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Rigetti Stock Falls to $14.26 as 237x Revenue Multiple Raises Valuation Questions

GateNews
Stocks
RGTI7.01%
On July 20, 2026, Rigetti Computing (NASDAQ: RGTI) closed at $14.26, down from the low-$20s earlier in July and sitting just 13.8% above its 52-week low of $12.53. According to the company's Q1 2026 results, the reported GAAP net income of $33.1 million on $4.4 million in revenue came entirely from non-cash gains on derivative warrant liabilities, not operations. The economically meaningful figure is the non-GAAP net loss of $14.7 million. The stock trades at approximately 237 times enterprise value to annualised revenue—roughly five times the valuation multiples of richly valued AI hardware names during peak cycles. Against $569.0 million in cash with no debt, Rigetti has a multi-year runway, but the key question is whether cash buys time the market has already priced in. Analyst targets range from $25.00 to $40.00 across seven covering analysts, with a mean of $32.57, according to MarketBeat.
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