Rigetti Computing stock has delivered very large gains over the past three years, yet its recent checks still suggest it is priced on the expensive side rather than standing out as a clear bargain. Over the past three years, Rigetti Computing has returned very roughly 8 times an initial investment. This puts recent price action front and center for anyone thinking about valuation now. Growing commercial uptake of its quantum processing units and continued government interest in quantum computing may support high expectations. Reliance on ongoing external funding and execution on complex technology remain key risks if those expectations ease. Rigetti Computing currently scores 0 out of 6 on our broader valuation checks. This means the stock leans expensive rather than screening as cheap on this framework 0/6 valuation score. The issue now is whether Rigetti Computing's recent share price leaves enough valuation cushion for investors if the growth story or funding backdrop becomes less supportive. Is Rigetti Computing Getting Expensive on Book Value? For Rigetti Computing, P/B is the preferred yardstick because the company is still loss making and book value gives a clearer anchor than earnings. Rigetti Computing currently trades on a P/B of about 11.6x, compared with an industry average of about 5.2x and a peer group average near 8.0x. That means the market is paying a much higher price for each dollar of Rigetti's net assets than for the typical semiconductor stock. The gap suggests investors are placing a premium on its quantum computing assets and future potential rather than its present balance sheet strength. Because Rigetti recently highlighted expanding commercial sales and fresh government funding interest, including a letter of intent for up to US$100 million in support, the elevated P/B multiple reflects optimism already embedded in the stock. Anyone considering the shares should recognise