Rigetti Computing revenue rises as operating losses widen
The quantum computing company reported total revenue of $5.1 million for the second quarter ended June 30, 2026.
Rigetti Computing (RGTI) reported total revenue of $5.1 million for the second quarter. The quantum computing maker saw revenue increase from $4.4 million in the first quarter of 2026 and $1.8 million in the second quarter of 2025.
Despite the top-line growth, the company's losses expanded. The operating loss widened to $28.1 million in the second quarter, compared to $26.0 million in the first quarter and $19.9 million in the second quarter of the previous year.
GAAP net loss increased to $52.6 million for the quarter, up from a $39.7 million loss in the second quarter of 2025. This followed a GAAP net income of $33.1 million in the first quarter of 2026. On a non-GAAP basis, the net loss rose to $16.0 million, compared to $14.7 million in the first quarter and $13.3 million in the second quarter of 2025.
Technical performance for the Cepheus-1-108Q remained stable, with median two-qubit gate fidelity at approximately 99.1%. This figure held steady from the performance reported during the system's general availability launch in the first quarter of 2026.
Rigetti expanded its commercial footprint through a new collaboration with HPE and the Pittsburgh Supercomputing Center. The partnership involved delivering a 9-qubit Novera system to the TangleLab testbed during the second quarter.
Liquidity decreased as the company spent through its reserves. Cash, cash equivalents, and available-for-sale investments totaled $541.3 million as of June 30, 2026, down from $569.0 million on March 31 and $589.8 million on December 31, 2025.
To bolster future funding, the company signed a letter of intent with the U.S. Department of Commerce in May 2026. The agreement provides for potential funding of up to $100 million over three years in exchange for an equity stake.