Benchmark Maintains Buy on Rigetti (RGTI) Stock, Citing Strong Quantum Progress and $14 Target
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Rigetti, a quantum computing hardware developer based in Berkeley, California, has been steadily advancing its modular architecture, which includes its in-house designed quantum processor units (QPUs) and cooling systems. The company recently launched its most advanced system yet, the Ankaa-3, with 84 qubits. It also rolled out Novera, a compact 9-qubit version built for early-access developers and researchers.
Benchmark Sees Consistent Progress
Looking ahead, Rigetti plans to launch a 36-qubit system by midyear, built by linking four 9-qubit chiplets. A larger 100+ qubit machine is expected before the end of the year. The company missed revenue estimates for Q1 2025, reporting $1.5 million, more than $1 million below forecasts. However, with a $35 million equity investment from Quanta Computer in April, Rigetti now holds $237.7 million in liquid assets.
Williams sees Rigetti's superconducting and modular approach as key to solving scalability in gate-based quantum systems. He notes the firm is making consistent progress toward internal fidelity goals, which are central to achieving quantum advantage. While the broader timeline for adoption remains cautious, Williams highlights growing interest in QPU hardware as a near-term revenue opportunity.
Despite near-term challenges, Benchmark believes RGTI is in a strong position, supported by a compelling technical foundation, a sizable patent portfolio, and enough capital to sustain its roadmap. The reiteration of the Buy rating reflects confidence in Rigetti's strategy, execution, and market potential. As the quantum hardware space evolves, Rigetti continues to focus on building practical systems that can scale. With its latest systems in place and more on the way, the company remains a notable player in this emerging tech sector.
Is RGTI Stock a Buy?
average RGTI stock price target is $15, suggesting a 12.1% upside from current levels.
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