Rigetti (RGTI) released their Q1 numbers. They are building out their quantum computing business and recently made their new 108-qubit system available on major cloud platforms. It is a big step for them, but the tech still has high error rates so it isn't quite ready for solving real-world problems yet. Financially, revenue was $4.4M for the quarter. That is up 198% from last year, but their costs are still massive. Operating expenses were $27.3M with a net loss of $20.5M. They do have $569M in cash on hand, so they have a decent runway to keep funding operations for now. The biggest issue right now looks like the valuation. The stock is already down 61% from its peak, but it still trades at a price-to-sales ratio of 574. Even if you look at their 2026 revenue estimates, the forward P/S is 251. For context, Alphabet trades at a P/S of 11. The stock seems heavily overvalued at current levels based on their actual sales.