BERKELEY, California, May 11, 2026, 14:06 PDT
Rigetti Computing delivered first-quarter results on Monday, with revenue climbing to $4.4 million—coming in after IonQ’s strong quarter had already stirred up sector expectations. The Berkeley firm also logged a $26.0 million operating loss. As of March 31, Rigetti reported $569.0 million in cash, cash equivalents, and available-for-sale investments.
The stakes are clear. Quantum stocks tend to move based on milestones, lab updates, and government interest—not earnings. Rigetti’s numbers put the spotlight on whether niche hardware players can actually convert lab wins into steady sales before deep-pocketed competitors widen the gap.
Rigetti squeezed past some expectations this quarter, but just barely. According to MarketBeat, the company posted an adjusted loss of 4 cents per share, a hair better than the 5-cent loss analysts had in mind. Revenue came in at $4.403 million, beating estimates by $313,000. Shares climbed 8.3% to close at $20.51, then edged down to $20.19 by 4:40 p.m. Eastern in after-hours trading.
IonQ is a tougher comp. The College Park, Maryland outfit reported first-quarter revenue of $64.7 million, up a staggering 755%. Cash, cash equivalents and investments totaled $3.1 billion. The company now expects 2026 revenue to land somewhere between $260 million and $270 million.
Rigetti CEO Subodh Kulkarni emphasized getting products into users’ hands over chasing immediate profits. The company rolled out its 108-qubit Cepheus-1-108Q system for broad access via Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid. (A qubit is quantum computing’s fundamental unit.) Kulkarni called the rollout “an important validation” for Rigetti’s chiplet-based design, which connects smaller processor tiles to build up larger machines. Investing News Network (INN)
Rigetti, according to the same release, has delivered a 9-qubit Novera quantum processing unit (QPU) to the University of Saskatchewan. The company also outlined plans for up to $100 million in UK investment, with intentions to build a British quantum system packing more than 1,000 qubits over the next three to four years. That does clarify the hardware narrative for Rigetti, but the commercial footprint is still limited.
The risk hasn’t gone anywhere, though. Rigetti disclosed ongoing net losses and negative cash flow stretching back to its founding, and it doesn’t expect that to turn around soon. The company could need to lean on its current cash, investments, securities financings, or other forms of funding until it finally starts bringing in meaningful revenue from its quantum processing units, system sales, and its QCaaS—quantum computing as a service, where customers get cloud access to quantum hardware.
The accounting takes some untangling. Rigetti posted GAAP net income of $33.1 million, but that figure gets a big boost—$53.7 million—from a fair value gain tied to derivative warrant liabilities. Adjust for items like stock-based pay and warrant mark-to-market, and the non-GAAP net loss comes to $14.7 million.
IonQ hasn’t dodged the industry’s skepticism. D.A. Davidson’s Alex Platt, speaking with Reuters, said doubts remain about “the viability of the technology,” in particular IonQ’s approach using trapped ions—these systems harness charged atoms steered by lasers and electromagnetic fields. CEO Niccolo de Masi told Reuters the company isn’t making profitability “a key focus this year.” Reuters
This week isn’t letting up on the group. MarketBeat noted that investors are focused on D-Wave’s ability to generate revenue and protect its cash, while Rigetti faces questions about commercial traction—especially after IonQ kicked off quantum earnings season with a strong showing.
Rigetti managed to buy a little breathing room in the first quarter, but questions remain unresolved. Its cash pile is still backing the hardware plan. What’s next? The focus shifts to repeat buyers, expanding the client list, and posting revenue numbers that convince investors the technology is worth it.
