Global Finance News
11 Nov 2026, 09:11
Rigetti Falls 2.8% After Hours as Revenue Remains Small Despite Quantum Hardware Progress
Rigetti Computing (NASDAQ: RGTI) shares fell about 2.8% in after-hours trading after the company reported continued technical progress in its quantum computing roadmap but only $1.4 million of third-quarter revenue and a sizable operating loss.
Third-quarter operating loss was $33.2 million, while GAAP net loss totaled $3.1 million and non-GAAP net loss was $20.5 million. For the first nine months of 2026, revenue reached $10.9 million, up about 110% from $5.2 million a year earlier.
The company maintained a strong balance sheet, ending September with $497.1 million in cash, cash equivalents and available-for-sale investments and no debt. Rigetti expects full-year 2026 revenue of approximately $20 million, assuming customer acceptance and revenue recognition from its C-DAC contract in the fourth quarter.
On the technology side, Rigetti said its Cepheus-1-108Q system achieved 99.5% median two-qubit gate fidelity, meeting a key performance target and further validating its chiplet-based architecture. The system reached 99.6% fidelity on an 80-qubit sublattice and 99.7% on a 50-qubit sublattice.
Rigetti is now targeting a 300-plus-qubit system with approximately 99.7% median two-qubit fidelity by mid-2028, while continuing to pursue a longer-term path toward systems with roughly 1,000 qubits and 99.9% fidelity.
The company also secured an agreement for up to $100 million of U.S. CHIPS Act funding to support research into readout electronics, cryogenic capacity and fabrication.
The 2.8% after-hours decline appears to reflect the contrast between encouraging technical milestones and Rigetti’s still-limited commercial revenue base, substantial operating losses and dependence on future contract conversion.
Rigetti Computing (NASDAQ: RGTI) shares fell about 2.8% in after-hours trading after the company reported continued technical progress in its quantum computing roadmap but only $1.4 million of third-quarter revenue and a sizable operating loss.
Third-quarter operating loss was $33.2 million, while GAAP net loss totaled $3.1 million and non-GAAP net loss was $20.5 million. For the first nine months of 2026, revenue reached $10.9 million, up about 110% from $5.2 million a year earlier.
The company maintained a strong balance sheet, ending September with $497.1 million in cash, cash equivalents and available-for-sale investments and no debt. Rigetti expects full-year 2026 revenue of approximately $20 million, assuming customer acceptance and revenue recognition from its C-DAC contract in the fourth quarter.
On the technology side, Rigetti said its Cepheus-1-108Q system achieved 99.5% median two-qubit gate fidelity, meeting a key performance target and further validating its chiplet-based architecture. The system reached 99.6% fidelity on an 80-qubit sublattice and 99.7% on a 50-qubit sublattice.
Rigetti is now targeting a 300-plus-qubit system with approximately 99.7% median two-qubit fidelity by mid-2028, while continuing to pursue a longer-term path toward systems with roughly 1,000 qubits and 99.9% fidelity.
The company also secured an agreement for up to $100 million of U.S. CHIPS Act funding to support research into readout electronics, cryogenic capacity and fabrication.
The 2.8% after-hours decline appears to reflect the contrast between encouraging technical milestones and Rigetti’s still-limited commercial revenue base, substantial operating losses and dependence on future contract conversion.
