Rigetti Computing released its financial results for the second quarter of 2026. The company reported revenue of $5.1 million against an operating loss of $28.1 million. Despite these losses, the firm maintains a strong financial position with $541.3 million in cash, cash equivalents, and available-for-sale investments as of June 30, 2026.
Technological progress remains a priority. Rigetti continues to advance its superconducting gate-based architecture and is working toward systems with approximately 1,000 qubits over the next three years. Current performance metrics for the Cepheus-1-108Q system show a 99.9% median single-qubit gate fidelity and 99.1% median two-qubit gate fidelity. Management stated these metrics are critical to achieving future quantum advantage.
Strategic partnerships represent a major component of the company growth strategy. Rigetti is collaborating with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to deploy a 9-qubit Novera quantum system. Additionally, the company is fulfilling orders for on-premises systems, including a 108-qubit system for C-DAC in India. These deployments allow researchers direct hardware access for experimentation.
Government support also shapes the current outlook. Rigetti signed a letter of intent with the U.S. Department of Commerce for potential funding of up to $100 million under the CHIPS Act. This capital aims to accelerate research and development projects focused on scaling superconducting quantum hardware. The company also confirmed its commitment to invest up to $100 million in the United Kingdom to support talent and infrastructure over the coming years.