Rigetti reports $5.1M revenue in Q2 2026; discloses 108‑qubit system performance

【Article Title】 Rigetti reports $5.1M revenue in Q2 2026; discloses 108‑qubit system performance 【Article Body】 AI TRANSLATION This article is an AI-generated translation of the original Japanese article. For the authoritative version, please refer to the original. Read the original Japanese article → (https://quantumindex.jp/rigetti-q2-2026-results-roadmap/) Rigetti Computing announced Q2 2026 revenue of $5.1 million and an operating loss of $28.1 million. For the 108‑qubit Cepheus‑1‑108Q, the median two‑qubit gate fidelity reached about 99.1% and gate speeds about 60 nanoseconds. The company also reported progress on hybrid quantum–classical computing collaborations with HPE and others, and on a letter of intent for up to $100 million in funding from the U.S. Department of Commerce. Overview Q2 2026 revenue was $5.1 million, up from $1.8 million in the same period last year. Operating loss was $28.1 million, GAAP net loss was $52.6 million, and non‑GAAP net loss was $16.0 million. As of the end of June 2026, cash, cash equivalents and marketable securities totaled $541.3 million. On the technical side, the 108‑qubit Cepheus‑1‑108Q recorded median single‑qubit gate fidelity of about 99.9%, median two‑qubit gate fidelity of about 99.1%, and median gate speeds around 60 nanoseconds. Nine‑qubit and 36‑qubit systems showed median two‑qubit gate fidelities of 99.8% and 99.6%, respectively. Rigetti identified improving coherence times as a primary priority and is working on chip design, manufacturing processes and materials improvements. The company is targeting approximately 1,000 qubits, two‑qubit gate fidelity of about 99.9% and gate speeds below 50 nanoseconds on a roughly three‑year timescale. It also plans to provide a nine‑qubit Novera system to the TangleLab testbed—collaborating with HPE and the Pittsburgh Supercomputing Center—under NSF support. Rigetti has signed a letter of intent with the U.S. Department of Commerce regarding potential funding of up to $100 million for research and development in superconducting quantum computing. The support is expected to be over three years, but it may involve government equity participation and a final agreement has not been reached. Key points • Q2 revenue was $5.1 million, up from $1.8 million in the same period last year • Operating loss was $28.1 million, GAAP net loss $52.6 million, non‑GAAP net loss $16.0 million • Cepheus‑1‑108Q showed median two‑qubit gate fidelity of about 99.1% and gate speeds around 60 nanoseconds • The company plans to provide a nine‑qubit machine to a hybrid quantum–classical supercomputer testbed with HPE and others • Outlined a roadmap toward roughly 1,000 qubits and indicated potential U.S. Department of Commerce support of up to $100 million Technical and business implications On the technical side, an important point is that Rigetti reported performance figures for a 108‑qubit system composed of twelve 9‑qubit chiplets. The median two‑qubit gate fidelity drops to 99.1% on the 108‑qubit system versus 99.8% on the 9‑qubit machine, making it clear that improving fidelity while scaling remains a key validation challenge. The company’s emphasis on extending coherence times responds directly to this issue. On the business side, Rigetti is advancing both cloud offerings and on‑premises deployments with HPC integration. The period‑end cash provides runway to continue R&D, but operating losses are expanding. Potential U.S. government support could accelerate R&D; however, at this stage it is a letter of intent and funding or equity terms are not finalized. What to watch next First, whether a final agreement with the U.S. Department of Commerce is reached and what the funding amount and any government equity terms will be. Technically, the key will be whether the company can increase qubit count while raising two‑qubit gate fidelity toward 99.9% and demonstrating sub‑50‑nanosecond gate speeds on hardware. Additionally, follow whether the Novera delivery to TangleLab and on‑premises deployments actually enter operation and whether those translate into revenue growth. ✍️ Quantum Index Analysis What caught the Quantum Index editorial team’s attention in this announcement is not the scale of 108 physical qubits per se, but that the median two‑qubit gate fidelity remained at only 99.1% when scaled to 108 physical qubits. Compared with 99.8% on the 9‑qubit machine and 99.6% on the 36‑qubit machine, this indicates performance degradation with scale. Some superconducting systems at similar scales show lower error rates, so it is hard to regard 99.1% as state of the art. Also, of course, 108 physical qubits do not equal 108 logical qubits. The number of logical qubits after error correction and logical error rates are not provided; at this stage it is reasonable to view the announcement as scaling physical footprint via chiplets and confirming gate performance in that configuration. The targets of roughly 1,000 qubits and 99.9% fidelity are, as usual, forward‑looking plans. On the business side, with $5.1 million in revenue and a $28.1 million operating loss, the company is not yet at the point of sustaining operations on product sales alone. As with other quantum hardware vendors, customers remain primarily government research agencies, universities and HPC centers rather than general commercial companies seeking immediate computational advantage; purchases are aimed at research infrastructure, workforce development, and validation of control technologies and integration environments. Going forward, the evaluation will hinge on whether Rigetti can improve fidelity while scaling, demonstrate logical‑qubit performance, and steadily accumulate revenue—mainly from foundational research projects—toward commercial demand. Related articles • D‑Wave demonstrates high‑fidelity two‑qubit gate with dual‑rail qubits (https://en.quantumindex.jp/dwave-dual-rail-entangling-gate-error-correction/) • Microsoft announces topological quantum processor “Majorana 2” — qubit lifetimes average 20 seconds (https://en.quantumindex.jp/microsoft-majorana-2-topological-quantum-processor/) • D‑Wave: Q2 2026 revenue $3.1M; first‑half order volume expanded more than 12‑fold (https://en.quantumindex.jp/dwave-q2-2026-financial-results/) Source Read the original press release (https://investors.rigetti.com/news-releases/news-release-details/rigetti-computing-reports-second-quarter-2026-financial-results) If you found this article useful, please consider sharing it. ──────────────────── 【AI Evaluation Request】 Evaluate the following article critically, not based on the quality of its writing, but on its **original informational value as a specialist publication**. Do not give a high rating to summaries, paraphrases, explanations of technical terms, or generic observations such as "this will be worth watching" or "the timeline remains uncertain" if they could easily be produced by a general-purpose generative AI, even if they are well written. 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Rigetti Computing announced Q2 2026 revenue of $5.1 million and an operating loss of $28.1 million. For the 108‑qubit Cepheus‑1‑108Q, the median two‑qubit gate fidelity reached about 99.1% and gate speeds about 60 nanoseconds. The company also reported progress on hybrid quantum–classical computing collaborations with HPE and others, and on a letter of intent for up to $100 million in funding from the U.S. Department of Commerce.

Overview

Q2 2026 revenue was $5.1 million, up from $1.8 million in the same period last year. Operating loss was $28.1 million, GAAP net loss was $52.6 million, and non‑GAAP net loss was $16.0 million. As of the end of June 2026, cash, cash equivalents and marketable securities totaled $541.3 million. On the technical side, the 108‑qubit Cepheus‑1‑108Q recorded median single‑qubit gate fidelity of about 99.9%, median two‑qubit gate fidelity of about 99.1%, and median gate speeds around 60 nanoseconds. Nine‑qubit and 36‑qubit systems showed median two‑qubit gate fidelities of 99.8% and 99.6%, respectively. Rigetti identified improving coherence times as a primary priority and is working on chip design, manufacturing processes and materials improvements. The company is targeting approximately 1,000 qubits, two‑qubit gate fidelity of about 99.9% and gate speeds below 50 nanoseconds on a roughly three‑year timescale. It also plans to provide a nine‑qubit Novera system to the TangleLab testbed—collaborating with HPE and the Pittsburgh Supercomputing Center—under NSF support. Rigetti has signed a letter of intent with the U.S. Department of Commerce regarding potential funding of up to $100 million for research and development in superconducting quantum computing. The support is expected to be over three years, but it may involve government equity participation and a final agreement has not been reached.

Key points

• Q2 revenue was $5.1 million, up from $1.8 million in the same period last year
• Operating loss was $28.1 million, GAAP net loss $52.6 million, non‑GAAP net loss $16.0 million
• Cepheus‑1‑108Q showed median two‑qubit gate fidelity of about 99.1% and gate speeds around 60 nanoseconds
• The company plans to provide a nine‑qubit machine to a hybrid quantum–classical supercomputer testbed with HPE and others
• Outlined a roadmap toward roughly 1,000 qubits and indicated potential U.S. Department of Commerce support of up to $100 million

Technical and business implications

On the technical side, an important point is that Rigetti reported performance figures for a 108‑qubit system composed of twelve 9‑qubit chiplets. The median two‑qubit gate fidelity drops to 99.1% on the 108‑qubit system versus 99.8% on the 9‑qubit machine, making it clear that improving fidelity while scaling remains a key validation challenge. The company’s emphasis on extending coherence times responds directly to this issue. On the business side, Rigetti is advancing both cloud offerings and on‑premises deployments with HPC integration. The period‑end cash provides runway to continue R&D, but operating losses are expanding. Potential U.S. government support could accelerate R&D; however, at this stage it is a letter of intent and funding or equity terms are not finalized.

What to watch next

First, whether a final agreement with the U.S. Department of Commerce is reached and what the funding amount and any government equity terms will be. Technically, the key will be whether the company can increase qubit count while raising two‑qubit gate fidelity toward 99.9% and demonstrating sub‑50‑nanosecond gate speeds on hardware. Additionally, follow whether the Novera delivery to TangleLab and on‑premises deployments actually enter operation and whether those translate into revenue growth.

✍️ Quantum Index Analysis

What caught the Quantum Index editorial team’s attention in this announcement is not the scale of 108 physical qubits per se, but that the median two‑qubit gate fidelity remained at only 99.1% when scaled to 108 physical qubits. Compared with 99.8% on the 9‑qubit machine and 99.6% on the 36‑qubit machine, this indicates performance degradation with scale. Some superconducting systems at similar scales show lower error rates, so it is hard to regard 99.1% as state of the art.

Also, of course, 108 physical qubits do not equal 108 logical qubits. The number of logical qubits after error correction and logical error rates are not provided; at this stage it is reasonable to view the announcement as scaling physical footprint via chiplets and confirming gate performance in that configuration. The targets of roughly 1,000 qubits and 99.9% fidelity are, as usual, forward‑looking plans.

On the business side, with $5.1 million in revenue and a $28.1 million operating loss, the company is not yet at the point of sustaining operations on product sales alone. As with other quantum hardware vendors, customers remain primarily government research agencies, universities and HPC centers rather than general commercial companies seeking immediate computational advantage; purchases are aimed at research infrastructure, workforce development, and validation of control technologies and integration environments. Going forward, the evaluation will hinge on whether Rigetti can improve fidelity while scaling, demonstrate logical‑qubit performance, and steadily accumulate revenue—mainly from foundational research projects—toward commercial demand.

Related articles

• D‑Wave demonstrates high‑fidelity two‑qubit gate with dual‑rail qubits
• Microsoft announces topological quantum processor “Majorana 2” — qubit lifetimes average 20 seconds
• D‑Wave: Q2 2026 revenue $3.1M; first‑half order volume expanded more than 12‑fold

Source

Read the original press release