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Rigetti Computing

RGTI on Nasdaq. Rigetti Computing sells quantum computers to scientists, engineers and companies for research. Market value $5.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-1.7%low

For every $100 of what the whole company costs, it produced $-1.73 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-71.1%five-year median

Each dollar kept in the business earns -71 cents a year. Above 10 is good.

Quality score: 10 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$15.17 a share, 21% above its 1-year low

Over the past year the price has ranged from $12.53 to $58.15.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
-0.1
-0.1
-0.1
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
n/a$13m$12m$11m$7m
Operating margin
n/a-832.5%-602.1%-634.9%-1194.4%
Debt to equity
n/a0.190.200.00n/a
Shares outstanding
0.12bn0.14bn0.19bn0.33bn0.33bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsShrinking, 18.5% a year
  • Buying back its own sharesNo, 182% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $5 million last quarter, up 185% on a year ago.
  • A loss of $53 million, compared with a loss of $40 million a year ago.
  • It loses 728 cents on each $1 of sales, compared with 976 cents a year earlier.
  • Over the past 12 months it spent $88 million more cash than it brought in, compared with $66 million a year earlier.
  • 12% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2m
December 2024$2m
March 2025$1m
June 2025$2m
September 2025$2m
December 2025$2m
March 2026$4m
June 2026$5m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$15m
December 2024-$153m
March 2025$43m
June 2025-$40m
September 2025-$201m
December 2025-$18m
March 2026$33m
June 2026-$53m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
4 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

None of the long-term investors we follow own it. 477 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 8 sold $33m, $15m of it under preset trading plans.

  • Kulkarni Subodh K
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    9 September 2026
    Shares
    120,000
    Price
    $15.68
    Value
    $2m
  • Bertelsen Jeffrey A.
    CHIEF FINANCIAL OFFICER
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    25,000
    Price
    $15.00
    Value
    $375,010
  • Bertelsen Jeffrey A.
    CHIEF FINANCIAL OFFICER
    Sold
    Date
    20 August 2026
    Shares
    3,860
    Price
    $16.89
    Value
    $65,187
  • Rivas David
    CHIEF OPERATING OFFICER
    Sold
    Date
    20 August 2026
    Shares
    9,038
    Price
    $16.79
    Value
    $151,734
  • Bestwick Andrew Joseph
    CHIEF TECHNOLOGY OFFICER
    Sold
    Date
    20 August 2026
    Shares
    5,791
    Price
    $16.81
    Value
    $97,319
  • Johnson Ray O
    Director
    Sold
    under a preset trading plan
    Date
    22 June 2026
    Shares
    84,944
    Price
    $20.55
    Value
    $2m
  • Johnson Ray O
    Director
    Sold
    under a preset trading plan
    Date
    8 June 2026
    Shares
    122,188
    Price
    $21.30
    Value
    $3m
  • Kulkarni Subodh K
    President and CEO, Director
    Sold
    Date
    1 June 2026
    Shares
    61,000
    Price
    $24.38
    Value
    $1m
  • Rivas David
    CHIEF TECHNOLOGY OFFICER
    Sold
    Date
    29 May 2026
    Shares
    499,328
    Price
    $25.40
    Value
    $13m
  • Kulkarni Subodh K
    President and CEO, Director
    Sold
    Date
    28 May 2026
    Shares
    43,190
    Price
    $26.23
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • Sales have shrunk: 18.5% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.