Key Points
Rigetti Computing stock is down 33% year to date.
It is one of the leading pure plays in the emerging field of quantum computing.
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Rigetti Computing (NASDAQ: RGTI) is one of the most prominent pure-play names in the emerging quantum computing space.
It is important to note that this is an early-stage technology that is years away, maybe even a decade or more, from being ready for wide commercial adoption. However, according to a 2026 report from McKinsey, quantum computing could deliver $1.3 trilion to $2.7 trillion in economic value to companies by 2035.
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And the space is growing. In 2025, according to McKinsey, quantum computing companies generated about $1 billion in revenue. In 2028, they expect that to grow to $4.4 billion.
"By creating the teams and capabilities to succeed with quantum now, first movers can capture an early advantage," the McKinsey report said. "They can also secure intellectual property to build defensible ownership of key quantum computing applications."
Rigetti may be one of the leading pure-play quantum computing stocks. But tech behemoths like IBM (NYSE: IBM), Alphabet (NASDAQ: GOOG), and Microsoft (NASDAQ: MSFT) are also investing heavily in the space.
That points to one of the risks inherent in investing in small companies in emerging industries -- the big guys may come in and take over. That's not to say that some of the many start-ups in the space won't eventually emerge as quantum computing powerhouses, but it is unlikely that all of them will.
Where does Rigetti fit in?
Image source: Getty Images.
A quantum advantage
Rigetti makes superconducting qubit processors and has a full-stack system for quantum computing that includes chip fabrication, packaging, architecture, control systems, and cloud infrastructure. That full-stack vertical integration makes it different from most of its competitors, particularly the pure-play rivals.
The company is generating very little revenue right now. In the first quarter, its top line was just $4.4 million, most of which came from government, academic, and research customers using its systems. But that was up from $1.7 million a year earlier.
It also had $33 million in net income, but the positive side of that came entirely from a $53.7 million gain from fair value accounting changes. It had an adjusted net loss of $14.7 million or $0.04 per share. The good news is, it has $569 million in cash and equivalents on its books, and no debt, which puts it in good shape to keep investing in developing its technology in pursuit of a commercializable offering.
Is Rigetti stock a buy?
In late May, Rigetti stock popped from around $16 to over $27 per share after it was announced that it had signed a $100 million letter of intent with the U.S. Department of Commerce for quantum computing research and development.
But the stock soon retreated, and closed trading Thursday at $14.85 per share. Such is the volatile nature of a speculative stock backed by little revenue and no real profits. Currently, the stock is down about 33% year-to-date.
Such ups and downs will likely be the pattern for Rigetti stock until the quantum computing industry matures. Wall Street analysts have a median 12-month price target of $30.50 per share on the stock, which would suggest more than 100% upside and get it above where it traded in May. But it could be prone to wild swings along the way.
If you want to take a chance on a more speculative play like this, it would be wise to make it a relatively small position in your portfolio, and to be prepared for a lot of volatility.
Should you buy stock in Rigetti Computing right now?
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Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, International Business Machines, and Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
