TLDR:
- Rigetti Computing stock surged 32.64% to $13.039, rising 1,073% over past 52 weeks
- B. Riley analyst doubled price target to $8.50, maintaining “Buy” rating
- Q3 showed $2.4M revenue with $17.3M operating loss and $92.6M cash reserves
- Company plans 36-qubit system by mid-2025 and 100-qubit system by year-end
- Stock has “Strong Buy” rating from analysts with average price target of $6.10
Rigetti Computing (NASDAQ:RGTI) shares jumped 32.64% to $13.039 on Tuesday, continuing a remarkable run that has seen the stock rise 1,073% over the past 52 weeks. The quantum computing company’s meteoric rise reflects growing investor confidence in the commercialization of quantum technology.
The California-based company, founded in 2013, has emerged as a pioneer in quantum computing technology, offering its services through major cloud platforms including Amazon Braket and Microsoft Azure. With a market capitalization of $1.9 billion, Rigetti has established itself as a key player in the quantum computing sector.
B. Riley analyst Craig Ellis recently doubled his price target for Rigetti to $8.50, maintaining a “Buy” rating. The upgraded outlook stems from the company’s progress in scaling quantum systems for complex computational tasks that exceed the capabilities of traditional computers.

Recent financial results show mixed performance. In the third quarter, Rigetti reported revenue of $2.4 million, while posting an operating loss of $17.3 million and a net loss of $14.8 million, or $0.08 per share, meeting analyst expectations.
The company’s operating expenses reached $18.6 million during the quarter, though it maintains a solid cash position with $92.6 million in reserves as of September. Late 2024 capital raises have strengthened Rigetti’s financial foundation, addressing previous concerns about cash flow.
Rigetti’s stock performance has been volatile, climbing from a September low of $0.66 to reach $21.42 in January 2025, before experiencing a sharp 45.4% drop on January 8 following comments from Nvidia CEO Jensen Huang.
CEO Subodh Kulkarni has emphasized the company’s focus on advancing quantum technology rather than immediate revenue generation. This strategic direction aligns with Rigetti’s development roadmap, which includes plans for a 36-qubit system by mid-2025 and a 100-qubit system by year-end.
Analysts project the company’s losses to narrow by 35.9% year-over-year to $0.34 per share in fiscal 2024, with a further reduction to $0.28 per share expected in fiscal 2025.
The broader quantum computing sector continues to attract attention as the technology moves from theoretical research toward practical applications across industries including cryptography and pharmaceuticals.
Rigetti’s platforms integrate quantum and classical computing approaches, positioning the company to potentially benefit from increasing government interest in quantum computing initiatives.
Wall Street maintains an optimistic outlook on Rigetti, with four analysts rating the stock “Strong Buy” and one analyst giving it a “Moderate Buy” rating. The average price target stands at $6.10, though the highest target reaches $12.
The company’s stock has shown particular momentum in recent months, posting an 825% gain over the past quarter despite significant price volatility.
Technical challenges and the path to profitability remain key considerations for investors, as the quantum computing sector continues to evolve from experimental technology toward commercial applications.
The current trading price exceeds the average analyst price target, though the Street-high target of $12 suggests potential for additional gains of up to 22.1%.
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