Rigetti Computing

Rigetti sits on roughly 569 million dollars in cash and investments with zero debt. It burned about 16 million dollars of operating cash last quarter, so it can fund its own research for years without going back to investors on bad terms. For a company still inventing its product, surviving long enough to finish is the whole game.

Rigetti made its 108 qubit Cepheus system generally available in April, including on Amazon's quantum cloud service. It is built from twelve nine qubit chiplets stitched together, which is the company's answer to the hardest problem in the field, scaling up the qubit count without wrecking accuracy. First quarter revenue tripled to 4.4 million dollars from 1.5 million a year earlier.

Rigetti is worth about 5.5 billion dollars while producing roughly 10 million dollars of revenue over the past twelve months. That is more than 500 times sales. Worse, revenue for the full year 2025 actually fell 34%, from 10.8 million dollars down to 7.1 million. The science is real, but the price already assumes it works at commercial scale.

Rigetti reported 33 million dollars of net income last quarter, but every cent came from a non cash gain on warrant accounting, not from selling anything. Strip it out and the company lost 26 million dollars on 4.4 million dollars of revenue, spending more than six dollars for every one it earned. Meanwhile the share count grew from 287 million to 332 million in a single year, so each share owns a smaller slice.