Rigetti Computing (RGTI) closed on 30 October 2026 at its lowest level in a year, having fallen 71.5% over the past 12 months against an 11.3% gain for the S&P 500. It still trades at 280.7 times trailing sales, versus 3.2 times for the S&P 500, while the company lost $97.2 million at the operating line on $13.4 million of sales in the 12 months to June 2026 and held $394 million in cash and short-term investments at the end of June. Second-quarter revenue rose 185.3% from a year earlier, driven by on-premises Novera QPU sales, but revenue fell in each of the two preceding quarters. The Cepheus-1-108Q system ran at a median two-qubit gate fidelity of roughly 99.1%, short of management's aim of about 99.5% later in 2026. Analysts expect third-quarter revenue of about $3.75 million, below the $5.14 million reported for the second quarter. Rigetti may also issue securities to the Department of Commerce under a deal for up to $100 million in CHIPS Act funding, and the article says that if third-quarter revenue falls short and the system misses its accuracy aim, it is still early.
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