Rigetti Computing’s roller‑coaster year is still very much intact.
As of Tuesday afternoon, November 25, 2025, RGTI stock is trading around $25.5 per share, down roughly 4% on the day, after opening near $25.5 and swinging between the mid‑$24s and mid‑$26s. [1] That’s a relatively modest move by Rigetti standards: over the past 52 weeks the stock has traded as low as about $2.10 and as high as roughly $58.15, making it one of the most volatile names in the quantum computing space. [2]
Despite this month’s sell‑off, Rigetti shares are still up several hundred percent over the last year, helped by a rush of speculative capital into quantum computing and a parade of new ETFs and leveraged products built directly on RGTI. [3]
Below is a deep dive into what’s moving RGTI today, how its Q3 2025 results reset expectations, and why insider selling, derivatives and ETFs are amplifying every tick in this already wild stock.
RGTI stock price today: another red day after a 41% monthly slide
Based on intraday data, RGTI is down about 3–4% on November 25, 2025, near $25–26 per share, on volume north of 15 million shares. [4] That’s well below the 70–80 million shares that traded on an average day in late October, when short interest and speculative activity were peaking. [5]
Today’s pullback comes on the heels of a brutal month‑long decline. An article published this morning by InvestorsObserver notes that RGTI has fallen about 41% over the past month after a furious rally took it close to $60 earlier in the year. [6] Even with that drop, Rigetti still trades many times higher than where it sat at the start of 2025, leaving both bulls and bears with plenty of ammunition.
Key intraday stats (approximate, intraday and subject to change): [7]
- Price: ~$25.5
- Day change: roughly ‑$1.0 (about –4%)
- Day range: mid‑$24s to mid‑$26s
- 52‑week range: $2.10 – $58.15
- Market cap: about $8.4 billion [8]
For context, Rigetti generated only around $10.8 million in revenue in 2024, while losing roughly $201 million. Over the last twelve months, revenue is about $7.5 million, with a trailing net loss in the neighborhood of $350 million. [9] That disconnect between towering valuation and tiny revenue base is at the heart of the current debate around RGTI stock.
The big drivers behind RGTI right now
Several storylines are colliding around Rigetti in late November:
- Mixed Q3 2025 earnings:
- Q3 revenue: $1.9–1.95 million, down from $2.4 million a year ago. [10]
- EPS beat: non‑GAAP loss per share of –$0.03, better than estimates of –$0.05. [11]
- Margins under pressure: gross margin fell to 21% from 51% in Q3 2024. [12]
- Operating loss: roughly $20.5 million for the quarter. [13]
- GAAP net loss: about $201 million in Q3 alone, largely due to warrant‑related and other non‑cash items. [14]
- A huge cash pile built via heavy dilution:
- Rigetti completed a $350 million at‑the‑market (ATM) equity offering in June, lifting its cash reserves to about $575 million at that time. [15]
- At the end of Q3 (Sept. 30, 2025), cash, cash equivalents and investments totaled $558.9 million, with no debt. [16]
- By early November, Rigetti’s cash position had climbed to around $600 million, helped by $46.5 million of warrant exercises. [17]
- A high‑risk quantum roadmap and new NVIDIA partnership:
- Management reaffirmed a plan to deliver 100+ qubit systems by the end of 2025, 150+ qubits by the end of 2026, and 1,000+ qubits by the end of 2027, with steadily improving gate fidelities. [18]
- Rigetti is supporting NVIDIA’s new NVQLink platform, aimed at tightly integrating AI supercomputers with quantum processors — a key step toward hybrid quantum‑AI workloads. [19]
- Insider selling and short interest:
- On November 20, the CFO and CTO sold a combined 45,637 shares, generating about $1.2 million at prices between $26.01 and $26.35, in the first notable insider sales in three months. [20]
- As of October 31, roughly 39.7 million RGTI shares were sold short, about 12–13% of the float, with a short‑interest ratio of only about 0.4–0.5 days thanks to heavy trading volume. [21]
- A growing ecosystem of derivatives and ETFs built on RGTI:
- The Tradr 2X Long RGTI Daily ETF (RGTU) seeks 200% of RGTI’s daily performance. [22]
- The Defiance Daily Target 2X Short RGTI ETF (RGTZ) aims for –200% of Rigetti’s daily performance, giving traders a leveraged bearish vehicle. [23]
- Today, GraniteShares launched RGYY, the YieldBOOST RGTI ETF, designed to generate income by selling put options on leveraged RGTI products, explicitly branding Rigetti as its target stock. [24]
Add in the fact that dozens of ETFs worldwide now hold RGTI in some form, and you get a stock that sits at the center of an increasingly complex web of leverage, options and passive flows. [25]
Inside Rigetti’s Q3 2025 numbers
RGTI’s third‑quarter 2025 report, released on November 10, encapsulates the bull/bear tension perfectly. [26]
What went right:
- EPS beat expectations. On a non‑GAAP basis, Rigetti reported –$0.03 per share, beating the –$0.05 consensus estimate. [27]
- Non‑GAAP loss is tiny relative to GAAP. Adjusted net loss was around $10.7 million, versus a GAAP loss of about $201 million, underscoring how heavily current results are driven by non‑cash and financing items. [28]
- Commercial traction — but from a very low base. Rigetti highlighted purchase orders for two 9‑qubit Novera™ systems totaling about $5.7 million in expected revenue, scheduled for the first half of 2026, along with a $5.8 million contract with the U.S. Air Force Research Laboratory to advance quantum networking. [29]
What spooked the market:
- Revenue shrank. Q3 revenue of $1.9–1.95 million was not only below the $2.17 million analysts expected, but also down from $2.4 million in Q3 2024. [30]
- Margins compressed hard. Gross margin dropped from 51% to 21% year‑over‑year, reflecting higher costs, the timing of contracts and an R&D‑heavy model. [31]
- Operating expenses keep climbing. Total operating expenses rose to roughly $21 million versus $18.6 million a year ago as Rigetti continues to invest heavily in technology, talent and partnerships. [32]
Following the Q3 release, RGTI stock fell 6–8% in premarket and early trading and has been sliding for much of November, prompting analysts and commentators to question whether the stock’s earlier rally had run too far ahead of the fundamentals. [33]
Cash‑rich, loss‑making: Rigetti’s controversial balance sheet
One of the biggest reasons bulls remain interested in RGTI — and bears remain skeptical — is the company’s unusual combination of huge cash reserves and enormous losses.
Cash and liquidity
- Over $550 million in cash and investments on the balance sheet as of September 30, 2025. [34]
- Roughly $600 million in cash and equivalents as of early November, thanks in part to warrant exercises adding around $46.5 million. [35]
- No debt, giving Rigetti a clean capital structure and significant runway to fund R&D without needing to borrow. [36]
These cash levels were largely made possible by:
- The $350 million ATM equity offering in June 2025, which materially diluted existing shareholders but left the company with a war chest to pursue its roadmap. [37]
- A strategic investment by Quanta Computer and various government and research grants earlier in the year. [38]
Losses and burn
- Rigetti recorded GAAP net losses of about $201 million in Q3 2025 alone, inflated by non‑cash items but still highlighting the scale of its burn. [39]
- Previous reporting shows 2024 revenue of $10.79 million versus a loss of roughly $201 million, and a trailing twelve‑month net loss closer to $350 million, depending on the measurement window. [40]
This dynamic has led some commentators to label Rigetti more of a “science project” than a traditional business, arguing that the current revenue base is “ridiculously small” compared with its multi‑billion‑dollar valuation. [41] Others counter that quantum computing will likely be a winner‑takes‑most market, and that securing a top‑tier position early justifies heavy burn.
Roadmap and partnerships: why bulls still see long‑term upside
The technology roadmap and ecosystem deals are the centerpiece of the bull case for RGTI stock.
Aggressive qubit roadmap
According to the company’s earnings commentary and analyst summaries, Rigetti aims to: [42]
- Ship a 100+ qubit chiplet‑based system with ~99.5% two‑qubit gate fidelity by the end of 2025.
- Follow with a 150+ qubit system in 2026 and a 1,000+ qubit system by the end of 2027, targeting ~99.8% fidelity.
- Move toward “quantum advantage” between roughly 2027 and 2029, when its machines could outperform classical systems on practical tasks.
CEO Subodh Kulkarni has suggested the company is three to four years away from demonstrating quantum advantage, a timeline consistent with this roadmap. [43]
Strategic partnerships and contracts
Rigetti has lined up a series of partnerships that, while small in dollar terms, are strategically significant: [44]
- NVIDIA NVQLink collaboration: integrating Rigetti quantum processors with NVIDIA’s AI supercomputing platform, showcased at NVIDIA’s GTC conference.
- Air Force Research Laboratory contract (~$5.8 million): a three‑year project to advance superconducting quantum networking.
- $5.7 million in purchase orders for two 9‑qubit Novera systems from an Asian technology manufacturer and a California AI group.
- MOU with India’s Centre for Development of Advanced Computing (C‑DAC) to explore hybrid quantum systems.
- Collaboration with QphoX and the UK’s National Quantum Computing Centre (NQCC) on optical readout technologies.
- Partnership with Montana State University to support quantum research and open the QCORE facility.
A recent Seeking Alpha piece argued that these milestones position Rigetti as a potential “quantum infrastructure cornerstone”, particularly if its modular chiplet approach scales as planned. [45]
Analyst sentiment: from “overheated valuation” to 70%+ upside
Wall Street’s view of RGTI is far from unanimous.
- B. Riley Securities downgrade (Nov. 3, 2025)
Analyst Craig Ellis cut Rigetti from Buy to Neutral, even as he raised his price target to $42 from $35, arguing that much of the company’s long‑term addressable market had already been capitalized into the share price and flagging risks from export controls and competitive dynamics. [46] - Craig‑Hallum double‑upgrade (highlighted Nov. 25, 2025)
In contrast, Craig‑Hallum’s Richard Shannon doubled his price target from $20 to $40 and reiterated a Buy rating, noting that after the recent pullback RGTI now trades near the bottom of his previous target range and could potentially double if his thesis plays out. [47] - Aggregated ratings
- StockAnalysis lists 5 analysts with a “Strong Buy” consensus and an average target near $24, slightly below today’s price — suggesting some targets have not yet been updated for the recent rally. [48]
- TipRanks, aggregating a broader set of calls, shows a “Moderate Buy” consensus (5 Buys, 2 Holds) with an average price target around $40.6, implying roughly 70% upside from recent levels. [49]
Some research notes and TV commentary have also warned that RGTI trades at “overheated valuation multiples”, given its tiny revenue and lumpy government‑driven sales, while others argue that investors must value it more like a long‑dated option on a future quantum infrastructure monopoly than a conventional semiconductor stock. [50]
Insiders, shorts and the new RGTI ETF complex
The insider transactions reported last week and the boom in RGTI‑linked ETFs are another key part of today’s story.
Insider sales
On November 20, CFO Jeffrey Bertelsen and CTO David Rivas sold 3,702 and 41,935 shares, respectively, at weighted average prices between $26.01 and $26.35, for combined proceeds of about $1.2 million. [51]
TipRanks data shows: [52]
- These are the first significant insider sales in roughly three months.
- Both executives still hold multi‑million‑dollar positions in the stock (roughly $4.2 million for Bertelsen and $16.2 million for Rivas).
- The site assigns RGTI a “Negative Insider Confidence” signal over the last three months, reflecting net informative selling.
While insiders sell for many reasons, these trades underscore just how far the stock has come — and how sensitive the market is to any sign that management might see near‑term risk.
Short interest and leverage
Rigetti has also become a favorite playground for both bulls and bears:
- Short interest: about 39.7 million shares sold short, around 12–13% of the float, as of the October 31 report. [53]
- Short‑borrow rates remain modest, implying that shorting RGTI is still relatively inexpensive compared with some meme‑style names. [54]
- The launch of leveraged long (RGTU) and leveraged short (RGTZ) ETFs, plus today’s RGYY YieldBOOST RGTI options‑writing ETF, adds multiple layers of derivatives on top of the common stock. [55]
On top of that, ETF and index data show dozens of ETFs (70–80+ globally) now hold RGTI, ranging from pure‑play quantum funds to broad tech and “meme stock” strategies. [56]
All of this structural positioning helps explain why RGTI can swing 10–20% in a single session when news hits — and why even a fairly ordinary 4% down day like today feels relatively calm by comparison.
How today’s move fits the bigger RGTI picture
Putting it all together, today’s slide near $25–26 looks less like a standalone event and more like one frame in a much bigger movie:
- The stock has given back more than 40% over the last month, according to fresh analysis, after an extraordinary run that saw it multiply several times from early‑year levels. [57]
- Q3 2025 earnings reinforced the central paradox of RGTI:
- World‑class quantum R&D, marquee partners and a clear roadmap to larger, higher‑fidelity systems.
- Extremely small, lumpy revenue and large, ongoing cash burn. [58]
- The balance sheet is fortress‑like in cash, but the price of that fortress is dilution, and future equity raises remain a real risk if commercialization takes longer than hoped. [59]
- Sentiment has bifurcated: some analysts now focus on overheated valuation and revenue disappointment, while others see the recent pullback — together with a doubled $40 price target — as the latest buying opportunity in a long‑term quantum story. [60]
- The rise of RGTI‑focused leveraged and options ETFs, plus double‑digit short interest, means technical and flow‑driven factors can overwhelm fundamentals in the short term. [61]
Key takeaways for people watching RGTI stock
For anyone following RGTI on November 25, 2025, the main points to keep in mind are:
- Today’s move is modest in context. A roughly 4% intraday decline to the mid‑$20s is small relative to RGTI’s recent 41% monthly drop and its 52‑week range of $2 to $58. [62]
- Fundamentals are still early‑stage. Q3 revenue below $2 million, shrinking margins, and triple‑digit‑million annual losses underscore that Rigetti remains a pre‑scale, R&D‑driven story rather than a mature business. [63]
- Cash buys time — but not certainty. Nearly $600 million in cash and no debt give Rigetti years of runway, yet the path to sustainable profitability depends on turning today’s research contracts and pilot deployments into scalable, recurring revenue. [64]
- Quantum optionality vs. valuation risk. Bulls view RGTI as a high‑beta option on the emergence of a multi‑tens‑of‑billions quantum market by the 2030s; bears see a stock priced for perfection despite minimal sales and intense competition from larger players. [65]
- Flows matter as much as fundamentals in the short term. With leveraged ETFs, options strategies, elevated short interest and dozens of funds holding the stock, flows from traders, hedgers and quant strategies can drive sharp moves on little incremental news. [66]
Important disclaimer: This article is for informational and educational purposes only. It is not investment advice, and it is not a recommendation to buy, sell or hold any security. Quantum computing stocks like RGTI are highly speculative and volatile. Always do your own research, consider your risk tolerance and, if needed, consult a licensed financial professional before making investment decisions.
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