Berkeley, Calif., March 5, 2026, 02:14 PST
- Rigetti shares rose about 5% in premarket trade after its 2025 results and updates on system shipments
- 2025 revenue was $7.1 million; GAAP net loss was $216.2 million; cash and investments totaled $589.8 million at year-end
- The company cited an $8.4 million India order and $5.7 million of Novera orders as near-term commercial drivers
Rigetti Computing Inc (RGTI) shares were up about 4.7% at $17.76 in premarket trading on Thursday after the quantum hardware maker released full-year results and pointed to incoming system revenue. Shares of quantum peers IonQ and D-Wave Quantum were also higher.
The sector has turned into a litmus test for whether quantum machines can move beyond research budgets. Investors have been looking for two things at once: hardware that works more reliably, and orders that turn into booked revenue.
On an earnings call, Chief Executive Subodh Kulkarni said Rigetti expects to complete deployment of its 108-qubit system around the end of March. The company has been leaning on a recent 99.9% “two-qubit gate fidelity” result — a measure of how accurately a machine runs a basic operation between two quantum bits — as it chases what it calls practical quantum advantage. 1
Revenue for the quarter ended Dec. 31 was $1.9 million, down from $2.3 million a year earlier, while operating loss widened to $22.6 million, a filing showed. For 2025, revenue fell to $7.1 million and GAAP net loss was $216.2 million, while cash, cash equivalents and available-for-sale investments rose to $589.8 million at year-end. 2
“Demand for on-premises quantum systems … continues to grow,” Kulkarni said in the company’s results statement. Rigetti said it had an approximately $8.4 million purchase order from India’s Centre for Development of Advanced Computing for a 108-qubit system expected to be deployed in the second half of 2026, and it reiterated $5.7 million of Novera on-premises system orders. It also said it recently achieved two-qubit gate fidelity as high as 99.9% at a 28-nanosecond gate speed on a prototype platform. 3
Chief Financial Officer Jeff Bertelsen told analysts the company expects “a little less than half” of the $5.7 million Novera revenue to be recognized in the first quarter, with the balance later in 2026. He said the India order should be recognized after acceptance testing in 2026, and that Rigetti ended 2025 with no debt. 4
Rigetti’s systems use superconducting circuits cooled to extreme temperatures, an approach prized for fast gate speeds but limited by error rates. The company has been trying to scale by linking smaller “chiplets” — modular blocks of qubits — instead of pushing everything onto one large chip.
That reliability metric matters because errors stack up fast as programs grow, and two-qubit operations tend to be the weak point. Bigger systems are easy to announce; getting them to behave is the slower part.
But Rigetti’s revenue remains lumpy and tied to the timing of system deliveries, government contract work and customer validation, and it warns the market is evolving and highly competitive. In its annual report, the company lists IBM, IonQ and D-Wave among major groups developing quantum hardware and software. 5
The next near-term test is execution: whether that end-of-March deployment lands, and whether the early on-premises orders show up as recognized revenue on schedule.
