<p>Rigetti Computing 现在是那些让投资者觉得自己刚刚提前进入未来的股票之一。量子计算听起来并不像是当今世界的技术，而更像是科幻电影中的东西。然而，Rigetti 是为数不多在股票交易所上市的公司之一，提供了对未来的纯粹押注选项。</p>
<p>过去一年，该公司的股票惊人地上涨了 184%，这得益于稳定的技术进步、与美国空军签署的 580 万美元研究合同，以及与 Nvidia 的合作，瞬间提升了其可信度。此外，围绕下一代计算的热情也在广泛上升，因此 Rigetti 快速崛起为量子领域中最炙手可热的名字之一。</p>
<h2>估值面临现实检验</h2>
<p>围绕 Rigetti 的兴奋带来了一个听起来有些疯狂的估值。Rigetti 目前的市值约为 84 亿美元，交易价格约为今年预期销售额的 409 倍，这一数字甚至可能让最敢于冒险的成长型投资者感到害怕。值得思考的是，这是否是未来量子领导者的崛起，还是仅仅是一只运气好的股票，变得过于乐观。</p>
<p>尽管技术故事引人注目，但财务状况则显得更加保守。一方面，技术叙事非常强劲，另一方面，来自商业方面的数据则表明需要谨慎。这提醒投资者，量子技术并不总是自动转化为短期收入增长，它还需要长期的耐心。</p>
<h2>强大的愿景与疲软的销售势头</h2>
<p>就 Rigetti 最近的表现而言，销售增长似乎并不乐观。去年第三季度的收入降至约 195 万美元，低于大约 238 万美元。如果从更广泛的角度来看，去年前三个季度的销售额为 522 万美元，而 2024 年同期为 852 万美元。对于一家在先进、发展中的市场中运作的公司来说，这些数字并不理想。在一个公司处于前沿的开创性市场中，这样的数字可能并不令人担忧，但仍然与股票的热烈表现不符。两者之间的裂痕表明，对未来潜力的乐观可能是当前股价上涨的原因。</p>
<h2>噱头与长期潜力</h2>
<p>Rigetti 仍处于旅程的早期阶段。可能有一些客户决定推迟订单，因为他们在等待具有更高量子比特数的系统，但量子计算自然不是一个快速的过程，需要耐心。然而，与公司最近的商业活动相比，目前的股市趋势相当热情。今天将资金投入 Rigetti 的投资者基本上是在押注量子计算可能成为的样子，而不是公司已经生产的东西。然而，这并不是坏事，但确实使投资风险更高，特别是在当前高估值的情况下。</p>
<h2>量子计算的更好选择</h2>
<p>对于想要进入量子计算但不想承担如此高的噱头驱动风险的投资者，可能还有一些更平衡的选择。D-Wave Quantum 在纯粹领域的专注及其量子退火先进技术可能能够提供更现实的短期商业化机会。</p>
<p>相反，Alphabet 提供了一种多样化的方式来享受量子进步，受益于强大的核心业务，从而降低了下行风险。与这些选择相比，Rigetti 的股票更像是一项高风险、高回报的投资，而不是经过仔细计算的投资，且回报周期非常长。</p>
<h2>总结</h2>
<p>Rigetti Computing 无疑在量子技术方面取得了重大进展，其合作和研究成就表明它应该被纳入关于计算未来的讨论中。然而，股票价格的戏剧性上涨似乎主要是由噱头驱动，而非实际的财务状况。</p>
<p>Rigetti 可能最终会成为量子计算的重要参与者，但当前的估值对于错误的容忍度非常低。此时，该公司看起来更像是一个引人入胜的技术故事，而不是一个合理估值的投资，因此这是一只需要关注的股票，但也需要一定程度的怀疑。</p>

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<p>Rigetti Computing 的股票上涨了 184%，这得益于技术进步和合作关系，但其市值约为 84 亿美元，估值高达预期销售额的 409 倍。最近的销售数据表明出现了下降，这引发了对其股价可持续性的担忧。投资者更看重未来潜力而非当前表现，这使得投资风险加大。像 D-Wave Quantum 和 Alphabet 这样的替代方案在量子计算领域提供了更为平衡的选择。尽管 Rigetti 正在取得进展，但其当前估值似乎被高估，值得谨慎观察</p>

<p>Rigetti Computing is now one of those shares that makes the investors think that they have just arrived early into the future. Quantum computing does not sound like a tech of today’s world, but is something from a sci-fi movie. However, Rigetti is one of the very few companies listed on stock exchanges that provides a pure-bet option on that future.</p>
<div class="lb-trans"><p>Rigetti Computing 现在是那些让投资者觉得自己刚刚提前进入未来的股票之一。量子计算听起来并不像是当今世界的技术，而更像是科幻电影中的东西。然而，Rigetti 是为数不多在股票交易所上市的公司之一，提供了对未来的纯粹押注选项。</p>
</div><p>The past year has seen a shocking 184% rise in the company stock, which has been driven by the steady technical progress, a $5.8 million research contract with the U.S Air Force, and a partnership with Nvidia that instantly adds up to its credibility. Besides, there is a wider surge of enthusiasm around next-generation computing, so Rigetti has quickly emerged as one of the fieriest names in the quantum space.</p>
<div class="lb-trans"><p>过去一年，该公司的股票惊人地上涨了 184%，这得益于稳定的技术进步、与美国空军签署的 580 万美元研究合同，以及与 Nvidia 的合作，瞬间提升了其可信度。此外，围绕下一代计算的热情也在广泛上升，因此 Rigetti 快速崛起为量子领域中最炙手可热的名字之一。</p>
</div><h2>Valuation Gets a Reality Check</h2>
<div class="lb-trans"><h2>估值面临现实检验</h2>
</div><p>The excitement surrounding Rigetti has brought along a valuation that sounds a bit crazy. Rigetti’s market capitalization today is around $8.4 billion, and it trades at about 409 times this year’s expected sales, which is a figure that might even scare the most daring growth investors. The thing to wonder about is whether this is a future quantum leader in making, or is it just a stock that got lucky and has become too bullish.</p>
<div class="lb-trans"><p>围绕 Rigetti 的兴奋带来了一个听起来有些疯狂的估值。Rigetti 目前的市值约为 84 亿美元，交易价格约为今年预期销售额的 409 倍，这一数字甚至可能让最敢于冒险的成长型投资者感到害怕。值得思考的是，这是否是未来量子领导者的崛起，还是仅仅是一只运气好的股票，变得过于乐观。</p>
</div><p>Although the technology story is compelling, the financials are a bit more conservative. On one hand, the technology narrative is very strong and on the other hand, the numbers coming from the business side indicates one to be cautious. This reminds the investors that quantum does not always automatically translate into short-term revenue growth, but it also requires long-term patience.</p>
<div class="lb-trans"><p>尽管技术故事引人注目，但财务状况则显得更加保守。一方面，技术叙事非常强劲，另一方面，来自商业方面的数据则表明需要谨慎。这提醒投资者，量子技术并不总是自动转化为短期收入增长，它还需要长期的耐心。</p>
</div><h2>Strong Vision &amp; Weak Sales Momentum</h2>
<div class="lb-trans"><h2>强大的愿景与疲软的销售势头</h2>
</div><p>Sales growth does not really seem promising for Rigetti when it comes to its recent performance. Last year’s third quarter saw revenues fall to around $1.95 million, which is down from roughly $2.38 million. It is the same story if one takes a broader view, as sales for the first three quarters in the last year amounted to $5.22 million compared to $8.52 million for the same period in 2024. For a company working in an advanced, developing market, these figures are not great. In a pioneering market where a company is positioned at the forefront, such figures might not be alarming, but it still would not be in line with the stock’s heated performance. A rift between the two paths suggests that the optimism about the future potential may be responsible for the lifting of the stock price at present.</p>
<div class="lb-trans"><p>就 Rigetti 最近的表现而言，销售增长似乎并不乐观。去年第三季度的收入降至约 195 万美元，低于大约 238 万美元。如果从更广泛的角度来看，去年前三个季度的销售额为 522 万美元，而 2024 年同期为 852 万美元。对于一家在先进、发展中的市场中运作的公司来说，这些数字并不理想。在一个公司处于前沿的开创性市场中，这样的数字可能并不令人担忧，但仍然与股票的热烈表现不符。两者之间的裂痕表明，对未来潜力的乐观可能是当前股价上涨的原因。</p>
</div><h2>Hype &amp; Long-Term Potential</h2>
<div class="lb-trans"><h2>噱头与长期潜力</h2>
</div><p>Rigetti is still at an early stage of the journey. It is possible that some customers decided to hold off on their orders because they were waiting for systems with higher qubit counts, but quantum computing naturally is not a quick process, and one requires patience for it. However, the stock market trend, as of now, is quite an enthusiastic one when compared to the company’s recent business activities. Investors who have committed their money to Rigetti today are basically betting on what quantum computing could become, and not what the company has already produced. However, it is not something bad, but it does make the investment more risky, specifically at the current high valuations.</p>
<div class="lb-trans"><p>Rigetti 仍处于旅程的早期阶段。可能有一些客户决定推迟订单，因为他们在等待具有更高量子比特数的系统，但量子计算自然不是一个快速的过程，需要耐心。然而，与公司最近的商业活动相比，目前的股市趋势相当热情。今天将资金投入 Rigetti 的投资者基本上是在押注量子计算可能成为的样子，而不是公司已经生产的东西。然而，这并不是坏事，但确实使投资风险更高，特别是在当前高估值的情况下。</p>
</div><h2>Better Ways for Quantum Computing</h2>
<div class="lb-trans"><h2>量子计算的更好选择</h2>
</div><p>There might be some more balanced options for the investors who want to get into quantum computing, but not with such a big hype-driven risk attached to it. The D-Wave Quantum’s focus in the pure-play space with its quantum annealing advanced tech could be in a position to offer more realistic near-term commercialization opportunities.</p>
<div class="lb-trans"><p>对于想要进入量子计算但不想承担如此高的噱头驱动风险的投资者，可能还有一些更平衡的选择。D-Wave Quantum 在纯粹领域的专注及其量子退火先进技术可能能够提供更现实的短期商业化机会。</p>
</div><p>On the contrary, Alphabet provides a diversified way to enjoy the quantum advancements, benefiting from the strong core businesses, which in turn minimizes the downside risk. When compared with these options, Rigetti’s stock is less like a carefully calculated investment and more like a risky and a high-reward bet with a very long payout period.</p>
<div class="lb-trans"><p>相反，Alphabet 提供了一种多样化的方式来享受量子进步，受益于强大的核心业务，从而降低了下行风险。与这些选择相比，Rigetti 的股票更像是一项高风险、高回报的投资，而不是经过仔细计算的投资，且回报周期非常长。</p>
</div><h2>Bottom Line</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Rigetti Computing is undoubtedly making great strides in quantum technology, and its collaborations and research accomplishments imply that it should be included in the discussions about computing’s future. However, the dramatic increase in the stock price seems to be mainly driven by hype rather than the actual financial situation.</p>
<div class="lb-trans"><p>Rigetti Computing 无疑在量子技术方面取得了重大进展，其合作和研究成就表明它应该被纳入关于计算未来的讨论中。然而，股票价格的戏剧性上涨似乎主要是由噱头驱动，而非实际的财务状况。</p>
</div><p>It is possible that Rigetti will eventually become a significant player in quantum computing, but the current valuation is very tight for errors. At this moment, the company appears to be more of an intriguing tech story than a fairly valued investment, so it is a stock that needs watching, yet also some extent of skepticism as well.</p>
<div class="lb-trans"><p>Rigetti 可能最终会成为量子计算的重要参与者，但当前的估值对于错误的容忍度非常低。此时，该公司看起来更像是一个引人入胜的技术故事，而不是一个合理估值的投资，因此这是一只需要关注的股票，但也需要一定程度的怀疑。</p>
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押注量子技术，Rigetti 是否值得冒险？