Rigetti Computing Inc NASDAQ:RGTI Price, Chart, News & Insight

NASDAQ:RGTI

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.

💬

Global Finance News 11-11-26

Rigetti Computing (RGTI) Q1 2026: Quantum Milestones Stack Up, But Revenue Remains Thin, Stock Flat

Tuesday, May 12, 2026

Rigetti Computing is essentially unchanged today, up just 0.05%, after reporting a first quarter that showed genuine technical progress and a fortress balance sheet — but $4.4 million in revenue that reminds investors this remains a deep pre-commercial story.

The Numbers: Small Revenue, Large Cash Cushion

Total revenues were $4.4 million for Q1, growing year-over-year on the back of new on-premises Novera QPU sales and government milestones. The operating loss was $26.0 million. GAAP net income of $33.1 million was driven by non-cash fair value adjustments rather than operations — non-GAAP net loss was $14.7 million, the more meaningful figure. Rigetti ended the quarter with $569 million in cash, cash equivalents, and available-for-sale investments, and crucially, no debt. The balance sheet provides at least four to five years of runway at the current burn rate — removing near-term capital risk from the equation entirely.

The Technology Story: Cepheus-1-108Q Goes Live

The operational headline is the general availability of Rigetti's 108-qubit Cepheus-1-108Q system — the company's highest-qubit-count system to date and the largest modular quantum computing system in the industry. The system is now accessible via Rigetti's own QCS platform and through Amazon Braket, Microsoft Azure Quantum, and qBraid — a distribution footprint that puts Rigetti hardware in front of the largest cloud customer bases in the world. Built from twelve interconnected 9-qubit chiplets, Cepheus-1-108Q validates the chiplet-based scaling architecture that underpins Rigetti's entire roadmap — proving that modular assembly can reach meaningful qubit counts in a production setting.

Fidelity improvements are also tracking well. The company achieved median 99.8% two-qubit gate fidelity with 40 nanosecond gate speeds on its 9-qubit system, and gate fidelities as high as 99.9% on prototype systems — numbers that matter because error rates determine when quantum computers become practically useful for real-world problems.

UK Investment: A $1,000-Qubit Ambition

Rigetti announced its intention to invest up to $100 million in the United Kingdom over the next three to four years, targeting deployment of a UK-based quantum system with over 1,000 qubits. The investment aligns with the UK government's domestic quantum infrastructure initiative and builds on Rigetti's existing UK presence. A 1,000-qubit modular system would represent a major step toward the scale at which quantum computers begin to demonstrate practical advantage over classical systems in specific workloads. It is an ambitious target — and a credible one given the validated chiplet architecture.

The Bottom Line

Rigetti's flat reaction today is the market in a holding pattern — acknowledging the technical progress while waiting for revenue to reflect it. The 108-qubit general availability, the cloud distribution partnerships, the fidelity milestones, and the UK expansion are all real and meaningful developments. But with $4.4 million in quarterly revenue against a $26 million operating loss, the commercialization gap remains wide. Rigetti is a technology company in the truest sense — the science is advancing, the balance sheet is clean, and the question is purely one of timing. When quantum advantage becomes demonstrable for commercially valuable problems, Rigetti's full-stack architecture and cloud distribution put it in a strong position. Until then, the stock will trade on milestones rather than multiples.

💬

The Investor 05-12-26

Rigetti Computing said its India subsidiary received an $8.4 million purchase order to deliver a 108-qubit quantum computer to India’s Centre for Development of Advanced Computing (C-DAC), a Ministry of Electronics and Information Technology R&D organization. The on-premises system is expected to be installed at C-DAC’s Bengaluru center and deployed in the second half of 2026.

Rigetti said the system will use its chiplet-based architecture, positioning the deal as part of a broader push by national governments toward local, on-site quantum computing infrastructure. The company noted the order builds on a prior relationship, including a September 2025 memorandum of understanding with C-DAC to explore co-developing hybrid quantum computing systems.

Source: Globe Newswire, Rigetti Computing press release.

💬

WS Investor 01-20-26

rigetti computing

💬

European Investor 01-15-25

05-23-26Global Finance News

12-10-25The Investor

10-07-25The Investor

09-19-25Global Finance News

NASDAQ:RGTIFollow

NASDAQ:RGTI