Rigetti Computing

RGTI · NASDAQ

$11.66−$0.01 (−0.09%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $11.67

RGTI analyst rating

BuyConsensus of 8 analysts over the last 12 months. 88% rate it a buy.

Strong buy0
Buy7
Hold1
Underperform0
Sell0

12-month price target · 14 analysts

Average $29.10 (+149.5% upside)

Low: $17.47
Now: $11.66
High: $42.00

Upgrades and downgrades

The latest rating actions, newest first

RGTI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Rosenblatt	Aug 7, 2026	Maintains	Buy	$40.00	32%
Wedbush	Aug 3, 2026	Initiates	Outperform	$40.00	72%
Rosenblatt	Jun 11, 2026	Maintains	Buy	$40.00	32%
Mizuho	May 12, 2026	Maintains	Outperform	$33.00 → $27.00	59%
Needham	May 12, 2026	Maintains	Buy	$31.00	44%
Benchmark	Mar 20, 2026	Maintains	Buy	$35.00 → $25.00	51%
Benchmark	Mar 5, 2026	Maintains	Buy	$40.00 → $35.00	51%
Mizuho	Mar 5, 2026	Maintains	Outperform	$50.00 → $43.00	59%
Rosenblatt	Mar 5, 2026	Maintains	Buy	$40.00	32%
Needham	Mar 5, 2026	Maintains	Buy	$51.00 → $31.00	44%

The case for and against

Updated Oct 14, 2026

Bull case

Rigetti Computing is supported by improving operating momentum, with 2Q results in line with consensus, backlog growth, and billings at a company record, while 1Q26 revenue also came in above Street estimates on multiple system sales. Its technical roadmap appears credible as 99.8% fidelity on the 9-qubit system and 99.6% on the 36-qubit machine suggest the 108-qubit Cepheus can move toward roughly 99.5% by year-end 2026, strengthening the case for scalable quantum advantage. Financially, $541M in cash, no debt, and up to $100M in CHIPS Act funding over three years provide liquidity and R&D flexibility, while general availability of the 108-qubit system on major cloud platforms expands commercialization potential.

Bear case

Rigetti Computing is a high-risk quantum hardware company facing an uncertain commercialization timeline, because widespread adoption of quantum computing remains unclear and could delay meaningful revenue for years. Its competitive position is also pressured by IBM, Google, Amazon, and Microsoft, while the company still expects about $200M in fab-related capex over the next three years and recognizes that losses may continue through the end of 2030, with breakeven estimated in 2031. Even with customer traction and $5.7MM in Novera orders, gross margins are diluted by bundled dilution refrigerators, supply chain delays have already pushed the 1000-Q and 4000-Q roadmaps back one year, and repeated funding needs raise dilution risk.

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