Rigetti Computing, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Collaborative Research and Other Professional Services was 94% and Access to Quantum Computing Systems was 6% of revenue; Collaborative Research and Other Professional Services rose from 75% in the fiscal year to Dec 2024.

Quarters: Rigetti Computing, Inc.'s SEC filings, named by the month they end. Fiscal years: Rigetti Computing, Inc.'s annual reports to the SEC.

How it makes money

The company loses $3050.4 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Sep 2025's −10,322% and the quarters near zero both read. Circled: Dec 2024 (net −6,726.5%, operating −813.3%), Mar 2025 (net 2,895.3%, operating −1,469.6%), Jun 2025 (net −2,201.8%, operating −1,103.9%), Sep 2025 (net −10,321.9%, operating −1,055.4%), Mar 2026 (net 752.5%, operating −589.8%), Sep 2026 (net −222.3%, operating −2,351.9%). Net margin is usually about 21 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Rigetti Computing, Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

Rigetti Computing had $383M in cash and short-term investments at the end of Sep 2026. It burned $111M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 14 quarters. Its diluted share count is up 80% from two years earlier.

From Rigetti Computing, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report Rigetti Computing buys from Amazon, Sparqtron; sells to the U.S. government, Amazon, Microsoft and 1 more. Since then its 8-K filings name Chinook Therapeutics (now Novartis) as a supplier (Apr 21, 2026).

Their suppliers

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

Show 3

Suppliers

Amazon AMZN

Chinook Therapeutics (now Novartis) NVS

Sparqtron

 

RGTIRigetti Computing

Customers

U.S. government 48%

Amazon AMZN

Microsoft MSFT

Strangeworks

Their customers

Aurora Innovation AURfrom Amazon

Celsius Holdings CELHfrom Amazon, Microsoft

Cerebras Systems CBRSfrom Amazon

Galaxy Digital GLXYfrom Microsoft, Amazon

GameStop GMEfrom Microsoft

Show 5

Rigetti Computing's 10-Q for the quarter to Sep 2026 gives 5 customers' shares of its revenue: Customer G (34%), Customer F (18%), Customer C (17%), Customer E (14%) and Customer H (10%). Separately, it gives a group of customers: Government Entities (81.5%).

From Rigetti Computing, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

QQuantainvested in Rigetti Computing · Equity investment and quantum component development3,020,412 shares at approximately $11.59 per share; approximately $35.0 million; closed April 29, 2025

StrangeworksDistributes quantum computing services

Moody’s MCODevelops financial quantum computing applications

HSBC HSBCDevelops financial quantum computing applications

SStandard Chartered BankDevelops financial quantum computing applications

RRiverlaneIntegrates quantum error correction stack

Only the companies Rigetti Computing names in its 10-K filed Mar 4, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 276x, above the peer median of 69.7x. Revenue is down 28% from a year ago.

Above the peer median of 69.7x. The market pays more per $1 of revenue than for peers.

Its peers here are the other quantum computing companies on this site, a group kept by hand: Yahoo Finance's Computer Hardware list is another business.

Rigetti Computing, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $26.27, 154% above the current price; 69% of 13 analysts rate it a buy; earnings missed estimates in all of the last 4 quarters.

Buy or Strong Buy: 9 analysts (69%). Sell or Strong Sell: 0.

In the past three months targets were cut twice and never raised. 1 upgrade and no downgrades over the year; the latest: B. Riley Securities moved it to Buy from Neutral on Jan 22, 2026.

The day after each of these reports the stock moved +0.1% (Dec 2025, in line); +0.7% (Mar 2026, in line); +6.9% (Jun 2026, in line); −14.4% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.05 a share, against a loss of $0.03 a year earlier, and revenue of $9.8M, up 424% on a year earlier. For the fiscal year ending Dec 2026, they expect an adjusted loss of $0.19 a share.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $47M exceeds operating cash flow of −$64M, leaving free cash flow of −$111M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 37.4, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 funds whose copy leaves RGTI out (on the exchange, not in the app yet): UNICOM Systems, Swiss National Bank, Norges Bank, Torno Capital.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 5 held RGTI at the end of their latest quarter (for most, Q2 2026). Over that quarter 1 added shares, 1 cut, 2 bought new and 1 held the same. The largest of them is UNICOM Systems, 3.52M shares worth $55.4M at Sep 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of RGTI at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $27.3M of RGTI on the open market in the 12 months to Nov 12, 2026; none bought. 44% of the sales were made under 10b5-1 plans, set up in advance. The largest was David Rivas (Chief Technology Officer), who sold $12.7M in 1 sale.

From the Form 4s filed with the SEC about Rigetti Computing, Inc. (25 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 26 other transactions (grants, option exercises and shares sold to pay tax).