Rigetti Computing has announced its financial results for the first quarter ended March 31, 2026. The company highlighted the general availability of its modular 108-qubit system and a major international initiative to deploy a 1,000+ qubit system in the United Kingdom. The table below summarizes key GAAP financial metrics for Q1 2026 compared with the prior quarter (Q4 2025) and the year-ago quarter (Q1 2025).
| Amounts in $M | Q1’2026 | Q4’2025 | Q1’2025 | % vs Q4’2025 | % vs Q1’2025 |
| Revenue | $4.4 | $1.9 | $1.5 | +131.6% | +193.3% |
| Operating Expenses | $27.3 | $23.2 | $22.1 | +17.7% | +23.5% |
| Operating Loss | ($26.0) | ($22.6) | ($21.6) | +15.0% | +20.4% |
| Net Income (Loss) | $33.1 | ($18.2) | $42.6 | +281.9% | -22.3% |
| Cash, Cash Equivalents, and Investments | $569.0 | $589.8 | $209.1 | -3.5% | +172.1% |
Financial and Business Overview
Rigetti achieved record quarterly revenue of $4.4 million, a 131.6% sequential increase and a nearly 200% increase year-over-year. This growth was primarily driven by the shipment of on-premises systems, including a Novera QPU to the University of Saskatchewan. Operating expenses rose to $27.3 million, reflecting continued investment in the company’s hardware roadmap and the scaling of its chiplet-based architecture.
The GAAP Net Income of $33.1 million for the quarter was heavily influenced by a $53.7 million non-cash gain from the fair value adjustment of derivative warrant liabilities. On a non-GAAP basis, which excludes these volatile accounting items, the company reported a Non-GAAP Net Loss of ($14.7) million.
Liquidity remains robust with $569.0 million in cash and investments. The company carries no debt, providing significant flexibility to fund its long-term technical objectives and international expansion.
Technology Roadmap and Milestones
The first quarter saw the transition of Rigetti’s high-qubit-count hardware into production-ready environments:
- Cepheus-1-108Q General Availability: Rigetti’s 108-qubit system is now generally available via Rigetti QCS, Amazon Braket, and Microsoft Azure Quantum. Comprising twelve 9-qubit chiplets, it serves as a critical production-level validation of Rigetti’s modular tiling architecture.
- Fidelity Achievements: The company achieved a median 99.8% two-qubit gate fidelity on its 9-qubit system using its proprietary adiabatic CZ gate scheme. Prototype systems have reached as high as 99.9% fidelity, narrowing the gap with other modalities while maintaining significantly faster gate speeds (40-70ns).
- Chiplet Optimization: During testing of the 108-qubit system, Rigetti identified and addressed coupler-related interactions that emerge at higher qubit counts, leading to design refinements that improve overall performance consistency.
Strategic Expansion: $100M UK Initiative
A major strategic highlight is Rigetti’s plan to invest up to $100 million in the United Kingdom over the next three to four years. This investment is aimed at deploying a 1,000+ qubit system based in the UK, aligning with the British government’s initiative to bolster domestic quantum infrastructure. This move expands Rigetti’s global footprint and establishes a secondary hub for large-scale superconducting system development.
Additional information can be found in the Rigetti Q1 2026 press release here, the Q1 2026 Results Presentation here, Investor Presentation here, and the company’s SEC Form 10-Q filing here.
May 11, 2026