Rigetti Computing (NASDAQ:RGTI) is a company focused on developing quantum computing technology. It aims to revolutionize computing by leveraging quantum mechanics to solve complex problems faster than traditional computers. However, the company faces stiff competition from tech giants like IBM and Google, who are also investing heavily in quantum computing.
On February 12, 2026, Cowen & Co. downgraded Rigetti to a "Hold" rating, with the stock priced at $16.46. This downgrade comes amid a 23% year-to-date decline in Rigetti's shares. The decline is largely due to a reset in the company's roadmap and disappointing financial results, as highlighted by TheFly.
Rigetti's delay in launching its 108-qubit Cepheus system to early 2026 has raised investor concerns. Despite these setbacks, Rigetti has secured $8.4 million in deals with India's C-DAC and the U.S. Air Force, providing some medium-term visibility. The company plans to achieve over 150 qubits by 2026 and exceed 1,000 qubits by 2027.
The company faces challenges with declining revenue, compressed gross margins, and ongoing operating losses. Additionally, Rigetti's inability to progress to Phase B of DARPA's Quantum Benchmarking Initiative adds to the uncertainty surrounding its near-term prospects. Despite these hurdles, Rigetti's government contracts offer a glimmer of hope for the future.
Currently, RGTI is trading at $16.46, reflecting a decrease of 3.02% with a change of $0.51. The stock has fluctuated between a low of $15.75 and a high of $17.09 today. Over the past year, RGTI has reached a high of $58.15 and a low of $6.86, with a market capitalization of approximately $5.43 billion.
