Rigetti Computing Shares Seek a Floor After Steep Decline

The stock of quantum computing firm Rigetti Computing is attempting to find its footing following a severe sell-off. Having plummeted more than 60% from its October peaks above $56 to trade around $23, the equity is now testing a critical technical level.

For the third quarter of 2025, Rigetti posted revenue of $1.95 million, which represents an 18% decline compared to the prior year. The company attributed this result to delayed payments related to the National Quantum Initiative.

On a positive note, Rigetti's balance sheet shows approximately $600 million in cash reserves and carries no debt. Given the company's current operational expenditure rate, this liquidity is projected to fund operations for five to six years. Nevertheless, significant operating losses and negative margins continue to pose a challenge.

A Valuation Grounded in Future Promise

The shares are trading at nearly 1,000 times the expected sales for 2025. This extreme valuation is entirely predicated on the firm's technological roadmap. The company aims to launch a system with over 100 qubits by the end of 2025, followed by a machine boasting more than 1,000 qubits by 2027.

Should investors sell immediately? Or is it worth buying Rigetti?

Analyst opinions remain divided, reflecting market uncertainty. Mizuho Securities initiated coverage with an "Outperform" rating and a $50 price target. Wedbush analysts have set a target of $35, while Jefferies maintains a more neutral stance with a $30 target.

Technical Picture Under Pressure

Currently, Rigetti shares are trading just above the 200-day moving average, situated at $23.03. This long-term trend line is widely viewed as a crucial support level; a sustained break below it would likely signal further selling pressure. The next notable resistance zone awaits at the 50-day moving average of $33.31, which remains substantially above the current price.

Despite recent attempts to stabilize, the stock, with a market capitalization of approximately $7.4 billion, remains under considerable pressure.

Path Forward

For a sustained recovery to take hold, Rigetti must successfully defend its 200-day moving average. A decisive breakdown below this level could trigger additional selling, potentially driving the price toward the $20 mark. The coming weeks will be pivotal in determining whether the current stabilization represents a durable base or merely a pause within a broader downtrend.