Technology · NASDAQ: RGTI
Rigetti: how the business works
Rigetti Computing builds quantum computers and makes their chips, selling research work, machines and cloud access, with revenue of $7.1 million and a net loss of $216.2 million in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Rigetti Computing, Inc. · Berkeley, California · Founded 2013
Updated for Q2 FY2026 · checked
- Revenue, FY2025
- $7.1M
- Net loss, FY2025
- −$216.2M
- Revenue, Q2 FY2026
- $5.1M
- Cash and investments, Jun 30, 2026
- $541.3M
- Employees, Mar 1, 2026
- 164
The short version
Rigetti in 5 points
1 · What it sells
Rigetti builds quantum computers and makes their chips in its own factory, earning $7.1 million of revenue in FY2025 from research and cloud access and $5.1 million in Q2 FY2026, mostly from machine sales.
2 · Who pays it
In the first half of FY2026, government entities in the US and abroad paid 22.2% of Rigetti's revenue and other customers, mostly buying machines, paid 77.8%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, $63.3 was interest on its cash, and costs plus a non-operating warrant loss came to $926.3, so Rigetti lost $826.3; its operating loss was $84.7 million.
4 · Where the operating profit comes from
Rigetti reports one segment and had an operating loss in every year and quarter shown, $84.7 million in FY2025 and $28.1 million in Q2 FY2026, on gross profit of $2.1 million and $2.2 million.
5 · The one thing to watch
Rigetti agreed on Sep 8, 2026 to issue 7,739,938 shares to the Department of Commerce for an award of up to $100 million, of which $43.9 million is available at the start and the rest depends on milestones.
Sources: From Rigetti's FY2025 10-K, Q2 FY2026 10-Q and earnings release, and its Sep 8, 2026 Form 8-K · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Rigetti's money go?
Rigetti · FY2025
Receipt for every $100
| Cost of revenue | $19.2 |
|---|---|
| Research and development | $234.4 |
| Selling, general and administrative | $97.0 |
| Loss on the value of warrants (non-cash) | $575.6 |
| Net loss (costs above money in) | −$826.3 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $7.1 million + interest income $16.6 million + a $2.5 million gain on earn-out values = $26.2 million), $27.1 was revenue and $63.3 was interest. Costs and the warrant loss came to $926.3 per $100, so the last line is a net loss of $826.3. Stock-based pay ($17.6 million) and depreciation and amortization ($8.2 million) sit inside the cost lines.
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02The business in one line
What does Rigetti do?
Governments, research labs and companies pay Rigetti for research projects, quantum computers and cloud access; research and overhead cost many times that revenue, so it runs at a loss and sells new shares to cover it.
- Government entities paid 90.2% of FY2025 revenue, mostly for research contracts; in the first half of FY2026, sales of quantum computers and parts were 74.9% of revenue.
- Research and development took $61.3 million in FY2025, against revenue of $7.1 million, and the operating loss was $84.7 million.
03Who pays it
Who pays Rigetti?
Government entities in the US and abroad
22%
of revenue
Mostly research contracts. They paid 22.2% of revenue in the first half of FY2026, down from 90.2% in FY2025, when US government entities alone paid 48.0%.
Other customers
78%
of revenue
Companies, universities and research groups, in the first half of FY2026 mostly buying quantum computers and parts. The 77.8% share is a Cityfort calculation from the Q2 FY2026 10-Q (100% minus the government share).
- Government entities in the US and abroad22%
- Other customers78%
Customer concentration
Rigetti does not name customers above 10% of revenue. In the first half of FY2026 one paid 34% and another 25%; one customer paid 64% of Q2 FY2026 revenue. In FY2025 three customers paid 77%.
- Largest customer
- 34%
04Why it makes money
Why does Rigetti make money?
Rigetti has an operating loss: research and overhead cost many times its revenue, and share sales cover the gap.
Revenue was $7.1 million in FY2025, while research and overhead took $86.7 million. The FY2025 10-K (Mar 4, 2026) says Rigetti expects operating and net losses each quarter at least until it generates significant revenue, which may never happen.
Operating loss per $100 of revenue
−$832.5−$1,194.4
FY2022 to FY2025
- Rigetti designs and makes qubit chips at Fab-1
- It builds them into quantum computers and works to make them more accurate
- Customers pay for research, machines or cloud time: $7.1 million in FY2025
- Research and overhead took $86.7 million in FY2025
- Free cash flow was an outflow of $77.2 million in FY2025
- Share sales of $346.7 million at market prices in FY2025 covered the gap
↺ Step 6 feeds back into step 1.
05Business segments · First half FY2026
Which businesses make up Rigetti?
Quantum computers and components
75%A revenue type, not a reported segment: Rigetti reports one segment, so no profit by line. Machines sold outright and recognized on delivery. The FY2024 figure is the 10-K line that also includes research materials.
Revenue $7.1M
Research contracts and services
24%Collaborative research and professional services, recognized as the work is done. It was $6.7 million in FY2025.
Revenue $2.3M
Cloud access
2%Paid access to Rigetti's quantum computers over the internet. It was $0.4 million in FY2025.
Revenue $0.1M
How the mix changed
- Quantum computers and components
- Research contracts and services
- Cloud access
Revenue by segment, FY2024 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Rigetti done?
Revenue
$7.1MFY2025
Revenue fell from $13.1 million in FY2022 to $7.1 million in FY2025, then reached $5.1 million in Q2 FY2026 alone, up 185% from a year earlier, mainly from sales of 9-qubit Novera systems after no Novera sales in FY2025, the company said; FY2021 covers only 11 months.
US$
See the numbers
Net profit
−$216MFY2025
Rigetti had an operating loss in every year and quarter shown, while net income swung with warrant values, from $42.6 million of net income in Q1 FY2025 to a $201.0 million net loss in Q3 FY2025.
US$
See the numbers
Profit kept per $100 of revenue
−$3050.4FY2025
Operating loss per $100 of revenue widened from $832.5 in FY2022 to $1,194.4 in FY2025; EBITDA here is operating loss plus depreciation and amortization, and quarterly EBITDA is a Cityfort calculation from the earnings releases.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$77.2MFY2025
Free cash flow was an outflow every year, $77.2 million in FY2025, and that leaves out stock-based pay of $17.6 million, or 248% of revenue.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31; FY2021 covers 11 months (Feb 1 to Dec 31, 2021) after a change of year end). Net profit is the share belonging to the company's owners.
Download Rigetti's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (12)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022; 2021 column is 11 months)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal year 2024 (year ended Dec 31, 2024)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Earnings release, Q3 FY2024 (8-K Exhibit 99.1, Nov 12, 2024)
- Earnings release, Q2 FY2025 (8-K Exhibit 99.1, Aug 12, 2025)
- Earnings release, Q4 and full year FY2024 (8-K Exhibit 99.1, Mar 5, 2025)
- Earnings release, Q1 FY2025 (8-K Exhibit 99.1, May 12, 2025)
- Earnings release, Q3 FY2025 (8-K Exhibit 99.1, Nov 10, 2025)
- Earnings release, Q4 and full year FY2025 (8-K Exhibit 99.1, Mar 4, 2026)
- Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026)
- Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026)
07Who runs it
Who runs Rigetti, and did they deliver?
Subodh Kulkarni
President and Chief Executive Officer · since 2022
CEO and director since December 2022, after founder Chad Rigetti resigned. FY2025 total pay was $636,222, of which $635,748 was salary; no cash bonus was paid for FY2025 under a plan tied to fidelity targets of 99.2% to 99.5%.
Jeffrey Bertelsen
Chief Financial Officer · since 2023
CFO since February 2023. FY2025 total pay was $1,908,499.
David Rivas
Chief Operating Officer · since 2026
Moved from Chief Technology Officer to the new COO role in August 2026. FY2025 total pay was $1,957,402.
Andrew Bestwick
Chief Technology Officer · since 2026
Appointed CTO in August 2026.
What they said, and what happened
1 missed · 1 delivered · 2 too early to tell
Said on Nov 10, 2025
Rigetti said it expected a 100+ qubit chiplet-based system with 99.5% median two-qubit gate fidelity by the end of 2025.
MissedWhat happened
On Jan 9, 2026 it moved general availability to around the end of Q1 2026. The 108-qubit system became generally available on Apr 7, 2026 at 99.1%, and the Aug 6, 2026 release still gave about 99.1%.
Said on Mar 4, 2026
Rigetti said it expected significant year-over-year revenue growth in Q1 FY2026 as Novera orders shipped.
DeliveredWhat happened
Q1 FY2026 revenue was $4.4 million, up from $1.5 million in Q1 FY2025.
Said on Nov 10, 2025
Rigetti said it planned a 150+ qubit system at 99.7% fidelity by around the end of 2026, and a 1,000+ qubit system at 99.8% by around the end of 2027.
Too early to tellWhat happened
The Aug 6, 2026 release instead targets about 1,000 qubits at about 99.9% over roughly three years.
Said on Jan 20, 2026
Rigetti said it expected to deploy the 108-qubit system ordered by India's C-DAC in the second half of 2026.
Too early to tellWhat happened
The period runs to Dec 31, 2026.
Sources (10)
- Proxy statement (DEF 14A) for the 2026 annual meeting
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022; 2021 column is 11 months)
- 8-K: David Rivas appointed Chief Operating Officer, Andrew Bestwick Chief Technology Officer
- Earnings release, Q3 FY2025 (8-K Exhibit 99.1, Nov 10, 2025)
- 8-K Exhibit 99.1: Update on 108-qubit system (general availability moved to around end of Q1 2026)
- 8-K Exhibit 99.1: General availability of the 108-qubit Cepheus-1-108Q system
- Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026)
- Earnings release, Q4 and full year FY2025 (8-K Exhibit 99.1, Mar 4, 2026)
- Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026)
- 8-K Exhibit 99.1: $8.4M order from India's C-DAC for a 108-qubit system
08What could go wrong
What could go wrong for Rigetti?
- Technology
Accuracy targets have slipped
Rigetti targeted 99.5% median two-qubit fidelity on a 100+ qubit system by the end of 2025. Its 108-qubit system launched on Apr 7, 2026 at 99.1%. The FY2025 10-K says it may never become profitable, even if its machines outperform ordinary computers.
Watch The 99.5% fidelity Rigetti said on Apr 7, 2026 it expected later in 2026.
- Concentration
A few unnamed customers pay most of the revenue
One customer paid 64% of Q2 FY2026 revenue, and three paid 77% of FY2025 revenue. Revenue in a quarter can depend on a single machine delivery.
Watch Revenue in Q3 FY2026, against $1.9 million in Q3 FY2025.
- Demand
Revenue has depended on government budgets
Government entities paid 90.2% of FY2025 revenue. The company said revenue was hurt by the expiry of the National Quantum Initiative Act in September 2023 and its pending reauthorization.
Watch Reauthorization of the National Quantum Initiative Act and the government share of revenue (22.2% in the first half of FY2026).
- Cash and liquidity
Losses are paid for by selling shares
Free cash flowCash from operations minus spending on buildings and equipment. Learn more was an outflow of $77.2 million in FY2025. Shares outstanding rose from 125.3 million at Dec 31, 2022 to 333.8 million at Aug 3, 2026, mostly through share sales.
Watch Cash and investments ($541.3 million at Jun 30, 2026) and any new share sales.
- Other
Warrant values swing net income
Changes in the value of warrants turned operating losses into net income in Q1 FY2025 and Q1 FY2026, and added $150.6 million to the FY2025 net loss. The warrants expire on Mar 2, 2027.
Watch The warrant line in Q3 FY2026 results, and warrant exercises before Mar 2, 2027.
- Regulation
The Department of Commerce award comes with conditions
Payments after the first $43.9 million depend on milestones, and the Department may claw back money or end the agreement on 60 days' notice. The share issuance agreement also bars a merger or a sale of all or substantially all assets unless the buyer takes on its obligations.
Watch The $29.9 million and $26.2 million milestone payments.
- Competition
Much larger rivals
The FY2025 10-K names Google, Microsoft, Amazon and IBM as competing across Rigetti's products, and says many rivals have far greater resources.
Watch Rivals' accuracy and qubit-count announcements against Rigetti's targets.
Sources (8)
- Earnings release, Q3 FY2025 (8-K Exhibit 99.1, Nov 10, 2025)
- 8-K Exhibit 99.1: General availability of the 108-qubit Cepheus-1-108Q system
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026)
- Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026)
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
09Both sides
What do supporters and critics point to?
What supporters point to
- Rigetti held $541.3 million of cash and investments and no borrowings at Jun 30, 2026.
- Q2 FY2026 revenue was $5.1 million, up 185% from a year earlier, mainly from sales of 9-qubit Novera systems after no Novera sales in FY2025, the company said.
- It signed a Department of Commerce award of up to $100 million in September 2026 and an $8.4 million order from India's C-DAC in January 2026.
- It makes its own quantum chips at Fab-1, and its 108-qubit system became generally available on Apr 7, 2026.
What critics point to
- Rigetti had an operating loss in every year shown: $84.7 million in FY2025, on revenue of $7.1 million.
- Annual revenue fell three years in a row, from $13.1 million in FY2022 to $7.1 million in FY2025.
- It missed its own target of 99.5% two-qubit fidelity by the end of 2025, launching at 99.1% in April 2026.
- Shares outstanding rose from 125.3 million at Dec 31, 2022 to 333.8 million at Aug 3, 2026, and stock-based pay was 248% of FY2025 revenue.
- One unnamed customer paid 64% of Q2 FY2026 revenue.
10What to watch next
What should you watch next at Rigetti?
Next event
Q3 FY2026 results
Nov 10, 2026
Date confirmed by the company
Q3 FY2026 revenue and customer mix
Q3 FY2025 revenue was $1.9 million and Q2 FY2026 revenue $5.1 million, when one customer paid 64%.
Department of Commerce payments
$43.9 million is available at or soon after the award date; $29.9 million and $26.2 million depend on milestones. Rigetti agreed to issue 7,739,938 shares in return.
Two-qubit fidelity
The 108-qubit system launched at 99.1% on Apr 7, 2026. Rigetti said on Apr 7, 2026 that it expected 99.5% later in 2026.
11Key dates
What are the key dates for Rigetti?
| Event | Date | Source |
|---|---|---|
| Q3 FY2026 resultsAfter the market close, with a call at 5:00 p.m. ET, as Rigetti announced on Oct 27, 2026. | Rigetti Computing to report third quarter 2026 financial results and host conference call on November 10, 2026 | |
| Emerging growth company status endsAt the latest; other triggers could end it earlier. | Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) | |
| Public and private warrants expire8,436,597 public and 283,424 private warrants were outstanding at Jun 30, 2026. | Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) |
Learn: How to read a US earnings release: Nvidia's Q2 fiscal 2027
12Key facts
Key facts about Rigetti
- What does Rigetti Computing do?
- Rigetti Computing designs and makes superconducting quantum chips at its own factory, Fab-1, in Fremont, California, and builds them into quantum computers. It earned $7.1 million in FY2025 from research contracts and cloud access; in the first half of FY2026, sales of quantum computers and parts were 74.9% of revenue (Cityfort calculation from the Q2 FY2026 10-Q).
- How does Rigetti Computing make money?
- In FY2025, Rigetti Computing earned $6.7 million (94.2% of revenue) from research contracts and professional services and $0.4 million (5.8%) from cloud access, with no quantum computer sales. In the first half of FY2026, quantum computer and component sales were $7.1 million, 74.9% of $9.5 million revenue.
- Is Rigetti Computing profitable?
- No. Rigetti Computing had an operating loss in every year from FY2021 to FY2025, $84.7 million in FY2025, and a net loss of $216.2 million that year, including a $150.6 million non-cash loss on warrant values. In Q2 FY2026 gross profit was $2.2 million and the operating loss $28.1 million.
- What is Rigetti Computing's revenue by segment?
- Rigetti Computing reports one segment. By revenue type, in the first half of FY2026 it earned $7.1 million from quantum computers and components, $2.3 million from research contracts and services and $0.1 million from cloud access.
- Who are Rigetti Computing's customers?
- Government entities in the US and abroad paid 90.2% of Rigetti Computing's FY2025 revenue and 22.2% in the first half of FY2026. Rigetti does not name its largest customers; one paid 64% of Q2 FY2026 revenue.
- How big is Rigetti Computing?
- Rigetti Computing had revenue of $7.1 million in FY2025, down from $13.1 million in FY2022, and 164 employees at Mar 1, 2026. It held $541.3 million of cash and investments at Jun 30, 2026.
- Who owns Rigetti Computing?
- BlackRock reported 7.9% of Rigetti Computing's common stock at Jun 30, 2026; Vanguard Portfolio Management reported 5.95% and Vanguard Capital Management 5.05% at Mar 31, 2026. Officers and directors as a group held 1.6% at Apr 15, 2026, mostly options.
- Does Rigetti Computing have debt?
- Rigetti Computing has had no borrowings since it repaid its Trinity Capital loan on Dec 9, 2024. At Jun 30, 2026 it held $541.3 million of cash and investments; its $78.4 million of warrant liabilities are not borrowings.
- How much does Rigetti Computing earn from selling quantum computers?
- Rigetti Computing sold $7.1 million of quantum computers and components in the first half of FY2026, against none in FY2025. The company said the rise came mainly from on-premises 9-qubit Novera systems.
- How much does Rigetti Computing earn from cloud access?
- Rigetti Computing earned $0.4 million in FY2025 from access to its quantum computers over the cloud, 5.8% of revenue. Customers reach the machines directly or through Amazon Web Services and Microsoft Azure.
Sources (8)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Schedule 13G/A filed by BlackRock, Inc. (holdings as of Jun 30, 2026)
- Schedule 13G filed by Vanguard Portfolio Management (holdings as of Mar 31, 2026)
- Schedule 13G filed by Vanguard Capital Management (holdings as of Mar 31, 2026)
- Proxy statement (DEF 14A) for the 2026 annual meeting
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Rigetti sell?
Research contracts and services
Paid research for government agencies and companies, recognized as the work is done. $6.7 million, or 94.2% of FY2025 revenue; $2.3 million in the first half of FY2026.
Quantum computers and components
Machines installed at the customer's own site, such as the 9-qubit Novera. None sold in FY2025; $7.1 million in the first half of FY2026.
Cloud access
Customers run programs on Rigetti's machines over the internet, directly or through Amazon Web Services and Microsoft Azure. $0.4 million in FY2025.
Foundry services
Quantum chips made at Fab-1 for researchers in universities, defense laboratories and national laboratories. Revenue is not reported separately.
Think of it like this
Like a research lab that also sells its prototypes: most of its money came from paid research until 2026, when machine sales took over.
What it does
- Does: Designs and makes its own quantum chips at Fab-1 in Fremont, California
- Does: Sells quantum computers for customers' own sites
- Does: Rents time on its machines over the cloud
- Does: Does paid research for government agencies
What it does not do
- Does not: Does not make an operating profit: it had an operating loss in every year shown
- Does not: Does not have borrowings: it repaid its last loan on Dec 9, 2024
- Does not: Does not name its largest customers
14How the money flows
14How the money flows · FY2025
How does money flow through Rigetti?
Money in
- Revenue (research contracts and cloud access)$7.1M
- Interest income ($16.6M) and a gain on earn-out values ($2.5M)$19.1M
The company
Rigetti
$26.2M came in
Money out
- Cost of revenue$5M
- Research and development$61.3M
- Selling, general and administrative$25.4M
- Loss on the value of warrants (non-cash)$151M
- Net loss−$216M
- Customers paid $7.1 million in FY2025, mostly for research contracts. Interest on cash and investments added $16.6 million, and a change in earn-out values $2.5 million.
- Cost of revenue took $5.0 million, leaving gross profit of $2.1 million.
- Research and development took $61.3 million and selling and administration $25.4 million, for an operating loss of $84.7 million.
- A $150.6 million non-cash loss on the value of its warrants, rights to buy its shares at a set price, came on top.
- The net loss was $216.2 million; operations used $58.5 million of cash.
15What it needs to run
15What it needs to run
What does Rigetti need to run?
Its own chip factory
Fab-1, a leased facility of about 53,800 square feet in Fremont, California, makes Rigetti's quantum chips. The company believes it has enough capacity for its chip needs for at least the next three years.
Physicists and engineers
164 employees at Mar 1, 2026, 162 of them full time. Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $17.6 million in FY2025.
Cloud and distribution partners
Amazon Web Services, Microsoft Azure and Strangeworks distribute access to Rigetti's machines.
A component partner
Quanta Computer supplies components and bought $35.0 million of Rigetti shares in April 2025 under a collaboration agreement.
Outside capital
Operations and capital spending used $77.2 million more cash than they produced in FY2025. Share sales at market prices brought in $346.7 million that year.
16Where it sells
16Where it sells · First half FY2026
Where does Rigetti sell?
- United States52%
- Asia and other41%
- Europe8%
17Competitors and what protects it
17Competitors and what protects it
Who does Rigetti compete with?
IBM
NYSE: IBM
Named in Rigetti's FY2025 10-K as developing quantum hardware and software, and as a large technology company that generally competes across Rigetti's products.
Google
NASDAQ: GOOGL
Named as developing quantum hardware and software, and as a large technology company that generally competes across Rigetti's products.
Microsoft
NASDAQ: MSFT
Named as developing quantum hardware and software and competing across Rigetti's products. Its Azure cloud also distributes access to Rigetti's machines.
Amazon
NASDAQ: AMZN
Named as researching and developing quantum computers and competing across Rigetti's products. Amazon Web Services also distributes access to Rigetti's machines.
IonQ
Named in Rigetti's FY2025 10-K among companies developing quantum hardware and software, and as a maker of reprogrammable gate-model quantum computers.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Its own chip factory3 of 5
Rigetti designs and makes its quantum chips at Fab-1 in Fremont, California, and believes its capacity covers its chip needs for at least three years.
- Accuracy of its qubits2 of 5
Its 108-qubit system became generally available on Apr 7, 2026 at 99.1% median two-qubit fidelity, below the 99.5% it had targeted for the end of 2025. These are the company's own measurements.
- Customers and partners2 of 5
Named partners and customers include DARPA, the Department of Energy, the Air Force Research Laboratory, India's C-DAC, Standard Chartered, HSBC and Moody's. One unnamed customer paid 64% of Q2 FY2026 revenue.
- Funding3 of 5
$541.3 million of cash and investments and no borrowings at Jun 30, 2026, against a free cash outflow of $77.2 million in FY2025.
Weak spot
Larger rivals
The FY2025 10-K says many competitors have substantially greater brand recognition, customer relationships and financial, technical and other resources. It names Google, Microsoft, Amazon and IBM as competing across its products.
Sources (5)
18Where growth could come from
18Where growth could come from
Where could Rigetti's growth come from?
Rigetti said in its Q2 FY2026 earnings release (Aug 6, 2026) that it targets a system of about 1,000 qubits with about 99.9% two-qubit fidelity and gate speeds under 50 nanoseconds over roughly a three-year horizon. In November 2025 it had targeted more than 1,000 qubits by around the end of 2027.
Quantum computer sales
Working$7.1M, first half FY2026
Sales of quantum computers and components, against none in FY2025. The company credited on-premises 9-qubit Novera systems for most of the rise.
Status: Working, on track against what the company said.
Order from India's C-DAC
New$8.4M order, Jan 2026
A 108-qubit system for Bengaluru. Rigetti said on Jan 20, 2026 that it expected deployment in the second half of 2026.
Status: New, recently announced.
Department of Commerce award
NewUp to $100M, Sep 2026
$43.9 million is available at or soon after the award date, then $29.9 million and $26.2 million on milestones, over up to five years. Rigetti agreed to issue 7,739,938 shares to the Department in return.
Status: New, recently announced.
More accurate qubits
Behind99.1% vs 99.5% target
Rigetti targeted 99.5% median two-qubit fidelity on a 100+ qubit system by the end of 2025. Its 108-qubit system launched on Apr 7, 2026 at 99.1%, and the Aug 6, 2026 release still gave about 99.1%.
Status: Behind, behind the company's own plan.
UK expansion
EarlyUp to $100M planned
Rigetti said in May 2026 that it planned to invest up to $100 million in the UK over several years.
Status: Early, too early to judge.
Quanta collaboration
Early$35.0M share purchase, Apr 2025
Each side said in February 2025 it would invest more than $100 million over five years. Under the agreement, Rigetti is committed to investing at least $250.0 million in quantum computing over five years from Feb 27, 2025.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (10)
- Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026)
- Earnings release, Q3 FY2025 (8-K Exhibit 99.1, Nov 10, 2025)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- 8-K Exhibit 99.1: $8.4M order from India's C-DAC for a 108-qubit system
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
- 8-K Exhibit 99.1: General availability of the 108-qubit Cepheus-1-108Q system
- Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026)
- 8-K: Collaboration agreement and $35M share purchase by Quanta Computer
- 8-K Exhibit 99.1: Rigetti and Quanta Computer strategic collaboration and $35M investment (Feb 28, 2025)
19The company's own measures (non-GAAP)
19The company's own measures · FY2025, Q1 FY2026 and Q2 FY2026
What do Rigetti's own measures show?
Official (GAAP): Net loss, FY2025
−$216M
Company's own measure: Non-GAAP net loss, FY2025
−$50.5M
The company's measure leaves out stock-based pay and changes in the value of warrants and earn-outs. The FY2024 figure was a $53.6 million loss, against a $201.0 million GAAP net loss.
Official (GAAP): Net income, Q1 FY2026
$33.1M
Company's own measure: Non-GAAP net loss, Q1 FY2026
−$14.7M
Same definition. GAAP net income came from a $53.7 million gain on warrant values; the operating loss was $26.0 million, and diluted EPS was a $0.06 loss because the diluted figure removes the warrant gain.
Official (GAAP): Net loss, Q2 FY2026
−$52.6M
Company's own measure: Non-GAAP net loss, Q2 FY2026
−$16M
Same definition. It was a $13.3 million loss in Q2 FY2025.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
20Financial strength and debt
20Financial strength · Jun 30, 2026
How much debt does Rigetti have?
- Total debt$0M
- Cash and investments$541M
- Net cash (cash minus debt)$541M
- Net worth (shareholders' money)$537M
- Debt to equity
- 0×
- $ of debt for every $1 of shareholders' money
- Cash and investments are cash plus available-for-sale investments, as the company totals them. Net cash is a Cityfort calculation from the Q2 FY2026 earnings release and leaves out operating lease liabilities ($7.2 million at Dec 31, 2025).
- Warrant liabilities were $78.4 million, all current because the 8,436,597 public and 283,424 private warrants expire on Mar 2, 2027. They are not borrowings: they record what rights to buy Rigetti shares are worth, remeasured each quarter, and changes run through net income.
- Rigetti repaid its only loan, from Trinity Capital, on Dec 9, 2024.
- At Jun 30, 2026 it had open purchase commitments of $35.0 million, about $21.0 million of them for property and equipment. Under the Quanta collaboration it is committed to investing at least $250.0 million in quantum computing over five years from Feb 27, 2025.
21Who owns it
21Who owns it · ownership as of Apr 15, 2026
Who owns Rigetti?
- Officers and directors (as a group), shares
- 1.6%
- Officers and directors (as a group), votes
- 1.6%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Rigetti's insiders report trading?
Rigetti's insiders made 25 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 21 sales (1.3 million shares) in the open market or privately (codes P and S).
7 of the 21 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 15 other share transactions (M: 9, A: 6).
They also report 19 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 36 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Rigetti's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
- Schedule 13G/A filed by BlackRock, Inc. (holdings as of Jun 30, 2026)
- Proxy statement (DEF 14A) for the 2026 annual meeting
- Schedule 13G filed by Vanguard Portfolio Management (holdings as of Mar 31, 2026)
- Schedule 13G filed by Vanguard Capital Management (holdings as of Mar 31, 2026)
22What it does with profit
22What it does with profit
What does Rigetti do with its profit?
Money raised · Mar 2, 2022
Listed on Nasdaq through a merger with Supernova Partners Acquisition Company II, a listed shell company, bringing in $225.6 million net.
$226M
Money raised · Dec 31, 2024
Sold new shares in FY2024: $97.5 million at market prices, $96.0 million in a registered direct offering and $12.8 million under a purchase agreement.
$206M
Money raised · Apr 29, 2025
Quanta Computer bought 3,020,412 new shares for $35.0 million as part of a collaboration agreement.
$35M
Money raised · Jun 11, 2025
Completed a $350 million at-the-market program; FY2025 sales under it brought in $346.7 million for 30,309,780 shares.
$347M
Money raised · Dec 31, 2025
Holders exercised warrants, bringing in $50.0 million in FY2025.
$50M
Money raised · Sep 8, 2026
Agreed a Department of Commerce award of up to $100 million ($43.9 million at the start, then two tranches on milestones), and to issue 7,739,938 shares to the Department in return.
$100M
Sources (6)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022; 2021 column is 11 months)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- 8-K: Collaboration agreement and $35M share purchase by Quanta Computer
- 8-K Exhibit 99.1: Completion of $350M at-the-market equity offering
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
23Governance signals
23Governance signals
What do Rigetti's governance filings show?
- Auditor
- BDO USA, P.C., since 2021
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy lists three related-person arrangements, all from the 2022 merger or earlier: a sponsor support agreement under which the merger sponsor's shares vested on share-price conditions met in 2025, a registration rights agreement, and indemnification agreements with directors and officers.
- Credit rating
- No public credit rating found in a search of rating agency sites on Nov 7, 2026
Flags to know about
disclosure · Mar 4, 2026
Past control weaknesses and restated 2022 quarters
Material weaknesses in financial controls led Rigetti to restate its Q1 and Q2 2022 results. Management concluded controls were effective at Dec 31, 2025; as an emerging growth company, its auditor was not required to attest to them.
disclosure · Aug 6, 2026
Largest customers are not named
One unnamed customer paid 64% of Q2 FY2026 revenue, and three paid 77% of FY2025 revenue.
other · Sep 8, 2026
Conditions attached to the Department of Commerce award
The Department may claw back payments for failures or non-compliance and may end the agreement on 60 days' notice. The award agreement sets foreign-entity and domestic-production requirements and gives the US government march-in rights. The share issuance agreement bars a merger or a sale of all or substantially all assets unless the buyer takes on its obligations.
other · Aug 20, 2026
Board changes in 2026
Director H. Gail Sandford did not stand for re-election at the 2026 annual meeting, and director Ray Johnson resigned effective Aug 28, 2026.
Sources (7)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Proxy statement (DEF 14A) for the 2026 annual meeting
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
- 8-K: Director H. Gail Sandford not standing for re-election
- 8-K: Director Ray Johnson resigns from the board
24What the market paid
24What the market paid · price as of Nov 5, 2026
What did the market pay for Rigetti on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Rigetti common stock closed at $9.85 on Nasdaq. Market value = $9.85 × 333,768,747 shares (Aug 3, 2026, the latest count a filing states) = about $3,287.6 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q2 FY2026 10-Q). The 7,739,938 shares agreed with the Department of Commerce on Sep 8, 2026 are not counted. P/E (price ÷ earnings per share) is not shown because Rigetti had a net loss in FY2025.
- Share price
- $9.85
- Market value (market cap)
- $3.3B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
246.2×
$3.3B market value ÷ $13.4M revenue (four quarters to Jun 30, 2026) = 246.2×
Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2025 to Q2 FY2026 earnings releases. Source: RGTI historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance and 5 more
How price ratios workFree cash flow yield
−2.3%
−$77.2M free cash flow (FY2025) ÷ $3.3B market value = −2.3%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: RGTI historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance and 1 more
What free cash flow means
Shares used for the market value: 333.77 million ($9.85 × 333.77 million shares ≈ $3.3B). Source: Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
Source: RGTI historical prices, closing price Nov 5, 2026; Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
Sources (9)
- RGTI historical prices, closing price Nov 5, 2026
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
- Earnings release, Q3 FY2025 (8-K Exhibit 99.1, Nov 10, 2025)
- Earnings release, Q2 FY2025 (8-K Exhibit 99.1, Aug 12, 2025)
- Earnings release, Q4 and full year FY2025 (8-K Exhibit 99.1, Mar 4, 2026)
- Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026)
- Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
25How it got here
25How it got here
How did Rigetti get here?
2013
Milestone
Founded
Rigetti's business was founded in 2013.
2017
Milestone
Cloud access and its own chip factory
Rigetti began running quantum computers over the cloud and built Fab-1 to make its own chips.
2022
Business-model change
Listed on Nasdaq
A merger with Supernova Partners Acquisition Company II, a listed shell company, closed on Mar 2, 2022, bringing in $225.6 million net.
2022
Crisis
Restated results and a new CEO
Material control weaknesses led to restated Q1 and Q2 2022 results. Founder Chad Rigetti resigned, and Subodh Kulkarni became CEO in December 2022.
2023
Business-model change
First QPU sale and Novera launch
Rigetti sold its first quantum processor in 2023 and launched the 9-qubit Novera in December 2023.
2024
Milestone
Debt repaid
Rigetti repaid its Trinity Capital loan on Dec 9, 2024, after selling $193.5 million of shares at market prices and in a direct offering that year.
2025
Milestone
Quanta deal and a $350 million share sale
Quanta Computer agreed a collaboration and bought $35.0 million of shares; Rigetti completed a $350 million at-the-market program in June 2025.
2026
Milestone
108-qubit system
The 108-qubit Cepheus-1-108Q became generally available on Apr 7, 2026, at 99.1% median two-qubit fidelity.
2026
Business-model change
Machine sales overtake research
Quantum computer and component sales were 74.9% of revenue in the first half of FY2026. In September, Rigetti signed a Department of Commerce award of up to $100 million.
Sources (9)
- Form 10-K, fiscal year 2022 (year ended Dec 31, 2022; 2021 column is 11 months)
- Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
- Form 10-K, fiscal year 2023 (year ended Dec 31, 2023)
- Proxy statement (DEF 14A) for the 2026 annual meeting
- 8-K: Collaboration agreement and $35M share purchase by Quanta Computer
- 8-K Exhibit 99.1: Completion of $350M at-the-market equity offering
- 8-K Exhibit 99.1: General availability of the 108-qubit Cepheus-1-108Q system
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- 8-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance
26Sources and changes
Where every number on this page comes from
Sources (29 documents)
- S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 4, 2026
- S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 7, 2025
- S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 14, 2024
- S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022; 2021 column is 11 months) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2023
- S5Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S12Earnings release, Q2 FY2026 (8-K Exhibit 99.1, Aug 6, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S13Earnings release, Q1 FY2026 (8-K Exhibit 99.1, May 11, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S14Earnings release, Q4 and full year FY2025 (8-K Exhibit 99.1, Mar 4, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 4, 2026
- S15Earnings release, Q3 FY2025 (8-K Exhibit 99.1, Nov 10, 2025) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S16Earnings release, Q2 FY2025 (8-K Exhibit 99.1, Aug 12, 2025) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2025
- S17Earnings release, Q1 FY2025 (8-K Exhibit 99.1, May 12, 2025) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2025
- S18Earnings release, Q4 and full year FY2024 (8-K Exhibit 99.1, Mar 5, 2025) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 5, 2025
- S19Earnings release, Q3 FY2024 (8-K Exhibit 99.1, Nov 12, 2024) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2024
- S20Proxy statement (DEF 14A) for the 2026 annual meeting · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S218-K: Other Transaction Agreement with the US Department of Commerce ($100M award) and share issuance · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2026
- S228-K: David Rivas appointed Chief Operating Officer, Andrew Bestwick Chief Technology Officer · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2026
- S238-K: Director Ray Johnson resigns from the board · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2026
- S258-K Exhibit 99.1: General availability of the 108-qubit Cepheus-1-108Q system · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
- S268-K Exhibit 99.1: Update on 108-qubit system (general availability moved to around end of Q1 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 9, 2026
- S278-K Exhibit 99.1: $8.4M order from India's C-DAC for a 108-qubit system · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
- S288-K Exhibit 99.1: Completion of $350M at-the-market equity offering · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 11, 2025
- S298-K: Collaboration agreement and $35M share purchase by Quanta Computer · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2025
- S318-K: Director H. Gail Sandford not standing for re-election · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2026
- S32Schedule 13G/A filed by BlackRock, Inc. (holdings as of Jun 30, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S33Schedule 13G filed by Vanguard Portfolio Management (holdings as of Mar 31, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S34Schedule 13G filed by Vanguard Capital Management (holdings as of Mar 31, 2026) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S35RGTI historical prices, closing price Nov 5, 2026 · Nasdaq (nasdaq.com historical data table) · Tier 1: company or exchange filing · Nov 5, 2026
- S36Rigetti Computing to report third quarter 2026 financial results and host conference call on November 10, 2026 · Rigetti Computing, Inc. · Tier 3: context only · Oct 27, 2026
- S388-K Exhibit 99.1: Rigetti and Quanta Computer strategic collaboration and $35M investment (Feb 28, 2025) · Rigetti Computing, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2025
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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