Quantum computing stocks took a wild turn in early 2025, with Rigetti Computing (RGTI) becoming the center of speculative trading, much like GameStop (GME) a few years ago. The stock skyrocketed by nearly 1,445% in 2024, only to drop 25% in early 2025. 

Just like GameStop grabbed headlines in 2021, Rigetti’s journey — from $0.66 in September 2024 to a record high of $21.42 in January 2025 — has been nothing short of dramatic. This surge pushed its market value to $5.6 billion, despite the company making just $11.9 million in revenue over the last year.

The frenzy started in December 2024 when Google unveiled its Willow chip, sparking a rally across quantum computing stocks, with competitors like D-Wave Quantum (QBTS) seeing shares jump by 854%. 

However, reality set in early 2025 when Nvidia (NVDA) CEO Jensen Huang cautioned that practical quantum computers might still be decades away. Adding to the GameStop comparison, Citron Research — famous for shorting GameStop — called Rigetti’s valuation “ridiculous,” likening it to assuming “every TikTok guitarist is the next Taylor Swift.”

The quantum computing sector’s recent turbulence highlights a familiar pattern of market speculation, where technological promise collides with financial reality. With Jim Cramer warning investors about the “quantum GameStop” phenomenon and urging caution in this speculative market, the stage is set for a deeper examination of whether Rigetti is truly a game-changer or just another chapter in meme stock history.

About Rigetti Computing Stock

Rigetti Computing (RGTI), known for its work in combining quantum and classical computing, has caught the market’s eye with its bold goal of transforming industries through quantum technology. The company builds quantum processors and connects them with traditional computing systems, offering its services through platforms like Amazon Braket and Microsoft Azure.

Rigetti’s stock performance has drawn comparisons to GameStop’s famous 2021 surge. Over the past year, the stock skyrocketed by 1,033%, climbing from a low of $0.66 in September 2024 to a high of $21.42 in January 2025. 

While this massive jump highlights its growth potential, it also shows how quickly things can turn. After hitting its peak, the stock dropped by more than 45% in a single day on Jan. 8. Shares are now trading hands in the $11 range. 

Beneath the market excitement lies a concerning financial reality. In the third quarter of 2024 it brought in $2.4 million in revenue but reported an operating loss of $17.3 million and a net loss of $14.8 million. With expenses hitting $18.6 million, the company is burning through cash fast — though it still had $92.6 million in reserves as of Sept. As its own CEO recently said, the company is focusing now on its underlying technology, not sales. Investors excited about the potential of quantum computing may have gotten away from that. 

The frenzy is clear in its trading volume too, with 352 million shares traded against only 280 million outstanding shares, echoing the chaotic trading seen during GameStop’s rise. 

The Building Blocks of Rigetti’s Future

Rigetti Computing’s future seems to hinge on how far it can push the limits of quantum computing, and its recent progress shows it’s making some bold moves. The launch of its 84-qubit Ankaa-3 system is a big step forward. This new quantum computer features a redesigned architecture, halved error rates, and impressive gate fidelities — 99% for iSWAP gates and 99.5% for fSim gates. 

These upgrades not only improve performance, but also put Rigetti in a strong position in the quantum computing race. By rolling out Ankaa-3 on platforms like Amazon Braket and Microsoft Azure, Rigetti is making its technology more accessible, giving partners the tools to run advanced algorithms more efficiently.

On top of that, Rigetti’s partnership with Quantum Machines has shown how AI can simplify quantum calibration, a process that’s usually time-consuming and complex. During trials, they achieved 99.9% single-qubit gate fidelity and 98.5% two-qubit fidelity, proving their commitment to improving their technology while building key industry collaborations.

For investors, these breakthroughs point to long-term potential but also add fuel to the speculative fire. While these breakthroughs could justify some of Rigetti’s high valuation, they also feed into the meme-stock-like narrative — where excitement often overshadows financial realities. 

What Analysts Say About Rigetti

Analysts are clearly optimistic about Rigetti Computing, with all five covering the stock giving it a “Strong Buy” rating. However, the average analyst price target is $6.10, which is well below Rigetti’s current price. That’s a potential drop of about 42.6%. 

This gap between the stock’s trading price and its target suggests that while analysts see promise in the long run, they might think the recent rally has pushed the valuation too high for now. 

Even Rigetti’s CEO, Subodh Kulkarni, has tried to manage expectations, saying it’s not yet time to focus on sales and growth, as the company is still heavily focused on developing its technology. Despite this cautious tone, the market doesn’t seem to care much — Rigetti’s stock continues to show the wild ups and downs that remind many of GameStop’s ride.

Conclusion 

Rigetti Computing’s significant stock fluctuations, innovative developments, and increasing speculative interest clearly resemble the GameStop saga, merging potential with uncertainty. While its quantum breakthroughs and strong analyst backing highlight long-term promise, the disconnect between its current valuation and price targets underscores the risks of chasing the hype. 

Whether Rigetti becomes a true industry disruptor or just another meme stock phenomenon will ultimately depend on its ability to turn innovation into sustainable growth.