Rigetti Falls 10% Despite 108-Qubit Launch as CTO Sells $12.7 Million in Stock
Updated
Updated · tikr.com · Jun 11
Rigetti Falls 10% Despite 108-Qubit Launch as CTO Sells $12.7 Million in Stock
1 articles · Updated · tikr.com · Jun 11
Summary
Rigetti shares dropped about 10% Tuesday to around $20 even after the company rolled out its 108-qubit Cepheus-1 processor across Amazon Braket, Microsoft Azure Quantum, qBraid and its own cloud platform.
David Rivas sold 499,328 shares worth roughly $12.7 million on May 29, and that insider sale appeared to outweigh the upbeat product launch and a non-binding CHIPS Act agreement for up to $100 million.
The selloff also extended a broader unwind in quantum-computing stocks after Rigetti had run from the mid-teens to above $28 before sliding back toward $20.
Rigetti still says the new system is the largest modular quantum computer broadly available on major cloud platforms, while $569 million in cash and no debt give it time to pursue commercialization.
The market remains focused on whether technical progress and potential government backing can turn into meaningful revenue, leaving the stock trading like a high-volatility bet on quantum advantage.