Rigetti Computing Inc RGTI

The bottom line

Rigetti carries a roughly $5.09 billion market cap against about $5.1 million of quarterly revenue, a price-to-sales ratio of 381 versus a 10.2 sector median. The stock moves on technology and partnership news (HPE, Pittsburgh, sympathy with IonQ) rather than on results. Meanwhile it lost $52.6 million last quarter with negative free cash flow of $27.8 million, holding $393.7 million cash, a runway of about 25 quarters. The central tension: the company is building infrastructure and partnerships for years ahead while the price already assumes distant commercial success, with 18.8% of shares sold short and a 74% drawdown.

An explanation of the mechanics from the facts on this page, not advice.

What the company does

Rigetti Computing Inc is a mid-cap company in the Technology sector (Computer Hardware), with a market value of $5.1B, based in the USA.

It employs about 162 people and has been listed since Apr 22, 2021.

Rigetti Computing, Inc., through its subsidiaries, builds and operates quantum computers and the superconducting quantum processors the United States, the United Kingdom, rest of Europe, Asia, and internationally. The company offers quantum processing units (QPUs) and quantum computing systems to provide access to quantum computing systems through the cloud in the form of quantum computing as a service (QCaaS). It provides Novera, a 9-qubit chip QPU that features tunable couplers for fast two-qubit operations and a 5-qubit chip for testing single-qubit operations; Novera QPU that is based in fourth generation Ankaa-class architecture; 36-qubit Cepheus-1-36Q system, a multi-chip quantum computer; and 84-qubit Ankaa-3 quantum computer.

Cheap or expensive? relatively expensive

The company is loss-making, so it has no P/E — we compare on price-to-sales instead.

Its price-to-sales (P/S) is 381.2 versus 10.2 for the median of the Technology sector in our universe (46 companies) — relatively expensive.

Revenue is growing 185% a year — the market is paying ahead for that growth. If it slows, the high multiple becomes the risk.

The average analyst price target is 28.52, 87% above the current price (their view, not ours).

The stock sits at 6% of its one-year range (0% = the low, 100% = the high).

The risks

• • The company is loss-making, and its cash covers about 25 quarters at the current burn rate.
• • More cash leaves than comes in (negative free cash flow).
• • The share count grew 12% in a year — each share owns a smaller slice of the company.
• • The stock is more volatile than average (beta 2.0) — big daily moves both ways.
• • 19% of the float is sold short — part of the market is betting on a decline.
• • The stock is 74% below its one-year high.

Strengths

• ✅ More cash than debt.
• ✅ Most analysts rate it buy (9 vs 0).
• ✅ Revenue is growing 185% a year.

What the market is talking about this week

Hybrid supercomputing partnerships against a very high valuation and volatility.

• Rigetti expanded its collaboration with HPE and the Pittsburgh Supercomputing Center: it will supply a 9-qubit quantum system for the TangleLab test bed, deployment expected in 2027. [3]
• The company delivered its first two 9-qubit systems to commercial research customers in 2026, while improving fidelity on its 108-qubit system and pursuing a ~1,000-qubit roadmap. [3]
• The stock rose in sympathy with IonQ after the announcement that IonQ's Superion processor would be integrated into NVIDIA's quantum research center; the article says the two move together. [1]
• A comparison noted Rigetti's roughly $540 million cash versus IonQ's about $2 billion; IonQ leads on accuracy, Rigetti on gate speed. [1]
• Zacks consensus for the coming quarter: a 5-cent per-share loss and $3.89 million revenue; Zacks rates the stock 5 (Strong Sell). [4] [6]

A summary of the articles below only, each point with its source. Not a forecast, not a recommendation.

What to watch

• The quarterly report on November 9, 2026: whether revenue approaches the $3.89 million consensus and what the per-share loss is. (2026-11-09) [4]
• Progress on the 9-qubit system deployment for HPE and the Pittsburgh Supercomputing Center, expected in 2027. (2027) [3]
• Whether quantum legislation in Congress actually advances, as the Jefferies analyst suggested, and its effect on the sector. [5]
• Cash burn versus the $393.7 million balance, and any further dilution after an 11.7% increase in share count.

What changed this week

Over the past week the stock fell 8.5% (for comparison: S&P 500 -0.2%, sector ETF XLK +1.8%).

This week's news

• IonQ vs. Rigetti: Is the Quantum Rally Backed by Fundamentals, or Just Momentum? finance.yahoo.com · 2026-10-03
  A comparison of IonQ and Rigetti: IonQ posted $80 million quarterly revenue and raised guidance, with about $2 billion cash versus roughly $540 million at Rigetti. source ↗
• How This Quantum Stock Stands to Gain an Edge From AI and Supercomputing finance.yahoo.com · 2026-10-02
  TD Cowen initiated coverage of IQM's U.S.-listed shares with a Buy rating, citing an early market lead. source ↗
• Rigetti Builds Commercial Momentum With Hybrid Quantum-HPC Strategy finance.yahoo.com · 2026-10-02
  Rigetti expands its hybrid computing strategy: a 9-qubit system for HPE and the Pittsburgh Supercomputing Center in 2027, 50-60 nanosecond gate speeds and a ~1,000-qubit roadmap. source ↗
• Rigetti Computing, Inc. (RGTI) Dips More Than Broader Market: What You Should Know finance.yahoo.com · 2026-09-29
  A trading recap: the stock closed at $15.74, down 1.32%, with expectations of a 5-cent loss and $3.89 million revenue next quarter. source ↗
• Quantum Computing Stocks Need A Spark. Could Congress Deliver Soon? finance.yahoo.com · 2026-09-29
  An article notes a Jefferies analyst believes quantum computing legislation in Congress could pass soon and affect the sector. source ↗
• Rigetti Computing, Inc. (RGTI) Is a Trending Stock: Facts to Know Before Betting on It finance.yahoo.com · 2026-09-29
  Zacks notes the stock is among its most-searched, up 1.9% in a month, with unchanged earnings estimates over 30 days and a Strong Sell rank. source ↗

What changed since last week

No material change: same valuation verdict, same risk flags, price moved less than 3%.