Rigetti Computing (RGTI) Soars 2,000%—And the Quantum Party Isn’t Over Yet

Quantum computing just got a lot hotter—and Rigetti’s stock is leading the charge. With a jaw-dropping 2,000% rally, this isn’t just a fluke—it’s a frenzy. But here’s the kicker: analysts say there’s still fuel in the tank.

Why? The company’s tech is catching fire (literally—those qubits run cold). Meanwhile, Wall Street’s late to the party—as usual—scrambling to upgrade price targets after the fact. Classic.

Bottom line: In a market where most IPOs flop harder than a metaverse concert, Rigetti’s proving quantum hype can still print money. For now.

TLDR

• Rigetti Computing (RGTI) stock has surged over 2,000% from its 52-week low but remains down nearly 30% year-to-date
• The company received a $35 million strategic investment from Quanta Computer and is participating in DARPA’s Quantum Benchmarking Initiative
• Q1 2025 showed declining core revenue of $1.5 million (down 52% year-over-year) with operating losses widening to $21.6 million
• Rigetti launched its 84-qubit Ankaa-3 system with 99.5% median two-qubit gate fidelity, available through cloud services
• Analysts give RGTI a “Strong Buy” rating with price targets around $16, suggesting potential 23% upside from current levels

Rigetti Computing has become one of the most volatile stories in quantum computing this year. The stock has delivered explosive gains while the company struggles with fundamental business metrics.

RGTI shares have climbed over 2,000% from their 52-week low. This massive run-up reflects growing investor interest in quantum computing technology. However, the stock remains down nearly 30% for the year, showing the choppy nature of this emerging sector.

The quantum computing space has attracted fresh attention in 2025. Multiple companies in the sector are seeing increased investor interest. Rigetti sits alongside competitors like IonQ and D-Wave Quantum in this race for commercial quantum solutions.

Recent institutional backing has provided some validation for Rigetti’s approach. Quanta Computer invested $35 million in the company, showing confidence from a major hardware manufacturer. This investment comes as the quantum computing market seeks practical applications.

Government Contracts Drive Near-Term Prospects

Rigetti’s participation in DARPA’s Quantum Benchmarking Initiative represents a key development. The company is currently in Stage A of this program, which offers potential funding up to $1 million. Success in this initiative could lead to larger government contracts down the road.

The DARPA program spans six months and focuses on achieving specific performance benchmarks. Government backing often provides stability for early-stage technology companies. It also helps validate the commercial potential of quantum computing systems.

Rigetti’s technology centers on superconducting qubits, different from competitors who use trapped-ion or quantum annealing approaches. Each method has its own advantages and challenges in building scalable quantum computers.

Financial Performance Shows Mixed Results

The company’s Q1 2025 results tell a complex story. Rigetti reported net income of $42.6 million, but this came from non-cash gains rather than operational improvements. A $62.1 million gain from changes in derivative warrant and earn-out liabilities drove this positive number.

Core revenue declined 52% year-over-year to just $1.5 million. This drop highlights the challenge of monetizing quantum computing technology. Operating losses widened to $21.6 million, showing the company burns cash while developing its products.

The revenue decline contrasts sharply with the stock’s performance. Investors appear focused on future potential rather than current financial metrics. This creates a high-risk, high-reward scenario for shareholders.

Rigetti launched its 84-qubit Ankaa-3 system in December 2024. The system features 99.5% median two-qubit gate fidelity, a technical achievement in quantum computing. It’s available through Rigetti Quantum Cloud Services and integrates with Amazon Braket and Microsoft Azure.

The Ankaa-3 system represents Rigetti’s latest attempt to commercialize quantum computing. Cloud access allows researchers and companies to experiment with quantum algorithms without owning hardware. This model could help generate recurring revenue streams.

Wall Street analysts maintain Optimism about RGTI’s prospects. Five analysts covering the stock have set a maximum price target of $16. This represents potential upside of roughly 23% from current trading levels around $13-14.