Insider Brief
- Rigetti reported $7.1 million in 2025 revenue and a $216.2 million net loss while continuing to invest in quantum hardware development and system deployments.
- The company secured new hardware orders, including an $8.4 million purchase from India’s Centre for Development of Advanced Computing for a 108-qubit superconducting quantum system and additional Novera on-premises systems.
- Rigetti reported technical progress in its superconducting processors, including gate fidelity improvements, chiplet-based scaling demonstrations, and continued collaboration with Riverlane on quantum error correction.
Rigetti Computing reported modest revenue but maintained a substantial cash position and continued to advance its hardware roadmap, highlighting steady progress in the competitive race to commercialize quantum computing.
The Berkeley, Calif.–based company said total revenue for the fourth quarter of 2025 was $1.9 million, according to a company news release. Rigetti reported an operating loss of $22.6 million for the quarter, reflecting the heavy research and development spending typical of companies building next-generation computing systems.
“In 2025, we made great progress across fidelity, scale, and system architecture,” Dr. Subodh Kulkarni, Rigetti CEO said in the news release. “Our focus continues to be on achieving practical quantum advantage, and over the past year we validated key elements of our strategy, including improved two-qubit gate fidelity across both monolithic and chiplet-based systems and continued momentum in scaling our superconducting quantum technology. A critical enabler of this progress is our vertically integrated, full-stack development approach, where tightly coupled design, fabrication, and testing allow us to iterate faster, protect proprietary IP, and drive performance improvements as we scale beyond 100 qubits.”
For the quarter ended Dec. 31, Rigetti reported a GAAP net loss of $18.2 million, or 6 cents per share. On a non-GAAP basis — a measure that excludes certain expenses such as stock-based compensation — the company reported a net loss of $11.3 million, or 3 cents per share.
That loss is compared to Zacks Consensus Estimate of a loss of $0.05, NASDAQ reports and is lower than last year’s loss of $0.08.
For the full year, Rigetti reported total revenue of $7.1 million and a GAAP net loss of $216.2 million, or 70 cents per share. The company reported a non-GAAP net loss of $50.5 million, or 16 cents per share.
Despite ongoing losses, Rigetti ended the year with a large cash cushion. As of Dec. 31, 2025, the company reported $589.8 million in cash, cash equivalents and available-for-sale investments, providing resources to continue developing its quantum hardware platform and supporting technologies.
Quantum computing — a technology that aims to exploit the properties of quantum physics to perform certain calculations more efficiently than classical computers — remains an emerging industry where companies often generate limited revenue while investing heavily in research, fabrication and engineering.
Rigetti builds superconducting quantum processors, which are devices that operate at extremely low temperatures and use circuits made from superconducting materials to represent quantum bits, or qubits. Unlike classical bits, which represent either a 0 or 1, qubits can exist theoretically in multiple states, potentially offering new computational approaches to problems such as materials design, logistics optimization and cryptography.
Government Demand Drives Hardware Orders
Rigetti said government and research customers continue to show interest in installing quantum systems directly inside their own computing environments.
The company announced an approximately $8.4 million purchase order from India’s Centre for Development of Advanced Computing, known as C-DAC, for a 108-qubit superconducting quantum computer. The system is expected to be deployed in the second half of 2026 and integrated with C-DAC’s high-performance computing infrastructure.
High-performance computing, or HPC, refers to large computing systems used by research institutions and government agencies to run complex simulations and data analysis workloads. Hybrid systems that combine classical supercomputers with quantum processors are widely viewed as an early practical step toward using quantum technology.
Rigetti said the system will use the company’s chiplet-based architecture, a design approach that divides large processors into smaller modules that can be connected together. The approach aims to make large quantum systems easier to manufacture and scale.
The company also continued delivering two previously announced Novera on-premises quantum systems representing about $5.7 million in purchase orders. According to the release, those systems will support research and development efforts focused on quantum hardware and error correction techniques.
Unlike cloud-based quantum computing services, on-premises systems allow customers to install and operate quantum hardware within their own facilities. This approach can provide direct hardware access for research institutions and may be attractive to governments seeking tighter control over emerging technologies.
“Demand for on-premises quantum systems from government and research institutions continues to grow,” Kulkarni said. “Our recently announced order from India’s Centre for Development of Advanced Computing reflects increasing engagement from national customers seeking direct access to quantum hardware integrated into high-performance computing environments. These deployments underscore Rigetti’s role as a long-term technology partner supporting hybrid classical-quantum computing.
Rigetti also reported receiving a purchase order for a Novera quantum processing unit, or QPU, from a Japanese research organization. The processor will represent the company’s first quantum hardware installation in Japan when delivered, with deployment expected in April 2026.
Technology Milestones
Alongside commercial activity, Rigetti highlighted several technical milestones related to the performance of its superconducting processors.
One key measure in quantum computing is gate fidelity, which reflects how accurately quantum operations can be performed. Because quantum states are fragile and susceptible to noise, improving the accuracy of operations is critical to scaling quantum computers.
Rigetti reported achieving two-qubit gate fidelity as high as 99.9% on a prototype platform using a proprietary gate technique. Two-qubit gates are particularly important because they allow qubits to become entangled, a quantum phenomenon necessary for most advanced quantum algorithms.
The company also reported continued high performance across several systems, including median two-qubit gate fidelities of 99.7% on a 9-qubit processor, 99.6% on a 36-qubit system, and about 99% on its 108-qubit system known as Cepheus-1-108Q.
Superconducting processors are widely used in quantum computing development because they can execute operations relatively quickly. According to the company, these operations can occur thousands of times faster than those used in some other approaches such as trapped-ion systems, although each technology has its own advantages.
Rigetti said it also continued demonstrating chiplet tiling, a strategy that assembles multiple smaller chips into a larger quantum processor. This approach is intended to overcome manufacturing limitations that can arise when building very large monolithic chips.
Chiplet-based systems can help maintain manufacturing consistency while increasing qubit counts, which is essential for building larger quantum computers capable of solving more complex problems.
Roadmap Toward Larger Systems
The company reported progress toward deploying its 108-qubit chiplet-based system, including improvements made during testing.
During development, engineers identified interactions between tunable couplers — components that control how qubits interact with each other — that appeared when scaling the processor to larger qubit counts. According to the company, architectural refinements were implemented to improve system stability and control.
Rigetti also said it continued research collaborations with quantum error-correction company Riverlane. Error correction is considered one of the central challenges in quantum computing because quantum states are easily disrupted by environmental noise and imperfections in hardware.
Fault-tolerant quantum computing — or, the ability to run long and complex quantum calculations reliably — remains a long-term objective for the industry. Companies and research groups are working to combine higher-quality hardware with advanced error-correction techniques to make such systems possible.
Rigetti said its development efforts remain focused on improving fidelity, system speed and error mitigation as part of its roadmap toward demonstrating practical quantum advantage, a milestone where quantum systems outperform classical computers on meaningful tasks. The company expects that strategy to yield short-term and long-term growth.
“Looking ahead, we remain focused on executing our roadmap, including the deployment of our 108-qubit system at 99.5% median two-qubit gate fidelity and advancing toward larger-scale systems as we work steadily toward quantum advantage,” said Kulkarni. “We anticipate significant first-quarter year-over-year revenue growth driven by a portion of the previously announced $5.7 million Novera on-premises system purchase orders expected to ship in Q1.”
