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Rigetti Computing Inc (RGTI)



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Upturn Advisory Summary
04/01/2025: RGTI (3-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 908.05% | Avg. Invested days 34 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.32B USD | Price to earnings Ratio - | 1Y Target Price 15 |
Price to earnings Ratio - | 1Y Target Price 15 | ||
Volume (30-day avg) 60681403 | Beta 1.37 | 52 Weeks Range 0.66 - 21.42 | Updated Date 04/1/2025 |
52 Weeks Range 0.66 - 21.42 | Updated Date 04/1/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -1.09 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Earnings Date
Report Date 2025-03-06 | When - | Estimate -0.065 | Actual -0.062 |
Profitability
Profit Margin - | Operating Margin (TTM) -813.28% |
Management Effectiveness
Return on Assets (TTM) -19.26% | Return on Equity (TTM) -170.2% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 2086180693 | Price to Sales(TTM) 215.35 |
Enterprise Value 2086180693 | Price to Sales(TTM) 215.35 | ||
Enterprise Value to Revenue 193.34 | Enterprise Value to EBITDA 1.29 | Shares Outstanding 285828000 | Shares Floating 282403827 |
Shares Outstanding 285828000 | Shares Floating 282403827 | ||
Percent Insiders 1.08 | Percent Institutions 24.01 |
Analyst Ratings
Rating 4.83 | Target Price 3.5 | Buy 1 | Strong Buy 5 |
Buy 1 | Strong Buy 5 | ||
Hold - | Sell - | Strong Sell - | |
Strong Sell - |
Upturn AI SWOT
Rigetti Computing Inc
Company Overview
History and Background
Rigetti Computing Inc. was founded in 2013 by Chad Rigetti. It focuses on building quantum computers and developing software and services to accelerate quantum computing adoption. Significant milestones include developing its proprietary quantum processors and securing partnerships with government and industry entities. The company went public in 2022 via a SPAC merger.
Core Business Areas
- Quantum Computing Systems: Designs, manufactures, and sells quantum computing systems based on superconducting qubit technology.
- Quantum Cloud Services: Offers access to its quantum computing systems through a cloud platform, enabling users to run quantum algorithms and applications remotely.
- Quantum Software Development: Develops and provides quantum software tools and libraries to facilitate quantum algorithm design and implementation.
- Quantum Computing as a Service (QCaaS): Provides managed access to their quantum computers as a service, handling system maintenance, updates and optimization.
Leadership and Structure
Dr. Subodh Kulkarni serves as the CEO. The company has a board of directors comprising experienced technology and business leaders. The organizational structure is centered around engineering, research, product development, and commercial operations.
Top Products and Market Share
Key Offerings
- Quantum Processors (e.g., Ankaa, Etnia): Develops and manufactures superconducting quantum processors. Performance is measured in qubit count, coherence times, and gate fidelities. Market share is difficult to quantify precisely due to the nascent stage of the industry but they compete against IBM, Google and IonQ in number of qubits. Competitors are IBM (Q), IONQ, and Google (GOOGL).
- Quantum Cloud Services (Quantum Cloud Services (QCS)): Provides access to Rigetti's quantum computers via the cloud. This allows researchers and developers to run their algorithms on real quantum hardware. Revenue is generated through subscription fees and usage-based charges. Competition is from Amazon Braket (AMZN), Azure Quantum (MSFT), and IBM Quantum Experience (Q).
- Quantum Software Libraries (Pyorbit): Developing a Pythonic quantum programming library which aims to be a comprehensive and easy to use open source project. Main competitors are Qiskit (IBM), Cirq (Google), PennyLane (Xanadu).
Market Dynamics
Industry Overview
The quantum computing industry is rapidly evolving, with increasing investment from both public and private sectors. The industry is characterized by intense competition among various technology approaches (superconducting, trapped ion, photonic, etc.) and a growing ecosystem of software and application developers. The market is still in its early stages with most players still in the research and development phase.
Positioning
Rigetti Computing focuses on superconducting qubit technology. Rigetti positions itself as a provider of full-stack quantum computing solutions, encompassing hardware, software, and cloud services. Their competitive advantage lies in the scalability of their superconducting qubits and their efforts to make quantum computing accessible via the cloud.
Total Addressable Market (TAM)
TAM estimates vary widely but range from $1 billion to $10 billion by 2027-2030 depending on market reports and industry projections. Rigetti is positioned to capture a portion of this market through its cloud-based quantum computing services and hardware sales. However, the company is still in the early stages of commercialization.
Upturn SWOT Analysis
Strengths
- Proprietary superconducting qubit technology
- Full-stack quantum computing approach (hardware, software, cloud)
- Early mover advantage in quantum cloud services
- Experienced leadership team with expertise in quantum physics and engineering
- Strategic partnerships with government and industry entities
Weaknesses
- Technology is still in early development and requires significant improvement
- High cash burn rate and reliance on external funding
- Limited revenue and commercial traction
- Subject to supply chain disruptions and constraints
- Intense competition from larger, more established companies
Opportunities
- Growing demand for quantum computing solutions in various industries (finance, healthcare, materials science, AI)
- Increasing government funding and support for quantum research and development
- Potential for strategic partnerships and collaborations
- Development of novel quantum algorithms and applications
- Expansion into new markets and geographies
Threats
- Rapid technological advancements by competitors
- Disruptive innovation from alternative quantum computing technologies
- Economic downturn and reduced investment in R&D
- Regulatory uncertainty and lack of standardization
- Difficulty in attracting and retaining skilled quantum computing talent
Competitors and Market Share
Key Competitors
- IBM (Q)
- IONQ
- GOOGL
Competitive Landscape
Rigetti's superconducting qubit approach competes directly with IBM and Google. It faces competition from IONQ, which employs trapped-ion technology. Rigetti's competitive advantage is its focus on a full-stack quantum computing solution. However, IBM and Google have greater resources and established market presence.
Major Acquisitions
Growth Trajectory and Initiatives
Historical Growth: Rigetti Computing has experienced moderate revenue growth since its inception. However, the company is still in the pre-commercialization phase, and profitability remains a significant challenge.
Future Projections: Analyst estimates suggest that Rigetti Computing will continue to invest in R&D but it's not expecting the company to be profitable. Revenue projections are subject to considerable uncertainty due to the nascent stage of the industry.
Recent Initiatives: Recent strategic initiatives include product development of their Ankaa and Etnia Quantum Processors. The company also has numerous R&D contracts with government agencies.
Summary
Rigetti Computing is positioned in the burgeoning quantum computing market, and is making advancements in hardware and software. However, the company faces challenges related to high cash burn and intense competition. Strategic partnerships and successful commercialization of its quantum computing solutions are crucial for future success. Investors should closely monitor Rigetti's progress in achieving technological milestones and building a sustainable business model.
Similar Companies
- Q
- IONQ
- MSFT
- AMZN
- LMT
Sources and Disclaimers
Data Sources:
- Company SEC Filings (10-K, 10-Q)
- Company Website
- Analyst Reports
- Industry News and Publications
Disclaimers:
This analysis is based on publicly available information and is not financial advice. The quantum computing industry is rapidly evolving, and projections are subject to change. Market share figures are estimates and may not reflect precise data.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Rigetti Computing Inc
Exchange NASDAQ | Headquaters Berkeley, CA, United States | ||
IPO Launch date 2021-04-22 | CEO, President & Director Dr. Subodh K. Kulkarni Ph.D. | ||
Sector Technology | Industry Computer Hardware | Full time employees 137 | Website https://www.rigetti.com |
Full time employees 137 | Website https://www.rigetti.com |
Rigetti Computing, Inc., through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip system under the Novera brand name; 84-qubit Ankaa-3 system under the name Novera QPU (Quantum Processing Units); and sells access to its quantum computers through quantum computing as a service. It also provides quantum cloud services that provides various range of support in programming, public or private clouds integration, and connectivity, as well as quantum operating system software that supports both public and private cloud architectures. In addition, the company offers professional services, such as algorithm development, benchmarking, quantum application programming, and software development. The company serves commercial enterprises, government organizations, and international government entities. It has operations in the United States and the United Kingdom. Rigetti Computing, Inc. was founded in 2013 and is headquartered in Berkeley, California.
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