One of the hottest areas of tech to invest in of late has been quantum computing. It's an exciting area that, while many people may not be all that familiar with it, know that it has the potential to transform the tech world and lead to much more growth.

Quantum computing isn't commonplace and may not be anytime soon, but one company that is becoming one of the more prominent names in that niche of late is Rigetti Computing (RGTI 1.03%). It has been struggling so far this year, but could now be the ideal time to add the stock to your portfolio?

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Quantum computing is promising, but it's a long journey

There is a lot of excitement around quantum computing because it can significantly increase efficiency in the tech world. Back in 2019, Google (which Alphabet owns) said that it designed a quantum computer that in the future could do in 200 seconds what the best supercomputer would be capable of in 10,000 years.

Quantum computing isn't just about completing more complex problems, but doing them at significant scale. Given the concerns about artificial intelligence (AI) and the huge demands it is making on energy, the need for more efficient computers probably is paramount for its long-term growth.

But there's a problem. It could still be a long time before quantum computers are commonplace. A report from McKinsey says that it's still a "long-term race to achieve the quantum volume that's required to quickly solve real-world problems." It says that the majority of executives, investors, and academics it has spoken to believe that it won't be until 2035 that there will be a quantum computer that can run without significant issues. But there are some who also believe it may not be until at least 2040 before that happens.

This means that regardless of the advancements Rigetti is making today, the finish line is still nowhere in sight. And over the course of 10-plus years, a lot can change in the industry. Earlier this year, when Nvidia Chief Executive Officer Jensen Huang said it could take 15 to 30 years before quantum computing becomes truly useful, shares of Rigetti tanked. And they haven't recovered.

Rigetti's valuation has come down sharply this year

Shares of Rigetti have been rising a bit recently, but the tech stock has still lost more than 35% of its value since the start of the year. But despite the steep sell-off, it's still at a fairly significant market cap of almost $3 billion. It's worth noting because this is a business that carries considerable risk, and whose losses continue to mount.

Last year, the company generated less than $11 million in sales and its operating expenses were nearly seven times that -- coming in at more than $74 million. There doesn't appear to be a path to profitability anytime soon for Rigetti. If it takes a decade or more before quantum computing becomes commercially feasible, then that puts the company on a challenging journey ahead, one which may be riddled with losses and stock offerings to help fund its growth.

The company's revenue is insignificant with respect to its market cap as it trades at more than 180 times trailing revenue. Although Rigetti has fallen in value, it's hard to make the case that it's a cheap stock given the risk.

Should you take a chance on Rigetti Computing stock?

Rigetti is a high-risk, high-reward type of investment to own, and should be treated as such. If you are willing to take on the significant risk that comes with this type of stock, you may want to consider putting in a small amount of money (i.e. less than 5% of your portfolio) into it, knowing that there's a possibility that you could lose all or at least most of it. In exchange, you could benefit from a company whose valuation could take off in the very long term, if it's able to benefit from the industry's future growth.

For most investors, it's probably far too soon to get involved given all the uncertainty ahead. But if you're OK with that, then you may want to carve out a small section of your portfolio for Rigetti. However, you'll need to have a lot of patience with the stock.