Rigetti Shares Fall 33% in 2026 After $100 Million U.S. Commerce LOI

1 articles · Updated · The Motley Fool · Jul 24

$14.85 was Rigetti's Thursday close, leaving the quantum-computing stock down about 33% in 2026 despite a late-May jump above $27 after a $100 million U.S. Department of Commerce letter of intent.
That retreat reflects Rigetti's speculative profile: first-quarter revenue was only $4.4 million, and its reported $33 million net income came from a $53.7 million fair-value accounting gain rather than core profitability.
Rigetti still has financial runway, with $569 million in cash and no debt, helping fund its full-stack quantum platform while commercial adoption remains years away.
Wall Street's median 12-month target is $30.50, implying more than 100% upside, but the stock is likely to keep swinging sharply until the quantum-computing market matures.