Last Updated: October 29, 2026
Quick Answer: Rigetti Computing (RGTI) closed at $12.40 on October 28, 2026, according to StockAnalysis data, giving the company a market value of about $4.1 billion. The stock is about 72% below its 52-week high of $44.52 and about 27% below where it traded in late April. Rigetti reported second quarter 2026 revenue of $5.1 million, up about 185% from a year earlier, and held $541.3 million in cash and investments with no debt at June 30. Analysts tracked by StockAnalysis rate RGTI a Buy with an average 12-month target of $28.53.
Rigetti Computing is a Berkeley, California company that designs and builds superconducting quantum computers, makes its own chips and sells access through the cloud and on-premises systems. Its share price has become a barometer for sentiment toward quantum computing stocks, and in the autumn of 2026 that sentiment has been weak. This guide covers Rigetti’s latest results, its roadmap and government contracts, the stock’s price and volatility, analyst consensus and the main risks.
Key Takeaways
- RGTI closed at $12.40 on October 28, 2026, down about 21% since September 30 and near its 52-week low of $11.11, set on October 15
- Q2 2026 revenue was $5.1 million, up about 185% year over year, with gross margin of about 43%; the GAAP net loss was $52.6 million
- Rigetti had $541.3 million in cash and investments and no debt at June 30 and raised no new equity in the first half
- On September 8, Rigetti signed a definitive $100 million agreement with the U.S. Department of Commerce under the CHIPS Act; the government receives a minority equity stake
- Its 108-qubit Cepheus-1-108Q system reached about 99.1% median two-qubit gate fidelity; management said on the earnings call it aims for about 99.5% later in 2026, and the company targets about 1,000 qubits at 99.9% within roughly three years
- Rigetti reports Q3 2026 results on November 10, 2026, after the market close
RGTI Stock Key Data (October 2026)
| Metric | Value |
|---|---|
| Close (October 28, 2026) | $12.40 |
| Market Cap | About $4.1 billion |
| Shares Outstanding | About 333.8 million |
| 52-Week Range | $11.11 to $44.52 |
| Beta | About 2.0 |
| Revenue (trailing 12 months) | About $13.4 million |
| Q2 2026 Revenue | $5.1 million (up about 185% year over year) |
| Q2 2026 GAAP Net Loss | $52.6 million ($0.16 per share) |
| Cash and Investments (June 30, 2026) | $541.3 million, no debt |
| Analyst Consensus | Buy (13 analysts), average target $28.53 |
| Next Earnings | November 10, 2026 (Q3 2026) |
| Exchange | Nasdaq |
Sources: price, market cap, beta, trailing revenue and analyst data from StockAnalysis (S&P Global Market Intelligence data), October 27 to 29, 2026; quarterly results from Rigetti’s Q2 2026 release filed with the SEC. Market cap is our calculation from the share count and the October 28 close.
What Is Rigetti Computing?
Rigetti was founded in 2013 and went public in March 2022 through a merger with a special purpose acquisition company. It is a full-stack quantum company: it designs superconducting quantum processors, makes them at its own Fab-1 facility in Fremont, California, and sells computing time through Rigetti Quantum Cloud Services and partner clouds such as Amazon Braket and Microsoft Azure Quantum. It also sells on-premises systems, including the 9-qubit Novera processor, to universities, national labs and companies.
Rigetti’s main technical bet is a chiplet design: instead of one large chip, it links several smaller 9-qubit chiplets. Its current flagship, Cepheus-1-108Q, is built from twelve of them. More information is available on the official Rigetti website.
Latest Quarterly Results (Q2 2026)
Rigetti reported its second quarter results on August 6, 2026. According to the release filed with the SEC:
| Metric | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | $5.1 million | $1.8 million |
| Gross margin | About 43% | About 31% |
| Operating expenses | $30.3 million | $20.4 million |
| Operating loss | $28.1 million | $19.9 million |
| GAAP net loss | $52.6 million ($0.16 per share) | $39.7 million ($0.13 per share) |
| Non-GAAP net loss | $16.0 million ($0.05 per share) | $13.3 million ($0.04 per share) |
First-half revenue reached $9.5 million, up from $3.3 million a year earlier, which implies first quarter revenue of about $4.4 million. Revenue in the quarter included sales of on-premises Novera systems. The gap between the operating loss and the GAAP net loss came mostly from a $29.6 million non-cash loss on the fair value of warrant liabilities, which rise in value when the share price rises.
Cash. Rigetti held $541.3 million in cash, equivalents and investments at June 30, 2026, and reported no debt. Operating cash outflow was $32.0 million in the first half, plus $16.4 million of capital spending, and management said on the earnings call that capital spending would stay elevated in 2026. The company did not sell new shares in the first half, but its share count rose to 333.7 million from 331.3 million at the end of 2025.
Roadmap: Cepheus, Fidelity and 1,000 Qubits
Rigetti reported these figures for its systems in August:
- Cepheus-1-108Q: about 99.9% median single-qubit fidelity, about 99.1% median two-qubit gate fidelity and gate speeds of about 60 nanoseconds. Management said it aims for about 99.5% two-qubit fidelity later in 2026, according to an earnings call summary published on Nasdaq.com.
- Smaller systems: 99.8% median two-qubit fidelity on its 9-qubit system and 99.6% on its 36-qubit system.
- Three-year goal: systems of about 1,000 qubits with about 99.9% two-qubit fidelity and gate speeds below 50 nanoseconds, on “roughly a three-year time horizon.”
Management said on the call that it plans to publish an updated technology roadmap later in 2026. Rigetti has moved its timelines before: in January 2026 it delayed the general availability of Cepheus-1-108Q, according to The Quantum Insider, and its earlier plans for a 336-qubit Lyra processor did not appear in the Q2 release.
Contracts and Partnerships
- U.S. Department of Commerce: On September 8, 2026, Rigetti said it had signed a definitive agreement for $100 million under the CHIPS Research and Development Office program. The funds support three projects: miniaturized readout electronics, a new cryostat design for more cooling capacity and fabrication of chips with denser connections. As a condition, the Department receives a minority, non-controlling equity stake, and Rigetti warned that securities issued to it could dilute existing shareholders.
- C-DAC, India: According to the earnings call summary, Rigetti expects to deliver two 9-qubit Novera systems and one 108-qubit system to India’s Centre for Development of Advanced Computing in 2026 and to recognize the $8.4 million order in the fourth quarter, after installation and acceptance testing.
- United Kingdom: a planned investment of up to $100 million over the next several years to support system deployments, talent and facilities in the UK.
- HPE and Pittsburgh Supercomputing Center: a 9-qubit Novera system for a hybrid quantum and classical computing testbed funded by a National Science Foundation grant.
- DARPA: Rigetti took part in the first stage of DARPA’s Quantum Benchmarking Initiative; management said on the earnings call that the timing of any move to the next stage is uncertain.
RGTI Price and Volatility
RGTI has fallen steadily since late summer. It closed at $17.71 on August 18, slid below $15 in early October and set its 52-week low of $11.11 intraday on October 15. Through October 28, it was down about 21% since September 30 and about 30% since August 18.
The stock is highly volatile. Over the 50 trading days to October 28, it moved an average of about 3.2% a day, and its annualized volatility was about 67%, based on our calculation from daily closes, roughly four times that of the Nasdaq-100 fund QQQ. StockAnalysis lists a beta of about 2.0, meaning the stock has tended to move about twice as much as the broader market.
At about $4.1 billion, the market value equals about 310 times trailing revenue of about $13.4 million, by our calculation. That valuation assumes much faster growth than Rigetti has shown so far.
Analyst Ratings and Price Targets
According to StockAnalysis, 13 analysts cover RGTI with a consensus rating of Buy and an average 12-month price target of $28.53 as of October 27, 2026, about 130% above the October 28 close. Analyst targets often lag share price moves. We do not publish our own price targets, and analyst targets are opinions, not forecasts we endorse.
Risks
- Revenue scale: quarterly revenue of about $5 million is small against operating expenses of about $30 million.
- Dilution: warrants, stock compensation and the government equity stake can increase the share count, and Rigetti sold about $347 million of stock through at-the-market offerings in the first half of 2025.
- Execution: fidelity and qubit targets have slipped before, and rivals such as IBM, Google, IonQ and D-Wave are pursuing their own roadmaps.
- Lumpy contracts: large system orders are recognized only after delivery and acceptance, so revenue can swing sharply between quarters.
- Sentiment: quantum stocks tend to move together on sector headlines, often regardless of company results.
For a closer look at a peer, see our D-Wave Quantum (QBTS) stock guide. Quantum computing also matters to crypto because future machines could threaten today’s signature schemes; read how Coinbase outlines Bitcoin’s post-quantum priorities, why some experts dismiss quantum threats to Bitcoin, and Zcash’s work on quantum-resistant signatures. For crypto forecasts, visit our price prediction hub.
Frequently Asked Questions
What is RGTI stock?
RGTI is the Nasdaq ticker of Rigetti Computing, a Berkeley, California company that builds superconducting quantum computers and makes its own chips. It sells computing time through its own cloud and partner clouds such as Amazon Braket and Microsoft Azure, and sells on-premises systems such as its 9-qubit Novera. The stock closed at $12.40 on October 28, 2026, for a market value of about $4.1 billion.
Why is RGTI stock dropping?
RGTI fell about 21% between September 30 and October 28, 2026 and set a 52-week low of $11.11 on October 15. The decline came as quantum computing stocks fell together, and no single cause has been confirmed. Rigetti’s own revenue remains small, about $5.1 million in its latest quarter, against an operating loss of $28.1 million.
Does Rigetti have revenue?
Yes, but it is small. Rigetti reported revenue of $5.1 million in the second quarter of 2026, up about 185% from $1.8 million a year earlier, and $9.5 million in the first half. Trailing 12-month revenue was about $13.4 million, according to StockAnalysis. Sales of on-premises Novera systems helped, and management expects to recognize an $8.4 million order from India’s C-DAC in the fourth quarter.
What is Rigetti’s cash position?
Rigetti held $541.3 million in cash, cash equivalents and investments at June 30, 2026, and reported no debt. It used $32.0 million in operating cash and spent $16.4 million on equipment in the first half of 2026. It also signed a $100 million CHIPS Act agreement with the U.S. Department of Commerce in September, which gives the government a minority equity stake.
What is the RGTI stock price target?
According to StockAnalysis, the 13 analysts covering Rigetti rate it a Buy on average, with a 12-month price target of $28.53 as of October 27, 2026. That is about 130% above the October 28 close of $12.40. Analyst targets are opinions that often trail share price moves, and they are not guarantees of future performance.
When is Rigetti’s next earnings report?
Rigetti will report its third quarter 2026 results on Tuesday, November 10, 2026, after the market closes, and will host a conference call at 5:00 p.m. Eastern Time that day, the company announced on October 27. Investors will watch revenue from on-premises Novera sales, progress toward higher two-qubit fidelity, cash use and any update on its technology roadmap.
Is RGTI a good stock to buy?
That depends on your risk tolerance. Supporters point to fast revenue growth from a small base, $541 million in cash with no debt and a $100 million government agreement. Critics point to large losses, a valuation of about 310 times trailing revenue, possible dilution and a history of delayed milestones. The stock moves about 3% a day on average. This is not investment advice.
Data sources: Rigetti Computing Q2 2026 results (SEC Form 8-K, August 6, 2026) and its September 8, 2026 release on the Department of Commerce agreement (SEC Form 8-K); Rigetti newsroom, October 27, 2026 (Q3 results date); Q2 2026 earnings call summary published on Nasdaq.com; StockAnalysis (S&P Global Market Intelligence data) for prices, market data and analyst consensus, October 27 to 29, 2026. Volatility, valuation and percentage changes are our calculations.
Nothing in this article is financial advice. Stocks of early-stage technology companies carry substantial risk.
