Rigetti Computing, Inc. (RGTI) AI Stock Analysis

Rigetti Computing, Inc. is an integrated systems company based in Berkeley, California, that specializes in developing and deploying quantum computing technologies. The company builds quantum computers and superconducting quantum processors, which serve as the core of its systems. Rigetti integrates its hardware into public, private, and hybrid cloud environments, offering access to its processors through its Quantum Cloud Services platform. This enables organizations and researchers to perform complex computational tasks. Additionally, the company conducts research and development initiatives and collaborates with academic institutions, government agencies, and industry partners to expand quantum technology applications across various sectors.

Rigetti experienced annual revenue declines from FY2022 through FY2025. Annual revenue decreased from $13.1M in FY2022 to $12.0M in FY2023, $10.8M in FY2024, and $7.1M in FY2025, which represented a 34.3% drop in FY2025. Gross margin contracted from 78.1% in FY2022 to -86.1% in FY2025, while operating margin worsened from -832.5% to -1194.4%. Net income was -$216.2M in FY2025 compared to -$38.2M in FY2021. For the trailing twelve months ending June 30, 2026, revenue stood at $13.4M, aided by quarterly revenue growth of 185.3% year-over-year in the latest quarter.

As of June 30, 2026, Rigetti Computing held $393.7M in cash and short-term investments and $7.7M in total debt, resulting in net cash of $386.0M. Shareholders' equity was $537.4M, with total assets of $648.2M. The company reported a current ratio of 3.94 and a debt-to-equity ratio of 0.01. Operating cash flow remained negative across all reported years, recording -$58.5M in FY2025 alongside capital expenditures of $18.7M and free cash flow of -$77.2M.

At a last close of $11.80, Rigetti Computing has a market capitalization of $3.94B and an enterprise value of $4.96B. The stock trades at a price-to-sales multiple of 295.0x and an EV-to-revenue multiple of 371.1x, compared to the median of its US-listed Technology peers of 2.8x price-to-sales. Its price-to-book ratio is 9.9x, and EV-to-EBITDA is 1.3x compared to the peer median of 16.6x. Over the past year, RGTI shares fell 75.4%, trailing the S&P 500 return of 16.8%.

Wall Street coverage on Rigetti includes 8 Strong Buy, 1 Buy, and 4 Hold ratings, with 0 Sell or Strong Sell ratings. The mean price target is $28.52, which is 141.7% above the last closing price of $11.80. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $23.3M and an EPS of -$0.19. For the next fiscal year, 10 analysts estimate revenue of $43.9M and an EPS of -$0.21. The company beat EPS estimates in 2 of the last 4 quarters, with its next earnings date scheduled for November 9, 2026.

This page is an AI-written research summary of Rigetti Computing, Inc. (RGTI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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