Rigetti Computing CEO Urges Caution After 48% Stock Spike
Rigetti Computing's (RGTI) stock surged 48% in a single day, yet CEO Subodh Kulkarni is tempering investor expectations, emphasizing the long road ahead to sustainable sales and profitability. "We are still in the technology development phase and need to perfect the technology before discussing significant sales growth," Kulkarni told Yahoo Finance's Opening Bid podcast.
The spike follows heightened momentum in quantum computing stocks, driven by AI excitement. Other companies, including D-Wave Quantum (QBTS) and Quantum Computing (QUBT), also saw significant gains of 23% and 14%, respectively, on Tuesday. However, the sector faces skepticism after Meta (META) CEO Mark Zuckerberg and Nvidia (NVDA) CEO Jensen Huang voiced cautious views on quantum computing's timeline, estimating "very useful" applications are at least a decade away.
Rigetti's stock has soared over 777% in the past year, with a market cap now exceeding $2 billion. Despite the rally, the company remains unprofitable, losing $45 million through Q3 of last year. A recent filing revealed Rigetti may need additional funding by Q2 2026 to advance its quantum chipmaking goals.
Rigetti Computing's (RGTI) stock surged 48% in a single day, yet CEO Subodh Kulkarni is tempering investor expectations, emphasizing the long road ahead to sustainable sales and profitability. "We are still in the technology development phase and need to perfect the technology before discussing significant sales growth," Kulkarni told Yahoo Finance's Opening Bid podcast.
The spike follows heightened momentum in quantum computing stocks, driven by AI excitement. Other companies, including D-Wave Quantum (QBTS) and Quantum Computing (QUBT), also saw significant gains of 23% and 14%, respectively, on Tuesday. However, the sector faces skepticism after Meta (META) CEO Mark Zuckerberg and Nvidia (NVDA) CEO Jensen Huang voiced cautious views on quantum computing's timeline, estimating "very useful" applications are at least a decade away.
Rigetti's stock has soared over 777% in the past year, with a market cap now exceeding $2 billion. Despite the rally, the company remains unprofitable, losing $45 million through Q3 of last year. A recent filing revealed Rigetti may need additional funding by Q2 2026 to advance its quantum chipmaking goals.