Overview
- Rigetti shares fell 8.7% Friday to $22.38, with a slight after-hours uptick, after a week of retail-fueled swings in thin trading.
- No company-specific news drove the move; low liquidity plus elevated short interest near 12.5% of float magnified volatility.
- Analyst views diverge, with Wedbush initiating Outperform with a $35 target and Mizuho setting $50, while others flag unprofitability and uneven revenue.
- Rigetti highlights technical gains including the largest multichip system and a 100+‑qubit chiplet at 99.5% fidelity, with targets of 150+ qubits in late 2026 and ~1,000 by end‑2027.
- Early bookings include two Novera orders totaling $5.7 million and a $5.8 million Air Force Research Laboratory award with QphoX, yet trailing revenue is about $7.5 million against heavy losses and a multibillion‑dollar valuation, with upcoming deliveries and earnings flagged as likely catalysts.