Rigetti CEO Sells $1.9M After Company Issues Equity
Rigetti Computing's CEO sold $1.88 million in shares immediately after the company's September 8 equity deal, with the CFO and CTO also selling shares in August. Four executives collectively sold $2.5
Rigetti CEO Sells $1.9M After Company Issues Equity
NEW YORK, October 24 —
When Rigetti Computing, Inc. (RGTI) formalized a new equity deal on September 8, 2026, CEO Subodh Kulkarni sold $1.88 million in shares the following day. The company drew outside capital while its chief executive exited at $15.68, and the CFO, COO, and CTO sold another $690,000 over the same 90-day window, with zero insider purchases.
- CEO Kulkarni sold 120,000 shares at $15.68 the day after the September 8 equity-deal 8-K filing, per Form 4.
- Four insiders collectively sold $2.57 million over 90 days with zero purchases; short interest is 19.8% of float.
- Revenue grew 68.5% to $13.4 million in the twelve months to June 2026; shares still trade at 286.5x sales.
The Timing Is the Tell
Rigetti Computing, Inc. makes superconducting quantum computers, selling cloud access to systems like the 84-qubit Ankaa-3 under a QCaaS model to enterprises, governments, and national labs across the US, UK, Europe, and Asia. The company grew trailing revenue 68.5% year-over-year and holds $390 million in cash against roughly $10 million in debt. That cash cushion makes the September 8 equity filing, a Material Definitive Agreement paired with unregistered equity sales, read less as desperation than as a deliberate financing choice. CEO Subodh Kulkarni's decision to sell 120,000 open-market shares the very next morning, per his Form 4, complicates that framing.
Four Executives, Zero Buys
The CEO did not act alone. CFO Jeffrey Bertelsen sold 25,000 shares at $15.00 on September 3 and another 3,860 shares at $16.89 on August 20. The COO and CTO each sold in August as well, bringing the 90-day insider tally to $2.57 million in open-market sales against zero purchases. Four executives with full visibility into Rigetti's roadmap each took cash.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| RGTI | $3.8B | n/a | -71.4% |
| QBTS | $4.4B | n/a | -66.7% |
| IONQ | $13.4B | n/a | -50.2% |
| QUBT | $1.5B | n/a | -58.3% |
| SOUN | $2.0B | n/a | -75.8% |
| OKLO | $4.9B | n/a | -80.8% |
286 Times Sales and Falling
The stock at $11.52 is already 74% below its October 2025 high of $44.27, yet a 286.5 times price-to-sales multiple leaves almost no room for error, and running a DCF demands compounding growth for a decade to justify the price. Peers IonQ and D-Wave fell 44% and 57% respectively, yet Rigetti's 68.2% decline was steeper than both. The most recent quarter's 8.6% EPS miss ended a three-beat streak, January 2026 brought a delay on the 108-qubit Cepheus-1-108Q, and short interest at 19.8% of float shows the market has already voted. The thesis changes on a decisive acceleration in next-quarter revenue. Run the free Rigetti Computing, Inc. deep-dive →
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Frequently Asked Questions
Why did Rigetti insiders sell stock after the equity deal?
CEO Subodh Kulkarni sold 120,000 shares at $15.68 the day after the company finalized an equity deal on September 8. The CFO, COO, and CTO also sold shares over the following 90 days, bringing the total insider sales to $2.57 million with zero purchases.
What is Rigetti Computing's revenue growth?
Rigetti reported 68.5% revenue growth to $13.4 million in the twelve months ending June 2026. The company holds $390 million in cash against roughly $10 million in debt.
What quantum computers does Rigetti make?
Rigetti makes superconducting quantum computers including the 84-qubit Ankaa-3, selling cloud access to the systems through a QCaaS model to enterprises, governments, and national labs.
Why has Rigetti stock declined?
Rigetti shares have fallen 68.2%, trading at a 286.5 times price-to-sales multiple. The company missed the most recent quarter's EPS estimate by 8.6% and delayed its 108-qubit Cepheus-1-108Q in January 2026.
What percentage of Rigetti shares are shorted?
Short interest in Rigetti stands at 19.8% of float, and the stock has fallen 74% from its October 2025 high of $44.27 to $11.52.
Rigetti Computing's CEO sold $1.88 million in shares the day after the company filed an 8-K disclosing a Material Definitive Agreement and unregistered equity sales, extending a pattern in which the CEO, CFO, COO, and CTO have collectively sold $2.57 million with zero purchases over the past 90 days.