantum-computing commercialization story.
What the latest results say
BigBear.ai’s Q2 2026 results, released July 30, 2026, show a larger operating business today. It reported $36.7 million in quarterly revenue, up 13% year over year, a 32.8% gross margin, and $269.6 million in backlog as of June 30. The company affirmed full-year 2026 revenue guidance of $135 million to $165 million. That range is management guidance, not realized revenue, and backlog is not the same as revenue already earned.
Rigetti Computing’s Q2 2026 results, released August 6, 2026, show a smaller business still investing heavily in development and commercialization. Revenue was $5.1 million, operating loss was $28.1 million, and GAAP net loss was $52.6 million. The figures are for the quarter; they do not establish a future path to profitable sales.
| Measure | BigBear.ai (BBAI) | Rigetti Computing (RGTI) |
|---|---|---|
| Q2 2026 revenue | $36.7 million; up 13% year over year | $5.1 million |
| Q2 2026 profitability reported | 32.8% gross margin; $25.7 million net loss | $28.1 million operating loss; $52.6 million GAAP net loss |
| Backlog at June 30, 2026 | $269.6 million | Not stated in the cited Q2 results |
| Cash and investments at June 30, 2026 | $409.8 million | $541.3 million |
| 2026 outlook stated | Affirmed FY 2026 revenue guidance of $135 million–$165 million | Technology roadmap and system-deployment efforts; no comparable revenue guidance stated |
BigBear.ai’s year-over-year net-loss improvement should not be read as evidence that it has reached profitability. The company attributed part of the change to a smaller noncash derivative fair-value loss and less goodwill impairment than in the prior-year period. Those items affect reported net income but are not a substitute for recurring operating profitability.
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How the businesses differ
BigBear.ai sells AI software and services
BigBear.ai describes its business as AI-enabled decision intelligence, including data processing, AI and machine-learning capabilities, predictive analytics, and visualization. It serves government, defense, intelligence, and commercial customers. Its investment case turns on whether it can win and execute contracts, convert backlog into recognized revenue, and develop margins while managing government-program exposure.
Rigetti is developing superconducting quantum-computing systems
Rigetti is a full-stack superconducting quantum-computing company offering quantum-classical systems and services. Its longer-term case depends on useful system performance, customer adoption, and a route to repeatable commercial revenue. The reported Q2 revenue and losses do not yet demonstrate that this commercialization path is established.
What could strengthen or weaken each thesis?
BigBear.ai: conversion and contract exposure
The backlog and revenue guidance give investors operating indicators to monitor, but backlog is not guaranteed revenue: timing, performance, cancellations, and contract changes can affect what is ultimately recognized. BigBear.ai’s 2025 annual filing also describes the risk that government programs it serves may be reviewed or canceled. A larger current revenue base therefore does not remove execution, customer-concentration, or public-sector budget risks.
Rigetti: technical progress and funding needs
Rigetti’s 2025 Form 10-K says 48.0% of its 2025 revenue came from U.S. government entities. It also reported an $8.4 million purchase order for a 108-qubit system for India’s C-DAC, with deployment expected in the second half of 2026. A purchase order is evidence of an order, not proof that delivery was completed or that demand will recur at scale.
The same filing describes significant losses since inception, continued research-and-development and capital requirements, and possible dilution from future securities financing. Investors need to weigh those funding risks against the possibility that technology milestones and deployments could lead to wider adoption. The cash balance alone does not establish how long available funds will last; that depends on cash use, obligations, and future financing.
Why cash balances do not settle the comparison
At June 30, 2026, Rigetti reported $541.3 million in cash, equivalents, and investments, compared with BigBear.ai’s $409.8 million in cash and investments. Those balances are not directly comparable measures of financial strength or runway. Each company’s spending, obligations, financing needs, and share count matter, and a larger balance does not by itself mean that a stock is less risky or more attractively priced.
Which stock may fit which investor?
BigBear.ai may fit an operating-business thesis
An investor prioritizing a substantially larger existing revenue base, reported backlog, and stated near-term revenue guidance may find BigBear.ai’s operating profile easier to assess. The trade-off is that quarterly losses persist, contract conversion remains important, and exposure to government programs can make results sensitive to procurement and program decisions.
Rigetti may fit a high-risk quantum-computing thesis
An investor seeking exposure to the possibility of quantum-computing commercialization may prefer Rigetti’s business focus, while accepting that its current revenue is much smaller than BigBear.ai’s and that reported losses, technology milestones, customer adoption, and future financing are central uncertainties. This is a speculative growth thesis, not evidence of established profitable demand.
Best Value
What to compare before deciding which is the better buy
The company results answer what each business reported; they do not answer what an investor is paying for those results. Before choosing, compare both stocks using market data from the same date and examine:
- Valuation: Share price, market capitalization, and enterprise value relative to revenue and plausible future cash generation. The operating figures above are not a matched valuation snapshot.
- Revenue quality: Whether BigBear.ai converts backlog into recognized revenue and whether Rigetti’s orders translate into completed deployments and repeat purchases.
- Path to profitability: Gross-margin development, operating costs, and cash use—not just revenue growth or the reported cash balance.
- Financing and dilution: Whether either company may need additional capital and how new securities could affect existing shareholders.
- Personal risk capacity: Your holding period, ability to tolerate losses, and willingness to own a company whose thesis depends on government contracts or emerging technology commercialization.
The latest results located for this comparison are Q2 2026 releases from July 30 (BigBear.ai) and August 6 (Rigetti); the annual filings provide 2025 business and risk context. No current matched valuation data is included here, so these operating facts cannot establish that either security is undervalued or the objectively better buy at today’s price.
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