BERKELEY, Calif., May 11, 2026 -- Rigetti Computing, Inc. (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced financial results for the first quarter ended March 31, 2026 and provided an update on recent business and technology milestones.

First Quarter 2026 Financial Highlights

• Total revenues for the three months ended March 31, 2026 were $4.4 million
• Operating loss for the three months ended March 31, 2026 was $26.0 million
• For the three months ended March 31, 2026: GAAP net income $33.1 million; non-GAAP net loss $14.7 million
• For the three months ended March 31, 2026: GAAP diluted net loss per share $(0.06); non-GAAP diluted net loss per share $(0.04)
• As of March 31, 2026, cash, cash equivalents and available-for-sale investments totaled $569.0 million

“In the first quarter, we continued to execute on our strategy by bringing our 108-qubit Cepheus-1-108Q system into general availability on Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid,” said Dr. Subodh Kulkarni, Rigetti CEO. “We believe Cepheus-1-108Q is one of the most powerful generally available gate-based quantum computers in the world, and as the largest modular system on the market today, it is an important validation of our chiplet-based architecture in a production setting.

“We are also seeing growing adoption of Rigetti systems across government, academic, and commercial customers, including new on-premises Novera QPU sales that contributed to year-over-year revenue growth,” Dr. Kulkarni continued. “At the same time, we remain focused on disciplined execution against our roadmap to quantum advantage, continuing to improve system fidelity and scale, supported by a strong balance sheet and prudent capital deployment.”

Rigetti ended the first quarter of 2026 with a strong cash position and no debt, providing flexibility to continue investing behind its technology roadmap and customer opportunities.

Business and Strategic Updates

General Availability of 108-Qubit Quantum System

Rigetti recently announced the general availability of its 108-qubit Cepheus-1-108Q quantum computing system, accessible to customers via Rigetti QCS and through Amazon Braket, Microsoft Azure Quantum, and qBraid. Cepheus-1-108Q is Rigetti’s highest-qubit-count system to date and the industry’s largest modular quantum computing system. Comprising twelve interconnected 9-qubit chiplets, the system builds on Rigetti’s prior 36-qubit Cepheus-1-36Q system and further validates the Company’s chiplet-based scaling architecture.

Advancing On-Premises Quantum Computing Systems

Rigetti continued to advance delivery of previously announced on-premises system orders, including Novera-based systems supporting research, development, and system-level experimentation. During the quarter, the Company completed the sale and shipment of a 9-qubit Novera QPU to the University of Saskatchewan, which will serve as the core of the institution’s first quantum computing system. These sales underscore sustained demand for hands-on access to quantum hardware across academic, government, and research institutions and contributed to year-over-year revenue growth.

International Expansion and UK Investment Initiative

Rigetti announced its intention to invest up to $100 million in the United Kingdom to accelerate quantum computing development. The planned investment will go toward deploying a UK-based quantum computing system with over 1,000 qubits in the next three to four years and builds on the Company’s existing presence in the UK and aligns with the UK government’s broader initiative to advance domestic quantum infrastructure. It is expected to support continued development of scalable superconducting quantum systems and long-term collaboration across government, academic, and industry partners.

Technology Milestones

Continued Fidelity Improvements Across Superconducting Systems

Rigetti continued to demonstrate progress in gate performance across its superconducting quantum platforms during the quarter. The Company achieved a median 99.8% two-qubit gate fidelity with 40 nanosecond gate speeds on its 9-qubit system by using a proprietary adiabatic CZ gate scheme. Leveraging this same gate scheme, the Company achieved two-qubit gate fidelities as high as 99.9% on prototype systems, reinforcing confidence that high-fidelity operations can be maintained as systems scale. Rigetti also sustained strong single-qubit fidelity across deployed systems, supporting more reliable circuit execution.

Advancements in Chiplet-Based Architecture

Rigetti made further progress in validating and optimizing its chiplet-based quantum architecture. During system testing, the Company identified and addressed coupler-related interactions that emerge at scale, implementing chip design refinements that improved system speed and performance consistency. Rigetti believes that its chiplet-based approach provides a practical path toward larger-scale quantum systems over time.

System-Level Performance and Control Enhancements

Throughout the quarter, Rigetti continued to improve system-level performance through refinements across the stack, including innovations in materials and fabrication techniques and upgraded control electronics. These enhancements support greater operational stability and reproducibility across systems, enabling customers to run wider and deeper circuits while maintaining the fast gate speeds inherent to superconducting qubit technology.

Ongoing Error Mitigation and Scalability Research

Rigetti continued its collaboration with ecosystem partners, including Riverlane, to advance error mitigation and error correction research on Rigetti’s superconducting quantum systems. While fault-tolerant quantum computing remains a longer-term objective, the Company believes sustained progress in fidelity, speed, and scale is essential to enabling practical quantum advantage.

Conference Call and Webcast

Rigetti will host a conference call today, May 11, 2026, at 5:00 pm ET, or 2:00 pm PT, to discuss its first quarter 2026 financial results.