BERKELEY, Calif., November 10 2025 -- Rigetti Computing, Inc. (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 and Recent Financial Highlights

• Total revenues for the three months ended September 30, 2025 were $1.9 million
• Operating loss for the three months ended September 30 was $20.5 million
• For the three months ended September 30, 2025: GAAP net loss $201.0 million; non-GAAP net loss $10.7 million
• For the three months ended September 30, 2025: GAAP net loss per share $(0.62); non-GAAP net loss per share $(0.03)
• As of September 30. 2025 cash, cash equivalents and available-for-sale investments totaled $558.9 million
• Subsequent to September 30, 2025 and through November 6, 2025, proceeds of $46.5 million were received from the exercise of Warrants
• As of November 6, 2025 cash, cash equivalents and available-for-sale investments totaled approximately $600.0 million.

“This past quarter, we saw strong momentum with both the demand for our on-premises quantum computers and the development of collaborations to advance our own R&D and the quantum ecosystem more broadly,” says Dr. Subodh Kulkarni, Rigetti CEO.

“Rigetti’s open and modular architecture continues to allow us to integrate innovative solutions with our technology stack, including our Air Force Research Laboratory (AFRL)-funded project with QphoX and AFRL to advance superconducting quantum computer networking,” Dr. Kulkarni continues.

“Our new collaborations with the Centre for Development of Advanced Computing (C-DAC) and Montana State University (MSU) showcase the increasing maturity of the quantum computing ecosystem. Rigetti is proud to be deepening our support for quantum computing capabilities in the academic and government sectors,” adds Dr. Kulkarni. “We are equally excited to support NVIDIA NVQLink, NVIDIA’s new open platform for AI supercomputer-quantum integration, which is a promising resource to accelerate hybrid computation development as we work towards quantum advantage.”

“On the technology front, we remain on track to deliver our 100+ qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025.”

2026-2027 Technology Roadmap Updates

The Company expects to deploy a 150+ qubit system by or around the end of 2026 with an anticipated 99.7% median two-qubit gate fidelity, and a 1,000+ qubit system by or around the end of 2027 with an anticipated 99.8% median two-qubit gate fidelity.

Commercial Updates

Rigetti Announces Purchase Orders for Two Quantum Computing Systems Totaling Approximately $5.7 Million

In September 2025, Rigetti announced that it secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems. Both systems are upgradeable, allowing the customers to increase the system qubit count for more complex computations and research. Delivery for both systems is expected in the first half of 2026.

One system is being purchased by an Asian technology manufacturing company. The system will serve as a testbed to develop internal quantum computing expertise. They also plan to benchmark and validate their own quantum computing technologies with the Novera system.

The other system is being purchased by a California-based applied physics and artificial intelligence startup. The system will be used for quantum hardware and error correction research.

Rigetti Announces Italy Expansion

Rigetti plans to open an Italian subsidiary in the coming months. We believe that this development will allow the Company to accelerate its pursuit of business opportunities and talent in Italy as the region dedicates more resources and funding to bolstering its quantum computing initiatives.

Rigetti, in Collaboration with QphoX, Awarded $5.8M AFRL Contract to Advance Superconducting Quantum Networking

In September 2025, Rigetti announced that it was awarded a three-year, $5.8 million contract from AFRL to advance superconducting quantum networking. Rigetti will be collaborating with QphoX on the project, a Dutch quantum technology startup developing leading frequency conversion systems for quantum applications. A key challenge to networking superconducting quantum computers is the need to convert the microwave signals, which are used to control superconducting qubits, to optical photons that can travel along those fibers. This project aims to deliver systems providing entanglement between superconducting qubits and optical photons, the essential building block of quantum networking.

Rigetti Announces Update on DARPA QBI Participation

Rigetti remains engaged with the Defense Advanced Research Projects Agency (DARPA) on Stage A of the Quantum Benchmarking Initiative (QBI). On November 6, DARPA announced the companies initially selected to participate in Stage B of QBI. Although Rigetti was not initially selected for Stage B, the Company received constructive input from DARPA regarding its proposal and its dialogue with DARPA is ongoing. Rigetti is optimistic about being chosen for Stage B in the coming months.

Partnership and Collaboration Updates

Rigetti Supports NVIDIA NVQLink, NVIDIA’s New Open Platform for AI Supercomputer-Quantum Integration

Rigetti announced that it is supporting NVIDIA NVQLink, NVIDIA’s new open platform for integrating AI supercomputing with quantum computers. By providing low latency and high throughput integration between quantum hardware and AI supercomputing, NVQLink is a very promising resource to accelerate hybrid computation development on the path towards quantum advantage.

Rigetti Computing and MSU Collaborate to Advance Quantum Research and Innovation
Rigetti announced a new collaboration with MSU to advance quantum computing research and innovation. Through the collaboration, Rigetti and MSU intend to collaborate on a variety of initiatives, including research projects related to quantum hardware and hybrid quantum systems, workforce development activities, and co-development and testing of enabling technologies and quantum system components. Rigetti may also support QCORE by providing strategic and technical input on its research and program development, offering workforce training opportunities, and supporting regional talent development, among other efforts to bolster the center. Collectively, these initiatives underscore the importance of public-private partnerships in advancing next-generation quantum technologies.

MSU is the first academic institution with an on-premises Rigetti quantum computer. QCORE features a 9-qubit Novera QPU, which will be used by researchers to advance quantum computing R&D.

Rigetti and India’s C-DAC Announce MOU to Explore Co-Development of Hybrid Quantum Computing Systems

Rigetti signed an MOU with the C-DAC, India’s premier R&D organization of the Ministry of Electronics and Information Technology. With this MOU, Rigetti and C-DAC intend to collaborate on the design and development of hybrid quantum computing systems and related technologies and bring them to market. Rigetti and C-DAC expect to also explore use case and application workflow development leveraging hybrid computing infrastructure and participate in workforce development activities.