Rigetti Computing Reports 185% Revenue Growth to $5.1 Million in Q2 2026

Rigetti Computing, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated revenue of $5.1 million for the quarter, a substantial increase of 185% compared to $1.8 million in the same period last year. For the first half of 2026, revenue reached $9.5 million, up 191% from $3.3 million in the first half of 2025. Despite this growth, Rigetti continued to experience operating losses, reporting a net loss of $52.6 million for the second quarter and $19.5 million for the first half of the year, compared to losses of $39.7 million and net income of $3.0 million, respectively, in the prior year.

The increase in revenue was primarily attributed to higher sales of quantum computing systems, particularly the 9-qubit Novera™ systems. However, the cost of revenue also rose significantly, increasing by 139% to $3.0 million for the quarter and 164% to $6.0 million for the half-year, reflecting the company's ramp-up in production and sales activities. Operating expenses also surged, with research and development costs rising by 53% to $20.7 million for the quarter, driven by increased personnel and project costs, while selling, general, and administrative expenses increased by 37% to $9.5 million.

In terms of strategic developments, Rigetti announced the general availability of its 108-qubit quantum computing system, Cepheus™-1-108Q, which is now accessible through its Quantum Cloud Services platform and major cloud providers like Amazon and Microsoft. This launch is expected to enhance the company's competitive position in the quantum computing market. Additionally, Rigetti entered into a Letter of Intent with the U.S. Department of Commerce for a potential award of up to $100 million under the CHIPS Act, contingent on meeting specific project milestones.

Operationally, Rigetti's customer base has expanded, with notable sales to government entities, which accounted for 18% of total revenue in the latest quarter, a significant decrease from 91.7% in the same period last year. The company also reported an increase in its employee headcount, reflecting its ongoing investment in talent to support its growth strategy. As of June 30, 2026, Rigetti had 333.8 million shares of common stock outstanding.

Looking ahead, Rigetti remains focused on achieving its long-term goals in quantum computing, despite the challenges posed by ongoing operating losses and market conditions. The company anticipates that its existing cash and investments will be sufficient to meet operational needs for at least the next 12 months, although it may seek additional funding to support its growth initiatives. The outlook remains cautious, with the potential for fluctuations in revenue and expenses as the company continues to navigate the evolving landscape of quantum technology.