Rigetti Reports $1.4 Million in Third-Quarter 2026 Revenue

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter 2026 revenue was $1.4 million as the quantum-computing company booked a $33.2 million operating loss and expects about $20 million in full-year revenue, assuming C-DAC customer acceptance and associated revenue recognition in the fourth quarter.

Rigetti Computing (RGTI) reported revenue of $1.4 million and an operating loss of $33.2 million for the three months ended September 30, 2026. In September, it signed a definitive agreement with the U.S. Department of Commerce for an award of up to $100 million under the CHIPS Act to support research and development programs, following a May letter of intent. The Department received a minority, non-controlling equity stake as a condition of the award.

The award supports three programs: miniaturized readout electronics, expanded cryogenic capacity through a new cryostat architecture, and fabrication for high-connectivity chip architectures. Chief executive Dr. Subodh Kulkarni said the company also met a fidelity goal on its largest system.

Cepheus-1-108Q, built from 12 interconnected 9-qubit chiplets, achieved 99.5% median two-qubit gate fidelity, the milestone Rigetti had set for the 108-qubit platform. The company said the result further validates its chiplet-based approach. On smaller sublattices the system posted 99.6% median two-qubit fidelity on 80 qubits and 99.7% on 50 qubits.

Revenue for the three months ended September 30, 2026 was $1.4 million, down from $5.1 million in the three months ended June 30. Operating loss widened to $33.2 million from $28.1 million. GAAP net loss was $3.1 million, or $0.08 a share on a diluted basis, versus a $52.6 million GAAP net loss, or $0.16 a share, in the prior quarter. Non-GAAP net loss was $20.5 million, or $0.06 a share.

The GAAP swing reflected a $25.3 million non-cash gain from the change in fair value of derivative warrant liabilities in the third quarter, after a $182.0 million loss on that line in the year-ago period. Interest income was $4.8 million. Research and development expense was $25.5 million and selling, general and administrative expense was $8.5 million.

Cash, cash equivalents and available-for-sale investments totaled $497.1 million as of September 30, down from $541.3 million at June 30. The company said it had no debt. Property and equipment, net, was $87.5 million.

Rigetti said full-year 2026 revenue is expected to be approximately $20 million, up significantly from 2025, assuming C-DAC customer acceptance and associated revenue recognition in the fourth quarter. For the nine months ended September 30, revenue was $10.9 million.

The company is targeting a 300-plus-qubit system with approximately 99.7% median two-qubit gate fidelity and gate speeds below 60 nanoseconds by mid-2028, with a larger qubit count per chiplet, faster readout and expanded cryogenic capacity. It continues to target a path toward systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds within approximately three years, and said it believes that combination of scale, fidelity and speed could provide a platform for demonstrating quantum advantage. For the 1,000-plus-qubit system, Rigetti plans to increase the density of qubits in a single fridge rather than networking multiple fridges.

Superconducting systems continue to achieve gate speeds of 50 to 70 nanoseconds, the company said. Rigetti sells on-premises 9-qubit to 108-qubit systems and operates quantum computers over the cloud through Rigetti Quantum Cloud Services.