TD Cowen flagged potential capital needs tied to a new fabrication facility that could cost more than $300 million, compared with about $525 million in cash and annual cash use of $70 million to $80 million. It said a decision on the facility may be needed by mid- to late-2026.
The firm also pointed to increased competition after Rigetti was not selected for the next stage of a U.S. defense quantum benchmarking program, which could limit access to funding and technical insight.
The brokerage added that Rigetti’s valuation remains high relative to peers even after a steep decline in the stock, while revenue and customer wins trail competitors. It kept its forecasts largely unchanged, expecting a revenue rebound in 2026 supported by U.S. Department of Energy funding and a small number of system orders.
TD Cowen initiated D-Wave with a Buy rating, citing its leadership in quantum annealing technology and early commercial traction through system sales and cloud services. The firm expects revenue to grow at a more than 70% annual rate from 2025 through 2028, supported by enterprise demand and expansion into new use cases.
source https://www.investing.com/news/stock-market-news/td-cowen-bearish-on-rigetti-on-funding-risks-bullish-on-dwave-4503439
