A COSMIC-1/FORMOSAT-3 (Constellation Observing System for Meteorology, Ionosphere, and Climate-1 and Formosa Satellite Mission 3) follow-on mission, COSMIC-2/FORMOSAT-7, had been successfully launched into low-inclination orbits on 25 June 2019. COSMIC-2 has a significantly increased Signal-to-Noise ratio (SNR) compared to other Radio Occultation (RO) missions. This study summarized the initial assessment of COSMIC-2 data quality conducted by the NOAA (National Oceanic and Atmospheric Administration) Center for Satellite Applications and Research (STAR). We use validated data from other RO missions to quantify the stability of COSMIC-2. In addition, we use the Vaisala RS41 radiosonde observations to assess the accuracy and uncertainty of the COSMIC-2 neutral atmospheric profiles. RS41 is currently the most accurate radiosonde observation system. The COSMIC-2 SNR ranges from 200 v/v to about 2800 v/v. To see if the high SNR COSMIC-2 signals lead to better retrieval results, we separate the COSMIC-2–RS41 comparisons into different SNR groups (i.e., 0–500 v/v group, 500–1000 v/v group, 1000–1500 v/v group, 1500–2000 v/v group, and >2000 v/v group). In general, the COSMIC-2 data quality in terms of stability, precision, accuracy, and uncertainty of the accuracy is very compatible with those from COSMIC-1. Results show that the mean COSMIC-2–RS41 water vapor difference from surface to 5 km altitude for each SNR groups are equal to −1.34 g/kg (0–500 v/v), −1.17 g/kg (500–1000 v/v), −1.33 g/kg (1000–1500 v/v), −0.93 g/kg (1500–2000 v/v), and −1.52 g/kg (>2000 v/v). Except for the >2000 v/v group, the high SNR measurements from COSMIC-2 seem to improve the mean water vapor difference for the higher SNR group slightly (especially for the 1500–2000 v/v group) comparing with those from lower SNR groups.