Rigetti's Quantum Advances Can't Outpace 41.8% Drop in Top 500 Trading Volume as Stock Slumps 2.6%

On August 1, 2025, Rigetti Computing (RGTI) fell 2.62% with a trading volume of $450 million, down 41.79% from the previous day. The stock remains under pressure despite recent technical advancements, including a 99.5% median two-qubit gate fidelity milestone achieved in July, which marked a key step toward commercializing its 36-qubit modular system. The company plans to launch the system publicly on August 15, with a 100+ qubit roadmap by year-end.

Rigetti’s Q1 2025 earnings highlighted challenges, including a 52% year-over-year revenue decline to $1.5 million and a $0.08 adjusted loss per share. High R&D costs ($15.5 million) and milestone-based contract timing weighed on results. However, strategic gains such as a $5.5 million U.S. Air Force grant and a $35 million investment from Quanta Computer underscored growing confidence in its quantum capabilities. Analysts project a 28.6% year-over-year improvement in Q2 losses, with full-year losses narrowing to $0.25 per share.

Despite a 381x sales multiple and a $4.2 billion market cap, Rigetti continues to draw strong analyst support. Six analysts assigned a “Strong Buy” rating, with a $15.83 average price target (13% upside). Upcoming events, including the August 15 system launch and Q2 earnings on August 12, will be critical for investor sentiment. The stock’s 56% surge in the past three months reflects optimism around technical progress, though long-term sustainability remains tied to revenue growth and cost control.

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