Rigetti Computing’s stock (NASDAQ: RGTI) is bouncing on Monday after a bruising few weeks that saw the quantum-computing name slump more than 40% in a month even as it remains one of 2025’s most explosive performers. [1]
As of the latest quote on November 24, 2025, RGTI is trading around $24.74, up roughly 4.9% from Friday’s close of $23.59, with intraday trading so far between $23.36 and $25.00 on volume of about 14.5 million shares. [2]
Key Takeaways on RGTI Stock Today
- RGTI is up about 5% today to roughly $24.74, rebounding from last week’s selloff that left shares down around 40.6% over the past month. [3]
- Despite the pullback, Rigetti shares are still up over 1,300% in the past 12 months, reflecting a massive re‑rating of quantum-computing plays in 2025. [4]
- Q3 2025 earnings showed revenue of $1.9 million (down ~20% year over year) and an operating loss of $20.5 million, along with a GAAP net loss of $201 million driven largely by non‑cash warrant and earn‑out revaluations. Non‑GAAP net loss was $10.7 million, or $0.03 per share, better than Wall Street’s expected $0.05 loss. [5]
- Insider activity is in focus after Rigetti’s CFO and CTO sold about 45,600 shares on November 20 at prices around $26, transactions totaling roughly $1.2 million, even as they retain sizable stakes. [6]
- Analysts and sector commentators remain split: some see quantum computing entering a “next wave” of real contracts and institutional interest, while others warn that RGTI’s valuation and losses leave the stock “vulnerable.” [7]
This article is for information and news purposes only and does not constitute financial advice or a recommendation to buy or sell any security.
RGTI Stock Today: Price Action on November 24, 2025
Rigetti Computing shares are staging a modest rebound on Monday. According to real‑time quotes, RGTI opened around $23.70 and climbed toward the mid‑$24s, with the day’s range so far stretching from $23.36 to $25.00. [8]
Roughly 14.5 million shares have changed hands, noticeably lighter than the recent frenzy: over the past 20 trading days, Rigetti has averaged about 53.6 million shares in daily volume, highlighting just how popular — and volatile — the stock has become in 2025. [9]
From a technical standpoint:
- 52‑week performance: RGTI is up about 1,323% over the last year. [10]
- 52‑week range: The stock has traded between roughly $1.37 and $58.15, a jaw‑dropping span that underscores its meme‑like swings. [11]
- Beta: With a five‑year beta around 1.65, Rigetti is meaningfully more volatile than the broad market. [12]
In other words, even a “quiet” +5% day for RGTI is happening against a backdrop of extreme price volatility.
A Brutal Month After a Monster Year
Monday’s bounce comes after a sharp reset. A recent analysis from Zacks, published on Nasdaq.com, notes that RGTI shares have fallen about 40.6% in the past month, marking the steepest drop among key quantum peers such as D‑Wave Quantum (QBTS) and Quantum Computing Inc. (QUBT). [13]
Yet, RGTI is still one of 2025’s standout winners:
- Barron’s recently highlighted that the stock is up more than 2,000% over the past 12 months, depending on the measurement window used. [14]
- StockAnalysis estimates a ~1,323% 52‑week gain, which still places Rigetti firmly in “multi‑bagger” territory. [15]
That combination — a parabolic run followed by a 40%+ correction — helps explain why sentiment is so polarized today: some traders see a dip to buy, while others worry that a long‑anticipated “air pocket” in the valuation may still be unfolding.
Q3 2025 Earnings: Revenue Light, Losses Heavy but Mostly Non‑Cash
Rigetti’s latest earnings report, released on November 10, 2025, is central to how the stock is trading this month. [16]
Headline numbers (Q3 2025, quarter ended Sept. 30): [17]
- Revenue: $1.9 million
- Up about 5.6% from Q2 2025 ($1.8 million) but
- Down roughly 18–21% year over year versus around $2.4 million in Q3 2024, and below analyst expectations of about $2.2 million.
- Operating expenses: $21.0 million, up from $18.6 million a year earlier, driven largely by higher R&D, salaries and stock‑based compensation.
- Operating loss: $20.5 million, wider than $17.3 million in Q3 2024 and $19.9 million in Q2 2025.
- GAAP net loss: $201.0 million, or -$0.62 per share.
- Non‑GAAP net loss: $10.7 million, or -$0.03 per share, beating Wall Street’s expected loss of -$0.05 per share.
Several outlets, including The Quantum Insider, Investor’s Business Daily and others, emphasize that most of the GAAP net loss was non‑cash, tied to revaluation of derivative warrants and earn‑out liabilities rather than day‑to‑day operations. [18]
On the balance sheet side, Rigetti reported that as of September 30 it held about $558.9 million in cash, cash equivalents and available‑for‑sale investments, reflecting a substantial war chest after a major at‑the‑market (ATM) equity raise earlier in 2025. [19]
The Core Earnings Narrative
The Q3 takeaway many analysts are wrestling with looks like this:
- Revenue is still small and declining year over year, highlighting slow commercial traction. [20]
- Non‑GAAP losses are narrowing modestly, showing some efficiency gains and cost control. [21]
- GAAP losses look alarming at first glance (~$201 million), but much of that is accounting related rather than cash burn. [22]
- Cash levels are high, giving the company runway to keep funding research and scaling its systems, even if it remains far from profitability. [23]
For a speculative, deep‑tech name like Rigetti, that’s almost textbook: low revenue, large losses, heavy R&D and a big cash cushion.
Insider Selling Puts Management Under the Microscope
Layered on top of earnings, investors are also digesting fresh insider selling.
A recent TipRanks report notes that on November 20, Rigetti’s Chief Financial Officer, Jeffrey Bertelsen, and Chief Technology Officer, David Rivas, sold a combined 45,637 RGTI shares, with trades executed at $26.01 to $26.35 per share for proceeds of about $1.2 million. [24]
Key context from that same filing:
- These were the first significant insider sales in roughly three months.
- Even after the transactions, Bertelsen is reported to hold around $4.24 million worth of Rigetti stock, and Rivas about $16.24 million, indicating they still have substantial skin in the game. [25]
TipRanks currently flags RGTI with a “Negative Insider Confidence” signal based on recent informative sell transactions, while also showing a Moderate Buy analyst consensus and an average 12‑month price target of about $40.60 from seven covering analysts. [26]
Insider selling does not automatically mean something is wrong — executives sell for many reasons, from diversification to tax planning — but against the backdrop of a 40% monthly drawdown and rich valuation metrics, the timing is drawing extra scrutiny from short‑term traders.
How Analysts and Commentators See RGTI Now
Opinions on RGTI are all over the map, and that divergence is exactly what tends to keep volatility elevated.
Target Prices and Ratings
- TipRanks: “Moderate Buy,” average target $40.60, implying sizable upside from today’s mid‑$20s levels, though that target was set before the latest pullback. [27]
- StockAnalysis: “Strong Buy” consensus, but a more conservative average target around $24, actually slightly below the current price — a reminder that some targets may have lagged the stock’s earlier surge. [28]
- Nasdaq’s data page: lists a one‑year target near $38.50, sitting between those two extremes. [29]
Meanwhile, a Zacks/Nasdaq article characterizes RGTI as “overvalued” on traditional metrics, highlighting a price‑to‑book ratio above 22x, versus an industry average around 5x, and assigning the stock a Value Score of “F” and a Zacks Rank #3 (Hold). [30]
On the other side, a Zacks “Analyst Blog” released today groups Rigetti alongside IonQ (IONQ), D‑Wave Quantum (QBTS) and Honeywell’s Quantinuum as key players in a “next wave” of quantum computing, arguing that the sector now boasts real contracts, better revenue visibility and growing institutional attention. [31]
A separate piece from 24/7 Wall St. warns that, after the big rally and a mixed Q3 print, RGTI “stock is vulnerable” and could trade at a deep discount if expectations reset further. [32]
In short, bulls see a high‑potential quantum infrastructure story, while bears see a richly valued, loss‑making company in an early‑stage industry where commercial payoffs remain years away.
Rigetti’s Place in the Quantum Computing “Next Wave”
To understand the RGTI stock story, you have to understand what Rigetti is actually building.
Rigetti is a full‑stack quantum computing company based in Berkeley, California. It designs superconducting quantum integrated circuits, builds its own processors and systems, and delivers access to those machines via cloud‑based “quantum computing as a service” (QCaaS) through its Rigetti Quantum Cloud Services platform. [33]
The company’s strategy centers on:
- Superconducting transmon qubits, similar in basic technology to what big players like Google and IBM are pursuing. [34]
- A chiplet‑based, modular architecture designed to scale from today’s ~100‑qubit systems toward the 1,000‑qubit range and beyond. [35]
- A hybrid quantum‑classical approach that integrates with public clouds and uses its Quil programming language and tools to orchestrate quantum workloads. [36]
Recent disclosures and industry coverage highlight several key milestones and contracts: [37]
- U.S. Air Force Research Laboratory (AFRL) contract worth about $5.8 million focused on quantum networking.
- Around $5.7 million in purchase orders for two 9‑qubit Novera™ quantum systems, which will contribute to Q4 and 2026 revenue.
- Technology roadmap milestones pointing toward a 100+ qubit chiplet‑based system with ~99.5% two‑qubit gate fidelity by the end of 2025, followed by larger, higher‑fidelity systems in 2026–2027.
A Zacks/Nasdaq analysis further notes Rigetti’s ambitions to deploy a 150+ qubit system by 2026 and a 1,000+ qubit system by 2027, with increasingly stringent fidelity targets, underscoring management’s belief that it can remain competitive with better‑funded peers. [38]
That roadmap keeps Rigetti squarely in the conversation when sector analysts talk about quantum infrastructure “winners”, even if the financials haven’t caught up yet.
Financial Profile: High Cash, High Losses, High Expectations
Looking beyond a single quarter, Rigetti’s current financial snapshot is classic high‑risk, high‑potential deep tech.
According to recent data compiled by StockAnalysis: [39]
- Market cap: ≈ $8.16 billion at current prices.
- Trailing 12‑month revenue: ≈ $7.49 million.
- Trailing 12‑month net loss: ≈ $350.96 million, or about -$1.24 per share.
- Cash & equivalents: ≈ $447 million, with only about $7.6 million of debt, leaving net cash of ~ $439 million.
- Book value: ≈ $371.8 million, implying a price‑to‑book ratio above 20x.
- Short interest: roughly 39.7 million shares sold short, about 12% of shares outstanding, with a short‑interest ratio of only 0.34 days thanks to heavy trading volume.
Put simply:
- The business is tiny on a revenue basis but commands a multi‑billion‑dollar valuation.
- Losses are large, though a big portion of the GAAP loss is non‑cash.
- Cash levels are unusually high relative to current revenue, giving Rigetti a long runway but also raising questions about future dilution if spending stays elevated.
- Short sellers are active but not dominant, with enough short interest to fuel volatility but not enough, by itself, to drive the stock.
Investors are effectively paying for the option value of Rigetti’s technology roadmap and contracts, not for current earnings power.
Why RGTI Stock Is Moving Today
Monday’s bounce appears to be driven by a mix of technical and narrative factors, rather than any single, fresh headline:
- Relief after earnings digestion: Markets have now had nearly two weeks to process the Q3 print, the massive GAAP loss, and industry commentary that frames those losses as mostly accounting noise and emphasizes strong cash levels. [40]
- Reaction to the 40%+ pullback: After dropping more than 40% in a month, short‑term traders may be bargain‑hunting or covering positions, especially with the broader tech market stabilizing into the holiday‑shortened week. [41]
- Quantum “next wave” narrative: Fresh commentary from Zacks and others describing IonQ, D‑Wave and Rigetti as part of a new, more commercially grounded phase for quantum computing may be helping sentiment across the niche. [42]
- Insider‑selling overhang partially priced in: The CFO/CTO sales — while notable — were not massive relative to total holdings or float, and the news has now been absorbed by market participants. [43]
Given RGTI’s volatility and heavy options activity, intraday swings can also be amplified by algorithmic trading and short‑term positioning, so moves of a few percentage points in either direction can happen with little incremental news. [44]
What to Watch Next for RGTI Stock
For readers tracking RGTI on Google News or Discover, here are the main forward‑looking factors to keep on your radar:
- Execution on the technology roadmap
- Milestones like achieving a 100+ qubit chiplet‑based system with target fidelities, and later 150+ and 1,000+ qubit systems, will be key proof‑points that Rigetti can scale toward fault‑tolerant architectures. [45]
- Conversion of contracts into revenue
- Watch how quickly the AFRL contract and Novera system orders show up in reported revenue and margins, and whether Rigetti can win more non‑government enterprise deals. [46]
- Cash burn and dilution risk
- With non‑GAAP operating losses of roughly $20+ million per quarter and hundreds of millions in cash, Rigetti has runway, but investors will watch whether management can moderate burn without stalling progress — and whether additional equity raises are on the horizon. [47]
- Insider and institutional activity
- Future insider sales or purchases — plus changes in institutional ownership — could offer clues about how those closest to the story view the risk‑reward profile after 2025’s massive re‑rating. [48]
- The broader quantum investing cycle
- Funding rounds like Honeywell’s Quantinuum raise, sector‑wide earnings, and new government or enterprise contracts across quantum players will all influence sentiment for Rigetti and its peers. [49]
Bottom Line on RGTI Stock Today
On November 24, 2025, RGTI stock is up modestly in the mid‑$20s, trying to stabilize after a steep month‑long slide while still trading at many multiples of where it sat a year ago. [50]
The story remains essentially the same:
- Rigetti is a high‑beta, high‑risk bet on the future of quantum computing, with a strong technology roadmap, meaningful government and research contracts, and a large cash balance — but tiny revenue and very large losses. [51]
- Valuation is stretched on conventional metrics, leading some analysts to urge caution even as others see upside if the company can hit its technical milestones and convert pilots into scalable revenue. [52]
For now, RGTI remains a speculative quantum‑computing pure play, likely best understood as a news‑driven, story‑driven stock where headlines about contracts, earnings, roadmap progress and insider trades can move the price dramatically in either direction.
Anyone considering the stock should carefully weigh their risk tolerance and time horizon and, if needed, consult a qualified financial advisor. This article is not investment advice — it’s a snapshot of how RGTI stock looks and why it’s moving today.
References
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