Core Insights - Rigetti Computing has completed sales of $350 million in gross proceeds from its common stock through an at-the-market equity offering program, bringing its total cash, cash equivalents, and available-for-sale investments to approximately $575 million with no debt [1] - The company plans to utilize the proceeds primarily for working capital, capital expenditures, and general corporate purposes, with potential future investments in strategic collaborations, acquisitions, or partnerships [1] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving a diverse clientele including global enterprises, government, and research institutions through its Rigetti Quantum Cloud Services platform [2] - The company began selling on-premises quantum computing systems in 2021, featuring qubit counts ranging from 24 to 84, and introduced its 9-qubit Novera QPU in 2023 to support the R&D community [2] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [2]

Financial Data and Key Metrics Changes - The company held its Annual General Meeting on June 10, 2025, with a quorum established for conducting official business [10] - Preliminary voting results confirmed the election of two directors and the ratification of the independent accounting firm for the fiscal year ending December 31, 2025 [16][18] Business Line Data and Key Metrics Changes - No specific financial data or metrics related to individual business lines were discussed during the meeting [11][13] Market Data and Key Metrics Changes - No specific market data or metrics were provided in the meeting [11][13] Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of board members and the selection of an independent accounting firm [12][16] - The management emphasized the importance of shareholder support for the company's mission [18] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [11][13] Other Important Information - The meeting was conducted virtually, and all voting was facilitated through an online platform [3][5] - The company plans to report final voting results within four business days after the meeting [18] Q&A Session Summary Question: Were there any questions from shareholders? - There were no questions submitted by shareholders during the meeting [14]

Core Viewpoint - Rigetti Computing and CoreWeave are identified as high-risk, high-reward investment opportunities in the quantum computing and AI sectors respectively [1][17] Rigetti Computing - Rigetti's stock has increased by over 970% in the past 12 months, indicating significant market interest [2] - The company offers quantum processing units (QPUs), full quantum systems, and a cloud-based platform for quantum applications, positioning itself as a comprehensive provider in the quantum computing space [4] - Rigetti's revenue is projected to grow at a compound annual rate of 52% from $10.8 million in 2024 to $37.7 million in 2027, despite a decline in revenue of 8% in 2023 and 10% in 2024 [9][10] - The company has a market cap of $3.3 billion and trades at 87 times its estimated sales for 2027, raising concerns about its high valuation [11] - Major clients include the Superconducting Quantum Materials and Systems Center and the Air Force Research Lab, with recent product launches including a 9-qubit Novera QPU and an 84-qubit Ankaa 3 quantum system [8] CoreWeave - CoreWeave's stock has surged approximately 250% since its IPO in March, reflecting strong growth in the AI sector [2] - The company transitioned from Ethereum mining to AI tasks, significantly expanding its infrastructure with a $100 million purchase of Nvidia's H100 GPUs [12] - CoreWeave's revenue is expected to grow at a compound annual rate of 105% from $1.92 billion in 2024 to $16.55 billion in 2027, despite a widening net loss from $31 million in 2022 to $863 million in 2024 [14][15] - With a market cap of $67.3 billion, CoreWeave trades at 4 times its estimated sales for 2027, suggesting a more reasonable valuation compared to Rigetti [16] Comparative Analysis - While Rigetti has potential in the expanding quantum computing market, its business remains unstable and is trading at inflated valuations, making it a riskier investment [17] - CoreWeave, on the other hand, is experiencing faster growth and has more reasonable valuations, positioning it as a more attractive investment option in the current market [17]

Core Insights - Rigetti Computing (RGTI) has entered a strategic collaboration with Quanta Computer, involving a $35 million equity investment and a commitment of over $100 million each over five years for joint development in quantum computing technologies [1][6] Group 1: Partnership Details - The partnership aims to accelerate the commercialization of superconducting quantum processors, focusing on scalable and fault-tolerant systems for academic, enterprise, and government sectors [1][2] - Rigetti will leverage Quanta's manufacturing scale and operational infrastructure to transition from research-stage prototypes to commercially viable quantum computing systems [2][6] Group 2: Market Position and Performance - Rigetti's shares have decreased by 22.6% year-to-date, contrasting with the industry's growth of 10.5% [5] - The company has a price-to-book ratio of 16.38, which is above the industry average, and carries a Value Score of F [7] Group 3: Earnings Estimates - The Zacks Consensus Estimate for Rigetti's 2025 earnings indicates a significant 86.1% rise compared to the previous year [8] - Current estimates for the upcoming quarters show a projected EPS of -0.06 for the current quarter and -0.05 for the current year, with a year-over-year growth estimate of 86.11% [9]

Core Insights - Rigetti Computing has experienced a stock price increase of 1,080% over the past year, highlighting the growing interest in quantum computing technology and its transformative potential across various industries [1] Industry Overview - Quantum computing differs fundamentally from traditional computing by using qubits, which can exist in multiple states simultaneously, allowing for complex calculations and processing of large datasets [2] - The technology has practical applications in sectors such as financial modeling, drug discovery, and materials science, but faces challenges with increasing error rates as system complexity rises [3] Company Technology and Product Portfolio - Rigetti utilizes superconducting qubits, specifically tunable transmons, controlled by microwave pulses at low temperatures, and employs an Ankaa-class architecture for high-fidelity operations [5] - The company plans to develop a 100-qubit system by the end of the year, focusing on achieving high two-qubit gate fidelity rates exceeding 99% [6] - Rigetti's product offerings include the Novera QPU with a 9-qubit processor, the Ankaa-2 with 84 qubits, and the Ankaa-3, which features significant hardware improvements [7] Financial Performance - Rigetti generated $9.2 million in revenue over the last twelve months but reported an operating loss of $74 million, indicating the early-stage nature of the quantum computing market [7] - The stock has shown significant volatility, with a 96% decline during the 2022 inflation shock, compared to a 25.4% decline in the S&P 500 [8] Investment Outlook - Rigetti represents a high-risk, high-reward investment opportunity, with its future dependent on technological advancements and effective cost management [9] - The company has established relationships with clients like NASA and Standard Chartered, which may validate its technology's commercial viability [10]

Quantum computing stocks are some of the hottest stocks on Wall Street right now, even more so than AI stocks. While AI is still playing out, quantum computing stocks could pay off quickly if their technology becomes viable and mainstream, especially if you buy some pure-play start-ups. One quantum computing stock that soared in May was Rigetti Computing (RGTI -1.55%). It rose over 30% during the month, but was up over 50% at one point. Clearly, there's massive interest in Rigetti Computing's stock, but is ...

Core Insights - Rigetti Computing has seen its shares increase by over 1,249% in the last 12 months, highlighting the potential for significant returns in the tech sector, particularly in quantum computing [1] - The company is positioned in the emerging quantum computing market, which is expected to have vast economic implications, potentially reaching trillions of dollars [3] Industry Overview - Quantum computing aims to enhance computational power by using qubits instead of traditional bits, allowing for the rapid solving of complex problems [2] - The technology has potential applications in drug discovery, logistics optimization, and materials science, indicating a broad range of real-world uses [3] Company Strategy - Rigetti plans to monetize its quantum computing capabilities through a "picks-and-shovels" model, providing quantum computing power via a cloud interface accessible by traditional hardware [4] - Recent technological breakthroughs in the industry suggest that mainstream adoption of quantum computing may occur sooner than anticipated [4] Competitive Landscape - Competitors like D-Wave Quantum and Alphabet are making significant advancements, with D-Wave's revenue increasing by 500% year over year, indicating a more successful commercialization strategy [10][11] - Rigetti's stock performance has been influenced by competitors' achievements, but the company faces risks from these better-capitalized rivals [6][8] Financial Performance - In the first quarter, Rigetti's revenue fell by 52% year over year to $1.47 million, while operating losses increased from $16.6 million to $21.6 million due to rising R&D costs [9] - The company's high price-to-sales (P/S) ratio of 341 raises concerns about its valuation amidst significant operational challenges [12]

Core Insights - D-Wave Quantum and Rigetti Computing are both focusing on quantum computing with distinct approaches, one being commercial and the other research-driven [2][15] - D-Wave Quantum has shown significant growth in revenue and operational efficiency, while Rigetti Computing faces challenges with declining revenues [11][15] D-Wave Quantum Highlights - D-Wave Quantum reported a 509% increase in first-quarter 2025 revenues, reaching $15 million, primarily due to the sale of the Advantage2 quantum system [3] - The company achieved a GAAP gross margin of 92.5%, up from 67.3% year-over-year, indicating strong operational leverage [3][4] - D-Wave's net loss narrowed to $5.4 million, the lowest since going public, reflecting improved operational efficiency [4] - The company ended March 2025 with $304.3 million in cash and a debt-to-capital ratio of 12.9%, showcasing a strong liquidity position [5] Rigetti Computing Highlights - Rigetti Computing was selected for Phase A of DARPA's Quantum Benchmarking Initiative, receiving a $1 million award to support scalable quantum computing concepts [8] - The company secured a $5.48 million AFOSR grant to advance chip fabrication technology, aiming to improve superconducting qubit performance [9] - Rigetti received a $35 million equity investment from Quanta Computer, boosting its cash position to $237.7 million [10] - Despite these funding successes, Rigetti reported a 51% year-over-year decline in first-quarter revenues, indicating weak demand for its quantum solutions [11][15] Comparative Performance - Year-to-date, D-Wave Quantum's stock surged 123.8%, outperforming the broader Internet Software industry and the S&P 500, while Rigetti's stock declined by 8.2% [11] - D-Wave's strong revenue growth and enterprise adoption contrast with Rigetti's projected flat-to-lower revenues for the year, highlighting the latter's ongoing challenges [15]

Subscribers to Chart of the Week received this commentary on Sunday, May 25.We're also running a promotion for Grand Slam Countdown! A 12-month subscription normally costs $1,747, but you can claim full access today for just $75, and an extra six months free. Click here for the offer!Schaeffer’s Expectational Analysis always resonated with me; like fusing a liberal arts degree with an MBA. Using a combination of fundamental, technical, and sentiment analysis, our methodology not only removes ‘guesswork’ fro ...

Core Insights - Quantum computing is poised to unlock trillions of dollars in value by 2040, with its ability to solve complex problems much faster than traditional computers [1] - Recent advancements in qubit stability and error correction are bringing quantum computing closer to mainstream commercial use, with potential transformative impacts across various sectors [2] Company Summaries - **Amazon (AMZN)** is leveraging its AWS cloud infrastructure to democratize quantum computing through Braket, potentially creating a new multibillion-dollar revenue stream as it becomes a go-to quantum cloud provider [5] - **Alphabet (GOOGL)** continues to advance its quantum efforts with the Willow chip, which shows significant improvements in error reduction, positioning the company to commercialize breakthroughs that could transform its core businesses [6][7] - **IBM (IBM)** leads in enterprise quantum computing with over 60 quantum systems deployed globally and a comprehensive software platform, giving it a first-mover advantage in capturing corporate quantum spending [8] - **Microsoft (MSFT)** is pursuing a topological qubit approach and building a comprehensive Azure Quantum ecosystem, which could lock in corporate customers for decades [9] - **D-Wave Quantum (QBTS)** focuses on quantum annealing systems that generate revenue today, positioning itself as a near-term winner in commercial quantum computing [10] - **IonQ (IONQ)** develops trapped ion quantum computers with superior qubit connectivity, demonstrating real-world applications and offering direct exposure to quantum computing's growth potential [11] - **Rigetti Computing (RGTI)** provides end-to-end quantum solutions and controls its technology stack, combining startup agility with the necessary vertical integration for commercial viability [12] - **Nvidia (NVDA)** powers quantum computing through its CUDA-Q platform, enabling significant speedups for quantum simulations and ensuring profitability from quantum breakthroughs regardless of hardware approach [13][14]