Rigetti Computing, Inc.
- Open
- 13.79
- Day high
- 14.58
- Day low
- 13.41
- Prev close
- 14.10
- Volume
- 22.0M
- Mkt cap
- $4.7B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 8.0
- P/S
- 468.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$22.5M over the last 3 months (0 open-market buys, 15 sales)
- 🏛Institutions mixed (13F)
Rigetti Computing, Inc. (RGTI) is a Technology company listed on NASDAQ. The stock is down 18% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 15 sales (SEC Form 4).
Rigetti Computing, Inc. (RGTI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RGTI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-0.05 | $-0.04 | +20.0% | $4M | +7.7% |
| Mar 4, 2026 | $-0.05 | $-0.03 | +40.0% | $2M | -39.9% |
| Aug 12, 2025 | $-0.06 | $-0.05 | +16.7% | $2M | -25.8% |
| Mar 5, 2025 | $-0.08 | $-0.08 | +0.0% | $2M | -9.0% |
| Aug 8, 2024 | $-0.10 | $-0.07 | +30.0% | $3M | -12.6% |
| May 9, 2024 | $-0.08 | $-0.14 | -75.0% | $3M | -5.8% |
| Mar 14, 2024 | $-0.13 | $-0.09 | +30.8% | $3M | +4.9% |
| Nov 9, 2023 | $-0.10 | $-0.13 | -30.0% | $3M | -4.5% |
| Aug 10, 2023 | $-0.17 | $-0.13 | +23.5% | $3M | -2.1% |
| May 11, 2023 | $-0.16 | $-0.19 | -18.8% | $2M | -45.9% |
| Nov 21, 2022 | $-0.10 | $-0.16 | -60.0% | $3M | -17.5% |
| Aug 11, 2022 | $-0.06 | $-0.09 | -50.0% | $2M | -20.0% |
RGTI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Johnson Ray Odirector | Sell | 84,944 | $20.55 |
| Jun 16, 2026 | Clifton Michael S.director | Sell | 4,361 | $11.50 |
| Jun 16, 2026 | Clifton Michael S.director | Sell | 94,733 | $11.50 |
| Jun 10, 2026 | Johnson Ray Odirector | Sell | 5,971 | $21.76 |
| Jun 10, 2026 | Johnson Ray Odirector | Grant | 9,208 | — |
| Jun 10, 2026 | Iannotti Thomas Jdirector | Grant | 9,208 | — |
| Jun 10, 2026 | Clifton Michael S.director | Grant | 9,208 | — |
| Jun 10, 2026 | Johnson Ray Odirector | Sell | 116,217 | $21.28 |
| Jun 10, 2026 | Fitzgerald Alissadirector | Grant | 9,208 | — |
| Jun 3, 2026 | Clifton Michael S.director | Sell | 3,144 | $11.50 |
| Jun 3, 2026 | Clifton Michael S.director | Sell | 54,012 | $11.50 |
| Jun 1, 2026 | Rivas Davidofficer: CHIEF TECHNOLOGY OFFICER | Option | 3,541 | $0.27 |
| Jun 1, 2026 | Kulkarni Subodh Kdirector, officer: President and CEO | Option | 70,000 | $0.96 |
| Jun 1, 2026 | Rivas Davidofficer: CHIEF TECHNOLOGY OFFICER | Sell | 499,328 | $25.40 |
| Jun 1, 2026 | Rivas Davidofficer: CHIEF TECHNOLOGY OFFICER | Option | 393 | $0.27 |
Source: RGTI SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full RGTI insider & 13F page →Rigetti Computing, Inc. company profile
Overview
Rigetti Computing, Inc. (NASDAQ:RGTI) is a quantum computing company founded in 2013 and based in Berkeley, California. The company went public in April 2021 through a SPAC merger. Rigetti specializes in building quantum computers powered by superconducting quantum processors and operates as an integrated systems company that designs, manufactures, and deploys quantum computing systems. The company provides access to its quantum computers through cloud-based services and also sells standalone quantum processing units to research institutions and government agencies.
Business
Rigetti operates in the emerging quantum computing industry, which represents a fundamentally different approach to computation compared to traditional classical computers. While classical computers process information using bits that exist in either 0 or 1 states, quantum computers use quantum bits (qubits) that can exist in multiple states simultaneously through a quantum mechanical property called superposition. This allows quantum computers to potentially solve certain complex problems exponentially faster than classical computers. The company's core offering centers around superconducting quantum processors, which are specialized chips that operate at extremely cold temperatures (near absolute zero) to maintain quantum states. These processors are integrated into complete quantum computing systems that include sophisticated control electronics, cryogenic cooling systems, and software stacks. Rigetti's quantum computers are made available through its Quantum Cloud Services platform, which allows researchers and organizations to access quantum computing power remotely through public, private, or hybrid cloud deployments. Rigetti also manufactures and sells standalone Novera quantum processing units (QPUs) to customers who want to build their own quantum computing systems. These QPUs are essentially the "brain" of a quantum computer - the actual quantum chip that performs the quantum calculations. The company's current flagship systems include the 84-qubit Ankaa-3 system and is developing larger systems with over 100 qubits planned for 2025. The quantum computing industry is still in its early research and development phase, with most applications currently focused on academic research, government research labs, and proof-of-concept demonstrations. Commercial applications are expected to emerge in the coming years as quantum computers achieve "quantum advantage" - the ability to solve real-world problems faster than classical computers.
Revenue model
Rigetti generates revenue through multiple channels, though the company is still in the early commercialization phase with relatively modest revenues. The primary revenue streams include sales of standalone Novera QPUs to research institutions and government agencies, typically priced in the hundreds of thousands to low millions of dollars per unit. The company also generates revenue through cloud-based access to its quantum computing systems, research and development contracts with government agencies like DARPA and the Department of Energy, and collaborative partnerships with technology companies. Currently, Rigetti's customer base consists primarily of government research labs, national laboratories, universities, and technology companies conducting quantum computing research. Commercial customers are expected to emerge as the technology matures and demonstrates practical quantum advantage over classical computing methods. Several factors significantly impact Rigetti's business model and margins. On the positive side, increasing government funding for quantum computing research (with potential $2.5 billion in U.S. federal funding over five years) creates substantial market opportunities. The company's technical achievements in improving qubit fidelity (currently achieving 99%+ gate fidelity) and scaling to larger qubit counts position it competitively. Strategic partnerships, particularly the $100 million collaboration with Quanta Computer, provide both funding and manufacturing expertise. However, the business faces significant margin pressures from the extremely high costs of quantum computing development, including specialized fabrication facilities, cryogenic systems, and highly skilled quantum engineers. The early-stage nature of the market means customer adoption remains limited and unpredictable. Competition from well-funded technology giants like IBM, Google, and Amazon, as well as other quantum computing startups, creates pricing pressure and requires continuous heavy R&D investment to maintain technological competitiveness.
Competitive moat
Rigetti's competitive moat is relatively narrow and primarily based on technical expertise and intellectual property in superconducting quantum computing. The company has developed proprietary chip designs, fabrication processes, and system integration capabilities that provide some differentiation. Their focus on achieving high qubit fidelity (99%+ gate fidelity) and fast gate speeds (60-80 nanoseconds) represents technical advantages, and their chiplet approach to scaling quantum systems offers a potentially differentiated path to larger qubit counts. However, this moat is not particularly strong or durable. The quantum computing industry is highly competitive with well-capitalized competitors including IBM (which has similar superconducting technology), Google, Amazon, and numerous well-funded startups. Many of these competitors have significantly larger R&D budgets and resources. The fundamental physics and engineering principles underlying quantum computing are largely understood across the industry, limiting the durability of any single company's technical advantages. The industry is also still in flux regarding which quantum computing approach will ultimately prove most commercially viable - superconducting qubits (Rigetti's approach), trapped ions, photonic quantum computing, or other modalities all remain in contention. This technological uncertainty means that even current technical leadership may not translate into long-term competitive advantage. Additionally, the high capital requirements and specialized expertise needed for quantum computing could eventually favor larger technology companies with deeper resources over smaller pure-play companies like Rigetti.
Risks & safety
The margin of safety appears reasonable in the near term but faces long-term sustainability challenges: • Cash Position: Strong liquidity with $237.7 million in cash and equivalents as of Q1 2025, providing approximately 3-4 years of operating runway at current burn rates • Debt Level: Very low debt-to-equity ratio of 0.04, minimal solvency risk in near term • Cash Burn: Operating cash flow negative $13.6 million in Q1 2025, free cash flow negative $16.2 million, representing manageable but consistent cash consumption • Current Ratio: Extremely strong at 18.8x, indicating excellent short-term liquidity • Valuation Metrics: Trading at 13.2x P/E ratio (though earnings driven by non-cash items), 10.9x price-to-book ratio suggests premium valuation for early-stage technology company • Revenue Sustainability: Low and declining revenues ($1.5 million in Q1 2025 vs $3.1 million in Q1 2024) create uncertainty about commercial viability timeline • Funding Requirements: Will likely need additional capital before achieving profitability, though Quanta partnership provides some buffer
Recent development
Over the past few years, Rigetti has made significant strategic pivots toward improving quantum computing performance rather than simply scaling qubit count. The company shifted focus to achieving higher qubit fidelity, successfully reaching 99%+ two-qubit gate fidelity across its systems. This technical milestone represents a critical threshold for practical quantum computing applications. The company launched its Novera QPU product line, representing its first commercially available standalone quantum processing units sold to research institutions. Notable sales include units to Montana State University and the UK government. Rigetti also introduced its flagship 84-qubit Ankaa-3 system in late 2024, demonstrating the company's ability to scale while maintaining high performance. A major strategic development was the partnership with Quanta Computer, involving $100 million in investment over five years plus $35 million in equity investment. This partnership allows Rigetti to focus on core quantum processor development while Quanta handles non-QPU hardware components and manufacturing. The company has also been actively pursuing government contracts, receiving awards from DARPA, Innovate UK, and positioning for potential significant funding from the National Quantum Initiative reauthorization. Rigetti's technical roadmap has evolved toward a "chiplet" approach for scaling quantum computers, planning to tile multiple smaller quantum chips together rather than building single large chips. This approach aims to achieve over 100 qubits by end of 2025 and eventually 336+ qubits with their planned Lyra system. The company has also been investing in optical signaling technologies and quantum error correction capabilities to support larger, more practical quantum computing systems.
RGTI company profile · for informational purposes only — not investment advice.
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