Rigetti Computing Is Down 70% From Its High. Time to Buy?

By Will Healy – Apr 27, 2026 at 2:30AM ESTKey PointsIts revenue fell in 2025 amid a delayed product release.Analysts forecast a dramatic recovery in revenue growth this year.Its valuation remains elevated despite the pullback.Rigetti Computing (RGTI 1.48%) has taken investors on a wild ride over the last few months. The stock price spiked last fall, surging by as much as 275% over a month. However, by February, the stock had given back all of those gains and has traded in a range since. That may leave investors wondering what is next for Rigetti. Does that mean the quantum computing stock won't recover, or should investors look at the drop as a second chance at buying Rigetti stock? Image source: Getty Images. The state of Rigetti Rigetti has taken a unique approach to quantum computing. Instead of trying to create bigger chips with more processing power, it seeks to tile together multiple chiplets, using 36-qubit chiplets to create a 108-qubit system. This allows it to achieve 99.5% to 99.9% reliability while scaling higher qubit counts. This approach allows for gate speeds as fast as 28 nanoseconds, making its systems exponentially faster than the trapped-ion systems that are common to other quantum computing companies. Nonetheless, as promising as that sounds, investors may struggle with the company's finances. In 2025, its revenue of $7.1 million fell by 34% amid the delayed launch of the 108-qubit Cepheus-1 system and a pause in the reauthorization of a government contract. ExpandNASDAQ: RGTIRigetti ComputingToday's Change(-1.48%) $-0.25Current Price$16.61Key Data PointsMarket Cap$5.5BDay's Range$16.10 - $17.1552wk Range$8.35 - $58.15Volume104KAvg Vol30MGross Margin-8613.15% Moreover, operating costs continue to far exceed its revenue, leading to a $216 million loss in 2025, more than the $201 million loss in 2024. The good news is that the revenue decline is probably a one-time event. Analysts forecast 219% revenue growth this year and a 103% increase in 2027, which could stoke investor optimism. Also, Rigetti reported negative free cash flow of $77 million in 2025, but with almost $444 million in liquidity, it can stay afloat for a while. Unfortunately, an improved financial performance doesn't necessarily lead to profitability, or even positive free cash flow. Additionally, investors won't see much relief on the valuation front. Without earnings, it has no P/E ratio, and its price-to-sales (P/S) ratio is over 730. The stock's price-to-book ratio of 10 may offer some justification for buying at these levels, but no matter how one looks at this stock, the buy case appears increasingly speculative. Is it time to buy Rigetti Computing stock? Given the state of Rigetti, investors should only buy speculative positions if they choose to buy this stock at all. Last year's price spike showed the potential effect of investor optimism on this stock. Now, it appears to have bottomed out, and if conditions appear to improve, it could move substantially higher. However, any move higher could prove temporary, as we also just saw. Moreover, even though it will probably return to revenue growth, the state of its finances makes near-term profitability highly unlikely. Ultimately, Rigetti Computing could succeed, but it has much to prove to investors. Until its financial condition improves significantly, investors should limit themselves to speculative buys or avoid the stock completely.Read NextApr 25, 2026 •By Leo SunPrediction: Rigetti Computing Stock Is Going to Plummet in 2026Apr 21, 2026 •By Will EbiefungWhere Will Rigetti Computing Stock Be in 5 Years?Apr 21, 2026 •By Rick OrfordRigetti Could Have Huge Upside, but This Problem Won't Go AwayApr 20, 2026 •By John BallardRigetti Computing vs. D-Wave Quantum: Navigating Volatile Revenue TrendsApr 15, 2026 •By Keith NoonanRigetti Computing Is Skyrocketing Today -- Is the Quantum Stock a Buy Right Now?Apr 15, 2026 •By Rich SmithWhy Rigetti Computing Stock Keeps Going UpAbout the AuthorWill Healy is a contributing Motley Fool stock market analyst covering technology and consumer goods industries.

Before The Motley Fool, Will was a freelance writer covering stocks and personal finance for MSN Money, Yahoo! Finance, and Nasdaq. Earlier in his career, he was an expert in geographic information systems, applying spatial and IT skills to perform RF and demographic analysis in the telecom industry. He holds a bachelor’s degree in journalism from Texas A&M University and an MBA in finance and strategy from the University of Texas at Dallas.TMFWillHealyX@HealyWritingStocks MentionedRigetti ComputingNASDAQ: RGTI$16.61(-1.48%)-$0.25*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.