← D-Wave Quantum Inc. Common Stock overview

D-Wave Quantum Inc. Common Stock vs Rigetti Computing: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

D-Wave Quantum Inc. Common Stock (QBTS)

Q3 2026
▲2▼2

D-Wave gains validation but faces valuation and competition risks

  • Industry recognition and strategic deals IDC named D-Wave a MarketScape Leader, it acquired Quantum Circuits, expanded AT&T and NTT DOCOMO deployments, and signed a Nasdaq Verafin fraud-detection deal. These moves validate its technology and commercial traction.

    These new developments highlight growing industry recognition and customer adoption, which can boost investor confidence.

  • Strong bookings and analyst initiation Bookings surged over 1,120% to $35.5M, backlog reached $40.7M, and BMO initiated coverage at Outperform. This signals accelerating commercial momentum and analyst confidence.

    The surge in bookings and positive analyst coverage are new indicators of potential revenue growth.

  • Tiny revenue and CFO departure Revenue remains tiny and flat (~$3M quarterly, down 81% earlier), and the CFO retired abruptly. These raise concerns about financial execution and stability.

    Weak revenue and leadership turnover are new negative factors that could undermine investor confidence.

  • Extreme valuation and competitive pressures Valuation is extreme at 93x forward sales versus the industry's 4.4, and rivals IonQ and Quantinuum lead on accuracy and growth. Geopolitical tensions and AI sell-offs also pressured shares, down 36% over the past year.

    These ongoing risks highlight the stock's vulnerability despite operational progress.

August 2026
▲2▼2

D-Wave's commercial wins clash with flat revenue and CFO exit

  • Commercial deals and bookings surge D-Wave signed a fraud-detection deal with Nasdaq Verafin, expanded AT&T from trial to full deployment, and partnered with CGI to embed its systems into enterprise services. Bookings jumped over 1,120% to $35.5 million, and backlog reached $40.7 million, showing strong demand.

    This is the main new positive force driving the stock, showing accelerating commercial adoption.

  • Analyst coverage and board addition BMO initiated coverage with an Outperform rating and a $35 price target, while a BNP Paribas executive joined the board. These endorsements boost credibility and investor visibility, potentially attracting more institutional interest.

    New analyst validation and board strengthening are fresh positive catalysts for the stock.

  • Flat revenue and CFO retirement Q2 revenue stayed flat at $3.1 million, missing estimates, and the CFO retired abruptly, sending shares down 8%. The CFO exit raises concerns about financial leadership and execution during a critical growth phase.

    This is a key new negative event that pressured the stock and highlights execution risks.

  • Competitive pressure from rivals Rivals IonQ and Quantinuum lead on accuracy and revenue growth, raising doubts about D-Wave's annealing approach and near-term execution. This competitive gap could hinder D-Wave's ability to win larger contracts and scale revenue.

    New competitive developments pose a significant risk to D-Wave's market position and growth outlook.

Latest
▲3

D-Wave Expands Commercial Reach with CGI Deal and Gate Simulator Beta

  • CGI partnership brings D-Wave to enterprise clients D-Wave and CGI signed a partnership to embed D-Wave's Advantage2 system and hybrid solvers into CGI's client services for logistics, transportation, and retail. This moves D-Wave beyond research trials toward real commercial projects, supporting the case that demand is growing and could lead to recurring revenue.

    This is a concrete commercial adoption deal that expands D-Wave's customer reach and validates its technology for enterprise use.

  • Gate-model simulator beta advances product roadmap D-Wave launched a beta program for its gate-model quantum simulator, built on dual-rail superconducting technology, with early users including BBVA and Florida Atlantic University. This shows progress on its next-generation platform, which could attract more customers and investors betting on future growth.

    It demonstrates tangible progress on D-Wave's gate-model roadmap, a key long-term growth driver.

  • Nasdaq listing and board addition boost visibility D-Wave moved its stock listing to Nasdaq and added BNP Paribas executive Bernard Gavgani to its board. The Nasdaq move may attract more tech-focused investors and improve trading liquidity, while the board addition brings enterprise IT and cybersecurity expertise as D-Wave targets financial and government clients.

    These are capital-market and governance events that can increase investor interest and support the stock's valuation.

September 2026
▲3

D-Wave Wins $100M CHIPS Grant and Expands Customer Deployments

  • Finalized $100M CHIPS Act grant D-Wave signed a definitive agreement for up to $100 million in U.S. CHIPS Act funding, with the government taking a minority stake. This gives the company cash to develop bigger quantum systems without selling more shares, easing worries about running out of money.

    This is the period's biggest new event and directly boosts D-Wave's capital position.

  • NTT DOCOMO and AT&T expand real-world use NTT DOCOMO put a second D-Wave-powered app into daily production, cutting network signals by 65%, and AT&T agreed to expand its use of D-Wave technology. Real customers using the product in daily operations supports the case that demand is genuine, not just experimental.

    Shows commercial traction with major customers, a key driver of future revenue.

  • Canadian research grant adds funding D-Wave received up to CAD $300,000 from Canada's National Research Council to advance its annealing quantum software for commercial use. While small, it adds outside validation and funding for its core technology, helping support the stock's narrative.

    Another new source of non-dilutive funding and external validation for D-Wave's approach.

  • Sector rally on IonQ error decoder, but valuation still extreme IonQ's first real-time quantum error decoder lifted the whole quantum sector, with D-Wave up over 5.5% in sympathy. But D-Wave still trades at 93 times forward sales versus the industry's 4.4, and its shares are down 36% over the past year, a reminder of high risk.

    Captures the positive sector sentiment while flagging the real counterweight of extreme valuation and weak long-term stock performance.

▲3

D-Wave Wins $100M CHIPS Grant and Expands Customer Deployments

  • Finalized $100M CHIPS Act grant D-Wave signed a definitive agreement for up to $100 million in U.S. CHIPS Act funding, with the government taking a minority stake. This gives the company cash to develop bigger quantum systems without selling more shares, easing worries about running out of money.

    This is the period's biggest new event and directly boosts D-Wave's capital position.

  • NTT DOCOMO and AT&T expand real-world use NTT DOCOMO put a second D-Wave-powered app into daily production, cutting network signals by 65%, and AT&T agreed to expand its use of D-Wave technology. Real customers using the product in daily operations supports the case that demand is genuine, not just experimental.

    Shows commercial traction with major customers, a key driver of future revenue.

  • Canadian research grant adds funding D-Wave received up to CAD $300,000 from Canada's National Research Council to advance its annealing quantum software for commercial use. While small, it adds outside validation and funding for its core technology, helping support the stock's narrative.

    Another new source of non-dilutive funding and external validation for D-Wave's approach.

  • Sector rally on IonQ error decoder, but valuation still extreme IonQ's first real-time quantum error decoder lifted the whole quantum sector, with D-Wave up over 5.5% in sympathy. But D-Wave still trades at 93 times forward sales versus the industry's 4.4, and its shares are down 36% over the past year, a reminder of high risk.

    Captures the positive sector sentiment while flagging the real counterweight of extreme valuation and weak long-term stock performance.

▲2▼2

D-Wave's bookings surge and Wall Street backing offset weak sales and CFO exit

  • BMO starts coverage with Outperform and $35 target BMO Capital Markets began covering D-Wave with a buy rating and a $35 price target, pointing to a huge potential market. A big broker's backing draws new investors and supports the stock, even though the company is still small and unprofitable.

    A new analyst endorsement is a fresh force that can pull money into the stock.

  • Backlog grows eightfold as customers move to production D-Wave's contracted backlog jumped nearly eightfold to $40.7 million, and first-half bookings hit $35.5 million — six times the revenue it booked. Six customer apps are now in daily use, including AT&T and NTT DOCOMO, showing real demand even though reported sales are still tiny.

    This is the core demand signal that explains why investors still value the stock despite weak revenue.

  • CFO retires and Q2 revenue misses estimates D-Wave's CFO John Markovich will retire September 2, and the company reported Q2 revenue of $3.08 million, missing the $4.03 million analysts expected. The stock fell 8% on the news. A sudden finance-chief exit and a sales shortfall raise doubts about near-term execution.

    This is the main new negative event that pushed the stock down this period.

  • Rivals IonQ and Quantinuum pull ahead on accuracy and sales IonQ and Quantinuum are winning attention with far more accurate trapped-ion machines and much faster revenue growth — IonQ's sales jumped 287% to $80 million. D-Wave's annealing approach lags on accuracy, so investors worry it could lose the race and keep money flowing to rivals instead.

    Competitive gap is a persistent drag that shapes how investors compare D-Wave with peers.

▲3▼1

D-Wave's bookings surge and AT&T expansion offset weak revenue and IonQ competition

  • Nasdaq Verafin fraud detection deal D-Wave announced a collaboration with Nasdaq Verafin to build quantum-hybrid fraud detection tools, sending the stock up 11%. A major financial-industry partner shows its technology is being adopted for real business problems, which supports demand and lifts the shares.

    This is a new commercial partnership that directly drove the stock higher and signals growing demand.

  • AT&T moves from test to full deployment AT&T expanded its D-Wave use from a trial to broad deployment across network operations, adding tasks like outage detection and technician routing. This validates the platform with a major customer and points to more contracts, pushing the stock up.

    This is a new stage of the AT&T relationship that confirms real-world demand and supports future revenue.

  • Bookings and future revenue jump First-half bookings surged over 1,120% to $35.5 million and remaining performance obligations hit $40.7 million, up 668%. More commercial and Fortune 2000 customers are buying, which signals future revenue and gives investors confidence, even though reported revenue was flat.

    These new metrics show demand is accelerating and are a key reason investors look past weak current revenue.

  • Weak revenue and IonQ competition Q2 revenue stayed flat at $3.1 million and the quarterly loss missed estimates, while rival IonQ grew revenue far faster and is seen as the better buy. This contrast raises doubts about D-Wave's near-term sales and pressures the stock.

    This is the main counterweight: weak reported revenue and a stronger competitor that could pull investor money away.

July 2026
▲2▼2

D-Wave gains validation but faces valuation and revenue risks

  • IDC MarketScape Leader and government stake odds IDC named D-Wave a MarketScape Leader, and prediction market Kalshi gave over 60% odds of a U.S. government stake. These endorsements boost credibility and could lead to more contracts or funding.

    This point highlights new validation that supports the stock price.

  • Quantum Circuits acquisition and AT&T partnership expansion D-Wave acquired Quantum Circuits to add gate-model computing and expanded its AT&T partnership, cutting a network task from an hour to 15 seconds. These moves strengthen its technology and commercial reach.

    This point shows strategic progress that could drive future growth.

  • Extreme valuation and revenue plunge The stock trades at over 700 times sales, and quarterly revenue fell 81% to $2.9 million. Such a high valuation with shrinking revenue raises concerns about sustainability and near-term performance.

    This point explains a major risk weighing on the stock.

  • Geopolitical tensions and AI sell-off Quantum stocks were hit by Strait of Hormuz tensions and a broader sell-off in AI infrastructure. These external factors pressured D-Wave shares despite company-specific positives.

    This point identifies external market forces that hurt the stock.

▲2▼2

AT&T deal drives D-Wave higher, but weak revenue and AI sell-off weigh

  • AT&T expands D-Wave partnership AT&T signed a wider deal to use D-Wave's quantum computers in its network, cutting a key task from an hour to 15 seconds. This real-world use shows demand and could lead to more contracts, pushing the stock up.

    This is the main new positive event that directly lifted QBTS shares this period.

  • Quarterly revenue plunges 81% D-Wave's quarterly revenue fell 81% to $2.9 million, showing weak product sales. Even though bookings jumped, the low revenue raises doubts about near-term growth, weighing on the stock.

    This new negative data point explains why the stock remains under pressure despite the AT&T deal.

  • AI infrastructure sell-off hits quantum stocks A broad sell-off in AI infrastructure stocks spilled into quantum names, dragging D-Wave down. Worries about hyperscaler spending and Nvidia's OpenAI financing spooked investors, pressuring the whole sector.

    This new sector-wide pullback is a key reason QBTS declined this period.

  • CEO warns quantum will break Bitcoin D-Wave's CEO said quantum computing will eventually break Bitcoin's security. While not a direct business deal, it highlights the power of D-Wave's technology and keeps the company in the news, which can draw investor attention.

    This new statement adds to the narrative around D-Wave's technological relevance, a potential positive driver.

▲3▼1

D-Wave Wins Industry Recognition, Government Stake Odds Rise, But Valuation and Risk-Off Weigh

  • IDC MarketScape Leader D-Wave was named a Leader in the IDC MarketScape quantum computing assessment, one of only two companies. This independent recognition validates its commercial deployments and technology, boosting investor confidence and supporting a higher stock price.

    This is a new, company-specific positive event that directly enhances D-Wave's credibility and growth outlook.

  • Government Stake Odds Kalshi traders see over 60% odds that the U.S. government takes a stake in D-Wave this year. Such a move would provide capital and strategic backing, potentially lifting the stock as investors bet on government support.

    This new market-based signal suggests a potential catalyst that could significantly boost D-Wave's resources and credibility.

  • Quantum Circuits Acquisition D-Wave acquired Quantum Circuits Inc. to add gate-model computing to its annealing technology, broadening its platform. This strategic move positions D-Wave to compete more effectively and capture a larger market, supporting long-term growth.

    The acquisition is a new strategic development that expands D-Wave's technology and competitive position.

  • Valuation and Risk-Off D-Wave trades at over 700 times sales, raising valuation concerns. On July 13, quantum stocks fell 6% on risk-off selling from Strait of Hormuz tensions. These factors create downward pressure despite positive fundamentals.

    This highlights the main counterweights: extreme valuation and broad market risk aversion that can drag the stock down.

Q2 2026
▲3

D-Wave gains on $100M CHIPS funding, new simulator, and quantum-friendly executive orders

  • CHIPS Act funding and 100-qubit roadmap D-Wave secured up to $100 million in U.S. CHIPS Act funding and set a roadmap to reach 100 logical qubits by 2032. This direct federal support gives the company cash to develop its technology and signals government confidence, both of which support a higher stock price.

    This is a major new capital and technology catalyst that directly boosts D-Wave's resources and credibility.

  • New gate-model simulator launch D-Wave launched a gate-model quantum simulator on its Leap cloud platform, letting developers test gate-model ideas before hardware is ready. The stock jumped 7.7% on the news, as it shows progress on the company's dual annealing and gate-model strategy.

    This is a new product milestone that expands D-Wave's addressable market and was directly linked to a same-day stock gain.

  • Trump executive orders accelerate quantum adoption President Trump signed two executive orders to speed up U.S. quantum computing and quantum-resistant encryption, including a goal for a powerful quantum computer by 2028. D-Wave shares rose 2.3% on the news, as government backing can lead to more contracts and funding.

    This is a new regulatory catalyst that benefits the entire quantum sector, including D-Wave, and was cited in multiple articles.

  • Commercial traction vs. competitive and insider pressures D-Wave's Q1 bookings surged nearly 20x to $33.4 million, but the stock is down 23% year to date as investors favor peers like IonQ and insider sales hit $36 million. The market is rewarding proven revenue growth, and D-Wave's strong bookings may eventually win back favor.

    This captures the key tension: strong bookings and analyst estimate raises versus competitive rotation and insider selling, giving a fair picture of what's driving the stock.

June 2026
▲3

D-Wave gains on $100M CHIPS funding, new simulator, and quantum-friendly executive orders

  • CHIPS Act funding and 100-qubit roadmap D-Wave secured up to $100 million in U.S. CHIPS Act funding and set a roadmap to reach 100 logical qubits by 2032. This direct federal support gives the company cash to develop its technology and signals government confidence, both of which support a higher stock price.

    This is a major new capital and technology catalyst that directly boosts D-Wave's resources and credibility.

  • New gate-model simulator launch D-Wave launched a gate-model quantum simulator on its Leap cloud platform, letting developers test gate-model ideas before hardware is ready. The stock jumped 7.7% on the news, as it shows progress on the company's dual annealing and gate-model strategy.

    This is a new product milestone that expands D-Wave's addressable market and was directly linked to a same-day stock gain.

  • Trump executive orders accelerate quantum adoption President Trump signed two executive orders to speed up U.S. quantum computing and quantum-resistant encryption, including a goal for a powerful quantum computer by 2028. D-Wave shares rose 2.3% on the news, as government backing can lead to more contracts and funding.

    This is a new regulatory catalyst that benefits the entire quantum sector, including D-Wave, and was cited in multiple articles.

  • Commercial traction vs. competitive and insider pressures D-Wave's Q1 bookings surged nearly 20x to $33.4 million, but the stock is down 23% year to date as investors favor peers like IonQ and insider sales hit $36 million. The market is rewarding proven revenue growth, and D-Wave's strong bookings may eventually win back favor.

    This captures the key tension: strong bookings and analyst estimate raises versus competitive rotation and insider selling, giving a fair picture of what's driving the stock.

▲3

D-Wave gains on $100M CHIPS funding, new simulator, and quantum-friendly executive orders

  • CHIPS Act funding and 100-qubit roadmap D-Wave secured up to $100 million in U.S. CHIPS Act funding and set a roadmap to reach 100 logical qubits by 2032. This direct federal support gives the company cash to develop its technology and signals government confidence, both of which support a higher stock price.

    This is a major new capital and technology catalyst that directly boosts D-Wave's resources and credibility.

  • New gate-model simulator launch D-Wave launched a gate-model quantum simulator on its Leap cloud platform, letting developers test gate-model ideas before hardware is ready. The stock jumped 7.7% on the news, as it shows progress on the company's dual annealing and gate-model strategy.

    This is a new product milestone that expands D-Wave's addressable market and was directly linked to a same-day stock gain.

  • Trump executive orders accelerate quantum adoption President Trump signed two executive orders to speed up U.S. quantum computing and quantum-resistant encryption, including a goal for a powerful quantum computer by 2028. D-Wave shares rose 2.3% on the news, as government backing can lead to more contracts and funding.

    This is a new regulatory catalyst that benefits the entire quantum sector, including D-Wave, and was cited in multiple articles.

  • Commercial traction vs. competitive and insider pressures D-Wave's Q1 bookings surged nearly 20x to $33.4 million, but the stock is down 23% year to date as investors favor peers like IonQ and insider sales hit $36 million. The market is rewarding proven revenue growth, and D-Wave's strong bookings may eventually win back favor.

    This captures the key tension: strong bookings and analyst estimate raises versus competitive rotation and insider selling, giving a fair picture of what's driving the stock.

Rigetti Computing Inc (RGTI)

Q3 2026
▲3▼1

Rigetti advances on grant and sales, but losses and competition weigh

  • Finalized $100M CHIPS Act grant with government stake Rigetti finalized a $100 million CHIPS Act grant, giving the U.S. government a small non-controlling stake. This non-dilutive funding validates the technology and strengthens the balance sheet without adding debt.

    This is a major new positive development that provides capital and validation.

  • Commercial sales of 9-qubit systems begin Rigetti started commercial sales of its 9-qubit quantum systems, marking a shift from R&D to revenue generation. This could open new revenue streams and demonstrate commercial viability.

    This is a new positive operational milestone for the company.

  • Q2 revenue grows 185% to $5.1M Q2 revenue jumped 185% year-over-year to $5.1 million, showing accelerating demand. With $393.7 million cash and no debt, Rigetti has runway to fund operations.

    This is a new positive financial update indicating growth.

  • Operating losses widen to $28.1M as expenses jump 48% Operating losses widened to $28.1 million as expenses rose 48%, keeping profitability distant. Valuation remains extreme (price-to-sales above 490), and rivals IonQ and Quantinuum lead commercially and technically.

    This is a new negative financial and competitive update that pressures the stock.

August 2026
▲2▼1

Rigetti finalizes $100M CHIPS grant, starts 9-qubit sales, but losses widen

  • CHIPS Act grant finalized Rigetti finalized a $100M CHIPS Act grant, with a small non-controlling U.S. government stake. This gives cash and credibility, but the government does not control the company.

    This is the main new positive event that boosts Rigetti's resources and market confidence.

  • Commercial 9-qubit system sales begin Rigetti began commercial sales of its 9-qubit quantum systems, a first step to turning its technology into revenue. Q2 revenue grew to $5.1M from $1.8M a year earlier.

    This shows real commercial progress and revenue growth, key for a pre-profit company.

  • Losses widen as expenses jump Operating losses widened to $28.1M as operating expenses jumped 48%. Profitability remains distant, and the company still spends far more than it earns.

    This is the main financial counterweight that keeps pressure on the stock despite revenue growth.

  • Technology gap and leadership shake-up Rivals IonQ and Quantinuum lead on two-qubit accuracy (99.9%+), while Rigetti's coherence times of 25–30 microseconds limit gate fidelity and may take years to fix. A leadership shake-up adds execution risk.

    This highlights competitive and internal risks that could slow Rigetti's progress and weigh on the stock.

Latest
▲3▼1

Rigetti's Cash Grows, But Technical Hurdles and Rival Advances Loom

  • CHIPS Act Funding Finalized Rigetti finalized a $100 million CHIPS Act award, part of a $2 billion government package for quantum computing. This provides cash for research and validates the sector, reducing funding risk and supporting the stock.

    This is a major new funding event that strengthens Rigetti's balance sheet and was highlighted in multiple stories.

  • Q2 Revenue Growth but Losses Widen Rigetti's Q2 revenue rose to $5.1 million from $1.8 million, driven by Novera system sales. However, operating expenses jumped 48%, causing a $28.1 million loss. The revenue growth shows demand, but heavy spending pressures profits.

    This is the most direct financial update for Rigetti, showing both top-line growth and bottom-line challenges.

  • Leadership Shake-Up and Technical Bottleneck Rigetti reorganized leadership and admitted coherence time, not qubit count, is its main technical hurdle. Coherence times of 25-30 microseconds limit gate fidelity, and fixes may take years. This raises execution risk and could delay commercial progress.

    These are new operational and technical challenges that could hinder Rigetti's competitiveness and investor confidence.

  • Analyst Optimism and Sector Momentum Benchmark initiated coverage with a $25 target, and B. Riley maintained a $35 target ahead of Quantum World Congress. IonQ's error-decoder breakthrough lifted the whole sector. These signals boost sentiment, but lack near-term financial evidence.

    Analyst ratings and sector news can drive short-term price moves and reflect growing interest in quantum computing.

▲2▼1

Rigetti's CHIPS Grant Finalized as Commercial Sales Begin

  • CHIPS Act $100M Grant Becomes Final Rigetti signed a definitive agreement for $100 million in CHIPS Act R&D funding, with the U.S. government taking a small non-controlling stake. This turns a prior letter of intent into real cash for three research projects, strengthening the balance sheet and cutting funding risk.

    It is the period's biggest new event, converting earlier tentative government support into a binding award.

  • First Commercial System Sales Rigetti's first two 9-qubit systems delivered in 2026 went to commercial customers, not just governments or universities, and the $8.4 million India order stays on track for fourth-quarter revenue. This shows real paying demand beyond research budgets, supporting future revenue growth.

    It shows a new source of demand that could broaden Rigetti's customer base and revenue.

  • Rivals Pull Ahead on Accuracy IonQ and Quantinuum use trapped-ion technology with over 99.9% two-qubit accuracy, well ahead of Rigetti's, and both posted much larger revenue and backlogs. If customers pick the most accurate machines, Rigetti risks losing deals and pricing power to better-funded competitors.

    It is the main counterweight: Rigetti's technology lags rivals even as its funding and sales improve.

July 2026
▲2▼2

Government deals and revenue jump lift Rigetti, but losses and valuation risks persist

  • Government stake and CHIPS Act funding Over 60% odds of a U.S. government stake and a CHIPS Act letter of intent worth up to $100M (equity at a 15% discount) boost Rigetti's cash and credibility.

    This is a major new government backing that directly supports Rigetti's finances and validates its technology.

  • Q2 revenue jumps 185% to $5.1M Q2 revenue jumped 185% to $5.1M, showing strong growth, while cash stands at $393.7M with no debt, giving Rigetti a solid financial cushion.

    This is a key new financial update that demonstrates accelerating commercial traction and a healthy balance sheet.

  • Widening losses and EPS miss Operating losses widened to $28.1M and EPS missed estimates, highlighting that profitability remains distant despite revenue growth.

    This is a new negative financial detail that underscores ongoing challenges and could weigh on investor sentiment.

  • Extreme valuation and competition Valuation remains extreme (price-to-sales above 490) and IonQ dwarfs Rigetti commercially ($64.7M vs. $4.4M in Q1), with analysts warning of a potential plunge if results disappoint.

    This is a new warning about valuation and competitive pressure that poses a significant risk to the stock.

▲3

Rigetti's Government Backing and Quantum Roadmap Drive Gains

  • CHIPS Act Award and UK Investment Rigetti signed a letter of intent for up to $100 million from the U.S. CHIPS Act, with the government getting an equity stake at a 15% discount. It also plans to invest up to $100 million in the UK for a 1,000+ qubit quantum computer. This government backing boosts investor optimism and provides funding.

    This is a major new development that directly boosts Rigetti's capital and strategic position.

  • NSF-Funded TangleLab Deal Rigetti will partner with HPE and Pittsburgh Supercomputing Center to build TangleLab, a hybrid testbed funded by a $5 million NSF grant, using a 9-qubit Novera system. This gives Rigetti a practical foothold in government-backed research and validates its technology.

    This new deal expands Rigetti's government partnerships and demonstrates commercial progress.

  • Q2 Earnings: Revenue Beat, Loss Miss Rigetti's Q2 revenue surged 185% to $5.1 million, beating estimates, but adjusted loss per share was 5 cents, missing estimates, and operating loss widened to $28.1 million due to higher R&D and SG&A costs. Cash position remains strong at $393.7 million with no debt.

    This is the latest earnings report, showing both growth and ongoing losses, which affects investor sentiment.

  • Quantum Roadmap and Global Expansion Rigetti is advancing its quantum roadmap with new deployments, including a 9-qubit Novera system for TangleLab and a 108-qubit system for C-DAC in India. Its Cepheus system achieves high fidelity, and it targets 1,000 qubits in three years. This progress supports long-term growth prospects.

    This update highlights Rigetti's technological advancements and expanding commercial pipeline.

▲2▼1

Rigetti's Cash and Government Ties Shine, But Valuation and Weak Sales Weigh

  • Government stake odds high Prediction market traders see over 60% odds that the U.S. government takes a stake in Rigetti this year, which could bring fresh capital and strategic support. That potential backing makes the stock more attractive to investors betting on government help.

    This is a new catalyst that could directly boost Rigetti's capital and demand.

  • U.S.-based quantum hardware strategic Rigetti's U.S.-based Fab-1 facility and government-linked research could become vital if America treats domestic quantum capability as strategic infrastructure. That geopolitical angle may drive more government contracts and investor interest.

    It highlights a new geopolitical driver that could increase demand for Rigetti's technology.

  • Q1 revenue jump but profitability distant Rigetti's Q1 2026 revenue rose to $4.4 million from $1.5 million a year earlier, driven by Novera system deliveries and government contracts. However, with a $26 million quarterly operating loss and a price-to-sales ratio above 490, the stock remains highly risky and dependent on future catalysts.

    This new earnings report shows improving sales but also underscores the extreme valuation and lack of profits.

  • Competition and valuation concerns IonQ leads Rigetti in commercial quantum progress, with Q1 revenue of $64.7 million versus Rigetti's $4.4 million. Analysts also warn that Rigetti's sky-high valuation could trigger a plunge after its August 6 earnings report, especially if results don't justify the premium.

    This new analysis points to competitive weakness and overvaluation as key risks for the stock.

Q2 2026
▼2▲1

Government backing and Quantinuum IPO reshape Rigetti's outlook

  • Quantinuum IPO pulls capital and resets valuations Quantinuum's $1.68B IPO created a $15B pure-play quantum leader, pulling investor money out of Rigetti and forcing a sector-wide valuation reset. RGTI fell 9% on the news, as investors rotated toward the new, better-funded competitor.

    This event directly triggered a sharp selloff and changed how investors value Rigetti relative to peers.

  • U.S. government letter of intent for $100M The U.S. government signed a letter of intent to invest up to $100 million in Rigetti over three years. This non-dilutive funding validates the technology and extends Rigetti's cash runway, reducing near-term financing risk.

    Government backing is a major new positive catalyst that supports Rigetti's funding and credibility.

  • Analyst warns of 50% plunge on valuation and losses A report warns RGTI could drop 50% due to extreme valuation (price-to-sales of 663), inconsistent revenue, and steep losses. The Cepheus system still has too many errors for real-world use, and future capital raises could dilute shareholders.

    This highlights the key counterweight: despite government funding, fundamental risks remain severe.

  • Market separates quantum winners from losers Investors are now rewarding commercial traction over promises. IonQ is winning, while Rigetti and others decline. Rigetti's $4.4M quarterly revenue is tiny compared to IonQ's $64.7M, but its $569M cash and 108-qubit system keep it in the race.

    This shift in investor focus explains why Rigetti is under pressure despite technological progress.

June 2026
▼2▲1

Government backing and Quantinuum IPO reshape Rigetti's outlook

  • Quantinuum IPO pulls capital and resets valuations Quantinuum's $1.68B IPO created a $15B pure-play quantum leader, pulling investor money out of Rigetti and forcing a sector-wide valuation reset. RGTI fell 9% on the news, as investors rotated toward the new, better-funded competitor.

    This event directly triggered a sharp selloff and changed how investors value Rigetti relative to peers.

  • U.S. government letter of intent for $100M The U.S. government signed a letter of intent to invest up to $100 million in Rigetti over three years. This non-dilutive funding validates the technology and extends Rigetti's cash runway, reducing near-term financing risk.

    Government backing is a major new positive catalyst that supports Rigetti's funding and credibility.

  • Analyst warns of 50% plunge on valuation and losses A report warns RGTI could drop 50% due to extreme valuation (price-to-sales of 663), inconsistent revenue, and steep losses. The Cepheus system still has too many errors for real-world use, and future capital raises could dilute shareholders.

    This highlights the key counterweight: despite government funding, fundamental risks remain severe.

  • Market separates quantum winners from losers Investors are now rewarding commercial traction over promises. IonQ is winning, while Rigetti and others decline. Rigetti's $4.4M quarterly revenue is tiny compared to IonQ's $64.7M, but its $569M cash and 108-qubit system keep it in the race.

    This shift in investor focus explains why Rigetti is under pressure despite technological progress.

▼2▲1

Government backing and Quantinuum IPO reshape Rigetti's outlook

  • Quantinuum IPO pulls capital and resets valuations Quantinuum's $1.68B IPO created a $15B pure-play quantum leader, pulling investor money out of Rigetti and forcing a sector-wide valuation reset. RGTI fell 9% on the news, as investors rotated toward the new, better-funded competitor.

    This event directly triggered a sharp selloff and changed how investors value Rigetti relative to peers.

  • U.S. government letter of intent for $100M The U.S. government signed a letter of intent to invest up to $100 million in Rigetti over three years. This non-dilutive funding validates the technology and extends Rigetti's cash runway, reducing near-term financing risk.

    Government backing is a major new positive catalyst that supports Rigetti's funding and credibility.

  • Analyst warns of 50% plunge on valuation and losses A report warns RGTI could drop 50% due to extreme valuation (price-to-sales of 663), inconsistent revenue, and steep losses. The Cepheus system still has too many errors for real-world use, and future capital raises could dilute shareholders.

    This highlights the key counterweight: despite government funding, fundamental risks remain severe.

  • Market separates quantum winners from losers Investors are now rewarding commercial traction over promises. IonQ is winning, while Rigetti and others decline. Rigetti's $4.4M quarterly revenue is tiny compared to IonQ's $64.7M, but its $569M cash and 108-qubit system keep it in the race.

    This shift in investor focus explains why Rigetti is under pressure despite technological progress.