Down More Than 50% From Its High, Is Rigetti Computing Stock a Good Buy Right Now?

Rigetti Computing surged to investor prominence earlier this year with a peak implied market value north of $18 billion, but the stock has since plunged (trading under $26, about 55% off its $58.15 52-week high) amid sharply lower volumes and fading retail interest; its current market cap is roughly $8.5 billion. The company remains highly speculative—TTM revenue is just $7.5 million versus approximately $83 million of operating expenses, implying a sky-high price-to-sales multiple near 1,000—and its shares have a history of extreme volatility (a 93% drop in 2022). Given the uncertain timing of commercial quantum adoption, heavy losses, and the potential for broader market weakness, the article warns that further downside into 2026 is plausible and suggests investors consider diversified ETF exposure to the quantum/AI theme rather than a concentrated bet on Rigetti.

Analysis

Rigetti Computing's share price has moved sharply from a 52-week high of $58.15 to under $26, a roughly 55% decline, while reported market capitalization contracted from an implied peak above $18 billion to about $8.5 billion today; trading volumes have fallen from frequent spikes above 100 million shares to less than half those levels, indicating waning retail interest. The company's trailing-12-month revenue is only $7.5 million versus approximately $83 million of operating expenses, producing an extreme price-to-sales multiple near 1,000 and underscoring a business that currently burns far more cash than it earns. Historical volatility is pronounced — shares plunged about 93% in 2022 — and the piece flags a meaningful risk of further downside into 2026 absent clearer commercial progress. Given the uncertain timeline for commercial quantum adoption, the article recommends thematic ETF exposure as a diversification strategy and assigns a cautiously negative tone to near-term sentiment despite continued long-term interest in the quantum theme.

Key Decisions for Investors

• Avoid initiating concentrated long positions in RGTI until the company demonstrates sustained revenue growth and materially lower operating losses,
• If seeking quantum/AI exposure, prefer diversified ETFs rather than a single speculative name to reduce idiosyncratic risk,
• Existing holders should consider trimming positions or implementing hedges given prior 93% drawdown history, collapsed volumes, and the article's view that further declines into 2026 are plausible,
• Watch three primary indicators before increasing exposure: stabilization or pickup in trading volume, sequential quarterly revenue growth and tightening operating losses, and any guidance reducing cash burn