Is It Too Late to Buy Rigetti Computing Stock?

Rigetti Computing (NASDAQ: RGTI) stock took a sharp upturn after the end of the third quarter, apparently after investors heard that three billionaire hedge fund managers invested in the quantum computing company during the quarter.

Rigetti is now up 3,220% over the last three years. That kind of growth is impressive, but it also raises the question of whether Rigetti is worth buying at today's prices.

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Rigetti Computing stock comes with a hefty premium

Rigetti's share price may be up big time, but its revenue isn't. At last report, revenue for the trailing-12-month period had actually declined 43% over the last three years and sat at just $7.5 million. The quantum computing company currently trades at over 1,000 times trailing sales.

Now, valuation isn't the only factor that matters when investing in stocks. It's a single metric, and tech stocks often trade at higher valuations than stocks in other market sectors.

However, even by tech standards, Rigetti's price-to-sales (P/S) ratio is extremely high. For comparison, Nvidia trades at 24 times trailing sales, and Palantir at 127 times trailing sales. And while tech companies typically trade at elevated valuations because they're high-growth businesses, Rigetti's revenue of $1.9 million in Q3 2025 was an 18% year-over-year decrease.

I wouldn't say it's too late to buy Rigetti Computing stock. If quantum computing proves commercially viable, Rigetti could be one of the big winners. But it's only for investors with a sizable risk tolerance, and even then, they should probably stick to a small position.

Lyle Daly has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia and Palantir Technologies. The Motley Fool has a disclosure policy.