Rigetti Computing (RGTI) reported third-quarter 2026 results showing revenue of $1.41 million and a net loss of $3.14 million. While the revenue figure represents a miss against expectations, the company highlighted a significant improvement in its financial trajectory with a sharply reduced net loss compared to previous periods. The stock market reacted negatively to the earnings release, with shares falling 8.56% on the day and dropping an additional 16.15% over the past month. This decline extends a year-to-date share price drop of nearly 53%, as investors weigh the recent revenue miss and cautious outlook against the company's technical milestones in quantum computing. Rigetti plans to ship three systems in 2026, including two 9-qubit Noveras and a 108-qubit machine for C-DAC in India. The first half of the year saw revenue jump to $4.4 million in Q1 and $5.1 million in Q2 following quarters under $2 million in 2025, driven by these early deliveries. Analyst fair value models currently suggest RGTI is overvalued at a price of $11.11 versus a target of $11.09, though the stock trades at a steep discount to published analyst targets which span a wide range. The narrative suggests the current setup reflects short-term contract timing issues rather than a fundamental long-term verdict on the quantum computing business.