Rigetti Computing has announced its financial results for the fourth quarter and full year ended December 31, 2025. The company highlighted significant progress in system fidelity and the expansion of its on-premises quantum computing business. A summary of key financial metrics comparing Q4 2025 with Q3 2025 and the year-ago quarter of Q4 2024 is shown in the table below.
Financial and Business Overview
Rigetti reported revenue of $1.9 million for Q4 2025, which was flat compared to the previous quarter but down 17.4% year-over-year. For the full year 2025, total revenues reached $7.1 million. Operating expenses for the quarter rose to $23.2 million, driven by increased research and development (R&D) activities and the scaling of hardware initiatives.
The GAAP Net Loss for Q4 narrowed significantly to ($18.2) million, compared to a loss of ($201.0) million in Q3 2025. This fluctuation was primarily due to non-cash gains and losses related to the fair value change of derivative warrant and earn-out liabilities. When excluding these non-cash items, the Non-GAAP Net Loss stood at ($11.3) million.
The company maintains a strong liquidity position with $589.8 million in cash, cash equivalents, and available-for-sale investments as of year-end. This balance increased further to approximately $600.0 million as of November 6, 2025, following the exercise of warrants, providing a multi-year runway for its technical roadmap.
Technology Roadmap and Milestones
Rigetti reported major advancements in gate performance and system architecture:
- Fidelity World Record: Rigetti demonstrated a two-qubit gate fidelity of 99.9% at a 28-nanosecond gate speed on a prototype platform. This speed is roughly 1,000 times faster than some competing modalities like trapped ions.
- System Progress: The company reported median two-qubit gate fidelities of 99.7% on its 9-qubit system and 99.6% on its 36-qubit system.
- 108-Qubit Deployment: Rigetti is currently validating its 108-qubit chiplet-based system (Cepheus-1-108Q). During testing, the company successfully identified and refined tunable-coupler interactions that arise at higher qubit counts, increasing confidence for a 2026 deployment.
- Future Roadmap: Rigetti expects to deploy a 150+ qubit system by late 2026 (99.7% fidelity) and a 1,000+ qubit system by late 2027 (99.8% fidelity).
Commercial and Strategic Updates
The company is seeing increased demand for its on-premises model, particularly from international and government sectors:
- C-DAC Order: Rigetti announced an $8.4 million purchase order from India’s Centre for Development of Advanced Computing (C-DAC) for a 108-qubit superconducting quantum computer, expected to ship in late 2026.
- Novera Momentum: Secured two Novera™ on-premises system orders totaling $5.7 million and a purchase order for a Novera QPU from a Japanese research organization—Rigetti’s first QPU in Japan.
- Networking Contract: Awarded a $5.8 million AFRL contract in collaboration with QphoX to advance superconducting quantum networking by converting microwave signals to optical photons.
- Strategic Partnerships: Rigetti announced support for NVIDIA NVQLink, a platform for integrating AI supercomputers with quantum hardware to accelerate hybrid workflows.
A press release from Rigetti announcing its Q4 and Full-Year 2025 results can be found here. The March 2026 Investor Presentation is available here, and the SEC Form 10-K is available here. Learn more in their latest blog post here.
March 5, 2026
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