Ken Griffin’s Citadel Buys Quantum Computing Stocks Rigetti and D-Wave in Q3

TLDR

• Billionaire Ken Griffin’s Citadel Advisors bought shares of Rigetti Computing and D-Wave Quantum in Q3 2025
• Rigetti stock has gained 3,750% since January 2023, while D-Wave has gained 1,770% since January 2024
• Wall Street analysts see median upside of 42% for Rigetti and 48% for D-Wave over the next year
• Both companies use superconducting quantum computing technology but with different approaches to qubit architecture
• Rigetti trades at 1,080 times sales and D-Wave at 325 times sales, raising concerns about unsustainable valuations

Billionaire hedge fund manager Ken Griffin added quantum computing stocks to his portfolio in the third quarter of 2025. His firm Citadel Advisors purchased 51,700 shares of Rigetti Computing and 122,600 shares of D-Wave Quantum.

Rigetti Computing, Inc., RGTI

The positions represent small stakes for Citadel. However, the trades align with bullish sentiment from Wall Street analysts covering both companies.

Rigetti Computing stock has climbed 3,750% since January 2023. D-Wave Quantum shares have risen 1,770% since January 2024.

Wall Street Price Targets

Seven analysts covering Rigetti set a median price target of $40 per share. This represents 42% upside from the current price of $28 as of December 6.

The highest analyst target of $51 implies 82% upside. The lowest target of $35 still suggests 25% gains.

Eleven analysts following D-Wave have a median target of $40 per share. This indicates 48% upside from the current price of $27.

D-Wave’s highest target stands at $48, implying 77% upside. The lowest target of $35 suggests 30% gains.

Different Quantum Computing Approaches

Rigetti specializes in superconducting quantum computing using gate-based systems. The company manufactures quantum processors and develops cloud-based quantum services.

It designed the first multi-chip quantum processor. This vertical integration approach may provide advantages in scaling fault-tolerant systems.

D-Wave’s Quantum Annealing Technology

D-Wave uses superconducting circuits but focuses on quantum annealing instead of gate-based systems. Quantum annealers solve optimization problems but cannot run most quantum algorithms.

D-Wave currently builds systems with more than 4,000 physical qubits. Rigetti’s roadmap does not plan for 1,000-qubit systems until 2027.

Gate-based systems will have more applications long-term. However, annealing systems offer more practical utility today despite limited commercial use.

D-Wave’s third quarter revenue grew 100% to $3.7 million. The company reported a non-GAAP net loss of $18.1 million for the period.

The company has increased its outstanding share count by 31% this year. Over two years, shares outstanding have grown 117%.

Valuation Concerns

Rigetti trades at 1,080 times sales. This valuation is roughly 10 times higher than Palantir, the most expensive stock in the S&P 500.

D-Wave’s price-to-sales ratio stands at 325 times. Both valuations appear high given market growth projections.

The quantum computing market is expected to grow 21% annually through 2030. Grand View Research projects the quantum market will be 450 times smaller than the AI market in 2030.

Many 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 the past three years.

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