University of Kwazulu-Natal

Is Rigetti Computing A Buy Nasdaq Rgti Quantum Computing

Bonisiwe Shabane
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is rigetti computing a buy nasdaq rgti quantum computing

Quantum computing exploded onto the investment scene in late 2024, igniting a frenzy that propelled pure-play stocks to astronomical heights. Rigetti Computing (RGTI) emerged as one of the biggest beneficiaries, with shares rocketing over 800% in a single month amid breakthrough announcements and surging optimism. Over the past three years, RGTI has delivered staggering gains of more than 3,200%, and at its peak, the stock was up over 8,200% from historic lows. Early investors have undeniably struck a rich motherlode, turning modest bets into life-changing wealth. Yet for those new to the quantum sector, the ride has been brutal. On Friday, RGTI tumbled almost 9% to close 61% below its October high of $58, erasing much of the year's explosive gains.

This pullback mirrors broader pain across quantum stocks like IonQ (IONQ) and D-Wave (QBTS), which have also plunged sharply after similar booms and busts. With the entire sector reeling, investors need to ask: Is the hype surrounding quantum computing finally over – and is RGTI still a buy? Quantum computing harnesses principles of quantum mechanics, using qubits that can exist in multiple states simultaneously (superposition) and become entangled. Unlike classical bits limited to 0 or 1, this enables quantum systems to explore vast solutions exponentially faster for certain problems. The potential is transformative: faster drug discovery by simulating molecules, optimized financial models, unbreakable encryption breakthroughs, and efficient logistics routing. Quantum could reshape industries from pharmaceuticals to materials science, unlocking solutions classical computers can't touch in reasonable time.

Quantum computing stocks are among the hottest plays in the artificial intelligence (AI) industry. Pure-play developers such as Rigetti Computing are among the most popular quantum AI stocks. While Rigetti's momentum looks unstoppable, history suggests the company's valuation is unsustainable. While artificial intelligence (AI) stocks performed strongly throughout 2025, one particular pocket of the AI realm sticks out from the pack: quantum computing. As of market close on Dec. 23, shares of the Defiance Quantum ETF gained 37% on the year -- more than double that of the S&P 500.

Some of the biggest gainers in this exchange-traded fund (ETF) are quantum pure plays, including Rigetti Computing(NASDAQ: RGTI) -- whose shares have soared 46% this year. Quantum computing continues to draw investor interest because it combines long-term technological ambition with the potential for real commercial disruption. While the industry is still in its early stages, progress is steady, and use cases in areas such as optimization, simulation, and advanced analytics are becoming more defined. For investors willing to tolerate uncertainty, quantum computing represents an opportunity to gain exposure to a technology that could meaningfully reshape multiple industries over the coming decades. Against that backdrop, Rigetti Computing RGTI and IonQ IONQ represent two distinct bets on how this future unfolds. Rigetti is building its story around superconducting, gate-based quantum processors that aim to scale toward fault-tolerant systems over time.

IonQ, by contrast, is leaning into trapped-ion technology, emphasizing higher fidelity, growing customer traction and a clearer commercialization narrative today. In this face-off, we look at how each company is progressing, where their strategies diverge, and what those differences mean for investors deciding which quantum path looks more compelling right now. Shares of Rigetti have skyrocketed 118.3%, while IONQ stock has gained 25.7% in the six-month period. At a high level, Rigetti Computing and IonQ are both pursuing gate-based quantum computing, but they are doing so through fundamentally different engineering philosophies. Rigetti is betting on superconducting qubits and tight vertical integration. Its recent shift toward a modular “chiplet” approach reflects an effort to improve yields, reduce error rates, and scale more predictably.

By breaking processors into smaller, repeatable units rather than relying on a single large chip, Rigetti is trying to turn quantum hardware development into something closer to an industrial process. For investors, this strategy emphasizes long-term scalability and control over the entire hardware stack, from fabrication through cloud delivery. IonQ’s approach is less about manufacturing efficiency and more about qubit quality. The company uses trapped-ion technology, which generally offers longer coherence times and higher gate fidelities, albeit with slower gate speeds. Rather than racing to higher raw qubit counts, IonQ has focused on improving algorithmic performance, system reliability, and customer accessibility through major cloud platforms. This has allowed IonQ to position its machines as usable today for select workloads, even if physical scaling remains more gradual.

From an investor’s perspective, IonQ’s strategy prioritizes near-term commercial credibility and performance metrics that resonate with enterprise and government buyers, while accepting a slower, more measured path to large-scale systems. Quantum computing could be the next technology to deliver groundbreaking capabilities, following on the transformative power of artificial intelligence. One of the companies racing to create a scalable quantum computer is Rigetti Computing (NASDAQ: RGTI). As investors caught on to the potential of quantum computers, Rigetti stock skyrocketed to a 52-week high of $21.42 in January. Since then, several factors, such as recent stock market volatility driven by President Donald Trump's unpredictable tariff plans, caused share prices to slump. Now, Rigetti stock is down 47% year to date through April 21.

Does this create a buy opportunity, or are there reasons to avoid the stock? Let's find out. The companies pursuing quantum computers use different technologies to produce qubits computing units. Rigetti Computing employs superconducting qubits. Qubits are akin to a classical computer's bit, but while bits represent either a zero or one, qubits can be both at the same time thanks to the properties of quantum mechanics. This shift from black-and-white to grayscale data allows quantum computers to perform certain calculations far faster than even the world's most powerful digital supercomputers.

Rigetti Computing (NASDAQ:RGTI), a pioneer in quantum computing, has witnessed a meteoric rise in 2024, with its stock surging over 637.76% year-to-date. The recent quantum computing breakthrough by Alphabet’s Google, which unveiled its Willow chip, acted as a catalyst for the entire sector, propelling Rigetti's shares from $4.46 to a staggering $7.46 in just two trading... However, Rigetti’s rally is not solely tied to Google’s news. The company has established itself as a formidable player in quantum computing, supported by critical partnerships, innovative breakthroughs, and a compelling technological roadmap. Rigetti Computing specializes in building quantum processors and quantum computing systems, offering cloud-based access to its hardware via its proprietary platform, Forest. Quantum computing, which uses qubits capable of existing in multiple states simultaneously, has the potential to revolutionize industries like AI, finance, logistics, and cybersecurity.

Rigetti’s strategic focus lies in developing scalable quantum systems, with its roadmap targeting a 336-qubit Lyra processor in the future. The company recently achieved a significant milestone by tiling 9-qubit chips without performance degradation, boasting 99.4% median 2-qubit fidelity. This accomplishment enables scalable chip architecture, crucial for achieving high-qubit systems like the planned 84-qubit Ankaa 3, expected by the end of 2024. Rigetti’s advancements position it as a serious contender in the quantum race against giants like IBM and Google. Despite its technological strides, Rigetti’s financials present a challenging narrative. The company reported a $17.3 million operating loss in its most recent quarter, with R&D expenses of $12.8 million overshadowing its $2.4 million in revenue.

Cash reserves stand at $92.6 million, providing a runway until Q1 2026. However, Rigetti has raised $51.7 million through equity issuance this year, and further dilution seems likely to sustain its ambitious development roadmap. Rigetti’s technological milestones are pivotal to its growth story:

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