Rigetti’s Transparency: The Short Case Writes Itself (Subsequent Follow-up)

Unlike its quantum peers, RGTI’s plain disclosures make the bear thesis obvious — no sales, heavy dilution, and an overvalued stock.

In my last report,

I argued that Rigetti’s celebrated “quantum breakthroughs” mask a weak commercial reality. After reviewing the company’s Q2 2025 earnings in detail, my conviction has only strengthened: Rigetti remains a company with shrinking revenues, widening losses, and no evidence of sustainable demand.

Rigetti’s top line continues to deteriorate. …