# Rigetti Computing, Inc. (RGTI)

> Source: Nexqual · https://nexqual.com/RGTI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Rigetti Computing, Inc. (RGTI), nexqual.com/RGTI" · informational, not investment advice.

**Price:** USD 11.48 (-4.73% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.05 · day 11.29–11.97 · 52w 11.11–44.52 · market cap $3.83B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.4M, net income -$239M (-1787.4% margin), free cash flow -$87.6M (SEC filings).
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $22.7M; 7 not under a Rule 10b5-1 plan ($16.1M); 0 by opportunistic insiders, 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.23 on a 1–5 scale) (13 analysts), mean target USD 28.53 (range 17.3–40).
- Total return with dividends: 1Y -71.0% vs S&P 500 +14.9%; 5Y +13.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD -0.05, revenue estimate $3.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $13.1M | $12.0M | $10.8M | $7.1M | $13.4M |
| Gross profit | — | $10.2M | $9.2M | $5.7M | $2.1M | — |
| Operating income | -$4.9M | -$109M | -$72.3M | -$68.5M | -$84.7M | -$97.2M |
| Net income | -$23.2M | -$71.5M | -$75.1M | -$201M | -$216M | -$239M |
| EPS (diluted) | — | -$0.70 | -$0.57 | -$1.09 | -$0.70 | — |
| Free cash flow | — | -$85.4M | -$59.6M | -$61.7M | -$77.2M | -$87.6M |
| Gross margin | — | 78.1% | 76.7% | 52.8% | 29.1% | — |
| Operating margin | — | -832.5% | -602.1% | -634.9% | -1194.4% | -727.6% |
| Net margin | — | -545.9% | -625.5% | -1862.7% | -3050.4% | -1787.4% |
| Revenue growth | — | — | -8.3% | -10.1% | -34.3% | — |
| Cash + short-term investments | $11.7M | $143M | $99.9M | $192M | $444M | — |
| Total debt | $27.6M | $28.9M | $22.1M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 286.9x · P/B 7.1x · FCF yield -2.29% · Earnings yield -6.23%

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Kulkarni Subodh K | President and CEO | 120,000 | $1.9M | 46.1% | Yes (adopted June 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-03 | Bertelsen Jeffrey A. | CHIEF FINANCIAL OFFICER | 25,000 | $375K | 12.9% | Yes (adopted June 4, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | Bertelsen Jeffrey A. | CHIEF FINANCIAL OFFICER | 3,860 | $65K | 2.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-20 | Rivas David | CHIEF OPERATING OFFICER | 9,038 | $152K | 2.8% | No | Routine (sold in Mar & May & Aug & Nov each year 2023–2025) |
| 2026-08-20 | Bestwick Andrew Joseph | CHIEF TECHNOLOGY OFFICER | 5,791 | $97K | 0.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Johnson Ray O | Director | 84,944 | $1.7M | 47.1% | Yes (adopted March 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Johnson Ray O | Director | 122,188 | $2.6M | 40.4% | Yes (adopted March 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-28…2026-06-01 | Kulkarni Subodh K | President and CEO | 104,190 | $2.6M | 48.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-29 | Rivas David | CHIEF TECHNOLOGY OFFICER | 499,328 | $12.7M | 60.5% | No | Routine (sold in Mar & May & Aug & Nov each year 2023–2025) |
| 2026-05-22 | Bertelsen Jeffrey A. | CHIEF FINANCIAL OFFICER | 3,682 | $84K | 2.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Rivas David | CHIEF TECHNOLOGY OFFICER | 18,759 | $431K | 2.6% | No | Routine (sold in Mar & May & Aug & Nov each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.23 on a 1–5 scale), 13 analysts; mean target USD 28.53 (low 17.3, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Rosenblatt | Maintained | Buy | $40 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -71.0% | +13.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -71.1% | +2.6% |
| Volatility (annualized) | 93.9% | 121.7% |
| Max drawdown | -74.1% (Oct 2025→Oct 2026) | -96.6% (Nov 2021→May 2023) |

## Peers (Computer Hardware)
QBTS (D-Wave Quantum Inc.) USD 11.63 -3.88% · IQMX (IQM Quantum Computers Oyj) USD 8.9 -5.12% · QUBT (Quantum Computing Inc.) USD 6.59 -3.37% · CRSR (Corsair Gaming, Inc.) USD 13.64 -1.23% · CRCT (Cricut, Inc.) USD 6.41 +1.26% · PSQL (Pasqal Holding SA) USD 5.65 -8.28%

## More
Full page: https://nexqual.com/RGTI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RGTI's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1838359/000110465926023454/rgti-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "Our partners and customers include commercial enterprises such as Amazon Web Services ("AWS") Standard Chartered Bank and Moody's, along with U.S. government organizations such as Defense Advanced Research Projects Agenc…" |
| Customer | Microsoft (MSFT) | "We have distribution agreements with Amazon's Braket service and Microsoft's Azure Quantum Service, providing access to our quantum computing systems to AWS and Azure customers." |
| Partner | Trinity Capital Inc. (TRIN) | "On December 9, 2024, we prepaid in full all amounts owed under our Amended Loan Agreement with Trinity Capital Inc. We prepaid an aggregate of $9.5 million in outstanding principal balance, final payment fees of $0.9 mil…" |
| Partner | Quanta Computer | "On February 27, 2025, the Company entered into a Collaboration Agreement (the "Collaboration Agreement") with Quanta Computer Inc., a Taiwan corporation ("Quanta")." |

Other companies that name RGTI in their own reports (relationship from RGTI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Horizon Quantum Holdings Ltd. (HQWWW) | 20-F 2026-04-14 | "The company has a joint marketing agreement with Rigetti, covering Rigetti's Novera QPU, its newest quantum processor, and Horizon's" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sales Of Quantum Computers & Quantum Components | $4.1M | 79.8% | — |
| Collaborative Research & Other Professional Services | $952,000 | 18.5% | -44.4% |
| Access To Quantum Computing Systems | $88,000 | 1.7% | -2.2% |
| Total revenue | $5.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 64%, 18%, 16% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.05 | $-0.05 | -0.3% | $3.7M | 8 |
| Next quarter (ends 2026-12-31) | $-0.05 | $-0.05 | +6.7% | $10.0M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.19 | $-0.18 | +1.4% | $23.3M | 10 |
| Next fiscal year (ends 2027-12-31) | $-0.21 | $-0.20 | +2.4% | $43.9M | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-10): ±17.2%; earnings reaction alone ±10.0%; last 8 reports averaged ±6.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 67.5% | ±8.0% |
| 2026-11-06 | 14 | 72.4% | ±11.8% |
| 2026-11-13 | 21 | 87.4% | ±17.2% |
| 2026-11-20 | 28 | 76.9% | ±17.3% |
| 2026-11-27 | 35 | 75.0% | ±18.8% |
| 2026-12-04 | 42 | 81.6% | ±22.2% |
| 2026-12-18 | 56 | 76.2% | ±23.7% |
| 2027-01-15 | 84 | 75.1% | ±28.5% |