NEW YORK, June 9, 2026, 13:04 EDT
- Rigetti shares dropped 14.4% to $18.64, while the tech-focused QQQ ETF slid 3.8%.
- Bernstein analyst Mark Newman said quantum computing is “set to become the next important step in computing.”
- IonQ, D-Wave Quantum and Quantum Computing Inc. all dropped hard, as the selloff hit the whole sector.
Rigetti Computing shares dropped over 14% Tuesday, wiping out gains after new comments from Bernstein. The stock was last at $18.64, down $3.13, after reaching $22.57 earlier. Investors pulled back from high-growth tech names.
Rigetti is now one of the more liquid ways to trade quantum computing, a young tech that works with qubits to tackle problems that regular computers can’t handle. That makes the shares vulnerable if investors back off speculative tech.
Bernstein’s Mark Newman said quantum processors will probably work alongside CPUs and GPUs, which drive regular computing and AI. Quantum computing is “the next important step in computing,” Newman said. Bernstein pointed to Rigetti and Infleqtion as standouts in the sector, according to Stocktwits. Stocktwits
Market action stayed pretty flat. The Invesco QQQ Trust, tracking big Nasdaq names, dropped 3.8%. SPDR S&P 500 ETF lost about 2.0%. Reuters said both the Nasdaq and S&P 500 hit their lowest levels in more than a month with tech dragging before U.S. inflation data and the SpaceX debut.
Rigetti wasn’t the only name under pressure. IonQ sank 14.6%, D-Wave Quantum slid 13.1%, and Quantum Computing Inc. was down 13.0%. The pullback landed across the board for quantum stocks, not tied to just one company.
Rigetti, which makes superconducting quantum computers and QPUs, posted $4.4 million in first-quarter revenue in May. The company booked an operating loss of $26.0 million for the quarter. Rigetti also reported $569.0 million in cash, cash equivalents and available-for-sale investments. CEO Subodh Kulkarni said the company is sticking to “disciplined execution” on its quantum roadmap.
Rigetti’s technical pitch leans on Cepheus-1-108Q, its 108-qubit quantum machine. The company said in April it’s broadly available through Rigetti’s own cloud and on Amazon Braket. AWS called it the first superconducting QPU on Braket with over 100 qubits.
Federal aid is in play too. Rigetti said on May 21 it has a letter of intent with the U.S. Commerce Department for as much as $100 million over three years for R&D on superconducting quantum computing. The proposed agreement would hand the government an equity stake, so current holders could see their positions diluted if new shares come out.
New insider activity popped up. Director Ray Johnson filed a June 8 Form 144, showing plans to sell 122,188 shares worth about $2.6 million. The filing says the trading plan was adopted in March. Filing the form does not confirm any shares have been sold.
But the risks for Rigetti are still out there. The federal award isn’t locked in as a final contract, quantum hardware has to get better at accuracy, and the company is running losses at the operating level. If investors keep moving out of high-multiple tech names, or if Rigetti falls short on technical goals like boosting two-qubit gate fidelity—a key metric for paired-qubit precision—the shares could stay choppy.
The tape told the story on Tuesday. Bernstein’s note gave quantum bulls a talking point, but during the tech selloff, the price action showed that even with a clearer long-term case, a smaller loss-making hardware stock wasn’t shielded.
