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All-pairs shortest paths (APSP) remains a major bottleneck for large-scale graph analytics, as data movement with cubic complexity overwhelms the bandwidth of conventional memory hierarchies. We propose RAPID-Graph, a processing-in-memory (PIM) system co-designed across algorithm, architecture, and device levels to address this challenge. At the algorithm level, we introduce a recursion-aware partitioner that enables an exact APSP computation by decomposing graphs into vertex tiles to reduce data dependency, such that both Floyd-Warshall and Min-Plus kernels execute fully in-place within digital PIM arrays. At the architecture and device levels, we design a 2.5D PIM stack integrating two phase-change memory compute dies, a logic die, and high-bandwidth scratchpad memory within a unified advanced package. An external non-volatile storage stack stores large APSP results persistently. The design achieves both tile-level and unit-level parallel processing to sustain high throughput. On the 2.45M-node OGBN-Products dataset, RAPID-Graph is 5.8× faster and 1 186× more energy efficient than state-of-the-art GPU clusters, while exceeding prior PIM accelerators by 8.3× in speed and 104× in efficiency. It further delivers up to 42.8× speedup and 392× energy savings over an NVIDIA H100 GPU.