Rigetti Computing, Inc. (NASDAQ: RGTI) — one of the market’s most volatile quantum computing stocks — is back in the spotlight today, 13 November 2025, as new headlines hit around insider activity, short-seller scrutiny, fresh institutional buying, and the fallout from last week’s Q3 earnings.
Below is a full rundown of all the key Rigetti news circulating today, plus the context from recent earnings and the company’s quantum roadmap.
Key Takeaways
- RGTI shares continue to retreat after an explosive 2025 rally: the stock closed at $26.40 on 13 November, down about 6.7% on the day and well below its October record high above $58, yet still massively higher year‑on‑year. [1]
- A widely shared Motley Fool piece highlights CEO Subodh Kulkarni’s $11 million options profit earlier this year, framing it as a “warning” about meme‑like speculation in Rigetti stock. [2]
- Famed short-seller Andrew Left (Citron Research) confirms he is short Rigetti, calling quantum stocks overvalued and questioning Rigetti’s commercialization path versus deep-pocketed rivals like Alphabet (Google). [3]
- At the same time, Japan’s SBI Securities Co. Ltd. increased its Rigetti stake by 16.3% in Q2, now holding around 195,000 shares worth about $2.3 million, signalling continued institutional interest. [4]
- New analysis and commentary dig into Rigetti’s Q3 2025 results, including a sharp year‑over‑year revenue decline to $1.95 million, a GAAP net loss of about $201 million, and an aggressive roadmap toward 1,000+ qubits by 2027. [5]
- Fresh coverage also revisits Rigetti’s NVIDIA NVQLink partnership, U.S. Air Force contracts, and the CEO’s view that quantum computing and AI will be “key themes of 2026.” [6]
RGTI Stock Today: Volatility After a Massive Quantum Rally
Rigetti has become one of 2025’s wildest trades.
According to StockAnalysis data, RGTI closed at $26.40 on 13 November 2025, down around 6.7% for the session, on volume of nearly 15 million shares. The stock has fallen sharply from its record intraday high of $58.15 in mid‑October, but it’s still up dramatically from levels near $1 at the beginning of the year. [7]
MarketWatch lists a 52‑week range of $1.28 to $58.15 and a current market cap just over $10 billion, with the stock trading at valuations that imply well over 500x current‑year sales, depending on the revenue estimate used. [8]
A Reuters feature last week highlighted Rigetti as one of the so‑called “Quantum 4” (alongside IonQ, D‑Wave Quantum and Quantum Computing Inc.), noting that Rigetti’s stock recently traded at more than 1,000 times sales and a market value near $13 billion, even though consensus 2026 revenues are projected at only about $22 million. [9]
In short: Rigetti is still priced like a highly speculative hyper‑growth story, even after several sharp pullbacks in November.
CEO Subodh Kulkarni’s $11 Million Options Trade Is Back in Focus
One of today’s most‑shared articles is a Motley Fool analysis syndicated by Nasdaq, Yahoo Finance and AOL, arguing that Rigetti’s CEO just sent Wall Street an $11 million “warning.” [10]
Key points from that piece:
- Over the last 12 months, Rigetti shares have gained nearly 2,000%, though they’re now more than 45% below their recent all‑time high. [11]
- In May 2025, CEO Subodh Kulkarni exercised stock options on 1 million RGTI shares at a strike price of $0.96 and sold the shares the same day at an average price of roughly $12, locking in about $11 million in profit. [12]
- The author argues that this move illustrates how much of the stock’s run has been powered by narrative and meme‑stock dynamics rather than fundamentals, and suggests investors should treat Rigetti as an extremely volatile speculation rather than a proven growth story. [13]
The article doesn’t claim Kulkarni has abandoned the company — he remains CEO and still holds shares and options — but it does interpret the monetization of that option package as a signal that management is aware of how frothy the stock has become.
Andrew Left vs. RGTI: Short-Seller Targets the “Quantum Trade”
Another fresh headline comes from Business Insider, where well‑known short-seller Andrew Left, founder of Citron Research, explains why he’s betting against Rigetti and D‑Wave Quantum even after huge year‑to‑date gains. [14]
Highlights from Left’s comments:
- He points out that Rigetti is still deeply unprofitable, with heavy R&D spending and a capital‑intensive hardware roadmap, yet trades at a valuation that implies years of flawless execution. [15]
- Left worries about intense competition from tech giants, particularly Alphabet, which has announced new quantum milestones that could overshadow smaller players. [16]
- He says he once recommended Rigetti years ago as a speculative buy when it traded under $1, but that after meeting management he became concerned about the commercialization path and spending levels. [17]
- The piece notes that Left is bullish on Infleqtion, a quantum company going public via Churchill Capital, which he views as more grounded in customer revenue and aligned with NVIDIA’s ecosystem — contrasting it with what he sees as “over‑promising” at Rigetti. [18]
Left also flags insider selling as a red flag for Rigetti, echoing concerns raised in other coverage about executives cashing in on the recent surge. [19]
Taken together with the CEO’s big options sale, the short‑seller commentary feeds a growing narrative that Rigetti’s stock price may be running far ahead of its fundamentals.
New Institutional Money: SBI Securities Boosts Its RGTI Position
Balancing out the bearish headlines, a new MarketBeat report today shows that SBI Securities Co. Ltd. — a major Japanese brokerage — has increased its stake in Rigetti. [20]
According to the firm’s latest SEC filing:
- SBI boosted its Rigetti holdings by 16.3% in Q2 2025.
- It now owns 195,159 RGTI shares, up by 27,422 shares from the prior quarter.
- The position represents roughly 0.07% of Rigetti’s outstanding shares and was valued at about $2.3 million at the time of the filing. [21]
It’s a relatively small slice of the company, but it signals that some institutional investors are still willing to add exposure despite the volatility and skeptical commentary.
Q3 2025 Results: Revenue Dip, Big Losses and a 1,000+ Qubit Roadmap
Rigetti’s Q3 numbers, released on 10 November, are still driving much of today’s analysis.
From the company’s GlobeNewswire earnings release and follow‑up coverage by The Quantum Insider and other outlets: [22]
- Revenue:
- Q3 2025 revenue was $1.95 million, down from $2.38 million a year earlier.
- Profitability:
- Gross profit was $0.4 million, implying a gross margin of about 21%, down sharply from the prior year.
- Operating loss was $20.5 million for the quarter.
- GAAP net loss was roughly $201 million, or $0.62 per share, driven largely by non‑cash changes in the fair value of warrant liabilities and other accounting items.
- Non‑GAAP net loss was a much smaller $10.7 million, or $0.03 per share, after excluding those items. [23]
- Cash position:
- Rigetti ended the quarter with over $630 million in total assets, including more than $530 million in cash and short‑ and long‑term investments, giving it a substantial runway to fund ongoing R&D and system deployments. [24]
A TipRanks summary of the earnings call described the outlook as “mixed”: strong momentum in system demand and partnerships, but declining revenue and margins plus the disappointment of being left out of a recent DARPA initiative, which some investors had hoped would provide another high‑profile U.S. government contract. [25]
System Sales, Air Force Contracts and Global Partnerships
Despite the small top line, Rigetti’s Q3 update included meaningful commercial wins and strategic deals that help explain why many investors still see long‑term potential.
From company statements and industry coverage: [26]
- System sales: Rigetti reported purchase orders totaling about $5.7 million for two 9‑qubit Novera™ systems, both upgradeable to higher qubit counts. One is destined for an Asian technology manufacturer, the other for a California applied‑physics/AI startup, with deliveries expected in the first half of 2026. [27]
- U.S. Air Force Research Laboratory (AFRL) contract:
- Rigetti landed a $5.8 million, three‑year contract to develop hybrid superconducting‑optical quantum network nodes with Dutch startup QphoX.
- The project aims to link quantum computers via microwave‑to‑optical conversion, a crucial step toward scalable quantum networks. [28]
- European expansion: The company plans to form an Italian subsidiary to tap into rising EU quantum spending and accelerate hiring and business development in the region. [29]
- India collaboration: A memorandum of understanding with India’s Centre for Development of Advanced Computing (C‑DAC) targets hybrid quantum‑classical systems, joint software development and workforce training as part of India’s national quantum mission. [30]
- Montana State University (MSU): Rigetti is partnering with MSU’s QCORE center, which now runs an on‑premises 9‑qubit Novera processor, making MSU the first university to operate a Rigetti quantum computer on site. [31]
These deals help support the bullish argument that Rigetti is quietly building a real customer base and ecosystem — even if the revenue contribution remains modest for now.
NVIDIA NVQLink and the Quantum–AI Hybrid Story
A separate analysis, originally from Simply Wall St and republished via Sahm Capital, focuses on whether Rigetti’s partnership with NVIDIA could prove to be its secret weapon in the quantum‑AI race. [32]
Key details:
- On 28 October, Rigetti announced support for NVIDIA’s NVQLink, a new open platform designed to connect quantum processors to AI supercomputers with low‑latency, high‑throughput links. [33]
- The collaboration was showcased at NVIDIA’s GTC event in Washington, D.C., positioning Rigetti alongside a major AI hardware leader. [34]
- The analysis argues that while the near‑term revenue impact may be limited, NVQLink integration boosts Rigetti’s credibility in hybrid quantum‑classical computing, an area many see as the most realistic commercial path in the next decade. [35]
Rigetti’s own roadmap, laid out in its Q3 update, calls for:
- A 100+ qubit system with ~99.5% two‑qubit gate fidelity by the end of 2025,
- A 150+ qubit system with ~99.7% fidelity by late 2026, and
- A 1,000+ qubit system with ~99.8% fidelity by 2027, using its modular, multi‑chip architecture. [36]
If successful, these milestones — combined with NVQLink integration — would make Rigetti a central player in AI‑enhanced quantum workflows, though execution risk remains very high.
CEO Outlook: Quantum + AI as “Key Themes of 2026”
New today from Quantum Zeitgeist is an article summarizing a recent interview Rigetti’s CEO gave to Yahoo Finance. [37]
According to that recap:
- Kulkarni sees quantum computing and AI as the defining technology themes of 2026.
- He reiterates that Rigetti is prioritizing technological progress over near‑term revenue, projecting:
- 3–5 years to reach “quantum advantage” (clear performance wins over classical systems on specific tasks), and
- 7–9 years to achieve fault‑tolerant quantum computing, where error‑corrected machines can reliably handle large‑scale real‑world workloads. [38]
- Kulkarni acknowledges that this long timeline explains why current revenues are low relative to the company’s valuation, and why the stock remains extremely volatile as investors try to price in distant possibilities. [39]
This aligns with the broader message from Rigetti’s filings: don’t expect big profits soon; this is a long‑duration R&D story.
Analyst and Media Sentiment: From Bubble Warnings to Cautious Optimism
Recent analyst and media coverage paints a very mixed picture:
- B. Riley Securities recently downgraded Rigetti from “Buy” to “Neutral”, even as it raised its price target from $35 to $42, citing premium valuation, reliance on government contracts, and the risk that budget fights (like the recent U.S. government shutdown) could delay sales. The analyst still highlighted roughly $11.5 million in recent contract wins, including Air Force deals, but said peers like D‑Wave and IonQ currently look more attractive. [40]
- A Barron’s piece published today on Rigetti, IonQ and D‑Wave notes that quantum stocks are back in focus after earnings, with some analysts trimming Rigetti’s price target to around $40 from $50 as they reassess risk and reward following the huge rally. [41]
- A widely circulated Reuters analysis last week described pure‑play quantum names as being valued more like “a magic act” than traditional businesses, quoting strategists who question whether investors know what they’re paying for — but also noting that the technology’s long‑term potential is enormous. [42]
- Earlier in the year, Investopedia flagged that Rigetti’s Q1 revenue had dropped more than 50% year over year, with a 10% stock decline on the day and concerns about heavy non‑cash gains masking operational losses — an early sign of the disconnect between fundamentals and price. [43]
Net‑net, Wall Street is split:
- Bulls focus on Rigetti’s cash runway, Air Force and academic deals, NVIDIA partnership and ambitious roadmap, arguing the company could be one of the few long‑term winners in a huge new market.
- Bears emphasize sky‑high valuation, recurring losses, insider selling, short‑seller pressure and execution risk — and worry that even small stumbles or funding delays could trigger big drawdowns.
Chad Rigetti’s New Role (But Not at Rigetti Computing)
One more name in the news today: company founder and former CEO Chad Rigetti.
Quantum Zeitgeist reports that he has joined the board of Quantum Elements, an AI‑native quantum software company focused on accelerating algorithm development by using AI throughout the stack. [44]
Chad Rigetti left Rigetti Computing in 2022; his new role doesn’t directly impact RGTI’s operations, but it underlines how talent in the quantum ecosystem is spreading across multiple startups, and reminds investors that Rigetti Computing is now firmly in the Kulkarni era rather than under its original founder.
What Today’s News Means for RGTI Investors
Putting it all together, 13 November 2025 brings both red and green flags for Rigetti watchers:
Positives:
- Continued institutional buying (SBI Securities).
- Strong cash position and the ability to keep funding R&D for years. [45]
- Concrete system orders, Air Force contracts, international partnerships, and a place in NVIDIA’s NVQLink ecosystem. [46]
- A clear technical roadmap toward larger, more reliable quantum systems.
Risks:
- Tiny revenues relative to a multi‑billion‑dollar valuation. [47]
- Large GAAP losses and dependence on the equity markets. [48]
- Insider selling and high‑profile short‑seller attention. [49]
- Growing evidence that quantum stocks behave like meme assets, making them vulnerable to sudden sentiment shifts. [50]
For anyone considering RGTI, today’s coverage reinforces that this is a highly speculative, high‑volatility bet on long‑term quantum computing success, not a traditional earnings‑driven investment. As always, investors should:
- Read Rigetti’s SEC filings and earnings releases in full,
- Consider their risk tolerance and time horizon, and
- Consult a qualified financial adviser before making decisions.
This article is for informational purposes only and does not constitute investment advice.
References
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