Quantum Computing Companies' Earnings Overview: D-Wave Quantum, IonQ, and Rigetti Computing reported strong sales but significant losses in their second-quarter 2025 earnings, highlighting the industry's rapid growth yet ongoing struggle for profitability. Each company is investing heavily in R&D and strategic partnerships to advance their quantum technologies.
Financial Position and Future Prospects: Despite current losses, all three companies maintain substantial cash reserves—D-Wave with $819.3 million, IonQ with $1.6 billion, and Rigetti with $571.6 million—enabling them to pursue ambitious technology goals and potential acquisitions as they aim for scalable, commercially viable quantum systems.
RGTI
$23.53+Infinity%1D
Analyst Views on RGTI
Wall Street analysts forecast RGTI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for RGTI is 40.60 USD with a low forecast of 35.00 USD and a high forecast of 51.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
Wall Street analysts forecast RGTI stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for RGTI is 40.60 USD with a low forecast of 35.00 USD and a high forecast of 51.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 25.840
Low
35.00
Averages
40.60
High
51.00
Current: 25.840
Low
35.00
Averages
40.60
High
51.00
Jefferies
Hold
initiated
$30
2025-12-16
New
Reason
Jefferies
Price Target
$30
2025-12-16
New
initiated
Hold
Reason
Jefferies initiated coverage of Rigetti Computing with a Hold rating and $30 price target. The company will benefit from early-cycle quantum tailwinds, but the stock is balanced by execution and revenue mix risks, the analyst tells investors in a research note. The firm says Rigetti's credibility from past roadmap slips require sustained delivery while its revenue remains heavily government-dependent, which hinders near-term visibility.
Mizuho
Vijay Rakesh
Outperform
initiated
$50
2025-12-11
New
Reason
Mizuho
Vijay Rakesh
Price Target
$50
2025-12-11
New
initiated
Outperform
Reason
Mizuho analyst Vijay Rakesh initiated coverage of Rigetti Computing with an Outperform rating and $50 price target. The firm sees the company scaling with $450M in cash, equivalents, and investments on hand. This could be sufficient to operate through at least 2030, the analyst tells investors in a research note. Mizuho says Rigetti is the closest scalable superconducting quantum computing peer to IBM and Google.
B. Riley
Neutral
downgrade
$42 -> $35
2025-11-12
Reason
B. Riley
Price Target
$42 -> $35
2025-11-12
downgrade
Neutral
Reason
B. Riley lowered the firm's price target on Rigetti Computing to $35 from $42 and keeps a Neutral rating on the shares. Sales and EPS came near modest consensus estimates, with most system sales expected in 1Q26 and 2Q26, the analyst tells investors in a research note. Cash of roughly $600M could support future M&A, though no immediate targets are identified, while shares have pulled back slightly after recent gains, the firm says.
Alliance Global Partners
NULL
to
Buy
upgrade
$20 -> $37
2025-11-11
Reason
Alliance Global Partners
Price Target
$20 -> $37
2025-11-11
upgrade
NULL
to
Buy
Reason
Alliance Global Partners raised the firm's price target on Rigetti Computing to $37 from $20 and keeps a Buy rating on the shares. Management's updated technology road map supports monetizaiton to begin scaling in 2028, argues the analyst, who expects "a reasonable timeline" for Rigetti to be added to DARPA Stage B is by end of Q1 of 2026.
About RGTI
Rigetti Computing, Inc. is a full-stack quantum computing company. The Company operates quantum computers over the cloud and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. It has developed a multi-chip quantum processor for scalable quantum computing systems. Through the Company’s Quantum Computing as a Service (QCaaS) platform, its machines can be integrated into any public, private or hybrid cloud. It is also engaged in the sale of quantum processing units (QPUs) and custom computing components, and development contracts and other services. Its QPUs contain fabricated silicon-based chips featuring superconducting qubits. The Company designs and manufactures its chips in-house at Fab-1, an integrated quantum device manufacturing facility.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
