Rigetti Computing: The Quantum Hype Doesn't Add Up to Profit

As of October 6, 2025, the stock trades around $40, giving it a market cap of ~$13 billion. This is totally absurd for a firm with declining revenue and massive losses.

This analysis substantiates a bearish outlook, highlighting why shorting RGTI makes sense (FOR ME) amid hype-driven volatility.

I'm not picking only on Rigetti. I believe other quantum companies are also ripe for shorts. This exact same analysis can be applied to IONQ, QBTS, QUBT and $NASDAQ:ARQQ. These companies trade between 500x and 3000x their sales.

Back to RGTI, the company is in a profitability abyss, with revenue of $1.8 million in Q2 2025, while operating expenses were $20.4 million.
At this speed, their cash will burn real fast and the company will be forced to issue more shares, diluting/suppressing its price.

Are are some more important points:

• Rigetti's P/S ratio is at 1500x (WTF!)
  
• The stock went up 4,800% in one single year (LOL)
  
• They mostly sell vaporware
  
• The current price is just nonsense hype and there are no fundamentals to sustain it
  

The intrinsic value of this stock is a very small percentage of the current price. Consequently, the stock is due for a strong correction.

I'm just sharing my personal opinion and journey. Do your own due diligence.