Rigetti Computing (RGTI) stock has spent much of 2025 consolidating after emerging as one of the Russell 2000’s biggest winners during the second half of 2024.
While the stock now trades at roughly half its all-time high, Rigetti’s dramatically improved balance sheet is starting to reset the long-term growth story.
Rigetti recently completed a massive $350 million at-the-market equity offering, raising fresh capital by selling shares directly into the market.
The result is the quantum computing firm is now debt-free, which marks a stark turnaround from five years ago when its debt-to-equity ratio topped 1,800%.
As of June, the company held $575 million in cash, cash equivalents, and liquid investments.
The move significantly bolstered its liquidity position, cutting financial risk and giving management breathing room to continue development and commercialization efforts.
Rigetti said it plans to use the funds for working capital, capex, and general corporate purposes. It also signaled potential for “strategic collaborations, acquisitions, or partnerships.”
Despite the improved fundamentals, RGTI shares have yet to reflect the shift, a not-unexpected outcome after the stock’s staggering 1,100% gain over the past 12 months.
Following that run, the 44% year-to-date pullback looks more like a healthy reset than any sign of trouble.
Rigetti’s (RGTI) quantum edge
Rigetti designs and builds quantum processors and integrated full-stack systems, positioning itself as one of the few pure-play companies offering cloud-based access to quantum computing platforms.
As Investors Observer reported, Rigetti was the only small-cap company selected for the U.S. Department of Defense’s Quantum Benchmarking Initiative.
It's a high-stakes national program aimed at developing large-scale quantum applications over the next eight years.
Other participants include Hewlett Packard Enterprise, IBM, IonQ, and Oxford Ionics, placing Rigetti in elite company despite its smaller size.
For now, investors aren’t expecting much, at least not in the near term.
Rigetti posted just $1.5 million in revenue last quarter, with operating expenses of $22.1 million. And while it reported positive net income, that was largely driven by non-cash accounting gains, not core operations.
Like most quantum players, Rigetti remains firmly in the R&D phase.
But with its war chest growing and partnerships expanding, Wall Street is still treating RGTI as a long-term moonshot instead of a short-term earnings story.
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