Rigetti Computing (RGTI)
NASDAQ:RGTI
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Rigetti Computing
(NASDAQ:RGTI)
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Rating:55Neutral
Price Target:
$16.50
▼(-16.71% Downside)
Action:ReiteratedDate:04/22/26
The score is held back primarily by deteriorating financial performance and ongoing cash burn, despite strong balance-sheet solvency. Offsetting this, the latest earnings call and milestones point to meaningful technical progress and substantial cash runway, while technical indicators show positive near-term momentum but with overbought signals and a still-weaker longer-term trend. Valuation remains challenged due to continued losses and no dividend support.
Positive Factors
Technical Leadership (Gate Fidelity & Speed)
Rigetti's demonstrated single- and two-qubit fidelities (up to 99.9%) and sub-30ns gate speeds, together with a clear qubit-scaling roadmap, create durable capability to run deeper, lower-error circuits. This technical edge supports longer-term customer adoption, partnerships, and differentiated product offerings.
Negative Factors
Shrinking Revenue & Timing Variability
Top-line erosion and lumpy revenue from system deliveries and contract timing hinder predictable scaling. Sustained revenue declines reduce the ability to leverage fixed R&D and manufacturing investments, slow progress toward self-funding operations, and increase reliance on external capital to bridge commercialization timelines.
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Positive Factors
Negative Factors
Technical Leadership (Gate Fidelity & Speed)
Rigetti's demonstrated single- and two-qubit fidelities (up to 99.9%) and sub-30ns gate speeds, together with a clear qubit-scaling roadmap, create durable capability to run deeper, lower-error circuits. This technical edge supports longer-term customer adoption, partnerships, and differentiated product offerings.
Read all positive factors
Rigetti Computing (RGTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.80B
Dividend YieldN/A
Average Volume (3M)27.60M
Price to Earnings (P/E)―
Beta (1Y)2.57
Revenue Growth-34.31%
EPS Growth31.84%
CountryUS
Employees137
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-0.03
Shares Outstanding332,150,540
10 Day Avg. Volume35,391,497
30 Day Avg. Volume27,601,588
Financial Highlights & Ratios
PEG Ratio0.89
Price to Book (P/B)12.56
Price to Sales (P/S)968.01
P/FCF Ratio-88.85
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue748.21
Enterprise Value/Gross Profit2.57K
Enterprise Value/Ebitda-20.64
Forecast
1Y Price Target
$30.67Price Target Upside54.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.17
Revenue Forecast (FY)$23.22M
Rigetti Computing Business Overview & Revenue Model
Company Description
Rigetti Computing, Inc. operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private, or hybrid clouds through ...
How the Company Makes Money
Rigetti primarily makes money by providing access to its quantum computing systems and related services. Revenue is generated from (1) quantum computing services delivered through cloud access—where customers run workloads on Rigetti-operated quan...
Rigetti Computing Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Rigetti Computing is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Rigetti Computing is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyRigetti Computing Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call emphasized substantial technical progress (industry-leading gate fidelities, sub-30 ns gate speeds, validated chiplet scaling, strategic partnerships) and a materially stronger balance sheet ($590M cash) that support the multi-year roadmap. Near-term financials showed revenue decline and margin compression in Q4, plus elevated operating expenses and an intentional delay to address tunable-coupler issues on the 108-qubit system. On balance, strong technical momentum and cash runway outweigh the near-term revenue and margin headwinds, though execution risks and the long commercialization timeline remain.Positive Updates
Breakthrough Gate Fidelities and Gate Speed
Achieved 2-qubit gate fidelity as high as 99.9% at a 28 ns gate speed (Adiabatic CZ on ProDrive); maintained 1-qubit gate fidelity at 99.9%. Reported median 2-qubit fidelities of 99.7% (9-qubit), 99.6% (36-qubit) and 99% (108-qubit Cepheus-1-108Q). Company expects to deploy the 108-qubit system with ~99.5% median 2-qubit fidelity by end of March 2026 and targets >150 qubits at ~99.7% median 2-qubit fidelity by end of December 2026, and >1,000 qubits at ~99.8% median 2-qubit fidelity by ~end of 2027.
Negative Updates
Quarterly Revenue Decline and Variability
Q4 2025 revenue was $1.9M, down from $2.3M in Q4 2024 (≈ −17.4%). Management emphasized revenue variability driven by timing of system deliveries and government contract activity, producing uneven quarterly results at this early market stage.
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Q4-2025 Updates
Positive
Negative
Breakthrough Gate Fidelities and Gate Speed
Achieved 2-qubit gate fidelity as high as 99.9% at a 28 ns gate speed (Adiabatic CZ on ProDrive); maintained 1-qubit gate fidelity at 99.9%. Reported median 2-qubit fidelities of 99.7% (9-qubit), 99.6% (36-qubit) and 99% (108-qubit Cepheus-1-108Q). Company expects to deploy the 108-qubit system with ~99.5% median 2-qubit fidelity by end of March 2026 and targets >150 qubits at ~99.7% median 2-qubit fidelity by end of December 2026, and >1,000 qubits at ~99.8% median 2-qubit fidelity by ~end of 2027.
Read all positive updates
Company Guidance
Rigetti’s guidance centered on near‑term deployment and multi‑year scaling milestones plus clear revenue timing and a strong balance sheet: they expect to deploy the 108‑qubit chiplet system around end‑March 2026 with ~99.9% 1‑qubit fidelity and ~99.5% median 2‑qubit fidelity (lab peak 2‑qubit fidelity as high as 99.9% at 28 ns with an Adiabatic CZ), plan a >150‑qubit system by ~end‑Dec 2026 at ~99.7% median 2‑qubit fidelity and to scale to >1,000 qubits by ~end‑2027 targeting ~99.8% median 2‑qubit fidelity (their stated quantum‑advantage target is ~1,000 qubits, ~99.9% 2‑qubit fidelity, gate speeds <15 ns and integrated error mitigation, which they estimate is roughly three years away); commercially they cited an $8.4M C‑DAC 108‑qubit order (rev‑rec in H2‑2026 after validation) and ~$5.7M of Novera orders (a little under half rev‑rec’d in Q1‑2026 and the balance in Q2, with a Japan Novera shipping in April and rev‑rec in Q2), noted Q4‑2025 revenue of $1.9M (vs $2.3M LY), Q4 gross margin 35% (vs 44% LY), Q4 operating expense $23.2M, Q4 non‑GAAP net loss $11.3M or $0.03/share (vs $14M/$0.06 LY), and ended the year with ~$590M in cash/equivalents/AFS (vs $217M at end‑2024) and no debt, which management said provides runway to execute the roadmap.Rigetti Computing Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.09M | 10.79M | 12.01M | 13.10M | 8.20M |
| Gross Profit | 2.06M | 5.70M | 9.21M | 10.23M | 1.92M |
| EBITDA | -76.49M | -190.83M | -61.90M | -59.22M | -31.13M |
| Net Income | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M |
Balance Sheet | |||||
| Total Assets | 666.57M | 284.79M | 159.91M | 203.44M | 46.43M |
| Cash, Cash Equivalents and Short-Term Investments | 44.85M | 192.09M | 99.93M | 142.81M | 11.73M |
| Total Debt | 7.17M | 8.80M | 30.57M | 39.14M | 24.79M |
| Total Liabilities | 120.38M | 158.20M | 50.33M | 53.22M | 36.43M |
| Stockholders Equity | 546.20M | 126.59M | 109.59M | 150.22M | 9.99M |
Cash Flow | |||||
| Free Cash Flow | -77.22M | -61.73M | -59.64M | -85.43M | -36.30M |
| Operating Cash Flow | -58.54M | -50.63M | -50.58M | -62.69M | -29.29M |
| Investing Cash Flow | -403.33M | -78.36M | 773.00K | -107.02M | -7.01M |
| Financing Cash Flow | 439.09M | 175.46M | 13.23M | 215.45M | 25.83M |
Rigetti Computing Technical Analysis
Positive
19.81
Price Trends
16.09
Positive
20.11
Negative
22.66
Negative
Market Momentum
0.55
Negative
70.40
Negative
93.13
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RGTI, the sentiment is Positive. The current price of 19.81 is above the 20-day moving average (MA) of 15.29, above the 50-day MA of 16.09, and below the 200-day MA of 22.66, indicating a neutral trend. The MACD of 0.55 indicates Negative momentum. The RSI at 70.40 is Negative, neither overbought nor oversold. The STOCH value of 93.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RGTI.
Rigetti Computing Risk Analysis
Rigetti Computing disclosed 53 risk factors in its most recent earnings report. Rigetti Computing reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rigetti Computing Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $16.54B | 5.51 | -28.03% | ― | 201.85% | -46.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $5.80B | -31.73 | -51.53% | ― | -34.31% | 31.84% | |
55 Neutral | $7.51B | -23.66 | -58.58% | ― | 178.54% | -59.02% | |
51 Neutral | $2.03B | -90.38 | -2.42% | ― | 82.84% | 81.29% |
* Technology Sector Average
RGTI
Rigetti Computing
17.50
6.87
64.63%
QUBT
Quantum Computing
9.21
1.20
14.98%
IONQ
IonQ
46.20
15.28
49.42%
QBTS
D-Wave Quantum
20.49
12.58
159.04%
Rigetti Computing Corporate Events
Business Operations and Strategy
Rigetti Computing Signs New Berkeley Lab Space Sublease
Positive
Apr 21, 2026
On April 17, 2026, Rigetti Co, LLC entered into a sublease with Chinook Therapeutics, Inc. to occupy about 12,543 rentable square feet of office and laboratory space at 740 Heinz Avenue in Berkeley, California, subject to the master landlord̵...
Business Operations and StrategyProduct-Related Announcements
Rigetti Unveils 108-Qubit Cepheus-1 Quantum System
Positive
Apr 7, 2026
On April 7, 2026, Rigetti Computing announced the general availability of its 108-qubit Cepheus-1-108Q quantum system, now accessible via Rigetti Quantum Cloud Services and Amazon Braket as the industry’s largest modular quantum computer bas...
Executive/Board ChangesShareholder Meetings
Rigetti Computing Announces Upcoming Board Member Departure
Neutral
Mar 20, 2026
On March 19, 2026, Rigetti Computing, Inc. announced that board member H. Gail Sandford notified the company she would not stand for re-election when her current term ends at the 2026 Annual Meeting of Stockholders. The company stated that Sandfor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.