TLDR
- RGTI stock up 1,820% in 12 months, beating quantum computing peers
- Jim Cramer calls it “speculation” but says quantum computing is “for real”
- Company achieved 99.5% gate fidelity with 36-qubit modular system
- Trading at 495x sales with $571.6M cash through 2026
- DARPA backing validates technology approach
Rigetti Computing stock has delivered massive gains to investors despite warnings from market experts. The quantum computing company’s shares have surged 1,820% over the past 12 months.
CNBC’s Jim Cramer addressed the stock during his Mad Money lightning round. A caller asked about RGTI, prompting Cramer to share his views on the quantum computing space.
“Okay, here’s my view on quantum computing: it is for real,” Cramer said. “Is Rigetti my favorite? No, but Rigetti’s one that could have a headline tomorrow.”
The television host compared RGTI to other speculative plays. He warned viewers that while he doesn’t want to keep them out of potential gains, “it is a speculation, please remember that.”
Cramer previously labeled RGTI a meme stock in March. Since that comment, the stock has gained nearly 65%.
Technical Breakthroughs Drive Interest
Rigetti made headlines in August 2025 with its modular 36-qubit system breakthrough. The company’s four 9-qubit chiplets achieved 99.5% median two-qubit gate fidelity.
This performance cuts errors in half compared to its previous Ankaa-3 machine. The company targets a 100-plus qubit chiplet system by year-end.
The modular approach helps avoid yield issues that plagued single-chip designs. IBM’s 1,121-qubit Condor processor highlighted monolithic scaling limits, pushing IBM toward modular architectures.
Rigetti’s superconducting qubits run 100 to 1,000 times faster than trapped-ion systems. Two-qubit gates operate in tens of nanoseconds versus tens of microseconds for competitors.
Despite technical progress, revenue remains minimal. Second-quarter 2025 revenue fell to $1.8 million from $3.1 million year-over-year.
Operating losses hit $19.9 million in the most recent quarter. The capital-intensive nature of quantum computing development continues to weigh on profitability.
Valuation Concerns Mount
RGTI trades at a $5.3 billion market cap on approximately $11 million trailing revenue. This creates a 495 times sales multiple.
The company raised $350 million in Q2 through an at-the-market program. RGTI ended the quarter with $571.6 million cash and no debt, providing runway through 2026.
DARPA selected Rigetti for its Quantum Benchmarking Initiative alongside IBM and IonQ. The program seeks utility-scale quantum computers by 2033.
Government backing provides validation, but extreme valuations demand caution. At 495 times sales, the stock prices in perfection for quantum computing’s uncertain future.
