Rigetti Computing
Builds superconducting quantum systems from in-house chip fabrication to cloud access.
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Profile
Builds superconducting quantum processors, on-premises Novera and Cepheus systems, and cloud access through Quantum Cloud Services. Most revenue comes from technology-development contracts, while an in-house fabrication facility and chiplet architecture support a vertically integrated hardware-to-cloud stack.
Designs, fabricates, and operates superconducting quantum computers across a full stack of processors, control electronics, software, and cloud services. Novera QPUs and Cepheus systems are sold for on-premises use, while Quantum Cloud Services provides direct access and distribution through Amazon Braket and Microsoft Azure Quantum.
Pairs a proprietary chiplet architecture with in-house production at Fab-1, allowing processor design, fabrication, testing, system integration, and cloud operation within one organization. Customers span government agencies, national laboratories, universities, research centers, and enterprises in the United States and international markets.
Generates most revenue from technology-development contracts, with QPU sales and cloud services forming the longer-term commercial model. Demand remains centered on research and development, and government-funded programs are governed by procurement rules; systems and technology also face U.S. export controls.
Company facts
Key statistics
Year to date −33.9% · Average volume (30d) 19.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Jefferies | Reiterate | Hold | $30 | $18 | |
| Jul 27, 2026 | Benchmark | Initiate | Buy | |||
| May 12, 2026 | Mizuho Securities | Target | $50 | $27 | ||
| Apr 20, 2026 | Northland Securities | Target | $20 | |||
| Mar 5, 2026 | Rosenblatt Securities | Target | $40 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.05 | −$0.05 | −8.6% | $5.1M | $5.1M | +1.0% | +8.53% |
| May 11, 2026Q1 FY26 | −$0.05 | −$0.04 | +20.0% | $4.1M | $4.4M | +7.7% | −7.02% |
| Mar 4, 2026Q4 FY25 | −$0.05 | −$0.03 | +40.0% | $2.3M | $1.9M | −19.8% | −4.45% |
| Nov 10, 2025Q3 FY25 | −$0.04 | −$0.03 | +28.0% | $2.2M | $1.9M | −10.2% | −5.08% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $1.8M | $1.9M | $1.9M | $4.4M | $5.1M | |
| Gross profit | $442.0K | $566.0K | $404.0K | −$1.7M | −$1.2M | $2.2M | |
| Operating income | −$21.6M | −$19.9M | −$20.5M | −$22.6M | −$26.0M | −$28.1M | |
| Net income | $42.6M | −$39.7M | −$201.0M | −$18.2M | $33.1M | −$52.6M | |
| Diluted EPS | $0.15 | −$0.13 | −$0.62 | −$0.06 | −$0.06 | −$0.16 | |
| Gross margin | 30.0% | 31.4% | 20.7% | -92.1% | -28.1% | 42.6% | |
| Operating margin | -1,469.6% | -1,103.9% | -1,055.4% | -1,209.7% | -589.8% | -546.2% |
Fiscal years (4-quarter sums)FY21 $8.2M · FY22 $13.1M · FY23 $12.0M · FY24 $10.8M · FY25 $7.1M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $393.7M · Total debt $7.7M · Total assets $648.2M · Shareholders' equity $537.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 332.40M · Float 327.66M · 98.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 28.53M | 8.58% | 13F | Aug 7, 2026 |
| Heights Capital Management, Inc. | 25.00M | 8.90% | 13G | Dec 5, 2024 |
| Vanguard Portfolio Management LLC | 19.90M | 5.99% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 14.43M | 4.34% | 13F | Aug 13, 2026 |
| State Street Corp | 11.83M | 3.56% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Andrew Joseph Bestwick | officer: CHIEF TECHNOLOGY OFFICER | −5,791 | $16.81 |
| Aug 20, 2026 | David Rivas | officer: CHIEF OPERATING OFFICER | −9,038 | $16.79 |
| Aug 20, 2026 | Jeffrey A. Bertelsen | officer: CHIEF FINANCIAL OFFICER | −3,860 | $16.89 |
| Jun 22, 2026 | Ray O. Johnson | director | −84,944 | $20.55 |
| Jun 15, 2026 | Michael S. Clifton | director | −94,733 | $11.50 |
Peers
- IBM
Superconducting QPU leader with Heron, IBM Quantum Network, and Qiskit.
- Alphabet Class A
Superconducting leader with Willow chip and first verifiable quantum advantage.
- Microsoft
Azure Quantum cloud platform plus topological Majorana qubit roadmap.
- IonQ
Trapped-ion pure-play; highest revenue among public peers; gov/defense leader.
- Amazon
AWS Braket quantum marketplace and Ocelot chip R&D; named in Rigetti 10-K.
- D-Wave Quantum
Dual-platform pure-play (annealing + gate-model) with proven QCaaS traction.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rigetti Computing | $15.68 | +0.51% | $5.18B | — | — | 388.1 | +185.3% |
| IBM | $235.80 | +0.10% | $221.96B | 20.8 | 18.4 | 3.2 | +1.1% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| IonQ | $39.41 | +0.56% | $14.63B | — | — | 59.4 | +286.8% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| D-Wave Quantum | $17.01 | +0.03% | $6.25B | — | — | 502.6 | −0.6% |
| Median | 21.1 | 26.0 | 10.4 | +18.7% |