Overview
- Shares fell 8.8% to $14.99 on Thursday after TD Cowen’s Krish Sankar cut the stock to hold.
- Sankar estimates a new 200mm/300mm fabrication facility could be needed by 2028 at a cost exceeding $300 million, challenging against roughly $525 million in cash and a $70–80 million annual burn.
- Rigetti was not selected for DARPA’s Quantum Benchmarking Initiative Stage B, foregoing $1 million-plus in quarterly funding and access to multi-year program insights.
- Q4 revenue was about $1.95 million, down roughly 18% year over year and below estimates, while EPS of -$0.03 beat the -$0.05 consensus.
- Rigetti trades around 255x EV/sales versus IonQ at 205.7x and D-Wave at 167x, and peers also declined Thursday with IonQ down 6.9% and D-Wave off 4.2%.