Rigetti Slides 40% as CEO Exits Stake and Losses Mount

Overview

• Shares fell from about $39 in early November to $23.45 on December 1, a roughly 40% month‑long decline.
• SEC filings indicate CEO Subodh Kulkarni sold his entire position at $12 per share and now holds no shares, while the CTO and CFO sold stock on November 20 near $26.
• Third‑quarter revenue came in at $1.95 million, down about 18% year over year, with a reported quarterly net loss of $200.97 million.
• The company’s valuation was cited at roughly 1,033 times sales on a market capitalization of about $7.74 billion.
• Retail sentiment on Reddit and X swung to very bearish as insider selling and financial strain drew scrutiny, even as Rigetti says it remains on track for 150+ qubits by end‑2026 and 1,000+ by 2027.