RGTI
Rigetti Computing, Inc.Evidence as of 2026-09-05The desk's Snapshot
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Overview · Rigetti Computing, Inc.
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 through its Quantum Cloud Services platform. Rigetti Computing, Inc. was founded in 2013 and is based in Berkeley, California.
Management team
- Mr. David Rivas · Chief Technology OfficerFind on LinkedIn
- Mr. Mike Pelstring · Senior Vice President of EngineeringFind on LinkedIn
- Ms. Jackie Kaweck · Senior Vice President of Human ResourcesFind on LinkedIn
- Mr. Richard Danis · General Counsel & Corporate SecretaryFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.5 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The surviving evidence paints a cautious picture with high confidence. Shares outstanding increased from 324,165,170 as of the fiscal quarter ended 2025-08-08 to 332,150,557 as of the fiscal quarter ended 2026-03-01 and to 333,768,747 as of the fiscal quarter ended 2026-08-03. Reported gross profit by fiscal quarter rose from 404,000 in the fiscal quarter ended 2025-11-06 to 1,378,000 in the fiscal quarter ended 2026-05-07 and to 2,188,000 in the fiscal quarter ended 2026-08-03, while operating losses widened from (20,549,000) in the fiscal quarter ended 2025-11-06 to (28,062,000) in the fiscal quarter ended 2026-08-03 and R&D expense climbed from 15,020,000 to 20,728,000 over the same span.
Cash and cash equivalents weakened in the record: reported cash fell from 44,851,000 as of 2025-12-31 to 48,146,000 as of 2026-03-31 and then to 27,763,000 as of 2026-06-30. Trailing twelve‑month free cash flow is negative 75,809,000 and FCF per share is negative 0.2275; operating income (loss) TTM is negative 94,444,000 and EPS (TTM) is negative 0.97. The company reported net losses of $ 216,200,000 for the year ended December 31, 2025 and an accumulated deficit of $ 771,000,000 as of that date, and it discloses material execution and commercialization risks including substantial supply‑chain and scaling challenges.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Entity common shares outstanding rose from 324,165,170 as of 2025-08-08 to 332,150,557 as of 2026-03-01 and to 333,768,747 as of 2026-08-03.
XBRL companyfacts · 0001558370-25-011224Reported gross profit by fiscal quarter increased from 404,000 in fiscal Q3 2025 (2025-07-01 to 2025-09-30) to 1,378,000 in fiscal Q1 2026 (2026-01-01 to 2026-03-31) to 2,188,000 in fiscal Q2 2026 (2026-04-01 to 2026-06-30).
XBRL companyfacts · 0001104659-25-109141Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
For the years ended December 31, 2025 and 2024, the company reported net losses of $216.2 million and $201.0 million, respectively, and an accumulated deficit of $771.0 million as of December 31, 2025.
10-K filed 2026-03-04The company states that its existing cash, cash equivalents and available-for-sale investments are believed to be sufficient to meet anticipated operating cash needs for at least the next twelve months based on its current business plan, but it also discloses that its operating plan may change and it may need to seek additional funds sooner than planned and could be unable to obtain sufficient capital, which could require evaluating alternatives up to dissolution or bankruptcy.
10-K filed 2026-03-04Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Rigetti shows large historical loss: max drawdown over the past 3 years is -77.1% and drawdown from the 3-year high is -73.0%.
Moneyta signal set · 2026-09-04Short- and medium-term momentum are negative: 3-month momentum is -26.5% and 6-month momentum is -10.6%, with the 6-month momentum ranked at the 16th percentile of the research universe (547).
Moneyta signal set · 2026-09-04weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
13F-reported institutional holdings totaled $2.75B as of 2026-03-31 (13F filings carry a 45-day reporting lag).
13F holdings · 455 filers · as of 2026-03-31BlackRock, Inc. was listed with $357.1M in reported holdings and a reported quarter-over-quarter change of -38.3%.
13F holdings · 455 filers · as of 2026-03-31Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
A Sept. 4, 2026 headline frames Rigetti as an attractive, innovative investment opportunity.
News · fool.com · 2026-09-04Coverage on Sept. 4, 2026 links Rigetti to the broader theme of Quantum Computing as a Service (QCaaS) and treats scalability, commercialization, and customer adoption as focal points.
News · simplywall.st · 2026-09-04Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
Insiders reported aggregate insider sales of "$21.2M" over the 180-day window, with no reported insider purchases of company stock in that period.
Form 4 · Rivas David (CHIEF TECHNOLOGY OFFICER) · $20k code M · 2026-05-29Subodh K. Kulkarni (President and CEO) reported a sale of "$1.5M" for "61000" shares on 2026-06-01 (Form filed at the referenced source).
Form 4 · Kulkarni Subodh K (President and CEO) · $1.5M sold · 2026-06-01Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
Market capitalization implied by the inputs is $5,073,284,954 as of the price-date 2026-09-04.
Valuation inputs · SEC XBRL + stored EOD closeEnterprise value in the inputs is $5,077,521,954, which is roughly equal to the reported market capitalization plus net debt given the provided cash and debt figures.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
The evidence shows company-specific operational improvements that support a constructive read: reported gross profit by quarter grew materially from $404k in Q3 2025 to $2.188M in Q2 2026, and the company has an announced multi-hundred‑million dollar collaboration with Quanta that establishes committed capital for development. Institutional interest remains meaningful (13F‑reported holdings of $2.75B as of 2026‑03‑31) and several recent news items and analyst coverage frame Rigetti within an attractive QCaaS theme. While filings and market signals highlight losses, cash decline, and volatility, those items coincide with materially higher R&D spend and operating investment — a pattern common for companies pursuing capital‑intensive technology development — which explains widening operating losses alongside rising gross profit. Financial advisors often note that revenue inflection plus strategic partnerships and institutional ownership are indicators market participants use to assess optionality in early‑stage tech businesses.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.32
39 surviving claims rest on 18 distinct sources; the heaviest analyst carries 15% of them, and 97% of what the desk raised survived the debate.
The reading rests on a moderate number of sources but a fairly concentrated set of claims; because 39 claims derive from 18 distinct sources and the top analyst supplies 15% of claims, a handful of sources or one analyst error could move several assertions. The very high debate survival rate (97%) means the desk mostly kept its initial views — that increases internal consistency but also suggests these conclusions have not been stress-tested heavily against contradictory evidence.
Peer context · computed, not argued
12-1 momentum ranks 5th of 7 in Computer Hardware (as of 2026-09-04).
6-month relative strength ranks 7th of 7 in Computer Hardware (as of 2026-09-04).
90-day volatility ranks 2nd of 7 in Computer Hardware (as of 2026-09-04).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
10 filings· 3 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer−0.1 to the score
13 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−1.3 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−1.4 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis−0.4 to the score
6 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
10 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot−1.6 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
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