Rigetti Computing (RGTI) shares have declined 68% over the past year, trading at a valuation of approximately $4.7 billion despite recent losses. The market currently prices the stock at roughly 350 times trailing sales, significantly higher than the S&P 500's multiple of 3.1 times, suggesting investors are betting on future revenue growth that has not yet materialized. The company is focusing on selling its Novera quantum computing systems directly to customers, a strategy that drove Q2 2026 revenue to $5.1 million from $1.8 million the prior year. Corporate clients and national labs are driving this initial demand, with a notable order from India's C-DAC for a 108-qubit system valued at $8.4 million. Rigetti faces challenges in converting large orders into recognized revenue due to installation and performance acceptance testing requirements. While the company aims to improve hardware fidelity from 99.1% to 99.5% later in 2026, its cash and investments have decreased to $541.3 million as it continues to consume capital while awaiting future sales milestones.