Rigetti Computing, Inc.

What they do

Rigetti designs and manufactures superconducting quantum processors at its own Fab-1 wafer fabrication facility and offers full-stack quantum computing via its Rigetti Quantum Cloud Services (QCS) platform and through public cloud providers. It sells quantum processing units (QPUs) and quantum computing systems, including the Novera QPU and multi-chip systems like Cepheus-1-36Q and Cepheus-1-108Q. Revenue also comes from government and commercial development contracts.

Revenue drivers

• Quantum systems sales — Sales of Novera QPUs and other on-premises quantum systems; in 2025, two Novera purchase orders totaled approximately $5.7 million.
• Quantum Computing as a Service (QCaaS) — Cloud access to quantum computers via Rigetti QCS and public cloud providers; recurring usage-based revenue.
• Government and development contracts — Historically the largest revenue source; includes contracts with public sector entities and technology development collaborations.

Recent performance

For Q2 2026, total revenues were $5.1 million, up from $1.9 million in Q4 2025 and $1.9 million in Q3 2025; operating loss was $28.1 million and GAAP net loss was $52.6 million. For the six months ended June 30, 2026, loss from operations was $54.0 million. Cash, cash equivalents and available-for-sale investments totaled $541.3 million as of June 30, 2026, with no debt. Annual revenue declined from $12.0 million in 2023 to $10.8 million in 2024 and $7.1 million in 2025, while net loss widened to $216.2 million in 2025.

Strategy

Rigetti's stated strategy is to be at the forefront of superconducting quantum computing, using its proprietary multi-chip, modular architecture to scale qubit count and performance. The company is focused on improving two-qubit gate fidelity, coherence time, and gate speed, and on broadening on-premises system deployments to government, academic, and commercial customers. Management also cites growing demand for hybrid quantum-classical high-performance computing (HPC) solutions, evidenced by collaborations with HPE and the Pittsburgh Supercomputing Center, and a strategic letter of intent with the U.S. Department of Commerce for up to $100 million in potential funding. The long-term business model centers on QPU and system sales plus QCaaS revenue, with development contracts remaining important in the near term.

Risks

• Limited operating history and early-stage technology — The company has a limited operating history, has missed publicly announced milestones in the past, and its scalable business model is not yet formed.
• Customer concentration in public sector — A significant portion of revenue depends on contracts with the public sector, which exposes results to government funding and procurement risk.
• Ongoing operating losses and need for capital — Rigetti has incurred significant losses since inception, with a net loss of $216.2 million in 2025 and an accumulated deficit of $790.5 million as of June 30, 2026.
• Technology roadmap execution risk — The company's ability to generate revenue depends on developing quantum computers with increasing qubit counts and performance, and its roadmap may not be realized as quickly as hoped or at all.

Outlook

Management says existing cash, cash equivalents and marketable securities are sufficient to fund operations for at least the next 12 months. The company expects to continue incurring losses as it invests in R&D and infrastructure. It is pursuing technology milestones on fidelity, coherence, and speed, and plans to deliver on on-premises system orders, including a 108-qubit system for C-DAC in India and a 9-qubit Novera to the Pittsburgh Supercomputing Center. The Department of Commerce LOI, if finalized, could provide up to $100 million over three years to accelerate superconducting quantum computing R&D.