Rigetti Computing Inc. (RGTI)
NASDAQ:RGTI
Want to see RGTI full AI Analyst Report?
Top Page
Rigetti Computing
(NASDAQ:RGTI)
Select Model
Select Model
Rating:58Neutral
Price Target:
$27.00
▲(36.29% Upside)
Action:Reiterated
Date:05/23/26
The score is driven primarily by strong balance-sheet support but offset by heavy losses and cash burn. Technicals are constructive but appear overextended, while valuation (P/E ~35 and no dividend yield provided) offers limited downside support. Earnings-call updates were directionally positive on technology progress and liquidity, tempered by elevated spending and lumpy revenue timing.
Positive Factors
Strong balance sheet and no debt
A cash-rich, low-leverage balance sheet provides durable runway to fund multi-year R&D, Fab‑1 and refrigeration CapEx without immediate financing. This financial flexibility supports execution of the scaling roadmap and reduces short-term dilution risk while development milestones are pursued.
Negative Factors
Persistent cash burn and negative operating cash flow
Material negative operating and free cash flow means the business is not yet self‑funding; continued burn will deplete reserves or require external capital if revenue acceleration stalls. This structural cash gap elevates financing and execution risk over the next 2–6 months and beyond.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and no debt
A cash-rich, low-leverage balance sheet provides durable runway to fund multi-year R&D, Fab‑1 and refrigeration CapEx without immediate financing. This financial flexibility supports execution of the scaling roadmap and reduces short-term dilution risk while development milestones are pursued.
Read all positive factors
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 (RGTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.78B
Dividend YieldN/A
Average Volume (3M)41.75M
Price to Earnings (P/E)35.2
Beta (1Y)2.71
Revenue Growth8.75%
EPS Growth-4.39%
CountryUS
Employees137
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-0.71
Shares Outstanding332,398,800
10 Day Avg. Volume61,297,088
30 Day Avg. Volume41,754,896
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 Cap1.00
Enterprise Value/Revenue872.67
Enterprise Value/Gross Profit-4.40K
Enterprise Value/Ebitda-33.56
Forecast
1Y Price Target
$30.00Price Target Upside51.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.16
Revenue Forecast (FY)$23.54M
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 Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful technical and commercial progress — notably the general availability of a 108‑qubit modular system with competitive fidelity and multi‑cloud distribution, strong year‑over‑year revenue growth, a healthy cash position and strategic partnerships/investment plans — while acknowledging near‑term operational challenges: elevated R&D and CapEx, lumpy revenue recognition, GAAP volatility from noncash items, and the need to improve coherence to lift fidelity at scale. On balance, the positive technology milestones, customer traction and financial flexibility outweigh the near‑term cost and timing headwinds.Positive Updates
General Availability of Cepheus-1-108Q and Strong Technical Performance
Rigetti launched the 108-qubit Cepheus-1-108Q (12 interconnected 9-qubit chiplets) and made it generally available on Rigetti QCS, AWS Braket, Microsoft Azure Quantum and qBraid. Reported median 2-qubit gate fidelity ~99.1% at ~60 ns and median single-qubit fidelity ~99.9%. Prototype and smaller systems demonstrated higher performance (9-qubit: 99.8% 2-qubit fidelity at 40 ns; prototype: up to 99.9% 2-qubit fidelity at 28 ns using adiabatic CZ), validating the chiplet-based scaling approach.
Negative Updates
Rising Operating Expenses
Total operating expenses for Q1 2026 were $27.3M versus $22.1M in Q1 2025 — an approximate +23.5% increase — as spending remains concentrated in R&D, fabrication and system integration.
Read all updates
Q1-2026 Updates
Positive
Negative
General Availability of Cepheus-1-108Q and Strong Technical Performance
Rigetti launched the 108-qubit Cepheus-1-108Q (12 interconnected 9-qubit chiplets) and made it generally available on Rigetti QCS, AWS Braket, Microsoft Azure Quantum and qBraid. Reported median 2-qubit gate fidelity ~99.1% at ~60 ns and median single-qubit fidelity ~99.9%. Prototype and smaller systems demonstrated higher performance (9-qubit: 99.8% 2-qubit fidelity at 40 ns; prototype: up to 99.9% 2-qubit fidelity at 28 ns using adiabatic CZ), validating the chiplet-based scaling approach.
Read all positive updates
Company Guidance
Rigetti reiterated near‑ and long‑term guidance: near term it expects to drive Cepheus‑1‑108Q from a current median 2‑qubit gate fidelity of ~99.1% (60 ns gate speeds; single‑qubit ~99.9%) to roughly 99.5% later this year while preserving its 50–70 ns class speed advantage (prototypes have shown 99.8% two‑qubit at 40 ns and up to 99.9% at 28 ns); longer term it targets quantum advantage in ~3 years (roughly a ~1,000‑qubit system with ~99.9% 2‑qubit fidelity and <50 ns gate speeds) and eventual scaling beyond 1,000 qubits via chiplet architecture. Financially, Q1 revenue was $4.4M (vs. $1.5M y/y) with gross margin 31%, operating expense $27.3M, operating loss $26M, GAAP net income $33.1M (including $53.7M noncash fair‑value gains) and non‑GAAP net loss $14.7M (~$0.04/sh); cash, cash equivalents and AFS investments totaled ≈$569M, no debt, and 2026 CapEx is expected to be elevated (Fab‑1 and dilution refrigeration); management expects the remainder of ~$5.7M of prior Novera orders to be recognized mainly in Q2 and the $8.4M C‑DAC order to be recognized in Q4 after installation/acceptance, and plans up to $100M of UK investment over several years.Rigetti Computing Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
76
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.02M | 7.09M | 10.79M | 12.01M | 13.10M | 8.20M |
| Gross Profit | -1.99M | -6.11M | 5.70M | 9.21M | 10.23M | 1.92M |
| EBITDA | -260.44M | -76.49M | -190.83M | -61.90M | -59.22M | -31.13M |
| Net Income | -225.72M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M |
Balance Sheet | ||||||
| Total Assets | 650.68M | 666.57M | 284.79M | 159.91M | 203.44M | 46.43M |
| Cash, Cash Equivalents and Short-Term Investments | 48.15M | 44.85M | 192.09M | 99.93M | 142.81M | 11.73M |
| Total Debt | 6.78M | 7.17M | 8.80M | 30.57M | 39.14M | 24.79M |
| Total Liabilities | 67.09M | 120.38M | 158.20M | 50.33M | 53.22M | 36.43M |
| Stockholders Equity | 583.60M | 546.20M | 126.59M | 109.59M | 150.22M | 9.99M |
Cash Flow | ||||||
| Free Cash Flow | -81.65M | -77.22M | -61.73M | -59.64M | -85.43M | -36.30M |
| Operating Cash Flow | -61.11M | -58.54M | -50.63M | -50.58M | -62.69M | -29.29M |
| Investing Cash Flow | -359.91M | -403.33M | -78.36M | 773.00K | -107.02M | -7.01M |
| Financing Cash Flow | 432.23M | 439.09M | 175.46M | 13.23M | 215.45M | 25.83M |
Rigetti Computing Technical Analysis
Positive
19.81
Price Trends
16.92
Positive
18.39
Positive
23.11
Positive
Market Momentum
1.06
Negative
71.37
Negative
71.19
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 19.81 is above the 20-day moving average (MA) of 18.54, above the 50-day MA of 16.92, and below the 200-day MA of 23.11, indicating a bullish trend. The MACD of 1.06 indicates Negative momentum. The RSI at 71.37 is Negative, neither overbought nor oversold. The STOCH value of 71.19 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $23.75B | 3.21 | 9.08% | ― | 334.58% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $10.88B | -72.22 | -44.05% | ― | -41.75% | -87.41% | |
58 Neutral | $8.78B | 35.20 | -43.94% | ― | 8.75% | -4.39% | |
58 Neutral | $2.78B | -68.69 | -3.55% | ― | 1025.71% | 42.03% |
* Technology Sector Average
RGTI
Rigetti Computing
26.42
12.23
86.19%
QUBT
Quantum Computing
12.31
-0.69
-5.31%
IONQ
IonQ
63.64
15.60
32.47%
QBTS
D-Wave Quantum
29.40
11.85
67.52%
Rigetti Computing Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Rigetti Pursues Major CHIPS Act Quantum Funding Deal
Positive
May 21, 2026
On May 20, 2026, Rigetti’s wholly owned subsidiary entered into a letter of intent with the U.S. Department of Commerce for a proposed award of up to $100 million under the CHIPS and Science Act to accelerate superconducting quantum computin...
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.