Rigetti Computing Inc. Common Stock (RGTI)

FairStock Score: 30/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses with durable competitive advantages, consistent earnings, and a margin of safety. Rigetti does not fit that mold. In fiscal 2025, the year ended 2025-12-31, it reported revenue of $7.1 million and a net loss of $216.2 million. In fiscal 2024, revenue was $10.8 million and net loss $201.0 million; in fiscal 2023, revenue was $12.0 million and net loss $75.1 million. So annual revenue has actually shrunk while losses widened. The latest filed quarter, fiscal Q2 2026 ended 2026-06-30, showed revenue of $5.1 million, up from $1.8 million in fiscal Q2 2025, the quarter ended 2025-06-30, but the net loss was $52.6 million and the margin was -1023.86%. That is not a profitable enterprise yet. The balance sheet has low leverage, with D/E of 0.01 per FairStock, and an Altman Z-Score of 21.83, but the business burns cash: trailing free cash flow was -$87.6 million, a -2.1% FCF yield. At the 2026-10-13 close of $12.78, the market cap is $4.3 billion, P/B is 7.94, and P/E is negative at -15.40. Paying $4.3 billion for $7.1 million of fiscal 2025 revenue requires enormous future success, not present value. The Piotroski F-Score is 3/9, and Peter Lynch category is none because it lost money in each of the last four years. Quantum computing may become important, but I see no margin of safety and no proven moat. This is speculation, not value.

In plain English: Rigetti builds quantum computers and lets customers use them through the cloud. The business is still very small and unprofitable: it has lost money for years, sales have been uneven, and it burns cash. At the recent $12.78 close, the price looks expensive compared with those numbers because the market value is billions while annual revenue is only millions.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer