Rigetti Computing (RGTI) Stock Receives Upgrade Following $8.4M India Deal

TLDR

• Rigetti Computing (RGTI) received a Buy rating upgrade from B.Riley with a $35 price target
• An $8.4 million contract from India’s C-DAC drove the analyst’s decision
• The order accounts for 36-48% of projected 2025 revenue estimates
• Stock trades at $23.67 with 46% upside potential to target price
• Company pushed back Cepheus-1-108Q system launch to late Q1 2026

B.Riley moved Rigetti Computing back to a Buy rating Thursday. The quantum computing company earned the upgrade after landing a contract with India’s government.

Rigetti Computing, Inc., RGTI

The firm kept its $35 price target unchanged. That level sits 46% above the current share price of $23.67.

Rigetti announced an $8.4 million purchase order from the Centre for Development of Advanced Computing on January 20. The Indian government agency will receive a 108-qubit quantum computer for deployment at its Bengaluru facility in the second half of 2026.

The contract size matters for a company that brought in only $7.49 million in total revenue over the past twelve months. B.Riley notes the India order represents between 36% and 48% of Wall Street’s 2025 revenue estimates, according to FactSet data.

Analyst Reverses November Downgrade

B.Riley first rated Rigetti a Buy when it started covering the stock in July 2025. The firm changed its stance to Neutral in early November when shares traded near $39. Valuation concerns prompted that downgrade.

The research team cited “enhanced full-year estimate attainment visibility” as the reason for returning to a Buy rating. The India contract provides measurable revenue expectations for the year ahead.

B.Riley’s price target assumes shares reflect 35% of the total addressable market between 2030 and 2035. The stock carries a beta of 1.71, indicating high volatility relative to the broader market.

Product Timeline and Analyst Views

Rigetti delayed its Cepheus-1-108Q quantum computing system. The launch now targets the end of Q1 2026 instead of earlier in the quarter. Additional testing and optimization work required the schedule adjustment.

The company holds more cash than debt and maintains strong liquidity. However, it continues to burn money with a negative EBITDA of $73.01 million.

Multiple analysts recently initiated coverage. Rosenblatt Securities assigned a Buy rating with a $40 price target, showing confidence in Rigetti’s qubit scaling approach. Wedbush started with an Outperform rating and $35 target, highlighting the company’s industry experience.

Jefferies took a more cautious view with a Hold rating and $30 target. That firm flagged execution risks and revenue mix concerns while acknowledging potential upside from quantum computing advances.

The stock has gained 6.86% year-to-date. Trading volume averaged 44.9 million shares. Market capitalization stands at $8.25 billion.

Rigetti manufactures quantum chips at its in-house Fab-1 facility. The company uses a chiplet-based architecture and fast superconducting gates for its quantum systems. These technical advantages helped justify higher valuation models from analysts following the India contract announcement.

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