Core Insights - Rigetti Computing (RGTI) is intensifying its global strategy amid a competitive quantum race, focusing on partnerships to enhance adoption and credibility in the hybrid quantum ecosystem [1][2] - The company's recent collaborations, including ties with India's C-DAC and Montana State University, aim to expand its reach and bolster research momentum, despite modest near-term revenues [9][10] Company Developments - Rigetti's partnerships with C-DAC and Montana State University highlight its ambition to diversify its footprint and align with key stakeholders globally [10] - The company is advancing its hybrid quantum systems through its chiplet-based Cepheus platform, which aims to reduce error rates and improve scalability [11] Financial Performance - Rigetti is projected to experience a 19.7% revenue decline in 2025, although earnings per share (EPS) losses are expected to narrow by 86.1% year over year [12] - The stock has gained 9.4% year to date in 2025, but it lags behind some peers and the broader industry benchmark [4] Market Positioning - Rigetti's collaborations add credibility to its long-term roadmap, but the company faces challenges in converting research partnerships into sustainable commercial revenues [15] - The stock is currently trading at a price-to-book (P/B) ratio of 9.77X, which is higher than the industry average of 6.79X, indicating potential overvaluation [16] Investment Outlook - Despite modest revenues and ongoing losses, Rigetti's expanding global collaborations and advancements in hybrid quantum architecture present a compelling case for long-term investment [18] - The company is positioned as an intriguing opportunity for investors with a higher risk appetite, given its strong partnerships and technical progress [19]