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Key Points
Rigetti Computing (NASDAQ: RGTI) has seen its shares drop over 40% from last month’s peak despite experiencing a nearly 2,000% increase over the past year. The company’s Q3 sales were $1.9 million, reflecting an 18% decline from 2024.
CEO Subodh Kulkarni stated that Rigetti plans to launch a 100+ qubit quantum computer by the end of 2023, followed by a 150+ qubit system by the end of 2026, and a system with 1,000+ qubits by the end of 2027. The projected economic value of quantum computing could reach between $450 billion and $850 billion by 2040.
The company reported a net loss of $201 million in Q3, exacerbated by potential risks including share dilution and high valuation metrics, with a price-to-sales ratio of over 1,000. Competitors include D-Wave Quantum, IonQ, and major tech firms like Alphabet, IBM, and Microsoft.
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