Rigetti shares have gained 1,420% in 15 months, outpacing IonQ but trailing D-Wave. The stock trades at 757 times sales, making even its high-flying peers look cheap.
Rigetti Computing stock followed a broader tech rally as investors dove back into speculative stocks. The rebound follows a brutal four-day Nasdaq sell-off of nearly 4.5%, driven by fears of an AI bubble.
Rigetti has a market cap exceeding $5.8 billion but generated just $7.5 million in revenue over the past 12 months. While optimism within the industry is high, useful quantum computing could be many years away.
IonQ is a pure-play quantum computing stock, but its $13.7 billion valuation faces stiff competition from tech giants with deeper pockets. For instance, IBM operates the largest fleet of publicly accessible quantum computers.
To kick off 2026, Rigetti was forced to delay the launch of its most powerful quantum computer. Competitor IonQ announced a $1.8 billion acquisition to bring chip fabrication in-house.
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