After quantum computing stocks ripped, an updated relative valuation comparison covers Rigetti Computing alongside IonQ, D-Wave Quantum and Quantum Computing Inc. x.com 

IonQ, D-Wave and Rigetti look like traps after spiking on US government equity stakes. The $2B attached to nine quantum companies is roughly $100M each, a rounding error that doesn't change whether the businesses work. D-Wave's last quarter brought in $2.86M of revenue and Rigetti $4.4M, about 600x revenue. Much of the pop was a short squeeze, not revaluation, and the group later fell 7-9% on no news. Unlike Intel, which the government bought cheap, these are bought on a story. x.com 

Rigetti Computing is one of three massive sub-$20 plays like IonQ, with three catalysts. Its Lyra processor targets 336 qubits and 99.7% two-qubit gate fidelity, a realistic path to demonstrable quantum advantage, possibly by late 2026. It holds a C-DAC India deal and is pursuing a UK 1,000+ qubit deployment; a DoD or NATO contract would validate it as a national-security asset. Deeper integration with Nvidia, Google or Microsoft would turn grant revenue into recurring subscriptions. x.com 

Rigetti Computing and Infleqtion are too speculative to own because neither has a moat yet. Bernstein flags both as high risk-reward quantum plays, but its own note says it is far too early to declare a winner and that different modalities have distinct strengths, so a new architecture could make their hardware obsolete. Quantum is also highly capital-intensive: Rigetti's roughly $590 million in cash is a runway being burned, not operating profit. For a quality investor, both are a pass for now. … Show more

Rigetti Computing is far less capitalized and technologically advanced than superconducting rivals IBM and Google, which spend more on R&D than Rigetti's entire market cap. Its chiplet design looks more like useful IP for an acquirer than a sign it will outperform them. Bulls citing 99.9% fidelity overlook that this level is useless for quantum computing, and the bull case rests on blind faith rather than capital or buildout. x.com  x.com 

Rigetti shareholders face $100M of dilution from a Commerce Department deal that is expected to take an equity stake when the company is not lacking funding. The letter of intent provides up to $100M over three years under the CHIPS Act for superconducting quantum R&D. x.com 

IonQ, Rigetti Computing and D-Wave Quantum have no business model, so their cash flows can't be predicted. They are awful companies whose appeal rests on speculation, and that should die out when the market turns. x.com  x.com  x.com 

New Era Energy & Digital's roughly $450M market cap makes little sense against about $1M of revenue. x.com 

Cerebras is not worth owning at about $90 billion in value on roughly $500 million of revenue. A post the author replies to adds that it has only two customers and argues investment banks are using retail investors for exit liquidity. x.com 

Aeluma is a risky investment because its roughly $300M market cap rests on about $5M of revenue from government R&D, with zero commercial customers. Its III-V-on-silicon technology is real, but the open question is who buys outside government. The near-50% surge on $4M of US government contracts, with Tower Semiconductor and Sumitomo Chemical handling wafers, looks like an overreaction to a contract that is not large; the stock trades at about 58x sales alongside a $50M ATM and insider selling. … Show more