Rigetti Computing shares tumble 9% amid broader quantum‑stock sell‑off

Rigetti Computing Inc.'s shares fell 9% on Wednesday, reaching a low of $13.22 before closing at $13.22. Trading volume was about 19.8 million shares, well below the average daily volume of 33.9 million.

The decline occurred as investors pulled back from high‑valuation quantum‑technology stocks. Rigetti is expanding its partnership with Hewlett Packard Enterprise to provide a 9‑qubit Novera quantum system for the NSF‑backed TangleLab hybrid supercomputer, a move aimed at boosting research visibility and access for academic and government users. Analysts note mixed sentiment: Benchmark initiated coverage with a buy rating and a $25 price target, while sector‑wide risk‑off pressure remains a key drag on the stock.

The broader market sees quantum‑computing firms, including Rigetti, under pressure despite long‑term growth expectations from AI and cloud services.