The little quantum computing company still has a lot to prove.Rigetti Computing's (RGTI 0.67%) stock closed at a record high of $56.34 per share on Oct. 15, 2025. That marked a 6,850% gain over its previous 12 months, and was fueled by new contracts, analysts' upgrades, and a growing enthusiasm for quantum computing stocks.Yet over the following three months, Rigetti's stock was cut in half and now trades at about $26. Let's see why its stock fizzled out, and if that dip is a buying opportunity for patient ...

Group 1: Market Potential - Quantum computing is expected to become a significant market after 2030, with management estimating a total market opportunity of approximately $1 billion to $2 billion before 2030, primarily focused on government research labs [4] - Between 2030 and 2040, there is a projected annual market opportunity of $15 billion to $30 billion, which could be a massive win for investors if Rigetti Computing becomes a leading option in this space [4] Group 2: Company Positioning - Rigetti Computing is a pure-play quantum computing investment, relying on contracts and one-off system sales rather than cash flows from other operations [3] - The company offers a full-stack solution that includes both hardware and software for its quantum computing ecosystem, similar to Nvidia's approach with GPUs [5] Group 3: Current Performance - In the first quarter of 2025, Rigetti Computing reported sales of only $1.5 million due to a lack of system sales, indicating the current limited market for quantum computers [7] - Rigetti's stock price movements are largely driven by speculation or news releases regarding unit sales, as there is not yet a substantial market for quantum computers [6] Group 4: Competitive Landscape - Rigetti Computing is currently seen as a laggard in the quantum computing field, despite its potential to be a significant player [9] - The company faces risks if it falls behind in the quantum computing race or is unable to secure additional funding, which could render its stock worthless [3][8]