Down 72%, Should You Buy the Dip on Rigetti Computing?
•February 17, 2026
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Companies Mentioned
Why It Matters
The stock’s volatility highlights the speculative risk of betting on quantum computing before it achieves commercial scale, impacting investors seeking exposure to frontier technologies.
Key Takeaways
- •Rigetti shares fell 72% from October peak.
- •Q3 revenue $1.9M, down from $2.4M.
- •Net loss widened to $201M versus $15M prior year.
- •Quantum advantage expected in ~4 years, commercial viability post-2030.
- •Stock valuation remains speculative, lacking commercial traction.
Pulse Analysis
Quantum computing is widely touted as the next disruptive technology, but industry analysts agree that practical, large‑scale applications are still a decade away. The field hinges on qubits that can explore many states simultaneously, promising exponential speed‑ups for certain problems. While research labs and cloud providers are racing to build stable processors, the gap between laboratory breakthroughs and commercially viable products remains sizable. This long horizon tempers investor enthusiasm, turning many quantum‑related equities into high‑risk, speculative bets rather than growth staples.
Rigetti Computing epitomizes the speculative nature of pure‑play quantum stocks. After a meteoric rise to $56 in early 2025, the share price collapsed to roughly $15, reflecting a 72 % drop from its October peak. The company reported Q3 revenue of $1.9 million, down from $2.4 million a year earlier, while its net loss ballooned to $201 million versus $15 million in the comparable period. These figures underscore the heavy R&D spend required to improve error rates and scale qubit counts, yet they also highlight the absence of meaningful commercial contracts.
For investors, the key question is whether the current price offers a margin of safety or merely a deeper dive into volatility. CEO Subodh Kulkarni projects a “quantum advantage” within four years, but broader market adoption is not expected until after 2030. Until revenue streams materialize, Rigetti’s valuation is anchored to future potential rather than present fundamentals, making it vulnerable to sentiment swings. Savvy capital allocation may involve limiting exposure, diversifying across multiple quantum players, or waiting for clearer signs of commercial traction before committing significant capital.
Down 72%, Should You Buy the Dip on Rigetti Computing?
Quantum computing could be the next big technology revolution that will transform computing. But that transformation is still years away, with maybe even a decade ahead before it becomes widespread.
It has created a lot of buzz among investors who want to get in early with the first movers in hopes of hitting a multi‑bagger. One of the leading quantum computing stocks that has generated from that buzz is Rigetti Computing (NASDAQ: RGTI).
Image description: A scientist in a quantum computing lab.
Image source: Getty Images.
Rigetti stock has been wildly volatile, surging as much as 270 % in 2025 to a high of $56 per share before crashing back down to its current price of around $15 per share. It has dropped roughly 72 % from its October highs and is down 27 % year‑to‑date.
Some investors may be wondering if this is a buying opportunity for Rigetti stock. Should you buy low on Rigetti stock?
Quantum computing is the future. But the future isn’t now, so any investments in a quantum computing stock like Rigetti are highly speculative right now.
To explain it simply, quantum computing is different from current computing in that it is based on qubits, as opposed to bits. Basically, qubits are able to process more information simultaneously, examining every possible outcome as opposed to traditional computing, which takes a more linear approach.
Rigetti is one of the leading pure‑play quantum computing stocks, along with IonQ, Quantum Computing, and D‑Wave Quantum. Its surge last year was due to several factors, including a breakthrough that improved its error rate, some major partnerships and contracts, and a speculative frenzy about the space in general.
But still, the company generated just $1.9 million in revenue in the latest quarter, Q3, which was down year over year from $2.4 million. Further, it had a net loss of $201 million, down from a net loss of $15 million in the same quarter a year ago.
This is not alarming in that quantum computing is in its fledgling stage, and the company is rightfully pumping tons of money into developing its technology.
On the Q2 earnings call last summer, CEO Subodh Kulkarni said it will be some four years until the technology reaches the “quantum advantage,” which is jargon for when it becomes technologically viable. But then it won’t attain broader commercial viability until after 2030.
The sell‑off that started late last year and continues into 2026 is, in part, profit‑taking, but also has a lot to do with the fact that the price surged to ridiculous levels without hardly any sales or earnings, making it extremely overvalued.
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