Rigetti Computing, Inc. (RGTI)

Price$15.25Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look overvalued because today's valuation assumes enormous commercial growth from a tiny revenue base.

Rigetti's market value is about $5.0 billion versus only $13.4 million of trailing revenue, or roughly 375 times sales. June cash, cash equivalents and investments totaled $541 million, so the balance sheet provides meaningful protection but explains only a small portion of the valuation. The company remains deeply loss-making and cash-burning. Investors are therefore paying mainly for future quantum-computing success rather than current earnings or cash flow, leaving little conventional value-investor margin of safety.

Big pictureRevenue is recovering from a small base, while operating losses and cash burn remain substantial.

The supplied history shows annual revenue falling from $13.1 million in 2022 to $7.1 million in 2025, while the 2025 operating loss reached $84.7 million and operating cash use was $58.5 million. First-half 2026 revenue improved to $9.5 million, but operating losses totaled about $54 million and operating cash use exceeded $31 million. Commercial momentum is improving, yet current revenue remains far too small to support the market value without many years of rapid growth.

Business strengthA large cash reserve funds development, but repeated share issuance has heavily diluted existing owners.

Rigetti ended June with $541.3 million of cash, cash equivalents and available-for-sale investments and said it had no debt, giving it substantial runway for research, fabrication and customer deployments. The cost of that financial strength has been dilution. Shares outstanding rose from about 147 million at year-end 2023 to roughly 334 million by June 2026, more than doubling. Stock compensation also continues, while there are no meaningful buybacks or dividends. Future financing may therefore reduce each shareholder's ownership further even if the technology progresses.

What could change the storyMajor fidelity gains and system sales could justify upside; slower commercialization would expose the valuation quickly.

The bull case requires Rigetti's 108-qubit Cepheus system to gain customers while two-qubit gate fidelity improves from roughly 99.1% toward its 99.5% near-term target and eventually about 99.9%. Government support, on-premises deployments and partnerships with major computing organizations could accelerate adoption. The bear case is that technical progress does not translate into large recurring revenue before cash is consumed. At today's valuation, evidence of sustained system sales measured in hundreds of millions rather than today's low millions would be needed to materially strengthen the value case.

AI: News

Second-quarter progressHigher revenue, a large cash reserve, and roadmap progress produced a strong post-earnings share-price gain.

On August 6, Rigetti reported second-quarter revenue of $5.1 million, an operating loss of $28.1 million and $541.3 million of cash and investments. Its 108-qubit system was operating near 99.1% median two-qubit gate fidelity, with management targeting further improvements. Shares rose about 8.5% the following session on volume near 30 million shares. The timing supports a favorable reaction to the update, although broader quantum-computing sentiment may also have contributed.

HPE collaboration expandsA federally funded hybrid-computing project strengthened Rigetti's commercial credibility and triggered a large share-price jump.

On July 27, Rigetti expanded its collaboration with Hewlett Packard Enterprise and Pittsburgh Supercomputing Center to build the TangleLab hybrid quantum-classical testbed. Rigetti will supply a 9-qubit Novera system for a project backed by a $5 million National Science Foundation grant. Shares closed about 10.5% higher that day, while contemporaneous reporting showed an even larger intraday rise. The announcement matters because successful integration with conventional supercomputing infrastructure could broaden real-world demand for Rigetti systems.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$7.1M	$10.8M	$12.0M	$13.1M	$8.2M
Gross profit	$2.1M	$5.7M	$9.2M	$10.2M	$6.6M
Gross margin	29.12%	52.80%	76.68%	78.07%	80.20%
Research & development	$61.3M	$49.8M	$52.8M	$60.0M	$26.9M
Operating expenses	$86.7M	$74.2M	$81.5M	$119.3M	$40.7M
Operating income	−$84.7M	−$68.5M	−$72.3M	−$109.1M	−$34.1M
Operating margin	−1,194.41%	−634.94%	−602.06%	−832.54%	−416.41%
EBITDA	−$76.6M	−$61.6M	−$64.9M	−$102.1M	−$29.4M
EBITDA margin	−1,080.14%	−570.99%	−540.43%	−779.12%	−359.07%
Net income	−$216.2M	−$201.0M	−$75.1M	−$71.5M	−$38.2M
Net profit margin	−3,050.37%	−1,862.72%	−625.47%	−545.88%	−466.58%
Basic EPSper basic share	-$0.70	-$1.09	-$0.57	-$0.70	-$1.64
Diluted EPSper diluted share	-$0.70	-$1.09	-$0.57	-$0.70	-$1.64

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.55%of listed shares

BlackRock, Inc.28.53M shares · Jun 30, 2026

View holders

Top 20 reported holders of RGTI
Holder	% owned
BlackRock, Inc.	8.55%28.53M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.96%19.9M shares
Deer X & Co. Ltd. / Bessemer Venture Partners X Institutional L.P. / Deer X & Co. L.P. / Bessemer Venture Partners X L.P.	≈5.67%18.92M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.32%14.43M shares
STATE STREET CORP	3.54%11.83M shares
GEODE CAPITAL MANAGEMENT, LLC	2.60%8.67M shares
UBS Group AG	1.94%6.48M shares
D. E. Shaw & Co., Inc.	1.61%5.36M shares
MORGAN STANLEY	1.42%4.73M shares
UNICOM Systems, Inc.	1.06%3.52M shares
Defiance ETFs, LLC	1.03%3.45M shares
Penserra Capital Management LLC	1.03%3.42M shares
NORTHERN TRUST CORP	0.92%3.07M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.85%2.84M shares
BANK OF AMERICA CORP /DE/	0.72%2.41M shares
GOLDMAN SACHS GROUP INC	0.72%2.4M shares
VANGUARD FIDUCIARY TRUST CO	0.71%2.36M shares
Bank of New York Mellon Corp	0.67%2.23M shares
Nuveen, LLC	0.63%2.1M shares
WESTFIELD CAPITAL MANAGEMENT CO LP	0.58%1.95M shares

Percentages use 333.68M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)78$79.46M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4 · 10b5-1	Johnson Ray ODirector	SellCommon Stock	84.9K	$20.55	$1.75M	95.5K
Jun 15, 2026Form 4	Clifton Michael S.Director	SellWarrants (right to buy) · derivative	94.7K	$12.00	$1.14M	0
Jun 12, 2026Form 4	Clifton Michael S.Director	SellWarrants (right to buy) · derivative	4.4K	$10.91	$47.6K	94.7K
Jun 8, 2026Form 4 · 10b5-1	Johnson Ray ODirector	SellCommon Stock	6.0K	$21.76	$129.9K	171.3K
Jun 8, 2026Form 4 · 10b5-1	Johnson Ray ODirector	SellCommon Stock	116.2K	$21.28	$2.47M	177.2K