- Stock rally: RGTI has exploded higher (roughly +160% over 3 months [1]). In late Sept 2025 it hit a 52-week high (~$34.40 [2]) versus ~$15 in early Sept, then on Oct 2 traded around $31–$35 (up ~7% that day) [3] [4].
- Major orders & deals: On Sept. 30 Rigetti announced ~$5.7M in purchase orders for two upgradeable 9-qubit Novera™ QPUs (delivery H1’26) [5]. Earlier this month it won a $5.8M, 3-year Air Force contract (with partner QphoX) to advance superconducting quantum networking [6]. In early Sept it signed an MOU with India’s C-DAC to co-develop hybrid quantum/HPC systems [7], and in Aug. partnered with Montana State University (MSU) – installing a Rigetti Novera at MSU’s new QCORE research center [8] [9]. These wins signal growing government and research interest in Rigetti’s systems.
- Technology & strategy: Rigetti’s full-stack, chiplet-based approach continues to advance. In Aug it rolled out Cepheus-1-36Q, a 4-chiplet, 36-qubit processor with 99.5% median two-qubit gate fidelity (halving its error rate) [10]. CEO Subodh Kulkarni said “quadrupling our chiplet count … is the clear path towards quantum advantage,” and reaffirmed plans for a 100+ qubit system by end-2025 [11]. The Cepheus-36Q is GA on Rigetti’s cloud (QCS) and will be available on Microsoft Azure [12]. Rigetti also sells on-prem systems (24–84 qubits) and the 9-qubit Novera QPU [13], all chips designed/manufactured in-house at its Fab‑1 facility [14] [15]. The company raised ~$350M in Q2’25 and holds ~$571.6M cash (no debt) [16], giving it runway to fund R&D and scaling.
- Financial snapshot: Q2 2025 results were modest: revenue only $1.8M (down 42% YoY) and a $39.7M net loss [17]. Gross margin fell (31% vs 64% a year prior) [18]. Analysts expect growth but remain skeptical: one forecast shows 2025 revs ~$8.3M rising to ~$21.7M in 2026 (+160%) [19] – small absolutes. Rigetti trades on future potential (no P/E; P/S ~981×, P/B ~18× vs sector ~3.6×/3.7× [20]), reflecting that today’s fundamentals don’t justify the stock price.
- Analyst views: Most analysts are bullish in tone but note the risk. TipRanks reports 7 “Buy” vs 1 “Hold” (Strong Buy consensus) [21], but the average 12‑month target (~$21.4) is well below current levels (implying ~27% downside) [22]. Stockanalysis.com also shows a Strong Buy consensus with avg target ~$20 [23]. Notably, B. Riley’s Craig Ellis maintains a Buy with a $35 target (highlighting Rigetti’s rapid tech breakthroughs) [24], whereas Needham’s Quinn Bolton (Buy, $18 target) has underscored the 36-qubit 4‑chip QPU and the 100‑qubit roadmap [25]. Zacks analysts point out Rigetti’s 36Q fidelity gains and strong cash (from the $350M raise) [26]. However, others sound caution: Jim Cramer noted “I don’t know whether Rigetti is worth what Rigetti is trading at,” calling it a “speculation” [27] [28]. TipRanks’ Casey Dylan called RGTI a “lottery ticket” – high-risk but potentially high-reward [29]. Insider trading has been notable: directors sold multi-million-dollar amounts during the recent run [30].
- Competition: Rigetti is one of several public quantum stocks seeing a speculative rally. IonQ (IONQ) – which uses ion-trap qubits – similarly exploded (up ~787% over a year by late Sept [31]). IonQ announced key deals (acquiring Vector Atomic for quantum sensing [32] and a DOE “quantum-in-space” initiative [33]) fueling its surge. D-Wave (QBTS) – a quantum annealing firm – spiked ~68% in September [34] despite just ~$3M quarterly revenue; it raised $400M (ATM) in July and is working with NASA/JPL on scaled systems [35]. Other players (e.g. Quantum Computing Inc., QUBT) are also heavily funded: QCi closed a $500M placement (boosting cash to ~$850M) in late Sep to pursue its photonic quantum chip roadmap [36]. (Traditional tech giants are in quantum too: IBM/Google invest quietly, though not directly comparable as “stock plays.”)
Stock Price Movement
Rigetti’s stock trajectory has been nothing short of dramatic. After languishing below $1 in 2023, RGTI took off in summer 2025. By mid-September it had “soared more than 80% in the past month and 160% in the last three months,”according to TipRanks [37]. It reached an intraday 52-week high ~$34.40 in late Sept [38]. On Oct 2 it opened around $30.67 and climbed to trade near $35 early in the session (+17% intraday) [39]; Reuters shows it at ~$31.95 (up +7.07%) later that morning [40]. In the days prior, the stock had run up on both good news and broader market enthusiasm for quantum tech. However, after hitting highs it pulled back slightly into Oct. Overall, RGTI’s volatility reflects heavy momentum trading: every new contract or tech milestone triggers sharp moves (e.g. the AFRL news in Sept sent it +9% in one day [41]).
Recent News & Contracts
New Orders: On Sept 30, 2025, Rigetti announced two new purchase orders totaling ~$5.7 million for its 9-qubit Novera™ QPUs [42]. One order was placed by a major Asian tech manufacturer (for R&D benchmarking), the other by a California AI/applied-physics startup (for hardware and error-correction research). Both systems are upgradeable (supporting future qubit increases) and due in H1 2026 [43]. CEO Kulkarni commented that the Novera “continues to be chosen and trusted” by labs worldwide, with demand rising as on-premises quantum computing matures [44]. These orders underscore a widening customer base.
Government/Research Partnerships: Earlier (Sept 18) Rigetti (with partner QphoX) won a $5.8 million AFRL contract to advance superconducting quantum networking [45]. This award (spread over 3 years) aims to build long-distance quantum links, affirming Rigetti’s role in government programs. Rigetti’s own press release quoted CEO Kulkarni praising the AFRL’s commitment to interconnected quantum systems [46]. Also on Sept 2, Rigetti signed an MOU with India’s government-run C-DAC to co-develop hybrid (classical/quantum) computing systems for labs and academia [47]. This reflects growing international interest; India’s government has launched multi-billion-dollar tech initiatives (ChipIN, Quantum Mission) and sees Rigetti’s expertise as a boost. In August, Rigetti teamed up with Montana State University (MSU): MSU’s new QCORE center installed a Rigetti Novera QPU for researchers [48]. Kulkarni said at the launch “Hands-on access to quantum computing technology is key… Rigetti is proud to support QCORE,” highlighting education/workforce goals [49] [50]. Together, these partnerships (US DoD, education, India) show Rigetti embedding its hardware in research ecosystems.
Cloud & Alliances: Rigetti’s systems are accessible via its own Rigetti Quantum Cloud Services (QCS) and, as announced with Cepheus-36Q, will be available on Microsoft Azure [51]. The Azure link (via Microsoft’s Azure Quantum platform) may expand customer reach. Meanwhile, industry press notes Rigetti’s multi-chip approach as a key differentiator [52]. (For context, Rigetti had earlier introduced its 9‑qubit Novera in 2023 and bigger 24–84 qubit systems in 2021 [53].)
Business Strategy & Technology
Rigetti’s strategy is to leverage superconducting qubit chiplet technology to scale quantum computers. Its Fab-1 manufacturing facility in Berkeley is claimed as the first dedicated integrated quantum chip fab [54]. By moving from monolithic to multi‑chip (chiplet) designs, Rigetti aims to build larger machines without the yield problems of huge chips [55] [56]. CEO Kulkarni explains that faster gate speeds (superconducting qubits) and this chiplet strategy are the “clear path towards quantum advantage” [57]. The recent Cepheus-1-36Q system (four 9-qubit chips on a single processor) achieved a 99.5% two‑qubit gate fidelity [58] – a performance milestone. Rigetti says it will quadruple the chiplet count to reach >100 qubits by end-2025 [59] [60].
On the software/infra side, Rigetti offers a full-stack solution: quantum hardware plus classical control and cloud software. Its QCS platform (cloud API) has been live since 2017, serving enterprise and research users. It sells on‑premises systems to labs and data centers (24–84 qubits) as well as smaller 9‑qubit units (Novera) [61]. The company claims its “proprietary quantum-classical infrastructure” integrates well with public/private clouds [62]. With the recent $350M raise (Q2 ’25) and ~$572M cash on hand [63], Rigetti has plentiful runway. Management says funds will go to R&D, capital spending, and strategic partnerships [64].
Looking ahead, the key technology drivers for Rigetti are continued fidelity improvements and scaling. Kulkarni has publicly bet on superconducting qubits, citing their 1,000× faster gate speed vs. trapped ions [65]. He also touts error-corrected, fault-tolerant future: “We believe… our 100+ qubit system … is the clear path towards quantum advantage and fault tolerance” [66]. Rigetti’s “legacy” includes having developed the first multi-chip quantum processor (in 2021 [67]), suggesting chiplet-based scaling is core to their roadmap.
Competition & Industry Context
Rigetti operates in a very competitive, emerging field. IonQ (IONQ), an ion-trap specialist, is a key peer. IonQ’s stock has recently “been flying high” – up ~787% year-over-year (as of late Sept) [68]. IonQ announced multiple strategic moves: e.g., it agreed to buy Vector Atomic (advanced quantum sensors) to expand into quantum sensing [69], and it joined a DOE “quantum-in-space” program. IonQ’s CEO says integrating sensing with its compute/networking will “advance our mission” [70]. Like Rigetti, IonQ is capturing investment excitement (even talk of stock splits) but has yet to show sustained profits.
D-Wave (QBTS) is another public quantum player (quantum annealers) that’s rallied hard. In September its stock “increased by an impressive 68%” [71] on a combination of factors: hopes for Fed rate cuts, aggressive fundraises, and tech developments. (D-Wave completed a $400M equity offering in July and is working on a 100,000-qubit annealer roadmap with partners like NASA/JPL [72].) Like Rigetti, D-Wave reports only a few million dollars in quarterly sales [73] but enjoys a high valuation driven by future promise.
Smaller quantum firms also made headlines: Quantum Computing Inc. (QUBT) – a photonics-based startup – raised $500M in late Sept (increasing cash to ~$850M) to accelerate commercialization and acquisitions [74]. (QCi’s technology differs from Rigetti’s but the massive funding round underscores investor appetite for quantum bets.) Traditional tech giants (IBM, Google/Alphabet, Microsoft) continue quiet quantum R&D, but Rigetti’s investors focus on the emerging startup segment.
Analyst Outlook & Expert Commentary
Market commentators view Rigetti as a high-risk, high-reward story. Analysts mostly rate RGTI a Buy (TipRanks says 7 Buys vs 1 Hold) [75] [76], but price targets vary widely. Fintel/Nasdaq recently cited an average 12-month target of ~$22.27 [77] (range ~$18–$37), implying a substantial pullback from current ~$30‑plus levels. Stockanalysis.com similarly shows a consensus “Strong Buy” but only a $20 avg target [78]. These suggest Wall Street sees RGTI’s price as elevated on hype.
Notable analysts: B. Riley’s Craig Ellis (Strong Buy) raised his target from $19 to $35 [79], arguing Rigetti’s tech breakthroughs outpace expectations. Needham’s Quinn Bolton (Buy, $18 target) has highlighted the 4-chip 36Q QPU’s 99.5% fidelity and management’s push to 100+ qubits [80]. Zacks Research called out Rigetti’s 36Q release and strong balance sheet (no debt after the equity raise) [81]. Overall, analysts credit Rigetti’s unique superconducting chiplet approach for potential, but note that so far it’s an R&D story.
Outside analysis, media voices have sounded caution. Jim Cramer, discussing meme/quantum stocks, said plainly: “I don’t know whether Rigetti is worth what Rigetti is trading at.” He’s called RGTI a “speculation” and a meme‑stock candidate [82] [83]. TipRanks columnist Casey Dylan similarly warned that investors are “betting more on the promise of tomorrow’s technology than today’s results,” calling the stock a “lottery ticket” play [84]. Insider trading also hints at caution: directors sold millions of dollars of RGTI shares amid the rally [85], suggesting they may be taking profits.
Financial forecasts remain sparse given the company’s early stage. No quarterly guidance is given, so models rely on assumptions. One projection (Stockanalysis) shows RGTI revenue climbing modestly (to ~$21.7M in 2026 from $8.3M in 2025 [86]) – an outsized percentage gain but from a low base. Since Rigetti is still investing heavily (2025 ops expense ~$20M/Q2), profitability is not expected soon. Its current cash burn (~$40M/Q2 loss) could last for years at present spend rates. Many analysts essentially say: success hinges on next milestones (e.g. shipping larger systems, landing big customers). If Rigetti can demonstrate quantum advantage or secure large-scale deals, the bull case is validated; otherwise, valuation could be questioned.
Conclusion: Positioning and Outlook
Rigetti today sits at a crossroads of optimism and uncertainty. On one hand, it boasts some of the industry’s most advanced hardware (largest multi-chip QC, leading fidelity), a diverse set of partnerships (DoD, academia, international), and a war chest of funding. In CEO Kulkarni’s words, the company has “strong momentum on the technology front” [87] and enough resources to keep innovating. This has attracted major investors (even “billionaire” hedge funds) and driven the share price to stratospheric levels.
On the other hand, fundamentals don’t yet support the hype. Rigetti still has almost no commercial revenue and is losing tens of millions quarterly. Analysts note that “current financials don’t support this lofty valuation” [88]. Rigetti’s future thus depends on execution: delivering its 100+ qubit machines on schedule, winning long-term customers, and eventually converting research contracts into steady sales. As TipRanks summarizes: Rigetti’s promise is big, but so are the risks – it needs concrete traction or the frenzy may fade [89]. For now, RGTI offers exposure to the potential quantum revolution. Investors will be watching every technical milestone and contract announcement in the coming quarters to see if this full-stack quantum hopeful can justify its current lofty price (and whether the rally can continue) [90] [91].
Sources: Recent company releases and filings [92] [93] [94] [95] [96] [97]; financial data and analyst reports [98] [99] [100] [101]; expert commentary and media coverage [102] [103] [104] [105] (all cited above).
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