Rigetti Computing (RGTI) Analysis
The quantum race is on, but there’s little evidence of who will win just yet. New names like Rigetti Computing, IonQ, and D-Wave became a sensation on the market in 2025, however their overall risk and early stages make them a high risk bet on the exciting industry.
One has to note that these guys aren’t really competing with each other, they all are aiming to serve a different purpose in the quantum space, but they are competing against other, massively funded companies like IBM and Google. All of these companies are spending exponentially in an attempt to become the next Nvidia of quantum computing.
Investors looking at names like Rigetti should mostly be focused on the company’s ability to deliver actual results from its research and development, results that can be monetized into billions of dollars. Rigetti’s only job is to do this before it runs out of cash. Investors have already highlighted weakness in the company’s balance sheet compared to names like IonQ in the space.
So, what is Rigetti working on?
The company’s core focus is centered on scaling multi-chip superconducting processors. Superconducting processors are the chips that hold a quantum computer’s qubits, but they only work at extremely low temperatures. Rigetti’s main innovation is linking multiple of these chips together to form a larger, more powerful quantum processor. Think of it like connecting several small engines into one big one. The benefit? The ability to solve real world complex problems better than a classical computer.
How far along are they?
They’re still in the early to medium stages of development. The company is definitely beyond the “theory” stage and is actually working on hardware. Earlier this year, they revealed a qubit system that demonstrated their multi-chip architecture, but many believe it still doesn’t have enough power to unlock true quantum advantage. So their future relies on convincing investors that they’ve achieved something that actually makes a difference.
Financials:
The company generates very little revenue thanks to work with some colleges and the U.S. government, but it’s mere pennies compared to their mounting losses. They recorded more than $200 million in losses last quarter as R&D continues to burn through their capital. That means investors taking this are betting on the chances that the cash burn will eventually pay off.
Technicals:
A recent interview with Nvidia CEO Jensen Huang seems to have excited investors over quantum computing, pushing stocks like RGTI and others in the space higher, but market uncertainty over higher risk holdings is still present. Valuation concerns over the AI boom are still lingering and may impact the company’s short term movement.
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