RGTI

Rigetti is a vertically integrated quantum-computing company building superconducting processors and selling access via QPU sales and Quantum-Computing-as-a-Service. The technology is advancing — it launched the 84-qubit Ankaa-3 and the modular 36-qubit Cepheus-1-36Q, reaching a 99.6% median two-qubit gate fidelity by January 2026 — and the long-term vision of quantum advantage is genuinely transformative if it can be realized at scale. But this is a science project at a commercial-revenue scale that is tiny and going the wrong direction.

The fundamentals are weak and deteriorating. FY2025 revenue was just $7.09M and fell 34.3%, with the substantial majority coming from development contracts rather than commercial product sales. Gross profit collapsed 63.8% to $2.06M, the operating loss was -$84.7M, and the net loss widened to -$216M. The company has never been profitable, carries a $771M accumulated deficit, burned $58.5M in operating cash, and funds itself by issuing stock — shares rose 16.2% in FY2025 and management explicitly warns it may need to raise more capital.