Rigetti Computing (RGTI) AI Stock Analysis

• Market Cap: $8.33B
• Dividend Yield: N/A
• Average Volume (3M): 32.29M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.26
• Revenue Growth: -36.98%
• EPS Growth: -238.63%
• Country: US
• Employees: 137
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): -0.03
• Shares Outstanding: 330,026,100
• 10 Day Avg. Volume: 27,986,485
• 30 Day Avg. Volume: 32,289,200
• PEG Ratio: -0.15
• Price to Book (P/B): 22.26
• Price to Sales (P/S): 261.17
• P/FCF Ratio: -45.65
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: 1.23K
• Enterprise Value/Gross Profit: 3.83K
• Enterprise Value/Ebitda: -23.86
• 1Y Price Target: $39.75
• Price Target Upside: 57.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): -0.15
• Revenue Forecast (FY): $20.26M

• Rating: 45 Neutral
• Price Target: $24.50 ▼(-2.97% Downside)

The score is held down primarily by weak financial performance (declining revenue, sizable losses, and negative cash flow). Technicals are mixed and do not provide a clear momentum tailwind. The earnings call adds some support via a strong cash position and contract momentum, but this is tempered by margin pressure, higher spending, and recent execution risk from the product-delay corporate event.

Positive Factors

Strong Cash Position

A ~ $600M cash war chest and zero debt provide multi-quarter runway to fund R&D, chip iterations, and go-to-market activities without immediate financing. This financial flexibility reduces short-term dilution risk and supports iterative development inherent to quantum scale-up.

Technical Roadmap & Fidelity Progress

A clear multi-year roadmap with rising qubit counts and improving two-qubit fidelities is a durable competitive asset. Achieving high gate fidelity at scale underpins meaningful application progress, strengthens IP moat, and attracts enterprise/government customers over the medium term.

Government & Purchase Order Traction

Secured government and purchase orders validate technology and provide non-dilutive funding that supports R&D and commercialization. These contracts diversify revenue sources, deepen institutional relationships, and increase likelihood of follow-on programs over several quarters.

Negative Factors

Declining Revenue & Negative Margins

Sustained revenue decline and persistent negative operating margins constrain the company's ability to self-fund growth. Without reversing commercial traction, continued losses will pressure cash reserves and force heavier reliance on financing or cost cuts, impairing long-term scalability.

Negative Operating Cash Flow

Negative operating cash flow indicates the business currently consumes cash to operate. Even with a large cash balance, sustained cash burn reduces runway and strategic optionality, increasing dependency on external funding which can be dilutive or constrain investment timing.

Execution Risk from Product Delay

Delays in flagship system availability highlight engineering and scale-up risks tied to modular chiplet and coupler designs. Timeline slippage can postpone revenue ramps, harm customer deployments and confidence, and increase development costs—persisting as a structural execution risk.

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 its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.

How the Company Makes Money

Rigetti Computing generates revenue through multiple streams, primarily by offering quantum computing as a service (QCaaS) through its cloud platform, which allows businesses and researchers to access its quantum processors for various computational tasks. Additionally, the company partners with industry leaders and academic institutions to develop custom quantum solutions, which can include consulting services and the sale of proprietary quantum hardware. Strategic collaborations with technology giants and government agencies further enhance its revenue potential by securing funding for joint research and development projects, as well as providing access to broader markets.

Rigetti Computing Financial Statement Overview

Summary

Rigetti Computing faces significant financial challenges with declining revenues, substantial losses, and cash flow difficulties. Despite maintaining low leverage, profitability and cash generation are concerning, indicating a need for strategic improvements.

Income Statement

Rigetti Computing's income statement shows declining revenue with a negative growth rate of -5.44% TTM. The company has a negative net profit margin of -20.80% and a negative EBIT margin of -20.65%, indicating significant losses. Gross profit margin is relatively moderate at 40.57%, but overall profitability is weak due to high operational losses.

Balance Sheet

The balance sheet reflects a low debt-to-equity ratio of 0.014, suggesting minimal leverage, which is a positive aspect. However, the return on equity is negative at -65.29%, indicating inefficiencies in generating returns for shareholders. The equity ratio is not explicitly calculated, but the low leverage suggests a stable capital structure.

Cash Flow

Cash flow analysis reveals negative operating cash flow and free cash flow, with a slight positive growth in free cash flow of 3.06% TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is above 1, suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.49M	10.79M	12.01M	13.10M	8.20M	5.54M
Gross Profit	2.42M	5.70M	9.21M	10.23M	1.92M	4.05M
EBITDA	-387.45M	-190.83M	-61.90M	-59.22M	-31.13M	-30.79M
Net Income	-350.96M	-200.99M	-75.11M	-71.52M	-38.24M	-17.21M
Balance Sheet
Total Assets	630.27M	284.79M	159.91M	203.44M	46.43M	49.68M
Cash, Cash Equivalents and Short-Term Investments	446.98M	192.09M	99.93M	142.81M	11.73M	22.20M
Total Debt	7.60M	8.80M	30.57M	39.14M	24.79M	0.00
Total Liabilities	258.45M	158.20M	50.33M	53.22M	36.43M	85.11M
Stockholders Equity	371.83M	126.59M	109.59M	150.22M	9.99M	-35.43M
Cash Flow
Free Cash Flow	-67.57M	-61.73M	-59.64M	-85.43M	-36.30M	-34.47M
Operating Cash Flow	-52.19M	-50.63M	-50.58M	-62.69M	-29.29M	-30.07M
Investing Cash Flow	-467.30M	-78.36M	773.00K	-107.02M	-7.01M	-4.40M
Financing Cash Flow	525.59M	175.46M	13.23M	215.45M	25.83M	56.29M

Rigetti Computing Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 25.25
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 25.25 is above the 20-day moving average (MA) of 24.28, below the 50-day MA of 27.72, and above the 200-day MA of 20.15, indicating a neutral trend. The MACD of -0.79 indicates Negative momentum. The RSI at 49.79 is Neutral, neither overbought nor oversold. The STOCH value of 74.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RGTI.

Rigetti Computing Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
QBTS	59 Neutral	$10.25B	―	-122.03%	―	156.20%	-218.56%
IONQ	51 Neutral	$17.87B	-9.42	-108.23%	―	113.07%	-555.52%
QUBT	47 Neutral	$2.68B	-19.74	-14.49%	―	41.51%	-111.74%
RGTI	45 Neutral	$8.33B	-19.42	-141.90%	―	-36.98%	-238.63%

Rigetti Computing Corporate Events

Rigetti Delays Launch of Flagship 108-Qubit Quantum System

On January 9, 2026, Rigetti Computing announced that it is revising its roadmap and pushing back the general availability of its 108-qubit quantum computing system, Cepheus-1-108Q, to around the end of the first quarter of 2026, as it addresses complexities with tunable couplers and runs another chip iteration to optimize performance. The company reported achieving a median two-qubit gate fidelity of 99% on the 108-qubit system and even higher fidelities on its 9-qubit and 36-qubit platforms, positioning Cepheus-1-108Q—built from twelve 9-qubit chiplets using its modular architecture—to become both Rigetti’s highest qubit-count machine and the industry’s largest modular quantum system, underscoring its efforts to enhance system reliability for customers even at the cost of a short-term delay.

The most recent analyst rating on (RGTI) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Rigetti Computing stock, see the RGTI Stock Forecast page.