Rigetti Computing (RGTI) Stock Dropped, So What Is Driving Attention Now?

Rigetti Computing (RGTI) recently saw its stock decline 3.72% in a trading session where it lagged broad market indices, drawing attention as investors look ahead to its next earnings release.

Across a longer window, Rigetti Computing has seen momentum fade, with the share price down 9.47% over the past week and 10.56% over 30 days. The year to date share price return is down 40.08% and the 1 year total shareholder return has declined 69.99%. However, the 3 year total shareholder return remains very large at over 8x. This leaves the current US$14.14 level framed by past volatility and shifting expectations around growth potential and risk.

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For Rigetti Computing, a share price that has already delivered more than 8x over three years now sits sharply lower after a steep pullback. Is the meaningful upside still ahead, or was most of it already captured?

Most Popular Narrative: 11.6% Undervalued

Rigetti Computing last closed at $14.14, while the most followed narrative pegs fair value at $16.00. The story hinges on whether its quantum hardware roadmap and commercial traction can eventually justify that gap.

Rigetti’s model is still early-stage and uneven. Revenue currently comes from system sales, cloud access, research and government-related contracts, and associated services, which means quarter-to-quarter results will remain lumpy. Q1 2026 is a good example, revenue improved sharply because of specific deliveries, not because Rigetti suddenly has a stable recurring-revenue engine.

See why 40 investors see Rigetti Computing as 12% undervalued.

Result: Fair Value of $16.00 (UNDERVALUED)

However, Rigetti Computing still faces two clear pressure points: demanding valuation against modest revenue and heavy ongoing losses that could quickly sour the current undervaluation story.

Find out about the key risks to this Rigetti Computing narrative.

Next Steps

Mixed signals around Rigetti Computing can be confusing, so move quickly, review the full picture for yourself, then weigh up the 1 key reward and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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