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Rigetti shares drop 22.6% in July as investors grow impatient
The stock slide followed a mismatch between heavy cash burn, with first-half 2026 R&D near $41 million, and limited revenue of $9.5 million.
Rigetti Computing shares fell 22.6% in July as investors grew more skeptical about companies that are still unprofitable, according to Yahoo Finance, citing S&P Global Market Intelligence data. The selloff was tied to broader rotation out of AI and related tech names amid doubts that large spending will translate into long term returns, with quantum computing stocks also coming under scrutiny.
The company’s financials highlighted the risk investors focused on. Rigetti reported research and development costs of nearly $41 million in the first half of 2026, contributing to an operating loss of $54 million, while revenue totaled $9.5 million over the same period.
Valuation also drew attention, with Rigetti’s price to sales ratio at 444 versus about 8 for the technology sector average. With shares priced at a steep premium while profits remain absent, Yahoo Finance said some holders likely decided the risk was too high to stay invested.
The article noted that Rigetti’s results offered some support even as sentiment weakened. Revenue rose 185% in the second quarter, which ended June 30, to $5.14 million, slightly above Wall Street’s $5.09 million consensus estimate, and the shares were up about 4% since results were released on Aug. 6, helped by $541.3 million in cash, cash equivalents, and investments.