Rigetti Computing, Inc. (RGTI)

In July 2025, Rigetti announced its second-quarter financial results and the general availability of its 36-qubit multi-chip quantum computer. By August 2025, analysts maintained a bullish outlook on the stock, with some setting price targets around $19.00. In September 2025, Rigetti secured purchase orders for two quantum computing systems, projected to generate $5.7 million in revenue in the first half of 2026, and completed a $350 million at-the-market equity offering in June. Rigetti's stock price peaked in October 2025, following a rally throughout the year, and the company announced approximately $5.7 million in purchase orders for its Novera QPUs and related services, along with a $5.8 million award from the U.S. Air Force Research Laboratory, and collaborations with India's Centre for Development of Advanced Computing (C-DAC) and Montana State University were also highlighted. However, the stock experienced a sell-off in December 2025 as the market became more risk-averse, and Rigetti delayed the release of its new Cepheus-1-108Q system from late 2025 to the first quarter of 2026. Institutional ownership in Rigetti Computing saw a significant decrease, falling to 0.0% in December 2025 from 54.6% in September 2025. In January 2026, a Board of Directors member, Dr. Alissa Fitzgerald, sold 59,316 shares for approximately $1.3 million, reducing her direct stake by 63.1%, and Rigetti failed to advance to Phase B of DARPA's Quantum Benchmarking Initiative. Despite these challenges, the stock was still up around 50% year-to-date as of December 25, 2025, and closed at $24.72 on January 9, 2026, representing a 308.60% increase from January 13, 2025.

Specific information regarding the demand seasonality for Rigetti Computing's products and services is not extensively detailed. While some sources mention "RGTI Seasonality" in the context of stock price performance, this refers to market sentiment rather than inherent product demand. The quantum computing market itself has been described as experiencing "hot and cold" phases throughout 2025, suggesting that demand may be influenced more by broader market trends, technological advancements, government contracts, and research initiatives rather than traditional seasonal patterns. As an emerging technology primarily serving commercial enterprises, government organizations, and research clients, demand is likely driven by project cycles, funding availability, and breakthroughs in quantum computing capabilities.

Rigetti Computing, Inc. is an integrated systems company specializing in the development of quantum computers and superconducting quantum integrated circuits, operating within the Technology sector, specifically in the Semiconductors and Semiconductor Equipment industry, with a focus on quantum computing. Rigetti's major products and services include quantum computers, superconducting quantum processors, and the Quantum Cloud Services (QCS) platform, which allows programmers to develop quantum algorithms. They also offer Quantum Processing Units (QPUs), such as the Novera QPU and the 84-qubit Ankaa-3 system, and provide professional services like algorithm development, benchmarking, quantum application programming, and software development.

Rigetti Computing's corporate headquarters are located in Berkeley, California, United States, at 777 Ashby Avenue. The company also operates a manufacturing facility, Fab-1, in Fremont, California. Internationally, Rigetti has offices in London, UK, and Sydney, Australia. The company serves commercial enterprises, government organizations, and international government entities across the United States, the United Kingdom, Europe, Asia, and other international markets.

Over the past year, Rigetti Computing's brand reputation has been shaped by both positive developments and challenges. Positive aspects include securing purchase orders for its Novera quantum processing units and related services, receiving a $5.8 million award from the U.S. Air Force Research Laboratory, and establishing collaborations with India's Centre for Development of Advanced Computing (C-DAC) and Montana State University. Rigetti's progress in chiplet-based architecture and the introduction of the multi-chip Cepheus-1-36Q system have also contributed positively to its technical reputation. However, Rigetti's reputation has faced challenges, including missing its target of launching a 100+ qubit system in late 2025, failing to advance to Phase B of DARPA's Quantum Benchmarking Initiative, and financial concerns such as minimal revenue and mounting losses. Analysts have expressed concerns about the company's high valuation, and insider selling by a Board of Directors member in January 2026 also drew attention. The highly competitive nature of the quantum computing industry presents an ongoing challenge to Rigetti's brand.

Rigetti Computing, Inc. has a diverse ownership structure. Major institutional owners as of September/December 2025 include Vanguard Group Inc., BlackRock, Inc., Susquehanna International Group, Llp, D. E. Shaw & Co., Inc., State Street Corp, Geode Capital Management, Llc, and Citadel Advisors Llc. Other significant institutional holders include SG Americas Securities, LLC, NorthCrest Asset Manangement, LLC, and QP WEALTH MANAGEMENT, LLC. The largest individual shareholder is Bessemer Venture Partners X LP, holding 12.27% of the company's shares.