Overview
- Rigetti secured an $8.4 million purchase order from India’s C-DAC for a 108-qubit quantum computer to be installed in Bengaluru in the second half of 2026.
- B. Riley upgraded RGTI from Neutral to Buy with a $35 price target, citing improved revenue visibility, and shares traded in the mid-$20s, implying roughly 46% upside to the target.
- The C-DAC contract equals about 48% of the low end and 36% of the high end of 2025 consensus revenue estimates, according to B. Riley and FactSet.
- Rigetti delayed general availability of its Cepheus-1-108Q system to the end of the first quarter of 2026 to allow additional testing and optimization.
- The company remains unprofitable with reported negative EBITDA of about $73 million and it expects to raise additional capital, while other analyst views range from Rosenblatt’s Buy at $40 to Jefferies’ Hold at $30, with Wedbush at Outperform and $35.