Rigetti Computing, Inc.
ConvictionWeak
Full-stack quantum hardware + cloud-access (QCS, Amazon Braket, Azure Quantum), on-premises QPU system sales (Novera 9Q → 108Q), and foundry/government R&D contracts; pre-commercial, government-revenue-concentrated, equity-funded.
Revenue
$7.1MFY2025); $4.4M (Q1 FY26Rev growth
-34% FY25 YoY$10.8M→$7.1M); +198% Q1 FY26 YoY ($1.5M→$4.4M off a tiny baseGross margin
~31%Q1 FY26: $1.4M GP on $4.4M rev); ~30% FY25 ($2.1M GP on $7.1MOp margin
deeply negative — FY25 operating loss $84.7)M on $7.1M rev (~-1,190%Capex intensity
moderate-to-high for revenue base — captive Fab-1 foundry + cryo test infrastructureexact capex not disclosedMarket cap
~$6.1BJun 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-04. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’22
$13M
FY’23
$12M-8%
FY’24
$11M-10%
FY’25
$7M-34%
Margins & balance sheet — FY’25
Gross margin29.1%
Operating margin-1194.4%
Net margin-3050.4%
Net cash$48M
The read
Where our coverage leans
Coverage leans bearish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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