RGTI

MKT CAP:$5B

Rigetti Computing, Inc.

Market Cap

$5B

Technology·Computer Hardware·🇺🇸 United States·NASDAQ

Technology·Computer Hardware·🇺🇸·NASDAQ

Stock Price

$18.38-$5.22 (-22.12%)

Apr 22, 2026

Company Details

Rigetti Computing, Inc. operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private, or hybrid clouds t...

CEO

Subodh K. Kulkarni

IPO Date

Apr 22, 2021

Website

www.rigetti.com

Key Metrics TTM

Revenue

$7M

-34.3% YoY

Net Income

-$216M

EPS (Diluted)

-$0.66

Free Cash Flow

-$77M

Revenue / Share

$0.02

Gross Margin

29.1%

Operating Margin

-1194.4%

Net Margin

-3050.4%

FCF Margin

-1089.4%

P/S

773.0x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 4, 2026

$7M-34.3%EPS -$0.70

Q4 2025

Mar 4, 2026

$2M-17.9%EPS -$0.06

Q3 2025

Nov 10, 2025

$2M-18.1%EPS -$0.62

Q2 2025

Aug 12, 2025

$2M-41.6%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$3M	$2M	-$9M
Q2 22	$2M	$1M	-$26M
Q3 22	$3M	$2M	-$31M
Q4 22	$6M	$5M	-$27M
Q1 23	$2M	$2M	-$22M
Q2 23	$3M	$3M	-$16M
Q3 23	$3M	$2M	-$17M
Q4 23	$3M	$1M	-$17M
Q1 24	$3M	-$287.0K	-$17M
Q2 24	$3M	$2M	-$16M
Q3 24	$2M	$1M	-$17M
Q4 24	$2M	$1M	-$18M
Q1 25	$1M	$442.0K	-$22M
Q2 25	$2M	$566.0K	-$20M
Q3 25	$2M	$404.0K	-$21M
Q4 25	$2M	$652.0K	-$23M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q2 22	620.4x	—
Q3 22	536.2x	—
Q4 22	393.7x	—
Q1 23	415.1x	—
Q2 23	380.7x	—
Q3 23	372.9x	—
Q4 23	456.2x	—
Q1 24	426.0x	—
Q2 24	434.2x	—
Q3 24	460.7x	—
Q4 24	507.8x	—
Q1 25	594.9x	—
Q2 25	691.3x	—
Q3 25	731.1x	—
Q4 25	773.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$8M	-$10M
Q2 22	-$19M	-$27M
Q3 22	-$13M	-$22M
Q4 22	-$14M	-$18M
Q1 23	-$16M	-$20M
Q2 23	-$18M	-$19M
Q3 23	-$5M	-$6M
Q4 23	-$12M	-$14M
Q1 24	-$13M	-$19M
Q2 24	-$14M	-$16M
Q3 24	-$15M	-$18M
Q4 24	-$9M	-$10M
Q1 25	-$14M	-$16M
Q2 25	-$16M	-$22M
Q3 25	-$14M	-$20M
Q4 25	-$15M	-$19M

Capital Expenditures

Quarter	CapEx
Q3 21	$2M
Q2 22	$8M
Q3 22	$9M
Q4 22	$3M
Q1 23	$5M
Q2 23	$931.0K
Q3 23	$2M
Q4 23	$2M
Q1 24	$5M
Q2 24	$2M
Q3 24	$2M
Q4 24	$1M
Q1 25	$3M
Q2 25	$6M
Q3 25	$6M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+97.7%	+253.8%
Q4 22	+156.8%	+226.6%
Q1 23	-24.6%	+100.4%
Q2 23	+55.9%	-29.9%
Q3 23	+10.7%	-41.6%
Q4 23	-44.3%	-37.2%
Q1 24	+38.7%	-18.9%
Q2 24	-7.2%	-2.0%
Q3 24	-23.4%	-1.1%
Q4 24	-32.6%	+0.9%
Q1 25	-51.8%	+17.7%
Q2 25	-41.6%	+13.1%
Q3 25	-18.1%	+14.1%
Q4 25	-17.9%	+17.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$15M	539.3%
Q4 22	$7M	118.3%
Q1 23	$2M	77.4%
Q2 23	$3M	100.8%
Q3 23	$4M	118.2%
Q4 23	$4M	109.1%
Q1 24	$3M	98.0%
Q2 24	$3M	106.5%
Q3 24	$3M	144.1%
Q4 24	$3M	147.9%
Q1 25	$4M	283.6%
Q2 25	$4M	197.3%
Q3 25	$4M	220.8%
Q4 25	$6M	298.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$7M	$3M	$782.0K	—
Q2 22	$13M	$3M	$550.7K	—
Q3 22	$17M	$3M	$850.1K	—
Q4 22	$16M	$9M	$1M	—
Q1 23	$14M	$8M	$518.0K	—
Q2 23	$13M	$6M	—	—
Q3 23	$13M	$6M	—	—
Q4 23	$11M	—	—	$7M
Q1 24	$10M	—	—	$7M
Q2 24	$12M	—	—	$6M
Q3 24	$13M	—	—	$6M
Q4 24	$14M	—	—	$6M
Q1 25	$15M	—	—	—
Q2 25	$14M	—	—	—
Q3 25	$15M	—	—	—
Q4 25	$17M	—	—	$6M

Revenue Segments

Quarter	Access to quantum computing systems	Collaborative research and other professional services
Q2 22	$657.0K	$1M
Q3 22	$814.0K	$2M
Q4 22	$1M	$5M
Q1 23	$390.0K	$2M

Revenue by Geography

Quarter	Europe	United States
Q2 22	$485.0K	$2M
Q3 22	$576.0K	$2M
Q4 22	$700.0K	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$207M	$0	$207M
Q2 22	$184M	$0	$184M
Q3 22	$74M	$87M	$161M
Q4 22	$58M	$85M	$143M
Q1 23	$26M	$96M	$122M
Q2 23	$22M	$84M	$105M
Q3 23	$42M	$68M	$110M
Q4 23	$21M	$79M	$100M
Q1 24	$35M	$68M	$103M
Q2 24	$21M	$80M	$100M
Q3 24	$20M	$72M	$93M
Q4 24	$68M	$124M	$192M
Q1 25	$37M	$172M	$209M
Q2 25	$57M	$369M	$426M
Q3 25	$26M	$421M	$447M
Q4 25	$45M	$399M	$444M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	66M	-42.0%	—
Q2 22	114M	+72.8%	—
Q3 22	119M	+3.9%	+4.2%
Q4 22	122M	+2.8%	+7.1%
Q1 23	125M	+2.4%	+89.0%
Q2 23	129M	+3.0%	+12.6%
Q3 23	134M	+4.2%	+12.9%
Q4 23	141M	+5.0%	+15.3%
Q1 24	152M	+8.1%	+21.7%
Q2 24	172M	+13.2%	+33.8%
Q3 24	188M	+9.6%	+40.7%
Q4 24	185M	-2.0%	+31.4%
Q1 25	302M	+63.3%	+98.6%
Q2 25	298M	-1.1%	+73.5%
Q3 25	325M	+9.0%	+72.5%
Q4 25	310M	-4.7%	+67.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q2 22	$533.5K	4
Q3 22	$701.0K	4
Q4 22	$42.1K	144
Q1 23	$15.3K	144
Q2 23	$23.1K	144
Q3 23	$21.6K	144
Q4 23	$25.2K	134
Q1 24	$22.8K	134
Q2 24	$23.0K	134
Q3 24	$17.7K	134
Q4 24	$16.6K	137
Q1 25	$10.7K	137
Q2 25	$13.1K	137
Q3 25	$14.2K	137
Q4 25	$11.4K	164

Revenue / Employee