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RGTI
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Rigetti Computing Inc (RGTI)

Upturn stock ratingUpturn stock rating
$7.81
Delayed price
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PASS
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  • SELL Advisory (Profit)​
  • SELL Advisory (Loss)​
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Upturn Advisory Summary

04/01/2025: RGTI (3-star) is currently NOT-A-BUY. Pass it for now.

Upturn Star Rating

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Moderate Performance

These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.

AI Based Fundamental Rating

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Moderate Performance

These Stocks/ETFs, based on Upturn Advisory, typically align with the market average, offering steady but unremarkable returns.

Analysis of Past Performance

Type Stock
Historic Profit 908.05%
Avg. Invested days 34
Today’s Advisory PASS
Upturn Star Rating Upturn stock ratingUpturn stock rating
Upturn Advisory Performance Upturn Advisory Performance 3.0
Stock Returns Performance Upturn Returns Performance 5.0
Upturn Profits based on simulationUpturn Profits based on simulation Profits based on simulation
Upturn Profits based on simulationUpturn Profits based on simulation Last Close 04/01/2025

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 -

ai summary icon Upturn AI SWOT

Rigetti Computing Inc

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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.

Upturn AI SummarizationUpturn AI Summarization AI Summarization is directionally correct and might not be accurate.

Upturn AI SummarizationUpturn AI Summarization Summarized information shown could be a few years old and not current.

Upturn AI SummarizationUpturn AI Summarization Fundamental Rating based on AI could be based on old data.

Upturn AI SummarizationUpturn AI Summarization 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
Full time employees 137

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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