Rigetti Computing Surges to 119th in Trading Volume with $96.5 Million Turnover

On May 12, 2025, Rigetti Computing (RGTI) saw a significant surge in trading volume, with a total turnover of $96.5 million, marking a 59.16% increase from the previous day. This surge placed Rigetti at the 119th position in terms of trading volume for the day. The stock price of Rigetti Computing also rose by 9.17%, marking its third consecutive day of gains, with a cumulative increase of 24.86% over the past three days.

Rigetti Computing reported its financial results for the first quarter of 2025, revealing total revenues of $1.5 million and operating expenses of $22.1 million. Despite the revenue falling short of analyst expectations of $2.5 million, the company's net income for the quarter was $42.6 million, largely driven by $62.1 million in non-cash gains. The company's cash, cash equivalents, and available-for-sale investments totaled $237.7 million as of April 30, 2025, up from $217.2 million a quarter earlier.

Rigetti Computing's earnings per share (EPS) for the first quarter of 2025 came in at $0.13, surpassing the forecasted loss of $0.05. However, the company's revenue for the quarter was $1.5 million, which was lower than the anticipated $2.5 million. This revenue miss led to a decrease in shares of Rigetti Computing in after-hours trading. The company's sales also decreased from $3.052 million in the prior year to $1.472 million, missing analysts’ expectations of $2.55 million.

Rigetti Computing is making significant strides in the field of quantum computing. The company has been awarded several government-funded projects in both the U.S. and the UK, demonstrating its leadership in superconducting quantum systems. In the U.S., Rigetti was selected to join DARPA’s Quantum Benchmarking Initiative, where it will work on building a utility-scale quantum computer using its multi-chip design and advanced error correction codes. Additionally, the company won a $5.48 million project from the Air Force Office of Scientific Research to study the impact of its ABAA chip-making method on qubit quality. In the UK, Rigetti was awarded three Innovate UK grants as part of a £3.5 million project focused on quantum error correction, working with Riverlane and the National Quantum Computing Centre to improve error correction and demonstrate real-time capabilities.