Haverhill Financial Research · October 12, 2026
Summary: Haverhill price target $12 (12 months)
Rigetti Computing builds quantum computers from superconducting chips, and its share price assumes far more than the business has shown so far. Revenue was $5.1 million in the June quarter, yet at $14.03 the company is valued at about $4.8 billion, roughly 318 times trailing sales once cash is netted out. A $541 million cash pile built from share sales, plus a new $100 million US government deal, funds years of work, but the roadmap has slipped and fidelity on its largest machine trails its own target. Our 12-month price target of $12 (through October 2027) sits about 14% below the current price, so we rate the shares Hold.
Company filings through the Q2 2026 Form 10-Q and Sep 8, 2026 Form 8-K; Haverhill Financial Research model; price as of Nasdaq close Oct 9, 2026
Revenue is tiny but rising. Sales grew 185% year over year to $5.1 million in Q2 2026, led by $4.1 million of system and component sales, with one customer making up 64% of the quarter.
Funding is not the problem. Rigetti held $541.3 million of cash and investments and no debt at June 30, and in September signed a $100 million Commerce Department deal, paid in milestone tranches, for 7.7 million new shares.
Our view: the cash buys time, but about $12.44 of the $14.03 share price is a bet on technology that Rigetti now expects to need roughly three more years. Good engineering news is largely priced in.
