Rigetti Computing, Inc.

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Bullish +65

Rigetti (RGTI) Stock Jumps 19% Ahead of Earnings. Can the Rally Continue?

Earnings report New AI features AI-generated analysis

πŸ“ˆ Rigetti shares jumped 19.29% to close at $11.75 ahead of Q3 2026 earnings, though the stock is still down nearly 47% year-to-date.

πŸ’° Analysts expect a Q3 loss of $0.05 per share and revenue of approximately $3.67 million, up from $1.95 million last year.

🧬 Rigetti's Cepheus quantum system achieved 99.1% median two-qubit gate fidelity with a target of 99.5% by the end of 2026.

🀝 The company secured an $8.4 million order from India's C-DAC for its 108-qubit quantum computer, expected to be recognized in Q4.

πŸ›οΈ Rigetti signed a definitive $100 million agreement with the U.S. Department of Commerce for superconducting quantum-computing research.

πŸ’Έ Operating expenses rose 49% year-over-year to $30.3 million in Q2 due to increased investment in research and manufacturing.

πŸ“Š Wall Street maintains a Strong Buy consensus rating with an average price target of $24, implying roughly 104% upside.

Bullish Signals
  • Rigetti shares surged 19.29% to close at $11.75 ahead of earnings, driven by sector-wide optimism following IonQ's blockbuster results.
  • The company achieved 99.1% median two-qubit gate fidelity on its Cepheus system, targeting an improvement to 99.5% by the end of 2026.
  • Rigetti secured an $8.4 million order from India's C-DAC for a 108-qubit quantum computer, with revenue expected in Q4.
  • The firm signed a definitive $100 million agreement with the U.S. Department of Commerce to support its superconducting quantum-computing research.
  • Analysts maintain a Strong Buy consensus rating based on three Buy ratings issued over the past three months.
  • The average price target of $24 implies approximately 104% upside from Friday's closing price, indicating strong Wall Street bullishness.
Risk Factors
  • Rigetti is expected to report a Q3 loss of $0.05 per share, widening the net loss to $52.6 million in the prior quarter.
  • Operating expenses reached $30.3 million in Q2, up nearly 49% year-over-year, as the company invested heavily in research and new equipment.
  • Despite impressive revenue growth of 183% in Q2, rising costs have continued to pressure the stock price.
Full Analysis
Rigetti Computing (RGTI) shares surged 19.29% to close at $11.75 ahead of its third-quarter 2026 earnings report scheduled for Tuesday, November 10. Despite the recent rally, the stock remains down nearly 47% year-to-date. Analysts expect Rigetti to report a loss of $0.05 per share compared to a $0.03 loss in the prior year, with revenue anticipated at approximately $3.67 million, up from $1.95 million last year. The company has demonstrated significant technical progress with its 108-qubit Cepheus quantum system, achieving 99.1% median two-qubit gate fidelity and targeting an improvement to 99.5% by the end of 2026. Commercial validation is a key focus, highlighted by an $8.4 million order from India's C-DAC for the Cepheus system, with revenue recognition expected in Q4 following installation. Additionally, Rigetti secured a definitive $100 million agreement with the U.S. Department of Commerce to support its superconducting quantum-computing research. However, Rigetti's expansion is accompanied by rising costs, with operating expenses reaching $30.3 million in Q2, a 49% year-over-year increase driven by investments in research and manufacturing. The company's ability to convert large orders into recognized revenue and deliver planned technology improvements will be critical for sustaining investor optimism following the recent stock price jump.