Berkeley, Calif., March 5, 2026, 02:14 PST
- Shares of Rigetti climbed roughly 5% in premarket trading, following its 2025 results and fresh details on system shipments.
- Revenue for 2025 came in at $7.1 million. The company finished the year with a GAAP net loss of $216.2 million, while cash and investments stood at $589.8 million as of year-end.
- Near-term, the company pointed to an $8.4 million India order, along with $5.7 million in Novera orders, as commercial drivers.
Rigetti Computing Inc (RGTI) jumped roughly 4.7% to $17.76 ahead of the bell Thursday, following the quantum hardware firm’s full-year results and comments on future system revenue. Quantum rivals IonQ and D-Wave Quantum were gaining as well.
This sector’s become a proving ground for quantum machines—can they justify more than research spending? What investors want: dependable hardware, and real orders that actually translate into revenue.
On the earnings call, Chief Executive Subodh Kulkarni said Rigetti is aiming to finish rolling out its 108-qubit system by late March. The company’s been highlighting its recent 99.9% result for “two-qubit gate fidelity” — that’s the key benchmark for how precisely the machine performs a basic operation between two quantum bits — as it pushes toward what it describes as practical quantum advantage. Investing
The company posted revenue of $1.9 million for the quarter ended Dec. 31, sliding from $2.3 million in the prior year, according to a filing. Operating loss deepened, reaching $22.6 million. Revenue for 2025 slipped to $7.1 million, with GAAP net loss hitting $216.2 million. Cash, cash equivalents and available-for-sale investments stood at $589.8 million at the close of the year.
“Demand for on-premises quantum systems … continues to grow,” Kulkarni said in the company’s results statement. Rigetti flagged a roughly $8.4 million purchase order from India’s Centre for Development of Advanced Computing, tied to a 108-qubit system targeted for deployment in the back half of 2026. The company kept its $5.7 million figure for Novera on-premises system orders unchanged. Rigetti also pointed to a recent technical milestone: two-qubit gate fidelity hitting 99.9% at a 28-nanosecond gate speed on a prototype. Nasdaq
Chief Financial Officer Jeff Bertelsen told analysts that just under half of the $5.7 million in Novera revenue will hit the books in the first quarter, with the rest showing up later in 2026. The India order, he added, will be recognized following acceptance testing in 2026. Rigetti wrapped up 2025 debt-free.
Rigetti relies on superconducting circuits kept at ultra-low temperatures. That design delivers fast gate speeds but runs into trouble with error rates. To expand, the company’s moved toward connecting smaller “chiplets,” modular qubit blocks, rather than packing all the qubits into a single, oversized chip.
Reliability counts—the bigger the program, the quicker errors pile up, and two-qubit operations usually trip things up. Scaling up is simple to say, but making these larger systems work as intended takes longer.
Rigetti’s revenue still jumps around, hinging on when systems ship out, government jobs come through, or customers sign off. The company cautions that the quantum market is changing fast and packed with rivals. In its annual report, Rigetti calls out IBM, IonQ, and D-Wave as some of the key players building quantum hardware and software.
Now comes the real test: execution. That means hitting the end-of-March deployment target, and seeing if those initial on-premises orders actually get booked as recognized revenue, right on time.
