An analyst reiterated a Sell rating on Rigetti Computing today, citing the gap between its market capitalization and revenue. The company’s market capitalization is near $5.3 billion. Its most recent quarterly revenue was $5.14 million.
The report also cited CEO Subodh Kulkarni’s cautious comment that the company is “not quite close to quantum advantage.”
The analyst noted that a U.S. Department of Commerce letter of intent for up to $100 million in funding includes a government equity stake. That stake could dilute existing shareholders in the future.