Rigetti Computing has announced its Q3 2025 financial results, demonstrating solid sequential growth in revenue, increasing commercial system orders, and unveiling an accelerated technology roadmap targeting 1,000+ qubits by 2027. The table below summarizes key GAAP financial metrics for Q3 2025, with comparisons to the prior quarter (Q2 2025) and the year-ago quarter (Q3 2024).

Amounts in $MQ3’2025Q2’2025Q3’2024% vs Q2’2025% vs Q3’2024
Revenue$1.9$1.8$2.45.6%-20.6%
Operating Expenses$21.0$20.4$18.62.9%12.9%
Operating Loss($20.5)($19.9)($17.3)3.0%18.5%
Net Loss($201.0)($39.7)($14.8)406.3%1258.1%
Cash, Cash Equivalents, and Investments$558.9$571.6$92.6-2.2%503.6%

Financial and Business Overview

Rigetti reported Q3 2025 revenue of $1.9 million, a 5.6% increase from the previous quarter, though revenue remains low and is down 20.6% year-over-year. Operating Expenses increased slightly to $21.0 million, an ongoing trend (up 12.9% year-over-year) that reflects continued heavy investment in research and development.

The GAAP Net Loss widened substantially to ($201.0) million. This figure was significantly impacted by a large, $182 million non-cash loss from the change in fair value of derivative warrant liabilities—an accounting complexity that does not reflect core operational performance or cash burn. Excluding these items, the Non-GAAP Net Loss stabilized at ($10.7) million.

The company’s liquidity remains strong, with $558.9 million in cash, cash equivalents, and investments as of quarter-end. This balance increased to approximately $600.0 million as of November 6, 2025, following proceeds from warrant exercises, providing a robust financial runway for the long-term technology goals.

Technology Roadmap and Milestones

Rigetti unveiled an aggressive, multi-year roadmap focused on rapid scaling via its modular, multi-chip architecture:

  • 2025 Target (On Track): Delivery of a 100+ qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025.
  • 2026 Target: Deployment of a 150+ qubit system by or around the end of 2026 with an anticipated 99.7% median two-qubit gate fidelity.
  • 2027 Target: Deployment of a 1,000+ qubit system by or around the end of 2027 with an anticipated 99.8% median two-qubit gate fidelity.

Commercial and Strategic Expansion

Rigetti secured new system sales and expanded its global collaborative network, underscoring growing ecosystem support for its open architecture:

  • System Sales: Rigetti secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera™ quantum computing systems. One system was purchased by an Asian technology manufacturing company, and the other by a California-based applied physics/AI startup, demonstrating growing on-premises demand from both industrial and research sectors.
  • Quantum Networking Contract: The company, in collaboration with QphoX, was awarded a three-year, $5.8 million contract from AFRL to advance superconducting quantum networking. The goal is to achieve entanglement between superconducting qubits and optical photons, the essential building block for connecting quantum computers over fiber.
  • Hybrid Computing: Rigetti announced support for NVIDIA NVQLink, NVIDIA’s new open platform for integrating AI supercomputing with quantum computers, which aims to accelerate hybrid computation development toward quantum advantage.
  • Global Partnerships: Rigetti signed an MOU with C-DAC (India) to explore the design and development of hybrid quantum computing systems. It also established a new collaboration with Montana State University (MSU), the first academic institution with an on-premises Rigetti QPU, to advance quantum hardware and workforce development.
  • Geographic Expansion: Rigetti plans to open an Italian subsidiary to pursue business opportunities and talent in Italy’s growing quantum market.

A press release from Rigetti announcing its Q3 2025 financial results can be found here.

November 11, 2025

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