Rigetti Computing (RGTI) stock fell 68.2% in the year to October 22, 2026, while the S&P 500 returned 15.7%, even though sales grew. The drop mainly reflects investors paying less per dollar of sales: the price-to-sales multiple fell from 1,292 times in late September 2025 to 286.5 times, still far above the S&P 500's 3.1 times. Revenue for the twelve months to June 2026 rose 68.5% to $13.4 million, but the operating loss widened to $97.2 million from $77.4 million. Diluted shares rose to 333 million from 298 million, while the company held $394 million in cash and short-term investments against $7.7 million of debt. The next report, expected in November 2026, will show the operating loss, which the article highlights as the figure to watch.
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