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Rigetti Computing
(NASDAQ:RGTI)
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Rating:53Neutral
Price Target:
$15.50
▼(-8.50% Downside)
Action:Reiterated
Date:09/08/26
The score is driven primarily by mixed financial performance: a strong, low-leverage balance sheet but very large losses and continued cash burn. Technicals are weak (below major moving averages with negative MACD), while the earnings call adds some support via improved gross margin, technical milestones, and growing engagements, tempered by rising expenses, elevated CapEx, and execution/timing risk. Valuation provides limited support due to negative earnings and no dividend.
Positive Factors
Definitive CHIPS funding
The definitive award materially strengthens funding for Rigetti’s scaling roadmap and targets key hardware bottlenecks in readout, cryogenics, and fabrication. This external support can accelerate technology development and reinforce the company’s strategic position in U.S. quantum infrastructure.
Negative Factors
Very weak profitability
The company has not yet established sustainable earnings power: revenue remains small relative to its cost base, while gross profit and net income are negative. Persistent losses can constrain strategic flexibility and make future progress dependent on continued access to external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Definitive CHIPS funding
The definitive award materially strengthens funding for Rigetti’s scaling roadmap and targets key hardware bottlenecks in readout, cryogenics, and fabrication. This external support can accelerate technology development and reinforce the company’s strategic position in U.S. quantum infrastructure.
Read all positive factors
Rigetti Computing Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions (for example U.S., Europe, Asia), revealing where Rigetti’s customers and demand are concentrated. High concentration in a single region can indicate reliance on local government or research budgets, while broader geographic revenue suggests more diversified commercial adoption and growth opportunities.
Breaks down sales across regions (for example U.S., Europe, Asia), revealing where Rigetti’s customers and demand are concentrated. High concentration in a single region can indicate reliance on local government or research budgets, while broader geographic revenue suggests more diversified commercial adoption and growth opportunities.
Data provided by:
The Fly
The FlyRigetti Computing (RGTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.07B
Dividend YieldN/A
Average Volume (3M)18.07M
Price to Earnings (P/E)―
Beta (1Y)2.91
Revenue Growth68.49%
EPS Growth0.83%
CountryUS
Employees163
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-0.74
Shares Outstanding333,768,740
10 Day Avg. Volume13,995,407
30 Day Avg. Volume18,069,349
Financial Highlights & Ratios
PEG Ratio0.88
Price to Book (P/B)12.56
Price to Sales (P/S)968.01
P/FCF Ratio-88.85
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit-0.02
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$28.71Price Target Upside69.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$23.64M
Rigetti Computing Business Overview & Revenue Model
Company Description
Rigetti Computing, Inc. operates as a full-stack quantum computing enterprise. This company develops and manufactures both quantum computers and the crucial superconducting quantum processors that enable their operation. Its sophisticated machines...
How the Company Makes Money
Rigetti primarily makes money by providing access to its quantum computing systems and related services, rather than by selling consumer products. Key revenue streams include: (1) Quantum computing-as-a-service (QCaaS): Rigetti offers cloud access...
Rigetti Computing Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call emphasizes meaningful technical progress (108-qubit Cepheus system fidelity and speed), accelerating commercial and government engagements (LOI for up to $100M, HPE/PSC collaboration), and strong YoY revenue growth and improved gross margin. These positives are tempered by rising operating expenses, larger GAAP and non-GAAP losses, continued experimental technical risks (coherence time limitations), modest absolute revenue, elevated CapEx, and conditionality around the CHIPS funding. On balance the call projects confident execution and strategic momentum while acknowledging near-term financial and technical headwinds.Positive Updates
Cepheus-1-108Q Performance and Technical Leadership
Cepheus-1-108Q operates at ~99.9% median single-qubit gate fidelity and ~99.1% median 2-qubit gate fidelity with gate speeds around 60 ns; one of only three gate-based systems globally with >100 qubits and positioned as the largest modular quantum system on the market.
Negative Updates
Widening GAAP Net Loss and Volatility
GAAP net loss widened to $52.6M in Q2 2026 from $39.7M in Q2 2025 (increase of $12.9M, ~32.5%), driven in part by noncash fair value adjustments to derivative warrant and earn-out liabilities that add quarter-to-quarter volatility.
Read all updates
Q2-2026 Updates
Positive
Negative
Cepheus-1-108Q Performance and Technical Leadership
Cepheus-1-108Q operates at ~99.9% median single-qubit gate fidelity and ~99.1% median 2-qubit gate fidelity with gate speeds around 60 ns; one of only three gate-based systems globally with >100 qubits and positioned as the largest modular quantum system on the market.
Read all positive updates
Company Guidance
Guidance focused on technical milestones and disciplined capital deployment: drive Cepheus‑1‑108Q (12×9‑qubit chiplets = 108 qubits; current median single‑qubit fidelity ≈99.9%, median 2‑qubit ≈99.1%, gate speeds ~60 ns, coherence 25–30 µs) toward a median 2‑qubit fidelity of ≈99.5% later this year and target ~1,000 qubits with 2‑qubit fidelity ≈99.9% and gate speed <40 ns in roughly three years while roughly doubling–tripling coherence times; financial posture assumes elevated 2026 CapEx for Fab‑1 and dilution refrigeration, Q2 results of revenue ≈$5.1M (vs $1.8M), gross margin ≈43%, OpEx $30.3M, stock‑based comp ≈$7M, GAAP net loss $52.6M, non‑GAAP net loss ≈$16M ($0.05/sh), cash and investments ≈$541.3M, recognition of an $8.4M C‑DAC order expected in Q4, and potential Department of Commerce CHIPS funding up to $100M over 3 years; management will update the published technology road map later this year.Rigetti Computing Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.35M | 7.09M | 10.79M | 12.01M | 13.10M | 8.20M |
| Gross Profit | -365.00K | -6.11M | 5.70M | 9.21M | 10.23M | 1.92M |
| EBITDA | -231.61M | -208.04M | -190.83M | -61.90M | -59.22M | -31.13M |
| Net Income | -238.67M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M |
Balance Sheet | ||||||
| Total Assets | 648.23M | 666.57M | 284.79M | 159.91M | 203.44M | 46.43M |
| Cash, Cash Equivalents and Short-Term Investments | 393.71M | 443.51M | 192.09M | 99.93M | 142.81M | 11.73M |
| Total Debt | 7.70M | 7.17M | 8.80M | 30.57M | 39.14M | 24.79M |
| Total Liabilities | 110.80M | 120.38M | 158.20M | 50.33M | 53.22M | 36.43M |
| Stockholders Equity | 537.43M | 546.20M | 126.59M | 109.59M | 150.22M | 9.99M |
Cash Flow | ||||||
| Free Cash Flow | -87.58M | -77.22M | -61.73M | -59.64M | -85.43M | -36.30M |
| Operating Cash Flow | -60.72M | -58.54M | -50.63M | -50.58M | -62.69M | -29.29M |
| Investing Cash Flow | -18.61M | -403.33M | -78.36M | 773.00K | -107.02M | -7.01M |
| Financing Cash Flow | 50.47M | 439.09M | 175.46M | 13.23M | 215.45M | 25.83M |
Rigetti Computing Technical Analysis
Neutral
16.94
Price Trends
16.38
Negative
18.29
Negative
19.24
Negative
Market Momentum
-0.45
Positive
46.95
Neutral
30.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RGTI, the sentiment is Neutral. The current price of 16.94 is above the 20-day moving average (MA) of 16.71, above the 50-day MA of 16.38, and below the 200-day MA of 19.24, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 46.95 is Neutral, neither overbought nor oversold. The STOCH value of 30.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RGTI.
Rigetti Computing Risk Analysis
Rigetti Computing disclosed 60 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $1.81B | -127.05 | -1.06% | ― | 3635.36% | 90.58% | |
53 Neutral | $5.07B | -21.51 | -46.82% | ― | 68.49% | 0.83% | |
51 Neutral | $16.01B | -9.43 | -39.34% | ― | 370.64% | -112.64% | |
51 Neutral | $6.18B | -24.89 | -26.67% | ― | -44.22% | 32.82% |
* Technology Sector Average
RGTI
Rigetti Computing
15.81
-0.38
-2.35%
QUBT
Quantum Computing
8.22
-7.19
-46.66%
IONQ
IonQ
40.47
-3.39
-7.73%
QBTS
D-Wave Quantum
17.67
1.63
10.16%
Rigetti Computing Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Rigetti Wins Major CHIPS Act Quantum Funding Award
Positive
Sep 8, 2026
On September 4, 2026, Rigetti Computing’s subsidiary Rigetti Co, LLC entered into a definitive Other Transaction Agreement with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding to accelerate superconducting quantu...
Business Operations and StrategyExecutive/Board Changes
Rigetti Computing Announces Upcoming Board Member Resignation
Neutral
Aug 20, 2026
On August 19, 2026, Rigetti Computing, Inc. announced that Board member Dr. Ray Johnson had submitted his resignation from the Board, effective August 28, 2026. The company stated that Dr. Johnson’s departure was not the result of any disagr...
Business Operations and StrategyExecutive/Board Changes
Rigetti Computing Restructures Leadership for Quantum Systems Growth
Positive
Aug 20, 2026
On August 18 and 19, 2026, Rigetti Computing reshaped its operating model to support growing demand for on-premises quantum systems. The company established a dedicated Systems Delivery organization and elevated operational leadership to sharpen f...
Executive/Board ChangesShareholder Meetings
Rigetti Stockholders Approve Director Election and Auditor Ratification
Positive
Jun 11, 2026
Rigetti Computing held its 2026 Annual Meeting of Stockholders on June 9, 2026, where shareholders elected Subodh Kulkarni as a Class I director to serve until the 2029 Annual Meeting, reinforcing continuity in the company’s board leadership...
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.