Rigetti Computing Posts 0.13 Drop on 500M Volume as 201st Ranked Stock Navigates Quantum Breakthroughs Amid 42 Revenue Plunge

Rigetti Computing (RGTI) closed on September 5 with a 0.13% decline, trading at $5.58 per share. The stock saw a volume of 500 million, ranking 201st in the market. Recent developments include a strategic partnership with India’s Centre for Development of Advanced Computing (C-DAC) to co-develop hybrid quantum systems, leveraging Rigetti’s superconducting qubit technology. This collaboration aims to enhance quantum capabilities for government and academic applications, positioning the company to expand its research and commercial footprint.

The firm launched its Cepheus-1-36Q, the industry’s largest multi-chip quantum computer, which features a 99.5% two-qubit gate fidelity and a 2x reduction in error rates compared to its predecessor. The system’s modular design, using four chips, supports scalability and efficiency, with plans to release a 100+ qubit chiplet-based system by year-end. Despite these advancements, Q2 revenue fell 42% year-over-year to $1.8 million, driven by expired government contracts and reduced professional services income. The company reported a loss of $0.13 per share, up from $0.07 in Q2 2024.

Rigetti’s financial position remains robust, with $571.6 million in cash and no debt following a $350 million at-the-market offering. Analysts remain optimistic, citing its technological milestones and strong cash reserves. Benchmark and Needham reiterated “Buy” ratings, while Cantor Fitzgerald assigned an “Overweight” rating. A consensus “Strong Buy” from seven analysts highlights growing confidence in Rigetti’s ability to narrow losses and drive long-term value. The stock’s price-to-sales ratio of 466x remains elevated, reflecting high expectations for future growth.

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