Rigetti Computing has delivered 199% year-over-year revenue growth but burns 62% of revenue in free cash flow losses and carries a quality score of 1.9, well below the minimum threshold; the investment case rests entirely on whether quantum computing revenue growth can eventually outpace cash consumption.
Thesis pillars
- Hypergrowth Revenue Trajectory→Stable
- Cash Burn Quality Risk→Stable
- High Short Interest Bearish Positioning↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 4, 2026
Rigetti Computing, Inc. (RGTI) Stock Analysis
Technology · Computer Hardware
Sell if holding. Engine safety override at $12.40: Quality below floor (3.5 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 6.2/10 and A.R:R 8.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 21%; Below-average business quality; Negative price momentum.
Rigetti Computing builds superconducting quantum computers accessible via its proprietary QCS cloud platform and through Amazon Braket and Microsoft Azure Quantum. The company generates the majority of revenues from technology development contracts with partners including DARPA,... Read more
Sell if holding. Engine safety override at $12.40: Quality below floor (3.5 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 6.2/10 and A.R:R 8.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 21%; Below-average business quality; Negative price momentum. Chart setup: No clear chart pattern; technical signals are mixed. Score 6.2/10, moderate confidence.
Passes 5/9 gates (favorable risk/reward ratio, clean insider activity, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and death cross (50MA < 200MA). Suitability: speculative.
About Rigetti Computing, Inc.
About Rigetti Computing, Inc.
Rigetti Computing operates Fab-1, a proprietary in-house wafer fabrication facility that manufactures superconducting quantum processors, and has offered cloud quantum-computing access since 2017. In January 2026, Rigetti received an $8.4 million purchase order to deliver a 108-qubit system to India's C-DAC. Net losses reached $216.2 million for the year ended December 31, 2025, against an accumulated deficit of $771.0 million, and 121 patents had been issued with 160 pending as of year-end.
Rigetti currently generates the majority of revenues from multi-year technology development contracts with partners including DARPA, the DOE's Fermilab, AFRL, Innovate UK, and India's C-DAC. Hardware revenue is growing as QPU unit sales began in 2023 — two Novera systems were ordered for approximately $5.7 million in 2025 — and the company plans to shift long-term toward QPU sales and cloud QCaaS recurring revenue. A February 2025 Collaboration Agreement with Quanta commits both parties to invest at least $250 million each over five years in quantum computing, with Quanta developing non-QPU components including control systems and dilution refrigerators. The company distributes cloud access through its QCS platform and via Amazon Braket and Microsoft Azure Quantum. Rigetti competes against Google, Microsoft, Amazon, and IBM, each described in the 10-K as large, well-established tech companies that generally compete across its products.
Show full overview
The quantum computing industry has never sold technology at large-scale commercial levels, and Rigetti competes against Google, Microsoft, Amazon, and IBM with substantially greater financial resources. The 10-K acknowledges Rigetti has missed publicly announced milestones in 2018, 2022, 2023, and 2025, and the company's scalable business model has not been formed as of yet. The 10-K defines quantum advantage as requiring a system with over 1,000 qubits at above 99.9% two-qubit gate fidelity — a threshold the current 36-qubit and 84-qubit production systems are well short of.
See also: Technology · Computer Hardware
From Rigetti Computing, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-10-29Recent Developments — Rigetti Computing, Inc.
Latest news
- NEWS Rigetti Computing to Report Third Quarter 2026 Financial Results and Host Conference Call on November 10, 2026 — fiscal.ai Oct 27, 2026
- NEWS 10 Information Technology Stocks With Whale Alerts In Today’s Session — benzinga Oct 20, 2026 neutral
- NEWS Rigetti Computing CEO Discusses Strategic Focus and Industry Timelines — fiscal.ai Oct 20, 2026 neutral
- NEWS Zohran Mamdani Says Quantum Is Poised to Become a ‘Multi-Trillion Dollar Industry’ and New Yorkers Should ‘Share in That — benzinga Oct 15, 2026 neutral
- NEWS Rigetti Computing Q2 2026 Earnings Call Transcript — benzinga Oct 13, 2026 neutral
Generated 2026-10-29T12:43:34Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- MEDIUMProducttechnology development contracts10-K Item 1: 'we generate the majority of our revenues from technology development contracts with various partners'
Material Events(8-K, last 90d)
- 2026-03-20Item 5.02LOWDirector H. Gail Sandford notified Rigetti on March 19, 2026 that she would not stand for re-election to the Board upon expiration of her current term at the 2026 Annual Meeting. No disagreement with the Company on operations, policies or practices cited.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
2 floor-breakers·2 ceiling hits
Quality below the gate floor. Component breakdown shows what dragged the score down.static
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $12.40: Quality below floor (3.5 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 6.2/10 and A.R:R 8.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 21%; Below-average business quality; Negative price momentum. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $11.53. Score 6.2/10, moderate confidence.
Analyst target: $24.82 (+100.1% upside). Prior stop was $11.53. Stop-loss: $11.53.
Quality below floor (3.5 < 4.0); Value-trap signals (2/5): High leverage (D/E 5.6), Material insider selling (18 sells, 0.09% of cap).
Rigetti Computing, Inc. trades at a P/E of N/A (forward -60.2). TrendMatrix value score: 9.0/10. Verdict: Sell.
19 analysts cover RGTI with a consensus score of 3.9/5. Average price target: $29.
What does Rigetti Computing, Inc. do?Rigetti Computing builds superconducting quantum computers accessible via its proprietary QCS cloud platform and...
Rigetti Computing builds superconducting quantum computers accessible via its proprietary QCS cloud platform and through Amazon Braket and Microsoft Azure Quantum. The company generates the majority of revenues from technology development contracts with partners including DARPA, DOE, and AFRL; QPU hardware sales began in 2023. Net losses reached $216.2 million in fiscal 2025 against an accumulated deficit of $771.0 million.