Is Rigetti Computing Stock’s Drop A Chance To Buy

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Buyers of Rigetti Computing (RGTI) stock may be betting on the company's ability to sell whole quantum computers. Rigetti already fills orders for its Novera systems, which customers install on site, even though quantum computing can look like a research field that is years away from real sales. Yet the stock lost 74.9% over the past year while the S&P 500 returned 17.1%, and that is the contradiction. So how much is Rigetti actually selling?

Rigetti's Quarterly Revenue Nearly Tripled On Novera Systems

Rigetti recorded $5.14 million in revenue during the second quarter of fiscal 2026, a 185.3% increase from a year earlier. Management said on the August 6, 2026 call that on-premises Novera sales provided the increase, as orders announced earlier turned into revenue.

The company still needs to convert one order into revenue. Rigetti is building a 108-qubit system for C-DAC in India under an $8.4 million order, and management expects to book that revenue in the fourth quarter of 2026. This single order equals about 63% of the $13.4 million in revenue Rigetti generated over the four quarters to June.

Demand is also spreading. Management reported more demand for Novera systems from national labs and universities, while the first two 9-qubit systems Rigetti delivered in 2026 both went to commercial organizations.

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Rigetti Still Loses Far More Than It Sells

Anyone holding the stock faces the worry that Rigetti spends far more than it sells. The company posted an operating loss of $97.2 million over the four quarters to June, an amount more than seven times its revenue.

Rigetti does keep more of each sale than it did previously. Gross margin reached 42.6% in the June quarter, against 31.4% a year earlier. Yet the operating loss for the quarter still grew, climbing to $28.1 million from $19.9 million.

The share price appears to include a lot of sales Rigetti has not made yet, trading at 291 times sales against 3.1 times for the S&P 500. Rigetti also held $394 million in cash and short-term investments at the end of June, against $7.7 million of debt. This cash alone amounts to about $1.18 for each share, measured against a share price of $11.66, the lowest close of the past year.

What Could Go Wrong With Rigetti's Machine Sales?

Rigetti's sales can slip from one quarter to the next, since management says results follow the timing of large system contracts. Revenue in the fourth quarter of 2025 fell 17.9% from a year earlier to $1.87 million. The C-DAC revenue also comes only after the system is installed in India and passes acceptance testing.

New shares pose the other risk to a holder. Rigetti's diluted share count rose 159.3% between the second quarters of fiscal 2023 and fiscal 2026. The U.S. Department of Commerce has picked Rigetti for up to $100 million over three years. Rigetti announced a definitive agreement with the department in early September 2026, and management had said any final deal would include issuing securities to the department.

So if you hold the stock, you are betting on Novera sales: one large order still has to turn into revenue, while losses keep running far ahead of sales. Rigetti's next report is expected on or around November 16, 2026. So the drop is a chance to buy only if Novera revenue keeps growing; until then, losses more than seven times revenue and a price of 291 times sales call for caution. Revenue from Novera systems is the figure to watch, with the C-DAC system due in the quarter after.

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