Rigetti Computing, Inc. (Nasdaq: RGTI) has reported its financial results for the second quarter ended June 30, 2026. The Berkeley-based superconducting quantum developer highlighted sequential and year-over-year revenue expansion, a potential $100 million U.S. government funding award under the CHIPS Act, and expanding hybrid high-performance computing (HPC) deployments.
The table below summarizes key GAAP financial metrics for Q2 2026 compared with the prior quarter (Q1 2026) and the year-ago quarter (Q2 2025).
| Amounts in $M | Q2’2026 | Q1’2026 | Q2’2025 | % vs Q1’2026 | % vs Q2’2025 |
| Revenue | $5.14 | $4.40 | $1.80 | +16.8% | +185.3% |
| Operating Expenses | $30.25 | $27.33 | $20.45 | +10.7% | +47.9% |
| Operating Loss | ($28.06) | ($25.95) | ($19.88) | +8.1% | +41.1% |
| Net Loss | ($52.61) | $33.11 | ($39.65) | N/M | +32.7% |
| Cash and Investments | $541.295* | $569.00* | $589.80* | -4.9% | -8.2% |
*Note: Cash and Investments aggregates Cash and Cash Equivalents ($27.76M), Short-term Available-for-Sale Investments ($365.95M), and Long-term Available-for-Sale Investments ($147.59M), totaling $541.30M as of June 30, 2026. Baseline comparisons reflect QCR’s previously reported figures ($569.0M for Q1 2026 and $589.8M for Q4 2025/historical baselines).
Financial Results and Capital Position
Rigetti generated $5.14 million in revenue for Q2 2026, representing a 16.8% sequential growth over Q1 2026 ($4.40M) and an 185.3% increase compared to Q2 2025 ($1.80M). Top-line momentum was driven by on-premises system shipments, Novera QPU sales, and international deliveries.
Operating expenses for the quarter rose to $30.25 million, reflecting continued investments in chiplet-based R&D ($20.73M) and infrastructure. Operating loss stood at ($28.06) million, compared to ($25.95) million in Q1 2026.
GAAP Net Loss for Q2 2026 was ($52.61) million, or ($0.16) per basic and diluted share, compared to a net income of $33.11 million in Q1 2026 (which was driven by warrant fair-value gains) and a net loss of ($39.65) million in Q2 2025. The Q2 loss included a $29.60 million non-cash charge from the mark-to-market change in the fair value of derivative warrant liabilities. On a non-GAAP basis, Non-GAAP Net Loss stood at ($15.98) million, or ($0.05) per share.
Rigetti maintained a robust balance sheet with $541.3 million in cash, cash equivalents, and available-for-sale investments and zero debt, providing a multi-year runway to execute its hardware roadmap.
Strategic U.S. Government LOI ($100M CHIPS Act Funding)
In May 2026, Rigetti signed a Letter of Intent (LOI) with the U.S. Department of Commerce for up to $100 million in potential funding over three years under the CHIPS Act Broad Agency Announcement.
- Equity & R&D Structure: The contemplated funding involves an equity stake for the Department of Commerce consistent with the funding amount.
- Target Objectives: The grant would directly support accelerated R&D programs focused on scaling modular superconducting processors, improving coherence times, and advancing domestic quantum manufacturing.
Commercial and Hardware Highlights
- HPC Supercomputing Deployment: Partnered with Hewlett Packard Enterprise (HPE) and the Pittsburgh Supercomputing Center (PSC) to supply a 9-qubit Novera™ system to PSC’s new TangleLab testbed, funded by the National Science Foundation (NSF).
- International On-Premises Delivery: Actively fulfilling system orders, including the 108-qubit system program for C-DAC in India and academic/government research orders worldwide.
- Technology & Fidelity Benchmarks:
- Cepheus-1-108Q System: Operates at ~99.9% median single-qubit fidelity, ~99.1% median two-qubit fidelity, and 60-nanosecond gate speeds across twelve tiled 9-qubit chiplets.
- 36-Qubit & 9-Qubit Systems: Demonstrated 99.6% and 99.8% median two-qubit gate fidelities, respectively.
- 3-Year Roadmap: Rigetti continues to target ~1,000-qubit systems with ~99.9% two-qubit gate fidelity and sub-50 nanosecond gate speeds within a three-year timeframe, backed by continued investments in dilution refrigeration and Fab-1 infrastructure.
- UK Infrastructure Initiative: Advancing plans to invest up to $100 million in the United Kingdom over several years to deploy physical systems and expand local research facilities.
Resources and Further Reading
Additional details regarding this report can be found in the Rigetti Q2 2026 press release here, the Q2 2026 Results Presentation here, and the company’s SEC Form 10-Q filing here.
August 8, 2026
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