{ "model": "minimax/minimax-m2.7", "started_at": "2026-06-11T13:42:22.081Z", "system_prompt": "You are Wheel Scout — the income/premium-harvest research stage.\n\nYour job is fundamentally different from regular Scout. You are NOT looking\nfor asymmetric (1400% in a year) upside. You are looking for SAFE PREMIUM:\nelevated IV that lets us collect 15%+ annualized yield by selling cash-secured\nputs, covered calls, or strangles at strikes with a real margin of safety.\n\nThe wheel strategy: sell a CSP at a strike where you'd genuinely want to own\nthe stock; if assigned, sell CC against it; collect premium either way.\nYou must verify the trade WORKS BOTH WAYS — assignment is acceptable, not\ncatastrophic.\n\nINVESTIGATION CHECKLIST (cover everything below; stop early only if a fatal\nred flag is found, in which case set verdict='no_setup'):\n\n □ price_history(ticker, 365) — find 200DMA + 52w high/low + recent support\n □ technicals(ticker) — RSI / MACD / volatility regime\n □ fundamentals(ticker) — sanity check: market cap > $1B, ROIC positive,\n no cash-burn / shelf-dilution flags. We're not deep-valuing — just\n confirming this isn't a busted IPO or going-concern.\n □ earnings(ticker) — when's the next print? Reject ANY trade with\n earnings inside the chosen expiry window (IV crush is non-trivial).\n □ edgar_recent_filings(ticker, '8-K', 5) — any material event noise?\n □ options_expiries(ticker) — find 2-3 candidate expiries between 25-50 DTE\n □ options_chain(ticker, expiry, strikes_around=10) — pull strikes around\n current price for each candidate expiry. Note IV per strike.\n □ options_flow(ticker) — aggregate flow direction (huge bullish flow on\n a CSP candidate is fine; huge bearish flow is a warning)\n □ news_for_symbol(ticker, '14d') — any pending litigation, FDA dates,\n regulatory rulings inside the expiry window?\n\nVERDICT VOCABULARY — pick exactly one:\n\n csp_setup — bullish-or-flat thesis. Sell CSP at a strike you'd\n happily own at. Annualized yield ≥15% achievable.\n cc_setup — already-long stock proxy: sell CC at strike at-or-above\n resistance. If-called return ≥12% annualized.\n strangle_setup — IV elevated on BOTH sides, range-bound technicals,\n willing to take both legs.\n no_setup — IV is compressed, premium isn't there, OR a red flag\n killed it (earnings in window, fraud flags, illiquid\n options, anti-signal). PIPELINE STOPS HERE.\n\nOUTPUT FORMAT (strict JSON, output ONLY this object — no prose, no fences):\n\n{\n \"symbol\": \"NVDA\",\n \"company\": \"NVIDIA Corporation\",\n \"investigation_summary\": \"100-300 word executive summary of the income setup\",\n \"verdict\": \"csp_setup\" | \"cc_setup\" | \"strangle_setup\" | \"no_setup\",\n \"confidence_in_data\": 1-5,\n \"structure_recommendation\": \"csp\" | \"cc\" | \"strangle\",\n \"price_context\": {\n \"last_close\": ,\n \"ma_50\": ,\n \"ma_200\": ,\n \"yhigh_52w\": ,\n \"ylow_52w\": ,\n \"from_high_pct\": ,\n \"from_200dma_pct\": ,\n \"rsi_14\": \n },\n \"iv_context\": {\n \"iv_rank_pct\": 0-100,\n \"iv_percentile_pct\": 0-100,\n \"iv_atm_30d\": ,\n \"iv_history_summary\": \"1-2 sentences on whether IV is rich/compressed vs 1y range\"\n },\n \"candidate_strikes\": [\n {\n \"structure\": \"csp\" | \"cc\" | \"strangle\",\n \"expiry\": \"YYYY-MM-DD\",\n \"dte\": ,\n \"strike\": | \"call_strike\": , \"put_strike\": ,\n \"premium\": ,\n \"annualized_yield_pct\": ,\n \"strike_distance_from_price_pct\": ,\n \"strike_vs_200dma_pct\": ,\n \"open_interest\": ,\n \"bid_ask_spread_pct\": ,\n \"if_assigned_basis\": // CSP only\n },\n ... (recommend top 2-3)\n ],\n \"earnings_in_window\": false | { \"date\": \"YYYY-MM-DD\", \"in_dte\": true|false },\n \"anti_signals_present\": [],\n \"competitive_landscape\": \"1-3 sentences on the sector/peers\",\n \"key_risks\": [\"...\"],\n \"sources\": [{\"label\":\"...\",\"url\":\"https://...\"}]\n}\n\nBe ruthlessly skeptical. If IV rank < 40, set verdict='no_setup' — there\nis no premium edge. If earnings is in DTE, set verdict='no_setup'. If\noptions OI < 200 or bid-ask > 5%, the contract isn't real and you set\nverdict='no_setup'. Default outcome is no_setup; an income idea is rare\nbecause most of the time premium isn't sufficient.", "user_prompt": "CURRENT DATE: 2026-06-11. THE YEAR IS 2026.\nDATE RULES — read before writing ANY date:\n - Every option expiry, earnings date, catalyst date, and DTE you state MUST use the year 2026 or later. Do NOT write 2025 dates — your training prior is stale.\n - Every option expiry MUST be a real FUTURE date relative to 2026-06-11. Copy expiries verbatim from options_expiries()/the dossier — never infer a year from memory.\n - Before writing a date, check it: if it is earlier than 2026-06-11, it is WRONG — re-read the live tool output.\n\nSYMBOL: RGTI\nINVESTIGATION TRIGGER: wheel_hunter top-3 · score 63 · IV ~13% · ann yield ~82.8% on $17 P (35d) · OI 2082 · MOS vs 200DMA 27.9%\n\nQUEUE META (from wheel-hunter; verify with tools before relying on it):\n{\n \"price\": 19.4,\n \"candidate_expiry\": \"2026-07-17\",\n \"candidate_strike\": 17,\n \"candidate_premium\": 1.35,\n \"candidate_oi\": 2082,\n \"candidate_iv_pct\": 12.500875,\n \"annualized_yield_pct\": 82.81512605042019,\n \"strike_otm_pct\": 12.37113402061855,\n \"mos_vs_200dma_pct\": 27.916238669333765,\n \"mos_vs_ylow_pct\": 65.04854368932038,\n \"dte\": 35\n}\n\nInvestigate this symbol for premium-collection setup. Find 25-50 DTE\nexpiries, IV-rich strikes with annualized yield ≥15% (CSP) or ≥12% (CC),\nreal liquidity, and a strike margin of safety. Reject if earnings is in\nthe window. Reject if IV rank is sub-40. Output ONLY the JSON object.\nDo NOT include ... reasoning blocks in your final message —\nthey eat the output budget and truncate the JSON.", "completions": [ { "ts": "2026-06-11T13:42:34.816Z", "raw_content": "Let me investigate RGTI thoroughly using all available tools to determine if there's a valid wheel/premium collection setup.\n\nThe queue meta shows:\n- Price: $19.4\n- Candidate expiry: 2026-07-17 (35 DTE)\n- Candidate strike: 17 P\n- Premium: $1.35\n- OI: 2082\n- IV: ~12.5%\n- Annualized yield: ~82.8% (!)\n\nWait, the prompt says IV rank ~13%, which seems very low for premium collection. Let me verify with tools.\n\nLet me start by running multiple investigations in parallel.\n\n\n\n", "cleaned_content": "", "tool_calls": [ { "type": "function", "id": "539380859", "function": { "name": "price_history", "arguments": "{\"ticker\":\"RGTI\",\"days\":365}" } }, { "type": "function", "id": "637402242", "function": { "name": "fundamentals", "arguments": "{\"ticker\":\"RGTI\"}" } }, { "type": "function", "id": "702190289", "function": { "name": "technicals", "arguments": "{\"ticker\":\"RGTI\",\"days\":365}" } }, { "type": "function", "id": "550488237", "function": { "name": "earnings", "arguments": "{\"ticker\":\"RGTI\"}" } }, { "type": "function", "id": "375588650", "function": { "name": "options_expiries", "arguments": "{\"ticker\":\"RGTI\"}" } } ], "finish_reason": "tool_calls" }, { "ts": "2026-06-11T13:44:00.411Z", "raw_content": "Let me analyze the data collected:\n\n1. **Price History**: Last close $19.31, MA200 ~$23.61 (price BELOW 200DMA), MA50 ~$19.08 (price just above). Stock has crashed from $56 high to current $19 area. From 52w high: -66%+. RSI is 44.8 — neutral zone.\n\n2. **Earnings**: Next earnings Q2 2026 around June 30 based on trend pattern showing next quarter end date of \"2026-06-30\". The history shows quarterly reports ending in March, June, September, December typically. Last reported: 2026-03-31 (already reported). \n\nLooking at the earnings calendar more carefully, Q1 2026 was actually released back in May, so the next scheduled report would be Q2 2026 sometime after June 30th.\n\n3. **Options Expiries**: Available expiries around my target window of 25-50 DTE from 2026-06-11: July 17 (36d), July 24 (43d), August 21 (71d - too far). The sweet spot is clearly July 17 at 36 days out, which fits perfectly within the target range.\n\nNow I'm checking whether IV rank data is available in my options chain information. Let me pull that along with the recent SEC filings to get a complete picture.\n\n\n\n", "cleaned_content": "", "tool_calls": [ { "type": "function", "id": "530370396", "function": { "name": "edgar_recent_filings", "arguments": "{\"ticker\":\"RGTI\",\"form\":\"8-K\",\"recent\":5}" } }, { "type": "function", "id": "149586775", "function": { "name": "options_chain", "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-17\",\"strikes_around\":10}" } }, { "type": "function", "id": "210568210", "function": { "name": "news_for_symbol", "arguments": "{\"ticker\":\"RGTI\",\"since\":\"30d\",\"limit\":20}" } } ], "finish_reason": "tool_calls" }, { "ts": "2026-06-11T13:44:53.430Z", "raw_content": "Let me analyze the options chain data more carefully. The spot price is $19.47.\n\nFor the 2026-07-17 expiry (35 DTE):\n\nCalls:\n- Strike 18 ITM: Last=$3.60, Bid=0, Ask=0 → no real quotes visible, this looks like old/wide data\n- Strike 20 OTM: Last=$2.53, Bid=0, Ask=0 → same issue \n- These bid/ask of 0 are suspicious\n\nPuts:\n- Strike 18 OTM: Last=$1.75, IV=6.25%, Vol=153, OI=8205\n- Strike 19 OTM: Last=$2.18, IV=3.13%, Vol=304, OI=9126\n\n\n- Strike 20 ITM: Last=$2.88 with volume and open interest that are clearly stale or corrupted\n\nThe queue data showing a $17 put at 12.5% IV with ~83% annualized yield doesn't match what I'm seeing in the chain—there's likely either lag in the data source, significantly different liquidity assumptions, or these strikes simply aren't available at reasonable prices.\n\nLooking closer at the actual numbers: that $1.35 premium on a $17 strike is only 7.9% of the stock price (which was ~$19.40 when captured), but if assigned I'd be buying at $17 for an effective cost basis around $15.65, which means IV crush and other factors are probably inflating the annualized yield calculation beyond what's realistic.\n\nThe real problem I'm hitting is that all the bid-ask spreads show 0/0, which suggests these options aren't actually trading with proper market makers or there's stale data in the chain itself—IV% values of 6.25% look artificially low compared to typical spreads on mid-cap stocks like this one.\n\nI need to dig into a broader range of strikes to see if there are any realistic bid-ask pairs, and I should also verify what earnings dates were actually reported—the earnings function only showed one date (2026-05-11), but I want to make sure that's not hiding something more recent or upcoming.\n\n\n\n", "cleaned_content": "", "tool_calls": [ { "type": "function", "id": "678365527", "function": { "name": "options_chain", "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-17\",\"strikes_around\":20}" } }, { "type": "function", "id": "656438783", "function": { "name": "edgar_filing_text", "arguments": "{\"filing_url\":\"https://www.sec.gov/Archives/edgar/data/1838359/000110465926072623/tm2617136d1_8k.htm\",\"max_chars\":8000}" } } ], "finish_reason": "tool_calls" }, { "ts": "2026-06-11T13:46:31.038Z", "raw_content": "Now let me gather more information. Let me look at options_expiries for 2026-07-10 and 2026-08-21 to get alternative candidates.\n\nThe key findings so far:\n\n1. **Price**: $19.31 (last close), MA50=19.08, MA200=23.61\n - Price is BELOW the 200DMA by about 18.2%\n - From 52w high of $56.15: down ~65.6% \n - From 52w low of $10.79: up ~79%\n\n2. **Earnings**: Last earnings was 2026-05-11 (Q1 results). Next earnings expected around 2026-08-xx based on quarterly pattern.\n - Looking at the historical pattern, Q1 2026 reported in May 2026, so Q2 2026 earnings should fall somewhere between early to mid-August.\n\n3. **IV**: The options chain shows very unusual pricing—calls and deep ITM puts have IVs of ~0% or near-zero (0.00001), while OTM strikes show higher values around 12-13%.\n - This suggests the market isn't pricing in significant volatility for the July expiry.\n - The wheel-hunter's calculated IV of ~13% seems inconsistent with what I'm seeing in the actual chain data, so I need to verify the methodology being used. Looking at the bid/ask spread issue more carefully—the wheel-hunter is reporting a $1.35 premium on the $17 put, which if accurate would represent roughly 7.9% yield over 35 days or about 82% annualized. But I'm noticing the options chain data shows IVs near zero for some strikes with missing bid/ask quotes, and there's something off with how those values are being reported—0.00001 is essentially zero, which shouldn't happen unless the data itself has issues or isn't properly populated.\n\nThe real problem is that the $17 put strike (12% OTM) shows a premium of $1.35 versus the stock price around $19.30, making this an extremely attractive trade if accurate. But I need to verify whether these premiums are actually executable or if they're just stale quotes from low-volume options with no real market.\n\nLooking at the IV data across different strikes, I'm seeing 0% for ITM and near-ATM positions, jumping up to 6.25% for slightly OTM puts, which suggests something's off with how this data is being calculated or reported—it doesn't align with what a healthy options market should look like. The low open interest on the $17 put (2082 contracts) makes it harder to trust these prices as reliable, even though volume at the $20 strike is much more liquid.\n\nThe annualized yield calculation checks out—$1.35 over 35 days comes to about 82% annually—but that seems suspiciously high compared to what I'm seeing in actual market activity. The real question is whether RGTI's current IV environment justifies these premium levels or if the stock's volatility is just too erratic to maintain such yields.\n\nLooking at the fundamentals, RGTI operates as a small-cap quantum computing company with negative earnings and no revenue growth, which would typically make it unsuitable for a covered call strategy. But I need to separate my view of the underlying business from whether this could work as a pure premium-collection play—the question isn't whether RGTI is a good stock, but whether the options premiums are attractive enough relative to the risk.\n\nNow examining the specific trade setup: the $17 put with a $1.35 premium generates roughly 8% return if held to expiry and keeps you out of the stock, or about 82% annualized. That's compelling from a pure yield perspective. The key question is whether RGTI's fundamentals support owning it at that price point—market cap around $6.4B with negative cash flow, no PE multiple, and declining revenue are all red flags for a long-term thesis, but they don't necessarily invalidate a short premium strategy if the premiums are genuinely attractive.\n\nThe real constraint I'm running into is IV data quality. The implied volatility readings from the exchange feeds look off—some strikes showing effectively zero IV while others spike to 12-13%—which suggests either stale quotes or incomplete market data rather than reflecting actual forward-looking expectations. This makes it hard to assess whether the premium I'm collecting actually compensates for the directional risk if I get assigned.\n\nLooking at earnings timing, Q1 results already came out in May, and based on historical patterns following quarterly cycles, the next announcement should land around mid-August. Since both July 17 and August 21 expiries fall before that window clears, neither position gets caught in an IV crush event—a meaningful advantage for premium collection.\n\nThe $100M CHIPS Act funding announced last month provides some fundamental cushion, though the company still faces significant headwinds with declining revenues, negative margins, and substantial cash consumption. Bernstein's recent upgrade to Outperform adds a bullish data point, but I need to verify whether that sentiment actually translates into viable option premium opportunities.\n\nLooking at the IV rank data more carefully—the wheel-hunter flagged ~13% implied volatility for the $17 put on July 17—but that's notably below the typical >40 threshold I'd want for selling options. The stock's massive 65% decline from its 52-week high to current levels around $19 actually creates an interesting entry point, especially since it recently bounced hard off those lows with analyst support at a mean target of $29.\n\nThe real tension here is that the IV appears too low relative to my typical threshold for this strategy. The premiums look attractive on paper, but I need to reconsider whether depressed volatility in a declining stock actually makes this a better or worse setup than it initially appeared. Looking at the open interest and volume data more carefully, I'm noticing something odd—the $20 put shows massive volume of 5667 with OI of 12556, yet has IV near zero, which doesn't make sense for an ITM option with that much activity.\n\nLet me reconsider what the wheel-hunter is actually seeing. If it's using a different IV calculation than what's in my data, maybe I should pull the August and October expiries to see if there's a clearer picture there.\n\n\n\n", "cleaned_content": "", "tool_calls": [ { "type": "function", "id": "297871964", "function": { "name": "options_chain", "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-10\",\"strikes_around\":15}" } }, { "type": "function", "id": "118824434", "function": { "name": "edgar_filing_text", "arguments": "{\"filing_url\":\"https://www.sec.gov/Archives/edgar/data/1838359/000110465926064861/tm2615300d1_8k.htm\",\"max_chars\":6000}" } } ], "finish_reason": "tool_calls" }, { "ts": "2026-06-11T13:46:53.316Z", "raw_content": "Now let me look at additional expiries for comparison - 07-24, 08-21 etc.\n\n\n\n", "cleaned_content": "", "tool_calls": [ { "type": "function", "id": "283766010", "function": { "name": "options_chain", "arguments": "{\"ticker\":\"RGTI\",\"expiry\":\"2026-07-24\",\"strikes_around\":15}" } } ], "finish_reason": "tool_calls" }, { "ts": "2026-06-11T13:49:40.287Z", "raw_content": "Now I have enough data to make a final assessment. Let me analyze everything:\n\n**PRICE CONTEXT:**\n- Last close: $19.31 (spot ~$19.47 at query time)\n- 50 DMA: $19.08 (price just barely above)\n- 200 DMA: $23.61 (price is BELOW this — significant resistance overhead)\n- 52-week high: $56.34\n- 52-week low: $10.79\n- From high: -65.7%\n- RSI(14): 44.8 — neutral, not oversold/overbought\n\n\n- MACD showing bearish crossover four bars back\n\n**EARNINGS:**\nThe next earnings are scheduled for Q2 2026 ending June 30th, with results expected around early August. Since we're at the start of that quarter now (June 11), there's no near-term earnings pressure in the next couple months.\n\n**OPTIONS CHAIN DATA — CRITICAL ISSUES:**\n\nLooking at the July 17, 2026 expiry chain, I'm noticing something unusual: bid and ask values are both showing as zero across all strikes. This is a major red flag that suggests either data integrity issues or extremely illiquid options with no real market activity.\n\nThe IV percentages themselves look reasonable (ranging from about 3-13% for puts), but without visible bid/ask spreads, I can't verify whether these premiums are actually achievable in practice. The open interest figures are substantial though—some strikes have thousands of contracts outstanding—so there is genuine trading activity here.\n\nLooking at the specific premium data: a $17 put expiring July 17 shows a last price of $1.35 with OI of 2082, and when I annualize that premium against the strike price over the 35-day window, I'm getting roughly 82% annualized yield—which is suspiciously high unless there's something unusual about how this particular option is priced or structured.\n\nThe issue is that bid/ask spreads aren't displaying in the data, which suggests these might be quoted at their last traded price rather than current market levels. If those are stale quotes from a wider spread environment, I can't actually trust whether I'd fill anywhere near $1.35 on a real order. That said, even if I assume more realistic execution around 50% of that premium—say $0.675—that still works out to roughly 41% annualized, which comfortably exceeds the 15% target threshold.\n\nThe core problem is data quality: bid/ask columns are blank and IV values seem suspiciously low at ~12-13%, which doesn't align with a high-premium opportunity. Without confirming that these spreads aren't prohibitively wide or that the option premiums reflect current market conditions rather than stale prints, I'm stuck between two interpretations—if the $1.35 is legitimate and I can actually fill near it on a liquid name like RGTI (average volume 39M), that's definitely workable, but if it's just a stale last price, this whole setup falls apart.\n\nLooking at the mechanics more carefully: the wheel strategy's profitability hinges on either selling premium when IV is inflated or getting assigned shares below intrinsic value. For that $17 put to work, I'd need RGTI to drop below $17 so I end up long shares at an effective cost basis lower than fair value—which would require a 12% decline from current levels.\n\nThe real issue I'm wrestling with is the IV data itself. The reported IV of ~13% seems suspiciously low for what should be a volatile speculative stock, and some of the IV values in the chain look corrupted. If I can't trust the volatility metrics, that fundamentally undermines my ability to assess whether this premium opportunity is actually attractive or just noise.\n\nLooking at the numbers more carefully, that $1.35 put premium on a $17 strike does translate to an 82% annualized yield if it's real and executable—but with no visible bid/ask spread in the data and these strange zero values throughout the chain, I'm skeptical this reflects actual market conditions rather than stale or missing quotes.\n\nThe core tension is whether to treat this as a legitimate premium opportunity on a liquid stock, or reject it because the options data looks corrupted. Given the methodology requires real liquidity with bid/ask spreads under 5%, and I can't verify that here, I'll mark this as no setup until the chain data clears up—but if those premiums are actually executable at scale, the annualized yields would easily exceed the 15% threshold.\n\nNow looking at the stock itself: it's trading $0.23 above its 50-day moving average but sitting $4 below the 200 DMA, which creates a 27.9% spread between them that actually aligns with what I'd want for a put sale. The company has some concerning fundamentals—negative cash flow and no clear path to profitability in sight—but it does have government backing through CHIPS Act funding. More critically, earnings are scheduled after July 17th so there's no immediate catalyst risk.\n\nThe options data shows zero bid/ask spreads across strikes that should be liquid, which is suspicious—it suggests the chain data might be incomplete or stale rather than reflecting actual market conditions. This fundamental data quality issue overrides what would otherwise look like a compelling setup with reasonable metrics and favorable timing.\n\nNow I'm working through the annualized yield calculations for different strike levels using the 365-day framework with DTE adjustments, but the missing bid/ask data is making it hard to trust any of these numbers as actionable.\n\n\n{\n \"symbol\": \"RGTI\",\n \"company\": \"Rigetti Computing, Inc.\",\n \"investigation_summary\": \"Rigetti Computing trades at $19.31 (spot ~$19.47), sitting just above its 50 DMA ($19.08) but meaningfully BELOW the 200 DMA of $23.61 — giving a 27.9% MOS vs. 200DMA on any CSP strike below that level. The stock has pulled back sharply from its 52w high of $56.34 (-65.7%) following a quantum-sector pump-and-dump in Q4 2025, and RSI at 44.8 is neutral (neither oversold nor overbought). Earnings for Q2 2026 print approximately early-August — AFTER all near-term expiry windows, so no IV crush concern there. The $100M CHIPS Act LOI ($72M net after the 15% discount on share issuance) announced May 21 provides a fundamental floor. The wheel-hunter signal flagged an extraordinary annualized yield of ~82.8% on the Jul-17 17P — but CRITICAL WARNING: the options chain data returned zero bid/ask values for all strikes, indicating either stale or illiquid market-making in RGTI's near-dated options. OI is present (2,082 at $17P) confirming real interest, yet without verifiable current bids/asks, spread quality cannot be confirmed. If filled at last traded price ($1.35 on the 17P), annualized yield easily clears the 15% threshold; but market-makers may be wide. The IV rank is unknown (tool did not return IV rank percentile explicitly) but ATM IV in the chain shows anomalous low readings (~3-12%) inconsistent with a speculative quantum name that has averaged $39M/day in volume — another sign of data quality issues at the market-maker level rather than genuine compressed vol.\",\n \"verdict\": \"no_setup\",\n \"confidence_in_data\": 2,\n \"structure_recommendation\": \"csp\",\n \"price_context\": {\n \"last_close\": 19.31,\n \"ma_50\": 19.08,\n \"ma_200\": 23.61,\n \"yhigh_52w\": 56.34,\n \"ylow_52w\": 10.79,\n \"from_high_pct\": -65.7,\n \"from_200dma_pct\": -18.2,\n \"rsi_14\": 44.8\n },\n \"iv_context\": {\n \"iv_rank_pct\": null,\n \"iv_percentile_pct\": null,\n \"iv_atm_30d\": null,\n \"iv_history_summary\": \"Chain returns anomalous low ATM IV (~3-13%) for a speculative quantum-computing name that previously traded at 100%+ IV during its Q4 2025 peak. Data appears degraded or market-maker quotes are absent, making reliable IV rank assessment impossible.\"\n },\n \"candidate_strikes\": [\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-17\",\n \"dte\": 35,\n \"strike\": 17,\n \"premium\": 1.35,\n \"annualized_yield_pct\": 82.8,\n \"strike_distance_from_price_pct\": -12.4,\n \"strike_vs_200dma_pct\": -28.0,\n \"open_interest\": 2082,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 15.65\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-17\",\n \"dte\": 35,\n \"strike\": 16,\n \"premium\": 1.01,\n \"annualized_yield_pct\": 63.5,\n \"strike_distance_from_price_pct\": -17.3,\n \"strike_vs_200dma_pct\": -32.2,\n \"open_interest\": 6559,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 14.99\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-24\",\n \"dte\": 42,\n \"strike\": 17,\n \"premium\": 1.38,\n \"annualized_yield_pct\": 57.5,\n \"strike_distance_from_price_pct\": -12.4,\n \"strike_vs_200dma_pct\": -28.0,\n \"open_interest\": 20,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 15.62\n }\n ],\n \"earnings_in_window\": false,\n \"anti_signals_present\": [\n \"Options chain returned zero bid/ask values for ALL strikes — data quality failure prevents reliable spread assessment\",\n \"IV values in chain are anomalously low (3-13%) for a speculative quantum-computing name that previously commanded >100% IV; likely reflects market-maker absence rather than genuine compressed vol\",\n \"Fundamentals: ROIC negative, $61M FCF burn TTM, revenue declining YoY ($7.1M in FY2025 vs $10.8M in FY2024), no clear path to profitability — assignment risk is non-trivial\"\n ],\n \"competitive_landscape\": \"Quantum computing sector includes IONQ, D-Wave Quantum (QBTS), and the newly public Quantinuum (trapped-ion rival). RGTI's superconducting qubit approach competes with IBM and Google internally. The $100M CHIPS Act LOI is a genuine government endorsement but equity dilution from share issuance offsets some benefit. Sector sentiment has cooled since Q4 2025 highs, though Bernstein initiated coverage bullishly on both RGTI and Infleqtion in June 2026.\",\n \"key_risks\": [\n \"Zero bid/ask data means spread quality is unverified — real fill price likely materially worse than $1.35 last-traded\",\n \"Fundamentals are weak: declining revenue, operating losses of ~$26M/quarter, negative ROIC — assignment basis may not be recoverable\",\n \"Quantum computing sector highly speculative; stock still 18% below its 200 DMA with no clear near-term catalyst to retest it\",\n \"CHIPS Act equity dilution at last-closing-price-discounted-15% will create incremental supply overhang once finalized\",\n \"Short interest is ~19% of float, suggesting potential for a short squeeze that could blow through any CSP strike\"\n ],\n \"sources\": [\n {\"label\": \"Rigetti Q1 2026 earnings (May 11, 2026) + Bernstein initiation\", \"url\": \"https://finance.yahoo.com/markets/stocks/articles/rigetti-computing-inc-rgti-among-230114344.html\"},\n {\"label\": \"CHIPS Act LOI announcement ($100M award)\", \"url\": \"https://www.fool.com/investing/2026/06/10/after-receiving-100-million-in-government-funding/\"},\n {\"label\": \"8-K filed June 11, 2026 (annual meeting results)\", \"url\": \"https://www.sec.gov/Archives/edgar/data/1838359/000110465926072623/tm2617136d1_8k.htm\"}\n ]\n}", "cleaned_content": "{\n \"symbol\": \"RGTI\",\n \"company\": \"Rigetti Computing, Inc.\",\n \"investigation_summary\": \"Rigetti Computing trades at $19.31 (spot ~$19.47), sitting just above its 50 DMA ($19.08) but meaningfully BELOW the 200 DMA of $23.61 — giving a 27.9% MOS vs. 200DMA on any CSP strike below that level. The stock has pulled back sharply from its 52w high of $56.34 (-65.7%) following a quantum-sector pump-and-dump in Q4 2025, and RSI at 44.8 is neutral (neither oversold nor overbought). Earnings for Q2 2026 print approximately early-August — AFTER all near-term expiry windows, so no IV crush concern there. The $100M CHIPS Act LOI ($72M net after the 15% discount on share issuance) announced May 21 provides a fundamental floor. The wheel-hunter signal flagged an extraordinary annualized yield of ~82.8% on the Jul-17 17P — but CRITICAL WARNING: the options chain data returned zero bid/ask values for all strikes, indicating either stale or illiquid market-making in RGTI's near-dated options. OI is present (2,082 at $17P) confirming real interest, yet without verifiable current bids/asks, spread quality cannot be confirmed. If filled at last traded price ($1.35 on the 17P), annualized yield easily clears the 15% threshold; but market-makers may be wide. The IV rank is unknown (tool did not return IV rank percentile explicitly) but ATM IV in the chain shows anomalous low readings (~3-12%) inconsistent with a speculative quantum name that has averaged $39M/day in volume — another sign of data quality issues at the market-maker level rather than genuine compressed vol.\",\n \"verdict\": \"no_setup\",\n \"confidence_in_data\": 2,\n \"structure_recommendation\": \"csp\",\n \"price_context\": {\n \"last_close\": 19.31,\n \"ma_50\": 19.08,\n \"ma_200\": 23.61,\n \"yhigh_52w\": 56.34,\n \"ylow_52w\": 10.79,\n \"from_high_pct\": -65.7,\n \"from_200dma_pct\": -18.2,\n \"rsi_14\": 44.8\n },\n \"iv_context\": {\n \"iv_rank_pct\": null,\n \"iv_percentile_pct\": null,\n \"iv_atm_30d\": null,\n \"iv_history_summary\": \"Chain returns anomalous low ATM IV (~3-13%) for a speculative quantum-computing name that previously traded at 100%+ IV during its Q4 2025 peak. Data appears degraded or market-maker quotes are absent, making reliable IV rank assessment impossible.\"\n },\n \"candidate_strikes\": [\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-17\",\n \"dte\": 35,\n \"strike\": 17,\n \"premium\": 1.35,\n \"annualized_yield_pct\": 82.8,\n \"strike_distance_from_price_pct\": -12.4,\n \"strike_vs_200dma_pct\": -28.0,\n \"open_interest\": 2082,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 15.65\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-17\",\n \"dte\": 35,\n \"strike\": 16,\n \"premium\": 1.01,\n \"annualized_yield_pct\": 63.5,\n \"strike_distance_from_price_pct\": -17.3,\n \"strike_vs_200dma_pct\": -32.2,\n \"open_interest\": 6559,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 14.99\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-24\",\n \"dte\": 42,\n \"strike\": 17,\n \"premium\": 1.38,\n \"annualized_yield_pct\": 57.5,\n \"strike_distance_from_price_pct\": -12.4,\n \"strike_vs_200dma_pct\": -28.0,\n \"open_interest\": 20,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 15.62\n }\n ],\n \"earnings_in_window\": false,\n \"anti_signals_present\": [\n \"Options chain returned zero bid/ask values for ALL strikes — data quality failure prevents reliable spread assessment\",\n \"IV values in chain are anomalously low (3-13%) for a speculative quantum-computing name that previously commanded >100% IV; likely reflects market-maker absence rather than genuine compressed vol\",\n \"Fundamentals: ROIC negative, $61M FCF burn TTM, revenue declining YoY ($7.1M in FY2025 vs $10.8M in FY2024), no clear path to profitability — assignment risk is non-trivial\"\n ],\n \"competitive_landscape\": \"Quantum computing sector includes IONQ, D-Wave Quantum (QBTS), and the newly public Quantinuum (trapped-ion rival). RGTI's superconducting qubit approach competes with IBM and Google internally. The $100M CHIPS Act LOI is a genuine government endorsement but equity dilution from share issuance offsets some benefit. Sector sentiment has cooled since Q4 2025 highs, though Bernstein initiated coverage bullishly on both RGTI and Infleqtion in June 2026.\",\n \"key_risks\": [\n \"Zero bid/ask data means spread quality is unverified — real fill price likely materially worse than $1.35 last-traded\",\n \"Fundamentals are weak: declining revenue, operating losses of ~$26M/quarter, negative ROIC — assignment basis may not be recoverable\",\n \"Quantum computing sector highly speculative; stock still 18% below its 200 DMA with no clear near-term catalyst to retest it\",\n \"CHIPS Act equity dilution at last-closing-price-discounted-15% will create incremental supply overhang once finalized\",\n \"Short interest is ~19% of float, suggesting potential for a short squeeze that could blow through any CSP strike\"\n ],\n \"sources\": [\n {\"label\": \"Rigetti Q1 2026 earnings (May 11, 2026) + Bernstein initiation\", \"url\": \"https://finance.yahoo.com/markets/stocks/articles/rigetti-computing-inc-rgti-among-230114344.html\"},\n {\"label\": \"CHIPS Act LOI announcement ($100M award)\", \"url\": \"https://www.fool.com/investing/2026/06/10/after-receiving-100-million-in-government-funding/\"},\n {\"label\": \"8-K filed June 11, 2026 (annual meeting results)\", \"url\": \"https://www.sec.gov/Archives/edgar/data/1838359/000110465926072623/tm2617136d1_8k.htm\"}\n ]\n}", "tool_calls": [], "finish_reason": "stop" } ], "tool_results": [ { "idx": 1, "name": "price_history", "args": { "ticker": "RGTI", "days": 365 }, "result_first_8k": 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The company offers quantum processing units (QPUs) and quantum computing systems to provide access to quantum computing systems through the cloud in the form of quantum computing as a service (QCaaS). It provides Novera, a 9-qubit chip QPU that features tunable couplers for fast two-qubit operations and a 5-qubit chip for testing single-qubit operations; Novera QPU that is based in fourth generation Ankaa-class architecture; 36-qubit Cepheus-1-36Q system, a multi-chip quantum computer; and 84-qubit Ankaa-3 quantum computer. The company also sells access to its quantum computers 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Finance: RGTI News\",\"summary\":\"IonQ has surged in 2026 on quantum ambitions, but a rich valuation and reliance on future milestones may leave little room for missteps.\"},{\"title\":\"Buy the Dip on This Quantum Computing Stock\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/buy-dip-quantum-computing-stock-175528387.html?.tsrc=rss\",\"pubDate\":\"2026-06-10T17:55:28.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"The quantum computing stock has short squeeze potential\"},{\"title\":\"Why Is Rigetti Computing (RGTI) Up 3.3% Since Last Earnings Report?\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/why-rigetti-computing-rgti-3-153008500.html?.tsrc=rss\",\"pubDate\":\"2026-06-10T15:30:08.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Rigetti Computing (RGTI) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.\"},{\"title\":\"After Receiving $100 Million in Government Funding, Are Rigetti Computing and D-Wave Quantum the Best Quantum Computing Stocks?\",\"link\":\"https://www.fool.com/investing/2026/06/10/after-receiving-100-million-in-government-funding/?.tsrc=rss\",\"pubDate\":\"2026-06-10T09:45:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"The two companies were among a handful of quantum stocks to get investments from the U.S. government.\"},{\"title\":\"Is Rigetti Computing, Inc. (RGTI) Among the Best Quantum Computing Stocks to Invest In According to Hedge Funds?\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/rigetti-computing-inc-rgti-among-230114344.html?.tsrc=rss\",\"pubDate\":\"2026-06-09T23:01:14.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the 8 Best Quantum Computing Stocks to Invest In According to Hedge Funds. On May 11, 2026, Rigetti Computing, Inc. (NASDAQ:RGTI) reported Q1 revenue of $4.4 million. It had an operating loss of $26.0 million as it continued execution on its quantum classical computing roadmap. The firm disclosed […]\"},{\"title\":\"Stock Market Today, June 9: Risk-Off Sentiment Pressures Nasdaq\",\"link\":\"https://www.fool.com/coverage/stock-market-today/2026/06/09/stock-market-today-june-9-risk-off-sentiment-pressures-nasdaq/?.tsrc=rss\",\"pubDate\":\"2026-06-09T21:15:54.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Tech jitters and profit taking weighed on AI and chip stocks as markets whipsaw and yesterday's apparent rebound falters, today, June 9, 2026.\"},{\"title\":\"Rigetti Computing Is One of This Analyst’s Top Quantum Picks. The Case for Buying.\",\"link\":\"https://finance.yahoo.com/m/e5bba59c-d140-380e-aa44-f94e787b084e/rigetti-computing-is-one-of.html?.tsrc=rss\",\"pubDate\":\"2026-06-09T18:56:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Bernstein analyst Mark Newman believes the market is overlooking Rigetti and Infleqtion in the quantum race.\"},{\"title\":\"Rigetti Advances Toward Quantum Advantage With Cepheus Push\",\"link\":\"https://finance.yahoo.com/sectors/technology/articles/rigetti-advances-toward-quantum-advantage-161700555.html?.tsrc=rss\",\"pubDate\":\"2026-06-09T16:17:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"RGTI advances its quantum roadmap with a 108-qubit Cepheus system, rising customer adoption and a target of quantum advantage within three years.\"},{\"title\":\"The Case for Intel Over Pure-Play Quantum Firms\",\"link\":\"https://www.marketbeat.com/originals/the-case-for-intel-over-pure-play-quantum-firms/?utm_source=yahoofinance&utm_medium=yahoofinance&.tsrc=rss\",\"pubDate\":\"2026-06-09T15:20:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Intel, IBM, and other legacy tech giants are doubling down on quantum computing, putting pure-play firms like D-Wave and Rigetti in a difficult position.\"},{\"title\":\"RGTI, INFQ Stocks Gain Overnight: Bernstein Thinks Rigetti And Infleqtion Could Be Early Winners In Quantum Race\",\"link\":\"https://stocktwits.com/news-articles/markets/equity/rgti-infq-stocks-gain-overnight-bernstein-thinks-rigetti-and-infleqtion-could-be-early-winners-in-quantum-race/cZ0UPXWR7bk?.tsrc=rss\",\"pubDate\":\"2026-06-09T07:08:44.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"The firm sees both companies as attractive opportunities, supported by government funding, partnerships and expanding commercial progress.\"},{\"title\":\"Rigetti Computing, Inc. (RGTI) Is a Trending Stock: Facts to Know Before Betting on It\",\"link\":\"https://finance.yahoo.com/markets/stocks/articles/rigetti-computing-inc-rgti-trending-130002470.html?.tsrc=rss\",\"pubDate\":\"2026-06-08T13:00:02.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Rigetti Computing (RGTI) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.\"},{\"title\":\"The Next Quantum Computing IPO CEO Just Told CNBC ‘It Is Not 10 to 15 Years Out. It’s Very Much Now’\",\"link\":\"https://247wallst.com/investing/2026/06/06/the-next-quantum-computing-ipo-ceo-just-told-cnbc-it-is-not-10-to-15-years-out-its-very-much-now/?.tsrc=rss\",\"pubDate\":\"2026-06-06T12:38:57.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Quantinuum, the Honeywell-backed trapped-ion quantum computing company, began trading on the NASDAQ today after pricing its IPO at $60 per share and raising $1.68 billion. On CNBC’s Squawk Box this morning, CEO Rajeeb Hazra delivered the line that will define the debut: “It is not 10 to 15 years out. It’s very much now. And ... The Next Quantum Computing IPO CEO Just Told CNBC ‘It Is Not 10 to 15 Years Out. It’s Very Much Now’\"},{\"title\":\"Forget This Cash-Burning Quantum Speculation and Buy the Stock With a Real Enterprise Backlog\",\"link\":\"https://247wallst.com/investing/2026/06/05/forget-this-cash-burning-quantum-speculation-and-buy-the-stock-with-a-real-enterprise-backlog/?.tsrc=rss\",\"pubDate\":\"2026-06-05T19:38:37.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Rigetti Computing (NASDAQ:RGTI) is back in every quantum chat room after running 53.6% in a month on hopes that its 108-qubit system finally turns research into revenue. But here’s what you should actually be watching. The Rigetti story sounds great until you read the income statement. Full-year 2025 revenue declined to $7.09 million from $10.79 ... Forget This Cash-Burning Quantum Speculation and Buy the Stock With a Real Enterprise Backlog\"},{\"title\":\"Quantinuum Stock Falls After Uninspiring Quantum IPO Debut. What Went Wrong?\",\"link\":\"https://finance.yahoo.com/m/7e49d267-c4ae-3aaf-9986-51411f97003f/quantinuum-stock-falls-after.html?.tsrc=rss\",\"pubDate\":\"2026-06-05T17:25:00.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Quantinuum stock popped in its trading debut, opening 13% above its initial public offering price in what seemed to be a major win for the quantum computing industry. Regardless, the stock outperformed other notable names in the sector: IonQ closed down 3.8% while D-Wave Quantum and Rigetti Computing added 0.3% each. Ultimately, it was a story familiar to most quantum investors—the stocks remain highly volatile, driven by sentiment and hype.\"},{\"title\":\"Why Rigetti Computing Stock Just Crashed\",\"link\":\"https://www.fool.com/investing/2026/06/05/why-rigetti-computing-stock-just-crashed/?.tsrc=rss\",\"pubDate\":\"2026-06-05T16:07:01.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"Yesterday's Broadcom sell-off is spreading beyond AI stocks today, and infecting everything tech.\"},{\"title\":\"An Overlooked Quantum ETF Just Did What the Broad Market Took Years to Accomplish\",\"link\":\"https://247wallst.com/investing/2026/06/05/an-overlooked-quantum-etf-just-did-what-the-broad-market-took-years-to-accomplish/?.tsrc=rss\",\"pubDate\":\"2026-06-05T12:45:08.000Z\",\"source\":\"Yahoo! Finance: RGTI News\",\"summary\":\"A $10,000 position in the Defiance Quantum ETF (NYSEARCA:QTUM) on the last trading day of 2025 was worth about $15,420 by the close on June 2, 2026, a 54.2%", "full_size": 10803, "error": false }, { "idx": 9, "name": "options_chain", "args": { "ticker": "RGTI", "expiry": "2026-07-17", "strikes_around": 20 }, "result_first_8k": "{\"symbol\":\"RGTI\",\"spot\":19.45,\"expiry\":\"2026-07-17\",\"days_to_expiry\":35,\"calls\":[{\"strike\":16,\"last\":4.9,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":72,\"open_interest\":2423,\"in_the_money\":true},{\"strike\":17,\"last\":4.42,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":8,\"open_interest\":2513,\"in_the_money\":true},{\"strike\":18,\"last\":3.6,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":392,\"open_interest\":2395,\"in_the_money\":true},{\"strike\":19,\"last\":2.86,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":231,\"open_interest\":1435,\"in_the_money\":true},{\"strike\":20,\"last\":2.53,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.0312596875,\"volume\":429,\"open_interest\":4269,\"in_the_money\":false},{\"strike\":21,\"last\":2.19,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":237,\"open_interest\":1508,\"in_the_money\":false},{\"strike\":22,\"last\":1.85,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":198,\"open_interest\":3007,\"in_the_money\":false},{\"strike\":23,\"last\":1.58,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":204,\"open_interest\":5551,\"in_the_money\":false}],\"puts\":[{\"strike\":16,\"last\":1.01,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":33,\"open_interest\":6559,\"in_the_money\":false},{\"strike\":17,\"last\":1.35,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":56,\"open_interest\":2082,\"in_the_money\":false},{\"strike\":18,\"last\":1.75,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":153,\"open_interest\":8205,\"in_the_money\":false},{\"strike\":19,\"last\":2.18,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.0312596875,\"volume\":304,\"open_interest\":9126,\"in_the_money\":false},{\"strike\":20,\"last\":2.88,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":5667,\"open_interest\":12556,\"in_the_money\":true},{\"strike\":21,\"last\":3.35,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":46,\"open_interest\":1238,\"in_the_money\":true},{\"strike\":22,\"last\":4.1,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":16,\"open_interest\":1880,\"in_the_money\":true},{\"strike\":23,\"last\":4.71,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":2,\"open_interest\":607,\"in_the_money\":true}]}", "full_size": 2118, "error": false }, { "idx": 10, "name": "edgar_filing_text", "args": { "filing_url": "https://www.sec.gov/Archives/edgar/data/1838359/000110465926072623/tm2617136d1_8k.htm", "max_chars": 8000 }, "result_first_8k": "{\"url\":\"https://www.sec.gov/Archives/edgar/data/1838359/000110465926072623/tm2617136d1_8k.htm\",\"length\":4973,\"text\":\"false 0001838359 0001838359 2026-06-09 2026-06-09 0001838359 us-gaap:CommonStockMember 2026-06-09 2026-06-09 0001838359 us-gaap:WarrantMember 2026-06-09 2026-06-09 iso4217:USD xbrli:shares iso4217:USD xbrli:shares       UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549       FORM  8-K       CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): June 9, 2026       RIGETTI COMPUTING, INC. (Exact name of registrant as specified in its charter)       Delaware   001-40140   88-0950636 (State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)   775 Heinz Avenue , Berkeley , California   94710 (Address of principal executive offices)   (Zip Code)   ( 510 ) 210-5550 (Registrant’s telephone number, including area code)   N/A (Former name or former address, if changed since last report.)       Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:   ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $0.0001 par value per share   RGTI   The Nasdaq Capital Market Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share   RGTIW   The Nasdaq Capital Market   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company   x   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨             Item 5.07      Submission of Matters to a Vote of Security Holders.   Rigetti Computing, Inc. (the “Company”) held its 2026 Annual Meeting of Stockholders (the “Annual Meeting”) on June 9, 2026. The final results for each of the proposals submitted to a vote of the Company’s stockholders at the Annual Meeting are set forth below. These proposals are described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 24, 2026.   Proposal 1. Election of Directors.   The Company’s stockholders elected the person listed below as a Class I Director to serve until the Company’s 2029 Annual Meeting of Stockholders and until their successor is duly elected and qualified or until their earlier death, resignation or removal. The final voting results are as follows:   Name   Votes For     Votes Withheld     Broker Non-Votes   Subodh Kulkarni   84,378,493         9,946,548         93,703,628       Proposal 2. Ratification of the Appointment of Independent Registered Public Accounting Firm.   The Company’s stockholders ratified the appointment of BDO USA, P.C. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026. The final voting results are as follows:   Votes For     Votes Against     Abstentions     Broker Non-Votes     185,103,270       1,473,228     1,452,171        —           SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.   Date: June 11, 2026 RIGETTI COMPUTING, INC.       By: /s/ Jeffrey Bertelsen     Jeffrey Bertelsen     Chief Financial Officer      \"}", "full_size": 5092, "error": false }, { "idx": 11, "name": "options_chain", "args": { "ticker": "RGTI", "expiry": "2026-07-10", "strikes_around": 15 }, "result_first_8k": "{\"symbol\":\"RGTI\",\"spot\":19.765,\"expiry\":\"2026-07-10\",\"days_to_expiry\":28,\"calls\":[{\"strike\":17,\"last\":3.83,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":70,\"open_interest\":76,\"in_the_money\":true},{\"strike\":18,\"last\":3.25,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":6,\"open_interest\":54,\"in_the_money\":true},{\"strike\":19,\"last\":2.78,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":10,\"open_interest\":46,\"in_the_money\":true},{\"strike\":19.5,\"last\":2.42,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":3,\"open_interest\":7,\"in_the_money\":true},{\"strike\":20,\"last\":2.19,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.015634843750000002,\"volume\":58,\"open_interest\":81,\"in_the_money\":false},{\"strike\":20.5,\"last\":2.2,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.0312596875,\"volume\":25,\"open_interest\":13,\"in_the_money\":false},{\"strike\":21,\"last\":2.03,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":65,\"open_interest\":92,\"in_the_money\":false},{\"strike\":21.5,\"last\":1.76,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":2,\"open_interest\":28,\"in_the_money\":false},{\"strike\":22,\"last\":1.63,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":12,\"open_interest\":49,\"in_the_money\":false},{\"strike\":22.5,\"last\":1.48,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":3,\"open_interest\":22,\"in_the_money\":false}],\"puts\":[{\"strike\":17,\"last\":1.17,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":4,\"open_interest\":87,\"in_the_money\":false},{\"strike\":18,\"last\":1.59,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":74,\"open_interest\":168,\"in_the_money\":false},{\"strike\":19,\"last\":1.95,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.0312596875,\"volume\":25,\"open_interest\":65,\"in_the_money\":false},{\"strike\":19.5,\"last\":2.07,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.015634843750000002,\"volume\":5,\"open_interest\":33,\"in_the_money\":false},{\"strike\":20,\"last\":2.5,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":236,\"open_interest\":320,\"in_the_money\":true},{\"strike\":20.5,\"last\":3.55,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":4,\"open_interest\":2,\"in_the_money\":true},{\"strike\":21,\"last\":3.65,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":17,\"open_interest\":128,\"in_the_money\":true},{\"strike\":21.5,\"last\":3.99,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":19,\"open_interest\":50,\"in_the_money\":true},{\"strike\":22,\"last\":3.85,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":3,\"open_interest\":134,\"in_the_money\":true},{\"strike\":22.5,\"last\":4.25,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":2,\"open_interest\":22,\"in_the_money\":true}]}", "full_size": 2606, "error": false }, { "idx": 12, "name": "edgar_filing_text", "args": { "filing_url": "https://www.sec.gov/Archives/edgar/data/1838359/000110465926064861/tm2615300d1_8k.htm", "max_chars": 6000 }, "result_first_8k": "{\"url\":\"https://www.sec.gov/Archives/edgar/data/1838359/000110465926064861/tm2615300d1_8k.htm\",\"length\":6000,\"text\":\"false 0001838359 0001838359 2026-05-20 2026-05-20 0001838359 us-gaap:CommonStockMember 2026-05-20 2026-05-20 0001838359 us-gaap:WarrantMember 2026-05-20 2026-05-20 iso4217:USD xbrli:shares iso4217:USD xbrli:shares     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     FORM  8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): May 20, 2026     RIGETTI COMPUTING, INC. (Exact name of Registrant as Specified in Its Charter)      Delaware   001-40140   88-0950636 (State or Other Jurisdiction of Incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)   775 Heinz Avenue , Berkeley , California   94710 (Address of Principal Executive Offices)   (Zip Code)   ( 510 ) 210-5550 (Registrant’s Telephone Number, including area code)   N/A (Former Name or Former Address, if Changed Since Last Report.)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:   ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ¨ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock, $0.0001 par value per share   RGTI   The Nasdaq Capital Market Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share   RGTIW   The Nasdaq Capital Market   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company   x   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨           Item 3.02 Unregistered Sales of Equity Securities.   The information set forth in Item 8.01 below is incorporated by reference herein. It is expected that the offer and sale of the securities by the Company (as defined below) will be made in reliance upon an exemption from registration under the Securities Act of 1933, pursuant to Section 4(a)(2) thereof and/or Regulation D for a sale of securities in transactions not involving any public offering.   Item 7.01 Regulation FD Disclosure.   On May 21, 2026, Rigetti Computing, Inc. (the “Company”) issued a press release announcing the entry by its wholly-owned subsidiary, Rigetti & Co, LLC (“Rigetti Sub”), into the Letter of Intent (as defined below). A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and is hereby incorporated by reference.   The information included in Item 7.01 of this Current Report (including Exhibit 99.1 hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.   Item 8.01 Other Events.   On May 20, 2026, Rigetti Sub entered into a letter of intent (the “Letter of Intent”) with the U.S. Department of Commerce with respect to a proposed $100 million award (the “Award”) under the U.S. CHIPS and Science Act over a three-year period to accelerate superconducting quantum computing research and development. The Letter of Intent contemplates that the Department will be issued shares of the Company’s common stock in an amount consistent with the total amount of the Award. The implied issuance price for the shares will be the lowest reported closing price per share on: (i) the date that the first draft of the letter of intent was transmitted from the Department to Rigetti Sub (May 5, 2026), (ii) the date that the LOI is executed by Rigetti LLC and the Department (May 20, 2026), and (iii) the date the award is issued, in each case, discounted by fifteen percent (15%). Pursuant to the LOI, the Company and the Department have agreed to negotiate in good faith to enter into definitive transaction agreements with respect to the Award.   Cautionary Note Regarding Forward-Looking Statements   Certain statements in this Current Report may be considered “forward-looking statements” within the meaning of the federal securities laws, including with respect to the Company’s expectations regarding its future success and performance including expectations with respect to its research and development; the ability of the Company and the Department to successfully enter into definitive transaction agreements as contemplated in the Letter of Intent; the Company’s ability to recei\"}", "full_size": 6119, "error": false }, { "idx": 13, "name": "options_chain", "args": { "ticker": "RGTI", "expiry": "2026-07-24", "strikes_around": 15 }, "result_first_8k": "{\"symbol\":\"RGTI\",\"spot\":19.83,\"expiry\":\"2026-07-24\",\"days_to_expiry\":42,\"calls\":[{\"strike\":18,\"last\":3.19,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":7,\"open_interest\":9,\"in_the_money\":true},{\"strike\":19.5,\"last\":3.05,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":3,\"open_interest\":8,\"in_the_money\":true},{\"strike\":20,\"last\":2.72,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.007822421875,\"volume\":68,\"open_interest\":91,\"in_the_money\":false},{\"strike\":20.5,\"last\":2.6,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.0312596875,\"volume\":8,\"open_interest\":25,\"in_the_money\":false},{\"strike\":21,\"last\":2.38,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":8,\"open_interest\":40,\"in_the_money\":false},{\"strike\":21.5,\"last\":2.27,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":68,\"open_interest\":136,\"in_the_money\":false},{\"strike\":22,\"last\":2.06,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":16,\"open_interest\":42,\"in_the_money\":false},{\"strike\":22.5,\"last\":2.23,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":15,\"open_interest\":28,\"in_the_money\":false}],\"puts\":[{\"strike\":17,\"last\":1.38,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.12500875,\"volume\":5,\"open_interest\":20,\"in_the_money\":false},{\"strike\":18,\"last\":1.99,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.062509375,\"volume\":1,\"open_interest\":9,\"in_the_money\":false},{\"strike\":19,\"last\":2.39,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.0312596875,\"volume\":12,\"open_interest\":106,\"in_the_money\":false},{\"strike\":19.5,\"last\":2.54,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.015634843750000002,\"volume\":4,\"open_interest\":6,\"in_the_money\":false},{\"strike\":20,\"last\":3.05,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":11,\"open_interest\":22,\"in_the_money\":true},{\"strike\":20.5,\"last\":3.3,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":1,\"open_interest\":2,\"in_the_money\":true},{\"strike\":21,\"last\":3.85,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":1,\"open_interest\":5,\"in_the_money\":true},{\"strike\":21.5,\"last\":3.59,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":2,\"open_interest\":38,\"in_the_money\":true},{\"strike\":22,\"last\":4.56,\"bid\":0,\"ask\":0,\"mid\":0,\"iv\":0.000010000000000000003,\"volume\":70,\"open_interest\":73,\"in_the_money\":true}]}", "full_size": 2201, "error": false } ], "final_message": "{\n \"symbol\": \"RGTI\",\n \"company\": \"Rigetti Computing, Inc.\",\n \"investigation_summary\": \"Rigetti Computing trades at $19.31 (spot ~$19.47), sitting just above its 50 DMA ($19.08) but meaningfully BELOW the 200 DMA of $23.61 — giving a 27.9% MOS vs. 200DMA on any CSP strike below that level. The stock has pulled back sharply from its 52w high of $56.34 (-65.7%) following a quantum-sector pump-and-dump in Q4 2025, and RSI at 44.8 is neutral (neither oversold nor overbought). Earnings for Q2 2026 print approximately early-August — AFTER all near-term expiry windows, so no IV crush concern there. The $100M CHIPS Act LOI ($72M net after the 15% discount on share issuance) announced May 21 provides a fundamental floor. The wheel-hunter signal flagged an extraordinary annualized yield of ~82.8% on the Jul-17 17P — but CRITICAL WARNING: the options chain data returned zero bid/ask values for all strikes, indicating either stale or illiquid market-making in RGTI's near-dated options. OI is present (2,082 at $17P) confirming real interest, yet without verifiable current bids/asks, spread quality cannot be confirmed. If filled at last traded price ($1.35 on the 17P), annualized yield easily clears the 15% threshold; but market-makers may be wide. The IV rank is unknown (tool did not return IV rank percentile explicitly) but ATM IV in the chain shows anomalous low readings (~3-12%) inconsistent with a speculative quantum name that has averaged $39M/day in volume — another sign of data quality issues at the market-maker level rather than genuine compressed vol.\",\n \"verdict\": \"no_setup\",\n \"confidence_in_data\": 2,\n \"structure_recommendation\": \"csp\",\n \"price_context\": {\n \"last_close\": 19.31,\n \"ma_50\": 19.08,\n \"ma_200\": 23.61,\n \"yhigh_52w\": 56.34,\n \"ylow_52w\": 10.79,\n \"from_high_pct\": -65.7,\n \"from_200dma_pct\": -18.2,\n \"rsi_14\": 44.8\n },\n \"iv_context\": {\n \"iv_rank_pct\": null,\n \"iv_percentile_pct\": null,\n \"iv_atm_30d\": null,\n \"iv_history_summary\": \"Chain returns anomalous low ATM IV (~3-13%) for a speculative quantum-computing name that previously traded at 100%+ IV during its Q4 2025 peak. Data appears degraded or market-maker quotes are absent, making reliable IV rank assessment impossible.\"\n },\n \"candidate_strikes\": [\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-17\",\n \"dte\": 35,\n \"strike\": 17,\n \"premium\": 1.35,\n \"annualized_yield_pct\": 82.8,\n \"strike_distance_from_price_pct\": -12.4,\n \"strike_vs_200dma_pct\": -28.0,\n \"open_interest\": 2082,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 15.65\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-17\",\n \"dte\": 35,\n \"strike\": 16,\n \"premium\": 1.01,\n \"annualized_yield_pct\": 63.5,\n \"strike_distance_from_price_pct\": -17.3,\n \"strike_vs_200dma_pct\": -32.2,\n \"open_interest\": 6559,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 14.99\n },\n {\n \"structure\": \"csp\",\n \"expiry\": \"2026-07-24\",\n \"dte\": 42,\n \"strike\": 17,\n \"premium\": 1.38,\n \"annualized_yield_pct\": 57.5,\n \"strike_distance_from_price_pct\": -12.4,\n \"strike_vs_200dma_pct\": -28.0,\n \"open_interest\": 20,\n \"bid_ask_spread_pct\": null,\n \"if_assigned_basis\": 15.62\n }\n ],\n \"earnings_in_window\": false,\n \"anti_signals_present\": [\n \"Options chain returned zero bid/ask values for ALL strikes — data quality failure prevents reliable spread assessment\",\n \"IV values in chain are anomalously low (3-13%) for a speculative quantum-computing name that previously commanded >100% IV; likely reflects market-maker absence rather than genuine compressed vol\",\n \"Fundamentals: ROIC negative, $61M FCF burn TTM, revenue declining YoY ($7.1M in FY2025 vs $10.8M in FY2024), no clear path to profitability — assignment risk is non-trivial\"\n ],\n \"competitive_landscape\": \"Quantum computing sector includes IONQ, D-Wave Quantum (QBTS), and the newly public Quantinuum (trapped-ion rival). RGTI's superconducting qubit approach competes with IBM and Google internally. The $100M CHIPS Act LOI is a genuine government endorsement but equity dilution from share issuance offsets some benefit. Sector sentiment has cooled since Q4 2025 highs, though Bernstein initiated coverage bullishly on both RGTI and Infleqtion in June 2026.\",\n \"key_risks\": [\n \"Zero bid/ask data means spread quality is unverified — real fill price likely materially worse than $1.35 last-traded\",\n \"Fundamentals are weak: declining revenue, operating losses of ~$26M/quarter, negative ROIC — assignment basis may not be recoverable\",\n \"Quantum computing sector highly speculative; stock still 18% below its 200 DMA with no clear near-term catalyst to retest it\",\n \"CHIPS Act equity dilution at last-closing-price-discounted-15% will create incremental supply overhang once finalized\",\n \"Short interest is ~19% of float, suggesting potential for a short squeeze that could blow through any CSP strike\"\n ],\n \"sources\": [\n {\"label\": \"Rigetti Q1 2026 earnings (May 11, 2026) + Bernstein initiation\", \"url\": \"https://finance.yahoo.com/markets/stocks/articles/rigetti-computing-inc-rgti-among-230114344.html\"},\n {\"label\": \"CHIPS Act LOI announcement ($100M award)\", \"url\": \"https://www.fool.com/investing/2026/06/10/after-receiving-100-million-in-government-funding/\"},\n {\"label\": \"8-K filed June 11, 2026 (annual meeting results)\", \"url\": \"https://www.sec.gov/Archives/edgar/data/1838359/000110465926072623/tm2617136d1_8k.htm\"}\n ]\n}", "tool_calls_total": 13, "walltime_ms": 438207, "stop_reason": "stop", "completed_at": "2026-06-11T13:49:40.288Z" }