Despite continued investment in a nascent field, Rigetti Computing reported a net loss of $201 million for the third quarter of 2025, signaling the financial realities of pursuing quantum supremacy. The Berkeley-based company, a frontrunner in full-stack quantum-classical computing, nevertheless maintains a healthy cash reserve of approximately $600 million, bolstered by recent warrant exercises, allowing it to continue development of its ambitious technology roadmap. This report matters because it offers a critical snapshot of the financial health of a key player in the quantum race, revealing both the challenges and continued progress toward building practical, scalable quantum computers—and whether investors are willing to fund the journey.
Rigetti Q3 2025 Financial Highlights
Rigetti’s Q3 2025 revenue reached $1.9 million, though the company reported an operating loss of $20.5 million and a GAAP net loss of $201.0 million. Despite these losses, Rigetti maintains a strong cash position, ending the quarter with $558.9 million and increasing to approximately $600 million after receiving $46.5 million from warrant exercises. This financial activity supports ongoing R&D, particularly towards their next-generation quantum processors and expansion into new markets like Italy, demonstrating a commitment to long-term growth despite current losses.
A key technological milestone for Rigetti remains on track: delivery of a 100+ qubit chiplet-based system boasting 99.5% median two-qubit gate fidelity by year-end 2025. Future roadmap projections include a 150+ qubit system with 99.7% fidelity by late 2026, and a significant leap to 1,000+ qubits with 99.8% fidelity by the end of 2027. These fidelity improvements are critical, as higher gate fidelity directly translates to more reliable and complex quantum computations, accelerating the path to quantum advantage.
Rigetti secured $5.7 million in purchase orders for two 9-qubit Novera systems, with delivery expected in the first half of 2026. One system will be deployed in Asia for quantum expertise development, while the other will support error correction research in California. Furthermore, collaborations with Montana State University (MSU) and India’s C-DAC are expanding Rigetti’s reach into academia and international markets, fostering innovation and workforce development in the burgeoning quantum computing landscape.
2027 Technology & Development Roadmap
Rigetti Computing is aggressively pursuing a clear technology roadmap through 2027, aiming for significant qubit count and fidelity improvements. Currently delivering 9-qubit systems, they anticipate a 100+ qubit chiplet-based system by year-end 2025, achieving 99.5% two-qubit gate fidelity. Looking ahead, Rigetti projects a 150+ qubit system with 99.7% fidelity by late 2026, culminating in a 1,000+ qubit system boasting 99.8% fidelity by the end of 2027. This phased approach demonstrates a commitment to scalable, high-performance quantum computing.
Recent financial results show $1.9 million in revenue for Q3 2025, alongside a $20.5 million operating loss. Despite this, Rigetti secured $5.7 million in purchase orders for two upgradeable 9-qubit Novera systems, one for an Asian tech manufacturer and another for a California AI startup. These deployments, coupled with an expansion into Italy, signal growing commercial interest and a broadening customer base – crucial for sustained development.
Beyond hardware, Rigetti is heavily invested in quantum networking and hybrid computing. A $5.8 million AFRL contract, in collaboration with QphoX, aims to advance superconducting quantum networking via frequency conversion. Further, Rigetti supports NVIDIA’s NVQLink platform, facilitating integration with AI supercomputers, and is collaborating with Montana State University (MSU) and India’s C-DAC on research, workforce development, and co-development of hybrid systems.
New Quantum Computing System Purchase Orders
Rigetti Computing recently announced $5.7 million in purchase orders for two of its 9-qubit Novera™ quantum computing systems. These systems, slated for delivery in the first half of 2026, are upgradeable, allowing customers to expand qubit counts as technology matures. One system will go to an Asian technology manufacturer for internal expertise development and benchmarking, while the other is destined for a California-based AI startup focused on hardware and error correction research. This demand signals growing interest in practical quantum computing applications.
Rigetti is actively expanding its global footprint and collaborative efforts. Beyond the new system orders, the company secured a $5.8 million AFRL contract, partnering with QphoX to advance superconducting quantum networking – a key step toward scalable quantum systems. They’ve also initiated collaborations with Montana State University (MSU) – the first academic institution with an on-premises Rigetti system – and India’s C-DAC, focusing on hybrid quantum system development and workforce training.
Technological advancements remain a priority for Rigetti. The company anticipates delivering a 100+ qubit chiplet-based system by year-end 2025, targeting 99.5% median two-qubit gate fidelity. Looking ahead, plans include a 150+ qubit system by late 2026 (99.7% fidelity) and a 1,000+ qubit system by late 2027 (99.8% fidelity). Rigetti is also supporting NVIDIA’s NVQLink platform, aiming to accelerate hybrid quantum-classical computation towards achieving quantum advantage.
Rigetti’s Italy Expansion & Global Reach
Rigetti Computing is actively expanding its global footprint, most notably with plans to open an Italian subsidiary. This move aims to capitalize on growing quantum computing investment and talent within Italy, accelerating business development and R&D efforts. Beyond Italy, Rigetti is forging collaborations with institutions like Montana State University (MSU) and India’s C-DAC, establishing an on-premises 9-qubit Novera system at MSU and exploring co-development of hybrid quantum systems with C-DAC – showcasing a commitment to public-private partnerships.
Technologically, Rigetti remains on track to deliver increasingly powerful quantum processors. The company anticipates a 100+ qubit chiplet-based system with 99.5% two-qubit gate fidelity by year-end 2025, followed by a 150+ qubit system (99.7% fidelity) in 2026 and a 1,000+ qubit system (99.8% fidelity) by 2027. Significant funding supports these advancements, including a $5.8 million AFRL contract focused on superconducting quantum networking, addressing a key challenge of microwave-to-optical signal conversion for scalable quantum communication.
Recent purchase orders totaling $5.7 million for two 9-qubit Novera systems—one for an Asian tech manufacturer and another for a California AI startup—demonstrate early commercial traction. Rigetti also supports NVIDIA’s NVQLink, an open platform integrating AI supercomputing with quantum hardware, to accelerate hybrid computation. While not initially selected for the second stage of DARPA’s QBI, Rigetti continues dialogue and anticipates future participation, reinforcing its commitment to benchmarking and advancing quantum computing capabilities.
AFRL Contract: Advancing Quantum Networking
Rigetti Computing secured a $5.8 million contract from the Air Force Research Laboratory (AFRL) in September 2025 to advance superconducting quantum networking. This three-year project, conducted in collaboration with QphoX, directly addresses a key challenge: converting microwave signals used to control qubits into optical photons for long-distance transmission. Successfully achieving this conversion is vital for building scalable quantum networks, enabling secure communication and distributed quantum computing—a significant step beyond standalone quantum processors.
This AFRL-funded work focuses on creating systems capable of generating entanglement between superconducting qubits and optical photons. Entanglement is a fundamental quantum phenomenon enabling secure key distribution and enhanced computation. Rigetti’s modular and open architecture is leveraged for this project, integrating QphoX’s frequency conversion technology. The goal is to deliver a functioning system demonstrating this critical entanglement, paving the way for more complex quantum communication protocols and a future quantum internet.
Beyond the AFRL contract, Rigetti continues to bolster quantum R&D through academic and governmental partnerships. A new collaboration with Montana State University (MSU) provides on-premises access to a 9-qubit Novera™ QPU for research, while a Memorandum of Understanding (MOU) with India’s C-DAC aims to co-develop hybrid quantum computing systems. These partnerships, alongside support for NVIDIA’s NVQLink platform, underscore Rigetti’s commitment to accelerating the entire quantum computing ecosystem, not just hardware development.
DARPA QBI Participation & Future Prospects
Rigetti Computing remains actively engaged with DARPA’s Quantum Benchmarking Initiative (QBI), currently participating in Stage A. While not initially selected for Stage B, the company received valuable feedback on its proposal and continues discussions with DARPA, expressing optimism about potential inclusion in future phases. This ongoing dialogue highlights Rigetti’s commitment to benchmarking and validating quantum systems against rigorous standards, crucial for demonstrating progress towards fault-tolerant quantum computation and practical applications.
Rigetti is simultaneously pursuing multiple collaborative avenues to accelerate quantum development. A $5.8 million contract with the Air Force Research Laboratory (AFRL), alongside QphoX, focuses on superconducting quantum networking – specifically converting microwave qubit control signals to optical photons for long-distance communication. Furthermore, partnerships with Montana State University (MSU) and India’s C-DAC aim to co-develop hybrid quantum systems, expand research capabilities, and bolster quantum workforce development.
Beyond direct research, Rigetti supports open platforms like NVIDIA’s NVQLink, facilitating integration between quantum hardware and AI supercomputing. This interoperability is considered vital for hybrid algorithms and accelerating the path towards achieving quantum advantage. Rigetti’s technology roadmap targets a 100+ qubit system with 99.5% two-qubit gate fidelity by year-end 2025, followed by 150+ and 1000+ qubit systems in 2026-2027, showcasing a clear trajectory toward scaling quantum capabilities.
Key Partnerships & Collaborative Initiatives
Rigetti Computing is actively building a robust quantum ecosystem through strategic partnerships. A key collaboration is a three-year, $5.8 million contract with the Air Force Research Laboratory (AFRL) alongside QphoX. This project focuses on advancing superconducting quantum networking – specifically, converting microwave signals to optical photons for long-distance quantum communication. Successfully achieving entanglement between superconducting qubits and optical photons is vital for scalable quantum networks and distributed quantum computing architectures.
Rigetti’s commitment extends to academic and governmental institutions, demonstrated by new collaborations with Montana State University (MSU) and India’s Centre for Development of Advanced Computing (C-DAC). MSU is the first academic institution with an on-premises Rigetti 9-qubit Novera™ QPU, fostering quantum research and workforce development. The MOU with C-DAC aims to co-develop hybrid quantum computing systems, expanding Rigetti’s reach into the rapidly growing Indian quantum technology landscape.
Furthermore, Rigetti is supporting NVIDIA’s NVQLink, an open platform integrating AI supercomputing with quantum hardware. This integration is crucial for accelerating hybrid computation development and the pursuit of quantum advantage. These partnerships, alongside continued engagement with DARPA’s Quantum Benchmarking Initiative, highlight Rigetti’s focus on collaborative innovation, expanding beyond hardware development to address the broader challenges of quantum computing integration and application.
Investor Conference Call & Financial Webcast
Rigetti Computing announced its Q3 2025 financial results, revealing $1.9 million in revenue and an operating loss of $20.5 million. Despite these figures, the company highlighted significant progress in both demand for its on-premises quantum computers and collaborative R&D efforts. Notably, cash and investments totaled $558.9 million as of September 30th, boosted to approximately $600 million with a subsequent $46.5 million from warrant exercises. This financial activity fuels continued development of its quantum technology roadmap.
Rigetti is aggressively pursuing advancements in qubit technology, remaining on track to deliver a 100+ qubit chiplet-based system with 99.5% two-qubit gate fidelity by year-end 2025. Their longer-term roadmap targets a 150+ qubit system by late 2026 (99.7% fidelity) and a 1,000+ qubit system by late 2027 (99.8% fidelity). This progression is supported by $5.7 million in purchase orders for two 9-qubit Novera systems, slated for delivery in the first half of 2026, showcasing growing commercial interest.
An investor conference call to discuss these results is scheduled for November 11, 2025, at 8:30 am ET. The call will be webcast live at https://edge.media-server.com/mmc/p/8so362do/ and archived on the Rigetti investor relations website (https://investors.rigetti.com/). Registration for the live call is available via https://register-conf.media-server.c.
