Rigetti Computing (RGTI) Stock on November 25, 2025: Volatile Pullback as Insider Selling, NQI Funding and New ETF Collide

Rigetti Computing, Inc. (NASDAQ: RGTI) is back in the spotlight today as its hyper‑volatile stock trades lower despite fresh government funding tailwinds and the launch of a new ETF built directly on its shares. At the same time, insider selling and lofty valuations are keeping skeptics loud.

As of early afternoon U.S. trading on November 25, 2025, RGTI changes hands around $25–26, down roughly 4–5% on the day, with more than 23 million shares traded. Over the past year the stock has swung between $2.10 and $58.15, giving the company a market capitalization of about $8.4 billion despite trailing‑12‑month revenue of only about $7.5 million and a net loss of roughly $351 million. ^[1]

Below is a breakdown of the key headlines moving Rigetti today and what they could mean for investors watching this high‑beta quantum computing name.

Key takeaways for November 25, 2025

RGTI stock is down about 4–5% today near $25–26 after opening around $25.5 and trading between the mid‑$24s and mid‑$26s. Ts2 Tech+1
Shares are still up several hundred percent over the last year but have fallen roughly 40–41% over the past month from an October peak near $60, as profit‑taking and valuation concerns hit the quantum computing trade. Ts2 Tech+1
Analyst views are sharply divided: some targets cluster in the mid‑$20s, while others sit around $40, implying significant potential upside from current levels if the bullish case plays out. ^[2]
Insider selling by the CFO and CTO on November 20 — about 45,600 shares for roughly $1.2 million — has triggered a “Negative Insider Confidence” signal on TipRanks and is feeding into today’s cautious tone. ^[3]
Macro and structural forces are big drivers: the reinstatement of U.S. National Quantum Initiative (NQI) funding, new RGTI‑linked ETFs and options strategies, and heavy short interest are adding leverage — both financial and psychological — to every move in the stock. ^[4]

Price action today: a “quiet” 4–5% drop for a wildly volatile stock

According to real‑time data from StockAnalysis, RGTI is trading around $25.38, down 1.19 points (-4.48%) as of about 1:55 p.m. EST. The stock opened at $25.49, versus a prior close of $26.57, with an intraday range of $24.61 to $26.02 and volume north of 23 million shares. ^[5]

A TechStock² wrap‑up describes today’s move as “another red day” in what it calls a still‑intact “roller‑coaster year.” Its intraday review pegs the stock in the $25–26 range, down roughly 3–4% on the session, while emphasizing that such a decline is relatively modest compared with recent double‑digit daily swings. Ts2 Tech

Despite the recent slide, both TechStock² and InvestorsObserver highlight that RGTI remains up several hundred percent over the past 12 months, having run from low single digits to nearly $60 earlier this year before giving back more than 40% over the last month. Ts2 Tech+1

For context:

Market cap: ≈ $8.4B
52‑week range: $2.10 – $58.15
Trailing‑12‑month revenue: ≈ $7.49M
Trailing‑12‑month net loss: ≈ $350.96M ^[6]

That mismatch between massive valuation and tiny revenue base is at the core of the bullish‑versus‑bearish debate now raging around the stock.

Today’s big headlines about Rigetti

1. InvestorsObserver: “Can Rigetti (RGTI) stock double again?”

A widely shared piece from InvestorsObserver asks whether Rigetti shares could double from current levels after being “hammered” over the past month. ^[7]

Key points from that article:

Analyst Richard Shannon at Craig‑Hallum recently doubled his price target from $20 to $40 and reiterated a Buy rating, arguing the recent pullback has reset expectations. ^[8]
The stock is now trading close to the bottom of Shannon’s previous target range, implying potential 100% upside if his thesis plays out. ^[9]
InvestorsObserver highlights Rigetti’s technology roadmap, including:
- A planned 100+‑qubit system by the end of 2025,
- A 1,000‑qubit system by 2027, viewed as a key way‑point toward “quantum advantage.” ^[10]
The article also points to:
- A NVIDIA NVQLink collaboration, linking Rigetti processors to AI supercomputers, and
- Roughly $5.7M in purchase orders for two 9‑qubit Novera systems, scheduled for delivery in the first half of 2026. ^[11]

Taken together, the InvestorsObserver piece frames RGTI as a high‑risk, high‑reward bet where long‑term quantum milestones could justify the current valuation — if the roadmap is delivered on time.

2. MarketBeat: stock gaps down but retains a “Moderate Buy” rating

MarketBeat published a detailed note titled “Rigetti Computing (NASDAQ:RGTI) Shares Gap Down – Should You Sell?” after the stock opened lower this morning. ^[12]

Highlights:

The stock closed yesterday at $26.57, then gapped down to $25.49 at today’s open and recently changed hands near $25.34 on heavy volume. ^[13]
MarketBeat’s data show a “Moderate Buy” consensus with five Buy ratings, one Hold and one Sell, and a consensus price target around $25–26, close to where the stock now trades. ^[14]
The article reiterates some of the weak fundamental metrics:
- Negative earnings,
- Negative margins, and
- Revenue that declined ~18% year‑over‑year in the latest quarter. ^[15]
MarketBeat also flags aggressive insider selling, noting that insiders have sold about 405,900 shares worth roughly $9.6 million over the past 90 days. ^[16]

While the headline raises the provocative question “Should you sell?”, the article itself is more nuanced: it underscores that Wall Street’s average rating is still positive but warns that the company remains early‑stage, loss‑making and volatile.

3. Zacks/Finviz: NQI funding returns as a possible government‑driven tailwind

A Zacks‑authored article syndicated via Finviz — “Will Renewed NQI Funding Fuel Rigetti’s Government Sales Pipeline?” — focuses on the policy side of the story. ^[17]

Key takeaways:

Rigetti’s Q3 revenue of $1.9M was down from $2.4M a year earlier, and management linked part of the softness directly to the lapse of U.S. National Quantum Initiative (NQI) funding, which slowed federal purchasing cycles. ^[18]
The article notes that NQI has now been formally reinstated, with $625 million of funding over five years, giving Rigetti and other quantum firms a clearer pipeline for government‑backed projects. ^[19]
Zacks highlights Rigetti’s recent $5.8 million Air Force Research Laboratory contract and $5.7 million in Novera system orders, suggesting these deals could lead to more stable revenue from hardware deployments rather than just research projects. ^[20]
Year‑to‑date, Zacks says RGTI has gained about 74%, even as its broader industry index is roughly flat, and it currently carries a Zacks Rank #3 (Hold) with a weak “Value Score” of F, reflecting a rich valuation versus book value and earnings. ^[21]

This piece underscores a core part of the bull case: public‑sector demand may accelerate as NQI money flows again, potentially offsetting short‑term revenue dips.

4. GraniteShares: new RGYY ETF adds another layer of leverage

In a GlobeNewswire release, GraniteShares announced two new YieldBOOST™ ETFs:

RGYY – GraniteShares YieldBOOST RGTI ETF, tied to Rigetti, and
QBY – GraniteShares YieldBOOST QBTS ETF, tied to D‑Wave Quantum. ^[22]

Instead of owning the common stock outright, RGYY is designed to sell put options on leveraged ETFs that track 2x daily moves in RGTI, aiming to generate income from option premiums. ^[23]

This announcement matters for RGTI because:

It further expands the “ETF and derivatives ecosystem” around the stock, which already includes:
- A 2x long RGTI ETF (RGTU),
- A 2x inverse RGTI ETF (RGTZ), and
- Dozens of other funds that hold RGTI as a component position. Ts2 Tech+1
Additional option‑writing strategies can increase flow‑driven volatility, especially on high‑volume days when options market makers and arbitrageurs must hedge their exposure.

In short, today’s ETF launch is less about Rigetti’s operations and more about how financial engineering is amplifying the stock’s swings.

5. TechStock²: deep dive on earnings, dilution, cash pile and flows

TechStock² published a long feature titled “RGTI Stock Today, November 25, 2025: Rigetti Computing Pulls Back as Insider Selling and New Quantum ETFs Fuel Volatility.” Ts2 Tech

Some of the most notable points:

Q3 2025 recap:
- Revenue of $1.9–1.95M, below estimates and down from $2.4M a year ago.
- Non‑GAAP EPS of –$0.03, better than the –$0.05 consensus.
- Gross margin falling sharply from 51% to about 21% year‑over‑year.
- Operating loss around $20.5M and a GAAP net loss of about $201M for the quarter, heavily affected by warrant‑related non‑cash items. Ts2 Tech+1
Balance sheet paradox:
- Cash, cash equivalents and investments of about $558.9M at September 30, rising to roughly $600M by early November after warrant exercises.
- No debt on the balance sheet.
- But those cash levels were largely enabled by a $350M at‑the‑market equity offering in June, which significantly diluted existing shareholders. Ts2 Tech+1
Technology roadmap and partnerships:
- Confirmation of the 100+ / 150+ / 1,000+ qubit roadmap out to 2027.
- Details on collaborations with NVIDIA (NVQLink), QphoX, India’s C‑DAC, Montana State University and the Air Force Research Laboratory. Ts2 Tech+1
Structure of the trade:
- About 39.7 million shares sold short, roughly 12–13% of float as of October 31.
- Heavy use of leveraged ETFs (RGTU, RGTZ) and now RGYY, plus brisk options activity. Ts2 Tech+2MarketBeat+2

TechStock²’s conclusion is that flows, leverage and sentiment can move RGTI as much as fundamentals in the near term, making “modest” down days like today feel surprisingly calm.

6. TipRanks: insider sales and a “Moderate Buy” with 70%+ implied upside

Yesterday’s TipRanks piece “RGTI Stock: Why Are Insiders Selling Rigetti Computing Stock?” is still very much part of today’s conversation. ^[24]

According to TipRanks:

On November 20, CFO Jeffrey Bertelsen sold 3,702 shares and CTO David Rivas sold 41,935 shares, for total proceeds of about $1.2M at average prices between $26.01 and $26.35. ^[25]
These were the first significant insider sales in roughly three months, and they triggered a “Negative Insider Confidence” signal on the platform. ^[26]
Even after the sales, both executives still hold multi‑million‑dollar stakes in the company. ^[27]
TipRanks shows a “Moderate Buy” consensus based on five Buy and two Hold ratings, with an average price target of about $40.60, implying roughly 70% upside from recent trading levels. ^[28]

For traders, that combination — insider selling plus high analyst targets — is adding to today’s push‑and‑pull between bulls and bears.

7. Broader quantum theme: bubble talk and outsized past returns

Quantum computing as a theme has been one of the market’s most explosive trades of the last year.

A Motley Fool article syndicated via Sharewise notes that, over the 12 months ending November 19, 2025, pure‑play quantum names like IonQ, Rigetti, D‑Wave and Quantum Computing Inc. delivered eye‑popping returns ranging from double digits to well over 1,000%, vastly outpacing the tech‑heavy Nasdaq Composite’s roughly 20% gain in the same period. ^[29]

That same commentary, along with another Motley Fool piece referenced by Zacks — “We May Witness Stock Market History in 2026, With the Potential Bursting of 3 Bubbles at the Same Time” — warns that quantum computing may now be one of several interlocking bubbles forming across speculative tech. ^[30]

For Rigetti, that means today’s price action isn’t happening in isolation; it’s part of a sector‑wide story about how to value early‑stage, high‑burn companies with uncertain commercial timelines.

Fundamentals after Q3: big cash, big losses, long roadmap

Rigetti’s November 10 earnings release laid out the raw numbers behind the debate. ^[31]

Q3 2025 summary

Revenue: $1.9M
Operating loss: $20.5M
GAAP net loss: $201.0M
Non‑GAAP net loss: $10.7M
GAAP EPS: –$0.62
Non‑GAAP EPS: –$0.03

Balance sheet

Cash, cash equivalents and investments: $558.9M as of Sept. 30; ≈$600M as of Nov. 6 after warrant exercises.
Debt: none. ^[32]

Roadmap

100+‑qubit system by end of 2025 (≈99.5% two‑qubit gate fidelity).
150+‑qubit system around end of 2026.
1,000+‑qubit system by end of 2027 with further improvements in fidelity. ^[33]

Alongside those milestones, Rigetti highlighted:

Two 9‑qubit Novera system orders totaling about $5.7M in expected revenue (H1 2026),
A $5.8M Air Force Research Laboratory contract to advance superconducting quantum networking, and
New collaborations with NVIDIA, Montana State University and India’s C‑DAC. ^[34]

These updates support the bullish view that Rigetti is building a strategic position in quantum hardware and hybrid quantum‑AI systems, even if that work isn’t yet showing up meaningfully in revenue.

How analysts and valuation frameworks diverge

One striking feature in today’s coverage is how different data providers tell slightly different stories about Wall Street’s stance:

MarketBeat: “Moderate Buy,” with targets clustering around the mid‑$20s and a consensus near $25.43, roughly in line with today’s price. ^[35]
StockAnalysis: labels the consensus as “Strong Buy”, citing five analysts and a $24 price target, which actually implies mild downside from current levels — likely because some numbers pre‑date the latest rally. ^[36]
TipRanks: “Moderate Buy” based on 5 Buys and 2 Holds with an average target of $40.60, implying roughly 70% upside. ^[37]
Zacks: classifies Rigetti as a Rank #3 (Hold) with a price‑to‑book multiple around 22x and an unfavorable value score. ^[38]

The gap between a $24 and a $40+ target underscores just how uncertain the market is about:

The pace of commercialization,
The durability of government funding and partnerships, and
The appropriate way to value a company that is simultaneously:
- Technologically advanced,
- Revenue‑light, and
- Highly reliant on equity financing.

Risks and opportunities investors are weighing today

Putting today’s news together, investors are balancing several overlapping themes:

Opportunities

Reinstated NQI funding
Renewed U.S. NQI funding of $625M over five years could smooth out public‑sector demand for Rigetti’s systems and services, helping address the Q3 revenue dip. ^[39]
Robust cash position and no debt
Nearly $600M in cash and investments gives Rigetti meaningful runway to fund R&D and partnerships without needing to borrow, a rarity among early‑stage tech names. ^[40]
Partnership ecosystem
Collaborations with NVIDIA, AFRL, QphoX, C‑DAC and MSU broaden Rigetti’s footprint across government, academic and AI ecosystems. ^[41]
ETF and derivatives complex
New instruments like RGYY may attract additional capital from income‑focused traders and structured‑product strategies, potentially deepening liquidity. ^[42]

Risks

Massive valuation vs. tiny revenue
With an $8.4B market cap against under $8M in trailing revenue, even modest revenue disappointments can trigger steep sell‑offs, and the stock is priced like a long‑dated option on future dominance, not a conventional hardware business. ^[43]
Heavy dilution and potential for more
The June $350M ATM offering was highly dilutive, and if commercialization takes longer than expected, future equity raises remain a real possibility. Ts2 Tech+1
Insider selling and sentiment
Recent CFO and CTO share sales, combined with TipRanks’ “Negative Insider Confidence” flag and MarketBeat’s tally of broader insider selling, have added to concerns that management may see near‑term downside risk or simply be taking profits after a huge run‑up. ^[44]
Sector bubble concerns
Commentators at The Motley Fool and elsewhere have warned that quantum computing could be part of a broader set of speculative bubbles forming in the market, pointing to multi‑hundred‑percent one‑year gains as a potential red flag. ^[45]
Competition from deep‑pocketed tech giants
Recent coverage of the sector has highlighted a structural risk: the same large cloud and chip companies that partner with Rigetti today could evolve into its toughest competitors tomorrow, squeezing margins or limiting its long‑term market share. ^[46]

What today’s move may mean for different types of investors

For short‑term traders, today’s 4–5% drop is notable mainly because it’s less extreme than recent moves. With significant short interest, multiple leveraged ETFs, and high options activity, RGTI remains a tactical trading vehicle where flows can dominate fundamentals for days or even weeks at a time. Ts2 Tech+1

For long‑term, high‑risk‑tolerance investors, today’s news reinforces the basic trade‑off:

On one side:
- A strong cash runway,
- A clear, aggressive technology roadmap,
- Deepening government and ecosystem partnerships, and
- A growing role in the quantum‑AI narrative.
On the other:
- Minimal current revenue,
- Large, ongoing losses,
- A heavy reliance on equity markets, and
- A valuation that assumes substantial future success. ^[47]

Final word: high‑conviction story, high‑volatility stock

Rigetti’s November 25 session encapsulates almost everything about the stock:

A modest single‑day pullback that would be big for most companies, but barely registers against recent swings.
A stack of fresh news — insider sales, reinstated government funding, new ETFs, analyst upgrades and cautious notes — all hitting at once.
A company whose fundamental story is still early, but whose shares already trade like a leveraged bet on the future of computing.

Nothing in today’s coverage resolves the central paradox of RGTI: it is simultaneously one of the most exciting quantum hardware plays on the market and one of the most speculative.

This article is for information and education only and is not investment advice. Quantum computing stocks like Rigetti can be extremely volatile and are not suitable for every portfolio. Anyone considering a position in RGTI should carefully assess their risk tolerance, do independent research, and, if needed, consult a qualified financial professional.

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