Why Billionaire Ken Griffin Bought Rigetti and D-Wave Quantum Stocks

TLDR

• Ken Griffin’s hedge fund Citadel Advisors purchased stakes in quantum computing companies Rigetti Computing and D-Wave Quantum during Q3 2025
• Rigetti shares have surged 3,750% since January 2023, D-Wave has climbed 1,770% since January 2024
• Analysts forecast 42% upside for Rigetti and 48% upside for D-Wave based on median price targets
• Rigetti focuses on gate-based quantum systems while D-Wave specializes in quantum annealing technology
• High valuations remain a concern with Rigetti at 1,080x sales and D-Wave at 325x sales

Ken Griffin’s Citadel Advisors made moves into quantum computing during the third quarter of 2025. The hedge fund acquired 51,700 shares of Rigetti Computing and 122,600 shares of D-Wave Quantum.

Rigetti Computing, Inc., RGTI

While these positions are relatively small for Citadel, the purchases come as Wall Street maintains optimism about both companies. All analysts covering the stocks see potential for price increases.

Rigetti Computing has posted gains of 3,750% since January 2023. D-Wave Quantum shares have increased 1,770% since January 2024.

Analyst Price Targets Show Upside Potential

Rigetti Computing has coverage from seven Wall Street analysts. Their median price target sits at $40 per share, representing 42% upside from the December 6 price of $28.

Price targets range from $35 to $51. Even the most conservative estimate suggests 25% gains ahead.

D-Wave Quantum has eleven analysts providing coverage. The median target of $40 per share indicates 48% potential upside from the current $27 price.

Analyst targets for D-Wave span from $35 to $48. The range suggests between 30% and 77% possible appreciation.

Rigetti’s Vertical Integration Strategy

Rigetti Computing works with superconducting quantum technology using gate-based architectures. The company handles manufacturing of quantum processors internally.

It also develops both hardware and software infrastructure for cloud-based quantum services. Rigetti created the first multi-chip quantum processor.

This vertical integration model allows Rigetti to control its supply chain. The approach may help with scaling fault-tolerant quantum systems.

D-Wave Takes Different Technical Path

D-Wave Quantum also uses superconducting circuits for quantum computing. However, the company builds quantum annealers rather than gate-based systems.

Quantum annealing excels at optimization problems but has limitations. These systems cannot execute most quantum algorithms that gate-based systems can run.

D-Wave currently produces systems with over 4,000 physical qubits. Rigetti’s development roadmap does not include 1,000-qubit systems until 2027.

Gate-based quantum computers will have broader applications over time. Today, annealing systems offer more immediate practical value despite limited commercial applications.

In the third quarter, D-Wave reported revenue of $3.7 million. This represented 100% growth year-over-year.

The company posted a non-GAAP net loss of $18.1 million for the quarter. D-Wave has funded operations partly through share dilution.

Outstanding shares have increased 31% in 2025. Over the past two years, the share count has grown 117%.

Market Growth Projections

The quantum computing market is projected to expand at 21% annually through 2030. Grand View Research estimates the quantum sector will be 450 times smaller than the artificial intelligence market by 2030.

Industry experts generally believe commercially viable quantum computers are still one to two decades away. Citadel Advisors has beaten the S&P 500 by 7 percentage points over the last three years, according to its performance record.

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