Rankings Tech hardware & optics Rigetti

Rigetti

Tech hardware & optics · United StatesRank 790 of 829Prices 2 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Multiples vs own history and peers−34
Margin−12
Quality of growth−6

Strengths

Net cash+3

How the score is built

From 100 to 28, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

28Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 10.67 USD
Median analyst target: 30.00 USD
Upside to median: +181.2%
Analysts: 13
Target range: 17.30 – 40.00 USD
52-week change: −76%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 3 findings−23 of −30

Margin
Operating result is −$97m TTM on revenue of $13.4m (operating margin −728%); operating costs rose to $30.3m in Q2 vs $20.4m a year earlier. Gross margin is 35% TTM (43% in Q2). The loss counts here and not again under ROIC.
stockanalysis.com
−12
Quality of growth
Revenue fell from $13.1m (2022) to $7.1m in 2025, and the improvement in 2026 (Q2: $5.1m, +185%) comes from individual sales of small 9-qubit Novera systems and government research contracts. Cloud access to the quantum computers gave only $0.3m TTM.
quantumcomputingreport.com
−6
Technology and roadmap
The superconducting 108-qubit Cepheus-1 system only arrived in April 2026 (promised by the end of 2025) and has 99.1% median two-qubit fidelity vs the target of 99.5%; ion-trap competitors are at 99.9%. The 99.9% target is about three years out, and there is no date for logical qubits.
thequantuminsider.com
−5

Price

Today's multiples against the company's own history and its peers. · 1 finding−34 of −35

Multiples vs own history and peers
P/S 351 and EV/Sales 322 TTM; forward P/S 162 on analysts' 2026 estimate ($23m). That is below the bubble level in 2025 (P/S 1,031) and 2024 (396), but far above 2022–23 (P/S 7–12). Peers: IonQ approx. 72, IQM approx. 50, Infleqtion approx. 59. Market value $4.7bn with no profit in sight (EPS 2026e −$0.19).
stockanalysis.com
−34

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−12 of −35

Cash flow and dilution
The share count has risen 32% over a year (68% in 2025 and 40% in 2024) after share issuances of $434m in 2025. The CHIPS deal of $100m (8/9) gives the Department of Commerce a minority stake in shares (according to media about 7.7m new shares). FCF −$88m TTM.
thequantuminsider.com
−6
Insider trading
Sales only in 2026: CTO David Rivas sold about 499,000 shares for about $12.7m in June, CEO Subodh Kulkarni sold 104,190 shares in May-June and 120,000 shares for $1.9m on 9/9 (the day after the CHIPS deal, 10b5-1 plan), and director Michael Clifton sold 50,000 shares in February. No insider buying.
sec.gov
−3
Macro and sentiment
The stock is −68% over 52 weeks and −76% from the peak of $58 in October 2025, with beta 2.0; 18.7% of shares are sold short.
stockanalysis.com
−3

Plus

Only documented strengths. · 1 finding+3 of +15

Net cash
Cash and investments of $541.3m at 30/6 and no financial debt, about 11.6% of market cap; with an FCF loss of about $90m per year it lasts several years.
thequantuminsider.com
+3

Caveats

What the score does not capture, or where the data is weak.

Loss: operating margin −728% and FCF USD −88m TTM, so P/E and PEG are meaningless. GAAP earnings (USD −239m TTM) are distorted by remeasurement of warrant and earnout liabilities; non-GAAP loss in Q2 was USD 16m. Stockanalysis shows USD 394m in cash, but the company reports cash and investments at USD 541m (30/6), which has been used for net cash. The number of shares to the Department of Commerce (approx. 7.7m) comes from a secondary source and has not been checked in the 8-K. The C-DAC order (USD 8.4m) is only recognised in Q4 2026. Customer concentration has not been examined.