Could Rigetti Computing Be the Next Nvidia?

Adam Spatacco, The Motley Fool

Sat, May 17, 2025, 3:31 PM 5 min read

• Rigetti Computing has emerged as one of the hottest names fueling the quantum computing movement.

• While its rapid ascent in share price may tempt investors to buy, the company's financial profile suggests the company still has a long way to go and a lot to prove.

• 10 stocks we like better than Rigetti Computing ›

If you invested in Nvidia stock on Nov. 30, 2022 and held your position until today, then you would be up on your investment by nearly eightfold. Why that date? Because this is the day OpenAI commercially released ChatGPT and spawned the artificial intelligence (AI) revolution.

For the last few years, just about anything touching or referencing AI garnered attention from growth investors. But now that we're a few years into the AI saga, people are beginning to look for more specific opportunities underneath the broader AI umbrella.

For the last several months, quantum computing has burst onto the scene as one of AI's "next big things." And among popular quantum computing stocks is Rigetti Computing (NASDAQ: RGTI) -- which has seen its shares rise by 521% in just the last six months (at the time of this writing).

As the prospects of quantum computing gain more momentum in the investment world, could Rigetti be on its way to becoming the next Nvidia?

If you're unfamiliar with quantum computing, it's likely because the technology isn't widely scaled today. Companies such as IonQ, D-Wave Quantum, and of course, Rigetti Computing have emerged at the forefront of the quantum computing movement over the last several months.

Considering the total addressable market for quantum computing is expected to reach $131 billion over the next 15 years, it's understandable why investors would be flocking to these new players disrupting the AI landscape.

While a large market could suggest long-term growth prospects, smart investors understand that these dynamics don't necessarily make it a sound investment opportunity right now.

The chart illustrates Rigetti Computing's revenue and net loss over the last year. As I alluded to, quantum computing doesn't have many use cases for today's AI applications. This is underscored by Rigetti's paltry $10.8 million in annual sales. While the market size is expected to grow by billions over the coming years, the more subtle theme is that developing quantum computing technology is going to require hefty investments -- another trend that's indicated by Rigetti's soaring losses.