Rigetti Computing released its financial results for the second quarter of 2026. The company reported total revenue of $5.1 million for the three-month period ending June 30, 2026. During this same window, the company posted a GAAP net loss of $52.6 million, while the non-GAAP net loss stood at $16 million. As of the end of June, the company maintains a cash and investment balance of $541.3 million with no debt.
CEO Dr. Subodh Kulkarni stated that the company remains focused on system performance and the expansion of on-premises deployments. Recent business milestones include a collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build a hybrid quantum-classical supercomputer. Rigetti also signed a letter of intent with the U.S. Department of Commerce for up to $100 million in potential funding to support research and development for superconducting quantum computing.
Technological progress remains a priority. The company reports that its Cepheus-1-108Q system operates with approximately 99.9% median single-qubit gate fidelity and 60 nanosecond gate speeds. Rigetti continues to target a goal of 1,000 qubits over the next three years. The firm is also advancing a planned $100 million investment in the United Kingdom to support facilities and local talent.
Rigetti operates its systems through the cloud and provides hardware for research organizations and national laboratories. The company designs its chips in-house at its dedicated Fab-1 facility. A conference call is scheduled for today at 5:00 pm ET to discuss these results further.