Rigetti Computing, Inc. Common Stock
RGTI
$14.68
+2.59%
Rigetti Computing, Inc. is a technology company that builds quantum computers and the superconducting quantum processors that power them, operating within the nascent quantum computing hardware industry. The company is a pure-play quantum hardware and cloud services provider, positioning itself as a key infrastructure player in the race to develop commercially viable quantum systems. The current investor narrative is intensely focused on the extreme speculation surrounding the commercialization timeline, with debates raging between those betting on a transformative future and skeptics pointing to the company's minimal revenue, persistent losses, and the risk that its current multi-billion dollar valuation is unsustainable given the technology's long development horizon.…
RGTI
Rigetti Computing, Inc. Common Stock
$14.68
Related headlines
RGTI 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Rigetti Computing, Inc. Common Stock's 12-month outlook, with a consensus price target around $19.08 and implied upside of +30.0% versus the current price.
Average Target
$19.08
2 analysts
Implied Upside
+30.0%
vs. current price
Analyst Count
2
covering this stock
Price Range
$12 - $19
Analyst target range
Analyst coverage is limited, with only 2 analysts providing estimates, indicating this is a stock with limited institutional following and high uncertainty. The consensus sentiment among the few covering firms appears bullish based on recent institutional ratings, which show multiple 'Buy' or 'Outperform' actions from firms like Benchmark, Rosenblatt, and Mizuho in early 2026, though no average target price is provided in the data to calculate implied upside. The target range and signal strength cannot be quantified due to missing price target data, but the recent pattern of reiterated 'Buy' ratings in March 2026, juxtaposed with extremely negative media sentiment, signals a stark divide between analyst optimism on the long-term technology and the harsh reality of current financials; the minimal number of analysts itself is a signal of the stock's speculative, early-stage nature, leading to higher volatility and less efficient price discovery.
Bulls vs Bears: RGTI Investment Factors
Overall, RGTI has investment potential but also faces challenges. Here are key factors to weigh before investing.
Bullish
- Extreme Valuation Compression from Highs: The stock is down 66.58% over the past six months and trades at $14.68, near the 25th percentile of its 52-week range ($7.81-$58.15). This severe decline from speculative highs could represent a potential entry point for long-term speculators if the technology narrative remains intact, as much of the speculative froth has been removed.
- Analyst Sentiment Remains Bullish: Despite negative media sentiment, recent institutional actions from firms like Benchmark, Rosenblatt, and Mizuho in early 2026 have reiterated 'Buy' or 'Outperform' ratings. This indicates professional optimism on the long-term technology potential, even as current financials are weak.
- Strong Balance Sheet Liquidity: The company has a current ratio of 37.42 and minimal debt (Debt-to-Equity of 0.013), providing a substantial cash runway to fund R&D. This liquidity reduces near-term bankruptcy risk despite massive operating losses.
- Sector Validation from Tech Giants: Recent news highlights Microsoft's accelerated 2029 quantum data center roadmap, which validates the entire quantum computing sector and creates a clearer path to commercialization. This external catalyst could renew investor interest in pure-play hardware providers like Rigetti.
Bearish
- Astronomical Valuation vs. Minimal Revenue: With a trailing Price-to-Sales ratio of 968.0x and a market cap of $6.86 billion against Q4 2025 revenue of just $1.87 million, the valuation is entirely speculative. This extreme premium is unsustainable without exponential revenue growth that is not yet visible.
- Severe and Accelerating Financial Losses: The company is deeply unprofitable, with a Q4 2025 net margin of -974.7% and an operating margin of -120.97%. Trailing twelve-month free cash flow is -$77.22 million, confirming the company is burning cash rapidly while destroying shareholder value, as shown by a -39.58% ROE.
RGTI Technical Analysis
The prevailing price trend is a severe and sustained downtrend from the highs of late 2025, with the stock down 66.58% over the past six months. As of the latest close of $14.68, the stock is trading at approximately 25% of its 52-week range, positioned much closer to its 52-week low of $7.81 than its high of $58.15, which suggests the stock is in deep value territory but also carries significant 'falling knife' risk as momentum remains negative. Recent momentum shows continued weakness, with the stock down 13.34% over the past month and 40.61% over the past three months, indicating the selling pressure is accelerating and diverging sharply from the positive 1-year return of 55.84%, which highlights a dramatic reversal from prior speculative highs. Key technical support is the 52-week low of $7.81, while resistance is the 52-week high of $58.15; a breakdown below the $7.81 support would signal a complete loss of the prior year's gains, while any recovery would face immense overhead supply. The stock's beta of 1.83 indicates it is 83% more volatile than the broader market, a critical factor for risk management given its 77.1% maximum drawdown, underscoring its highly speculative and unstable trading profile.
Beta
1.83
1.83x market volatility
Max Drawdown
-77.1%
Largest decline past year
52-Week Range
$8-$58
Price range past year
Annual Return
+55.8%
Cumulative gain past year
| Period | RGTI Return | S&P 500 |
|---|---|---|
| 1m | -13.3% | +2.6% |
| 3m | -40.6% | -2.3% |
| 6m | -66.6% | +2.6% |
| 1y | +55.8% | +27.3% |
| ytd | -37.8% | -0.4% |
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RGTI Fundamental Analysis
Revenue trajectory is concerning, with Q4 2025 revenue of $1.87 million representing an 17.85% year-over-year decline, and a multi-quarter trend showing revenue has stagnated in the low single-digit millions, indicating the company is far from commercial scale. The company is deeply unprofitable, with a Q4 2025 net income of -$18.21 million and a gross margin of 34.9%, though this represents a significant improvement from the negative gross margin in Q1 2024; however, the net margin of -974.7% and operating margin of -120.97% for the quarter show losses are massive relative to the tiny revenue base. Balance sheet and cash flow health is precarious, with a trailing twelve-month free cash flow of -$77.22 million, a debt-to-equity ratio of a minimal 0.013, and a current ratio of 37.42 indicating ample liquidity but also an inability to generate operating cash; the negative ROE of -39.58% and ROA of -11.12% confirm the company is destroying shareholder value as it burns cash to fund R&D.
Quarterly Revenue
$1868000.0B
2025-12
Revenue YoY Growth
-0.17%
YoY Comparison
Gross Margin
+0.34%
Latest Quarter
Free Cash Flow
$-77219000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is RGTI Overvalued?
Given the consistent and deep net losses, the primary valuation metric selected is the Price-to-Sales (PS) ratio. The trailing PS ratio is an astronomical 968.0x, while the forward PS ratio is not explicitly provided but can be inferred to remain extremely high given the minimal revenue base against a $6.86 billion market cap, indicating the market is pricing in exponential future growth that is nowhere near realization. Peer comparison is challenging due to the niche industry, but such a PS ratio represents an extreme premium to any rational industry average, suggesting the valuation is entirely driven by speculative future potential rather than current fundamentals. Historical context shows the current PS ratio of 968.0x is near the top of its own historical band, having exploded from levels around 40-60x in late 2023/early 2024, indicating the market has priced in wildly optimistic expectations for commercialization and revenue scaling that have yet to materialize.
PE
-31.7x
Latest Quarter
vs. Historical
Mid-Range
5-Year PE Range -94x~13x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
-89.2x
Enterprise Value Multiple