Rigetti Computing sales surge 185% as operating losses widen

Rigetti Computing (RGTI) reported revenue of $5.14 million for the quarter ending June 2026, a 185.3% increase from the same period a year earlier. Despite this sharp rise in sales, the company’s operating loss expanded to $28.1 million, up from $19.9 million in the prior year. The divergence between climbing revenue and widening losses defines the current investment calculus for shareholders, as the stock has fallen 78.7% over the past year while the S&P 500 returned 17.3%.

The market values Rigetti at approximately $3.9 billion, which translates to a price-to-sales multiple of 291.5 times based on twelve-month revenue of $13.4 million through June 2026. This valuation stands in stark contrast to the S&P 500, which trades at 3.1 times sales. Because Rigetti remains unprofitable, a traditional price-to-earnings ratio is not applicable. The company’s operating loss over the twelve-month period equaled 727.6% of its revenue, whereas the S&P 500 collectively retained 18.5% of revenue as operating profit.

This recent sales growth reverses a trend of shrinking revenue that saw a 37.2% drop in the twelve months to June 2025. Across the last three twelve-month periods, Rigetti’s average revenue growth was 6.3%, slightly above the S&P 500’s 5.9% average. However, this average obscures significant volatility, blending two periods of decline with a single 68.5% jump. For Rigetti’s sales multiple to approach broader market levels, the company would need to sustain growth rates far exceeding this historical pace.

While revenue grew faster than losses in the most recent quarter, shrinking the loss to 546.2% of revenue from 1,104%, the company is spending more as it scales. An August 7 news report noted that while quarterly revenue beat estimates, earnings missed due to higher research and development and selling, general and administrative costs.

Rigetti currently has sufficient liquidity to fund its operations for several years. As of June 30, 2026, the company held $394 million in cash and short-term investments against total debt of $7.7 million. Its free cash outflow over the twelve months to June 2026 was $87.6 million, a pace that would deplete the existing cash balance in about four and a half years. However, the outflow accelerated in the most recent quarter to $27.8 million, the highest of the past five quarters. At this recent pace, the cash reserves would last approximately three and a half years.

The next quarterly report will cover July through September 2026. In the same period last year, Rigetti posted an operating loss of $20.5 million. Investors will watch whether revenue continues to outpace these losses, a dynamic that would support the argument that the company can grow into its costs. Conversely, if losses expand faster than revenue, the current sales multiple will face increased pressure.