Rigetti Computing, Inc., through its subsidiaries, builds and operates quantum computers and the superconducting quantum processors the United States, the United Kingdom, rest of Europe, Asia, and internationally. The company offers quantum processing units (QPUs) and quantum computing systems to provide access to quantum computing systems through the cloud in the form of quantum computing as a service (QCaaS). It provides Novera, a 9-qubit chip QPU that features tunable couplers for fast two-qubit operations and a 5-qubit chip for testing single-qubit operations; Novera QPU that is based in fourth generation Ankaa-class architecture; 36-qubit Cepheus-1-36Q system, a multi-chip quantum computer; and 84-qubit Ankaa-3 quantum computer. The company also sells access to its quantum computers through QCaaS. In addition, the company offers Rigetti quantum cloud services, a platform that provides support for various range of programming capabilities, public or private clouds integration, and connectivity, as well as quantum operating system software that supports public and private cloud architectures. Further, it offers QCS Outpost, a distributed software environment for operating, administering, and monitoring the overall system; Rigetti Foundry Services that delivers superconducting quantum chips to advance and accelerate quantum information science and technology research and development; and professional services, such as algorithm development, benchmarking, quantum application programming, and software development. The company serves commercial enterprises, government organizations, and international government entities, as well as academia, defense laboratories, and national laboratories. Rigetti Computing, Inc. was founded in 2013 and is headquartered in Berkeley, California.
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Quantum Computing▲
Quantum stocks surge after Q2 results show significant improvement
Quantum computing stocks surged on Friday after second-quarter earnings reports showed significant revenue gains across the sector. D-Wave climbed 7% after BMO Capital Markets initiated coverage with an Outperform rating and a $35 price target, citing an addressable market opportunity of $450 billion to $850 billion. Rigetti jumped 9% as system and component sales reached $4.1 million, up from zero a year earlier, while Quantum Computing leaped 8% after revenue rose to $5.6 million from $65,000. IQM Quantum Computers popped 7% after second-quarter revenue increased 27% year over year to $7.8 million and it guided full-year revenue of $49 million to $55 million, and Infleqtion surged 9% on a 112% year-over-year revenue jump. IonQ increased 7.5% after announcing a partnership with the Canadian Microelectronics Corporation to expand quantum computing access to Canada-based researchers and businesses.
Rigetti Computing Q2 Revenue Soars 185.3% but Losses Widen
Rigetti Computing reported second-quarter 2026 revenue of $5.1 million, up 185.3% from $1.8 million a year earlier and 4.7% above the Zacks Consensus Estimate, driven by higher sales of 9-qubit Novera quantum computing systems. Gross profit rose 286.6% to $2.2 million with gross margin expanding about 1,120 basis points to 42.6%, but operating loss widened to $28.1 million from $19.9 million as research and development expenses increased 53.3% to $20.7 million and selling, general and administrative expenses rose 37.5% to $9.5 million. Customer concentration remained high, with the largest customer representing 64% of revenues and another 16%, while management expects results to fluctuate with contract mix and delivery schedules. The company expects to recognize revenues from an $8.4 million order for an on-premises 108-qubit system from India's Centre for Development of Advanced Computing in the fourth quarter of 2026 after installation and acceptance testing. Rigetti carries a Zacks Rank #5 (Strong Sell) with Value, Growth, Momentum, and VGM scores of F, F, D, and F respectively.
Rigetti Shares Plunge After Major Leadership Shake-Up
Rigetti Computing shares dipped 5% Thursday after the quantum computing company reorganized its leadership structure around customer deployments and processor development. David Rivas, previously chief technology officer, is moving into the chief operating officer role, with responsibilities including systems delivery, fabrication operations, software, supply chain and government programs. Andrew Bestwick, who had led Rigetti's Quantum Systems group, is taking over as CTO, focusing on hardware engineering, chip fabrication and development of the company's quantum processors. The restructuring creates a dedicated Systems Delivery organization intended to separate customer installation work from the engineering roadmap, allowing technical teams to concentrate more heavily on future processor platforms, including its Novera and Cepheus architectures. Rigetti recently reported $5.1 million of second-quarter revenue and held $541.3 million in cash, cash equivalents and available-for-sale investments at June 30.
Rigetti Computing Reports Q2 2026 Revenue Surge and $100 Million R&D Support
Rigetti Computing reported second-quarter 2026 revenue of US$5.14 million, up from US$1.80 million a year earlier, while its net loss widened to US$52.61 million from US$39.65 million. The company also announced a letter of intent for up to US$100.00 million in U.S. Department of Commerce quantum R&D support. The results highlight Rigetti's growing role in quantum infrastructure for research, AI, and high-performance computing, including new commercial system deliveries with partners such as Nvidia and HPE. The federal R&D support strengthens the short-term catalyst around government-backed scaling but also sharpens the risk of dependence on public funding and rising losses.
Quantum Computing Stocks Show Strong Analyst Upside in August
Wall Street analysts see significant upside in three quantum computing stocks—Rigetti Computing, IonQ, and D-Wave Quantum—despite their speculative nature and recent volatility. Rigetti leads with an implied upside of about 81.4% based on a $28.81 target versus its $18.67 close, supported by a letter of intent for up to $100 million in CHIPS Act funding and a 185.3% year-over-year revenue jump to $5.14 million. IonQ posted record Q2 revenue of $80.05 million, up 286.8% year over year, raised full-year 2026 guidance to $280–$290 million, and carries a 68.19% implied upside from its $46.84 close. D-Wave's first-half bookings surged to $35.5 million from $2.9 million a year earlier, with AT&T integrating its annealing platform to cut processing time from one hour to under 15 seconds, though its implied upside is the smallest at 19.7%.
IonQ and Quantinuum Pull Ahead in Quantum Computing Race
IonQ and Quantinuum are emerging as leaders in the quantum computing sector, driven by superior accuracy and strong second-quarter results. IonQ's revenue surged 287% to $80.1 million, beating estimates, with 60% from commercial customers and a backlog of $485 million. Quantinuum's revenue jumped 279% to $8 million, and its partnership with Oracle to integrate its Helios system into Oracle's cloud infrastructure is seen as a game changer. Both companies use trapped-ion technology, achieving over 99.9% two-qubit gate fidelity, far ahead of rivals like D-Wave and Rigetti, whose accuracy lags significantly.
Rigetti Advances Quantum Roadmap With Strategic Global Expansion
Rigetti Computing is advancing its quantum computing roadmap through new commercial deployments, strategic partnerships, and government initiatives. The company will deliver a 9-qubit Novera quantum computing system to Pittsburgh Supercomputing Center's new TangleLab testbed, expanding its collaboration with Hewlett Packard Enterprise and supporting hybrid quantum-classical high-performance computing systems. Rigetti is also advancing its on-premises quantum computing pipeline, including the previously announced 108-qubit system for C-DAC in India, and has a letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years, though the proposed funding would involve an equity stake for the government. On the technology front, its Cepheus 108 qubit system is currently achieving approximately 99.9% median single qubit gate fidelity, 99.1% median two qubit gate fidelity, and gate speeds of about 60 nanoseconds, with targets of roughly 1,000 qubits, 99.9% two-qubit gate fidelity, and sub-50 nanosecond gate speeds over the next three years. The company is also planning an investment of up to $100 million in the United Kingdom, building on its existing 36-qubit deployment at the National Quantum Computing Centre.
Rigetti Computing stock surges on CHIPS Act award and UK quantum investment
Rigetti Computing shares rallied after the company signed a letter of intent with the U.S. Department of Commerce for up to $100 million over three years under the CHIPS and Science Act, with the government receiving an equity stake at a 15% discount to the lowest closing price around key dates. The company also announced plans to invest up to $100 million in the United Kingdom to deploy a quantum computer with more than 1,000 qubits within three to four years, aligning with the British government's 2-billion-pound quantum program. First-quarter 2026 revenue rose to $4.4 million from $1.5 million a year earlier, driven by NOVA quantum processing unit deliveries and government contracts, while the operating loss widened to roughly $26 million. The rally reflects investor optimism that government backing provides a path for Rigetti's hardware to become embedded in long-term national infrastructure.
US Lawmakers Seek 68% Boost in Military Quantum Funding to $567 Million
US lawmakers from both parties are seeking to increase annual military spending on quantum computing by 68% to $567 million as part of defense funding legislation expected to be debated in the House later this year. A similar effort is underway in the Senate, building on Trump administration moves including a May announcement of more than $2 billion in direct federal investments and a June executive order to advance quantum research and protect federal IT systems from quantum-based cyberattacks. The push comes as China has established a $10 billion National Laboratory for Quantum Information Sciences, while Europe and the UK combined have committed nearly three times as much public money as the US, according to industry consultancy QBN. Despite recent breakthroughs, investor skepticism persists, with shares of pure-play quantum firms like D-Wave Quantum Inc., Infleqtion Inc., and Rigetti Computing Inc. falling sharply this year, though IonQ Inc. raised its full-year revenue forecast and recouped most losses after closing its $1.8 billion acquisition of SkyWater Technology Inc. The four pure-play quantum companies slated for Commerce Department grants have doubled their annual lobbying spending to $2.2 million, and the White House in July hosted a quantum tech summit with industry leaders.
Rigetti Q2 Earnings Miss Estimates on Higher Costs, Revenue Beat
Rigetti Computing reported second-quarter 2026 adjusted loss per share of 5 cents, wider than 4 cents a year ago and missing the Zacks Consensus Estimate by 66.7%. Total revenues surged 185.3% year over year to $5.1 million, beating the consensus by 4.68%, driven by growing demand for on-premises quantum computing systems including Novera-based deployments. Gross profit jumped 286.6% to $2.2 million with gross margin expanding roughly 1,120 basis points to 42.6%, but operating loss widened to $28.1 million from $19.9 million as research and development expenses rose 53.3% and selling, general and administrative expenses increased 37.5%. The company ended the quarter with $393.7 million in cash, cash equivalents and short-term available-for-sale investments and no debt, while cumulative net cash provided by operating activities reached $14.9 million versus a use of $369.7 million a year ago.
Rigetti Computing partners with HPE and Pittsburgh Supercomputing Center on NSF-backed hybrid quantum testbed
Rigetti Computing announced a partnership with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build TangleLab, a hybrid quantum-classical supercomputing testbed backed by a $5 million grant from the National Science Foundation. Rigetti will provide its 9-qubit Novera quantum computing system, which will be integrated with a classical high-performance computing platform. Construction is scheduled to begin in September 2026, with full operations expected in 2027. The project extends Rigetti's existing collaboration with HPE and aims to advance hybrid quantum-classical computing workflows for research institutions, government organizations, and enterprises.
IBM CEO says quantum computing will hit earnings by 2028 and unlock a trillion-dollar market by the late 2030s
IBM Chairman and CEO Arvind Krishna told Mad Money that quantum computing will have a measurable impact on the company's top and bottom line by 2028 or 2029, and that by the end of the 2030s it represents a trillion dollars of value. Krishna also addressed near-term concerns, noting that about 40% of delayed capital spending deals disclosed in the second quarter had already closed within three to four weeks, and reaffirmed full-year guidance of four-to-five percent constant currency revenue growth with free cash flow increasing by about one billion dollars year-over-year. IBM plans to invest more than ten billion dollars in quantum computing over the next five years and remains on track to deliver its first large-scale, fault-tolerant quantum computer by 2029, backed in part by a one-billion-dollar CHIPS incentive commitment and a matching one billion dollars from IBM for the world's first pure-play quantum wafer foundry. The company also announced quantum advantage demonstrations with startup Algorithmiq, the University of Chicago, and Qedma Quantum Computing, solving problems beyond the reach of classical supercomputers.
Quantum Stocks Pull Back Amid AI Infrastructure Sell-Off
Quantum computing stocks have retreated sharply in July as a broader sell-off in AI infrastructure names spilled into the sector. Shares of Rigetti Computing, IonQ, D-Wave Quantum, and Quantum Computing Inc. all declined month to date, even though the sector's long-term commercialization outlook remains intact. The pullback was triggered by investor concerns over the sustainability of hyperscaler capital spending after Alphabet raised its 2026 capex guidance to between $195 billion and $205 billion, and reports that NVIDIA is considering financing guarantees for OpenAI's data center project. Despite the sell-off, quantum fundamentals remain strong, with companies expanding commercial bookings and securing government contracts. D-Wave Quantum reported first-quarter bookings of $33.4 million and ended the quarter with $588.4 million in cash, while Rigetti Computing posted nearly 199% year-over-year revenue growth and holds approximately $569 million in cash and investments.
Rigetti's Q2 results to highlight commercial traction and technology roadmap progress
Rigetti Computing's second-quarter 2026 results, scheduled for August 6 after market close, are expected to underscore continued commercial traction rather than a dramatic financial inflection. Investors will focus on whether the company recognized remaining revenues from previously announced Novera quantum processing unit orders, which management guided would largely be booked in the second quarter. Key areas of interest include customer adoption of the newly launched 108-qubit Cepheus-1 system across Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum and qBraid, as well as updates on cloud utilization trends, government contracts, and commercial engagement. Beyond quarterly numbers, attention will be on progress toward improving Cepheus-1's two-qubit gate fidelity to the 99.5% target later this year and the roadmap to launch a 150-qubit system and ultimately achieve a 1,000-qubit quantum advantage platform within roughly three years. Investors will also monitor additional Novera system wins, the planned U.K. investment, advances in error mitigation through partnerships with Riverlane and NVIDIA, and the timing of higher-fidelity and next-generation systems. While operating losses are expected to remain elevated due to R&D investments, the company's strong cash position and debt-free balance sheet provide financial flexibility. Shares of Rigetti have lost 36.2% year-to-date, compared with the industry's decline of 11.9%, and the stock carries a Zacks Rank of 3, or Hold.
D-Wave Quantum Rises 7% on Expanded AT&T Deal, Lifting IonQ, Rigetti, Quantum Computing Inc.
D-Wave Quantum shares rose 7% to $19.29 after announcing an expanded agreement with AT&T to deploy its annealing quantum systems across network operations. An early application cut a network optimization workload from about one hour to under 15 seconds, a 240x speedup, and AT&T plans to extend the work to outage detection, technician routing, network build planning, and traffic management. Benchmark initiated D-Wave at Buy with a $30 price target. Sympathy moves lifted IonQ 12% to $36.67, Rigetti Computing 12% to $15.88, and Quantum Computing Inc. 8% to $8.06, while the Defiance Quantum ETF rose 1% to $141.12. Rigetti also announced an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build TangleLab, a hybrid quantum-classical supercomputing testbed funded by a $5 million National Science Foundation grant, with full operations expected in 2027. Despite the rally, D-Wave trades at a price-to-sales ratio of 482.56 against trailing revenue of $12.44 million, and the pure-play quantum names remain down 16% to 29% year to date.
D-Wave leads quantum stocks higher as AT&T expands computing deal
D-Wave Quantum stock surged more than 9% in pre-market trading on Monday after AT&T announced it will expand the use of D-Wave's technology across its network operations. The agreement builds on previous pilot projects and is aimed at optimizing telecom workloads. Quantum peers also jumped, with Rigetti Computing and Infleqtion climbing more than 3% pre-market, while IBM gained more than 1%. Shares of D-Wave, Rigetti, and Infleqtion have been volatile this year, with all three down more than 35% year-to-date.
Micron, energy, and biotech stocks move premarket on chip debut, oil dip, and Forte buyout
Memory stocks rose broadly after Chinese chipmaker CXMT debuted on the Shanghai public market with its stock surging more than 466%, lifting U.S.-listed peers including Micron Technology which advanced 2.5%. Energy stocks followed oil prices lower after the U.S. and Iran agreed to pause attacks, with Chevron down 2.7%, ExxonMobil down 3.2%, and APA, Devon Energy, and Diamondback Energy each falling around 4%. Forte Biosciences rallied more than 39% on news it will be acquired by Netherlands-headquartered Argenx for $2.2 billion in cash, or $77 per share, a 40% premium to Friday's close. Baker Hughes gained nearly 2.2% after reporting better-than-expected second-quarter earnings and revenue, with the CEO citing favorable fundamentals and reaffirming full-year guidance. D-Wave Quantum rose more than 7% after announcing a partnership with AT&T to use its annealing quantum computers for AI, while IonQ gained nearly 4.5% and Rigetti Computing added 3.8%.
Rigetti Computing Stock May Plunge After August 6 Earnings
Rigetti Computing is expected to report second-quarter results on August 6, and its sky-high valuation could trigger further downside for the stock. The company, which holds a market capitalization of $4.7 billion, generated just $4.4 million in revenue in the first quarter of 2026, and Wall Street estimates second-quarter revenue of $5.1 million. Despite a 198% year-over-year revenue jump, Rigetti posted a net loss of $20.5 million in the first quarter, with operating expenses of $27.3 million far outpacing sales. The stock trades at a price-to-sales ratio of 445, roughly 74 times higher than the Nasdaq-100, and even a 95% plunge would leave it more expensive than the index. Rigetti has already lost 40% of its value in 2026, and the upcoming report may not justify its premium.
Rigetti Computing Stock Faces Long Road to Revenue Growth
Rigetti Computing's stock has fallen from around $56 last October to roughly $14, and the base case over the next 18 months points to continued milestone-driven progress without meaningful revenue growth. The company reported just $4.4 million in revenue last quarter while spending $19.9 million on research and development, holding $569 million in cash and short-term investments. A letter of intent with the U.S. Department of Commerce could provide up to $100 million in government funding over three years, and a planned 1,000-plus qubit system in the U.K. is three to four years away. In a bullish scenario, meeting qubit milestones and delivering on an $8.4 million contract with India's Centre for Development of Advanced Computing could eventually lift the stock, while the bear case warns of missed milestones and dilution from new share issuance.
IonQ leads Rigetti in commercial quantum progress but both remain overvalued
IonQ is currently ahead of Rigetti Computing in both technical capabilities and commercial success in the quantum computing race, though both stocks appear overvalued given the early stage of the industry. IonQ reported first-quarter revenue of $64.7 million, a 755% increase year-over-year, and raised its full-year guidance to between $260 million and $270 million, while its remaining performance obligations reached a record $470 million and it held roughly $3.1 billion in cash and investments. Rigetti generated just $4.4 million in first-quarter revenue with $569 million in cash and no debt, and both companies' recent GAAP profits stemmed primarily from noncash accounting adjustments rather than core operations. McKinsey estimates quantum computing could create $1.3 trillion to $2.7 trillion in economic value by 2035, but the producer share of that total is only $60 billion to $100 billion, and timelines for achieving true quantum advantage remain highly uncertain.
Rigetti Could Be a Huge Winner in Sovereign Quantum Hardware
Rigetti Computing is building a risky but fascinating quantum hardware story, with its U.S.-based Fab-1 facility, government-linked research, and superconducting quantum platform potentially gaining importance if America treats domestic quantum capability as strategic infrastructure.
IonQ Tumbles 8%, D-Wave, Rigetti, Quantum Computing Drop 6% as Risk-Off Ripple Effects Hit Speculative Quantum Stocks
IonQ stock tumbled 8% while D-Wave, Rigetti, and Quantum Computing each declined 6% as Strait of Hormuz tensions and an oil spike triggered broad risk-off selling across quantum stocks. IonQ shares fell to $39.52, D-Wave to $18.85, Rigetti to $15.60, and Quantum Computing to $8.18, with no company-specific news driving the moves. The NASDAQ 100 tracking QQQ ETF was down 1.48%, and the Defiance Quantum ETF limited its drop to 2.42%, far less than the 6% to 8% losses in pure-play names. IonQ carries a beta of 3.23 and a trailing P/E ratio of 103x, amplifying losses despite a 755% year-over-year revenue surge in Q1.
D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Buy in 2026?
D-Wave Quantum and Rigetti Computing are compared as quantum computing investments for 2026. D-Wave reported fiscal 2025 revenue of $24.6 million, a 178.5% increase, with a net loss of $355.1 million, while Rigetti posted revenue of $7.1 million, a 34.3% decline, and a net loss of $216.2 million. D-Wave recently acquired Quantum Circuits Inc. to add gate-model computing to its annealing technology, and it received $100 million in U.S. government funding, whereas Rigetti focuses on modular superconducting processors and faces high customer concentration from government contracts. The author favors D-Wave due to its broader technology platform and government backing, though both companies carry significant risks from ongoing losses and competition.
Kalshi traders see low odds for OpenAI government stake deal this year
Kalshi contract traders remain highly skeptical that a deal will materialize before the end of the year for the U.S. government to take a stake in OpenAI or Anthropic, despite recent reports that OpenAI proposed granting a 5% stake to the Trump administration. Traders see odds of less than 30% for such a stake, according to a CNBC report. In contrast, odds are well over 60% that the government could take a stake this year in quantum computing companies Rigetti Computing or D-Wave Quantum, as well as in semiconductor manufacturer GlobalFoundries.
IonQ Exits Q1 2026 with $3.1 Billion in Cash and Investments
IonQ exited the first quarter of 2026 with approximately $3.1 billion in cash, cash equivalents, restricted cash, and investments, one of the strongest balance sheets in the quantum computing industry. Remaining performance obligations rose to $470 million as of March 31, 2026, up from $370 million at the end of 2025, signaling greater revenue visibility. Management reaffirmed its 2026 adjusted EBITDA loss guidance of $310 million to $330 million, with a first-quarter adjusted EBITDA loss of $96.8 million implying continued elevated cash burn, though the company's liquidity position supports internal funding without near-term financing risk. Peer Quantum Computing ended the quarter with about $1.4 billion in cash and investments, while Rigetti held $418.2 million with no debt. IonQ shares have gained 32.8% over the past year, but the stock trades at a forward 12-month price-to-sales ratio of 59.44 times, far above the industry median of 4.45 times, and carries a Zacks Rank of 4, or Sell.
Quantum computing stocks have rallied sharply, but investors still need to weigh valuations against current revenue, profitability, commercial demand and cash burn. D-Wave Quantum and Rigetti Computing both trade at extremely high sales multiples, with D-Wave above 700 times sales and Rigetti even higher, while Rigetti's revenue decline makes future contract wins especially important. IonQ shows stronger revenue growth and commercial traction, but high R&D spending and potential dilution remain key risks across the sector. Cash reserves provide some runway, but external threats from larger tech firms like Intel and IBM loom over smaller pure-play companies.
D-Wave and Rigetti Compete for Quantum Leadership in H2 2026
D-Wave Quantum and Rigetti Computing are vying for investor attention as the second half of 2026 begins, with both stocks down year to date amid cautious sentiment. D-Wave enters the period with record bookings and a strong enterprise pipeline, while its acquisition of Quantum Circuits expands its technology into gate-model computing. Rigetti launched general availability of its 108-qubit Cepheus-1 system and reported nearly 199% year-over-year revenue growth, reaffirming its goal of achieving quantum advantage in roughly three years. Analysts have turned cautious on D-Wave's near-term earnings, while Rigetti has seen smaller downward estimate revisions. Zacks Investment Research rates D-Wave a Hold and Rigetti a Sell, favoring D-Wave's commercial traction in the near term.
Investors Begin Separating Quantum Computing Winners From Losers
Investors are increasingly distinguishing between quantum computing companies based on commercial progress rather than scientific promise, with IonQ gaining ground while D-Wave, Rigetti, and Quantum Computing Inc. declined over the past six months. IonQ has generated positive returns, whereas D-Wave Quantum, Rigetti Computing, and Quantum Computing Inc. have all moved lower despite ongoing technological announcements. The shift was partly catalyzed by Nvidia CEO Jensen Huang's January 2025 warning that practical quantum computing may be decades away, though Nvidia itself deepened quantum investments through CUDA-Q and hybrid computing initiatives. Analysts note that major infrastructure players like Microsoft, Amazon, Alphabet, IBM, and Nvidia may capture more quantum value than pure-play hardware companies by profiting regardless of which architecture wins. The market is now rewarding evidence of revenue growth, customer adoption, and a credible path to commercialization.
Rigetti Offers Higher Near-Term Upside Than IonQ After Quantinuum IPO
Rigetti Computing appears better positioned for near-term upside than IonQ following Quantinuum's blockbuster public listing, according to Zacks Investment Research. While both stocks have rallied sharply since April, with IonQ up 109.9% and Rigetti up 58.4%, Rigetti's average analyst price target of $31 implies a 45.1% gain from its last close of $21.36, compared with a 23.7% implied gain for IonQ based on its $69.95 target and $56.55 close. Rigetti also holds $569 million in cash with no debt and is gaining traction with its 108-qubit Cepheus-1-108Q system and chiplet architecture, while IonQ leads commercially with record first-quarter revenue of $64.7 million and a raised 2026 revenue guidance of $260-$270 million. However, IonQ's richer valuation after its massive rally may limit additional near-term gains, making Rigetti's risk-reward profile more attractive in the post-Quantinuum environment.
Rigetti Computing to Receive $100 Million in CHIPS Act Funding for Quantum R&D
Rigetti Computing is set to receive $100 million in CHIPS Act funding from the Department of Commerce as part of a broader $2 billion investment across nine quantum computing businesses over three years. The funding is tied to specific research and development milestones for Rigetti's superconducting quantum systems and gives the U.S. government an equity stake in the company. The capital aims to accelerate progress toward fault-tolerant quantum architectures and reduce reliance on dilutive equity raises, though the company remains in a pre-commercial phase with trailing-12-month sales of only $10 million and a market capitalization of roughly $7 billion. Analysts note that while the government support adds credibility and non-dilutive capital, Rigetti's price-to-sales ratio of nearly 700 and ongoing operating losses suggest the funding alone does not make the stock an immediate buy.
IonQ Leads Rigetti in Quantum Computing Race on Accuracy and Revenue
IonQ holds an edge over Rigetti Computing in the quantum computing sector, driven by superior accuracy and stronger financials. IonQ achieved 99.99% 2-qubit gate fidelity in October 2025, compared to Rigetti's 99.1% on its 108-qubit system, and IonQ's first-quarter revenue surged 755% year over year to nearly $65 million, while Rigetti's rose to $4.4 million. Both companies are pure-play quantum start-ups pursuing different technologies, with IonQ using trapped-ion for high accuracy and Rigetti using superconducting for high speed. The sector remains years from widespread commercial viability, and the current leaders may not be the leaders of tomorrow.
Rigetti Computing Stock Pulls Back From All-Time High, Raising Questions for Investors
Rigetti Computing shares have fallen to around $21 after hitting an all-time high of $58 in October 2025. The U.S. government announced in May it would provide Rigetti with up to $100 million in additional funding as part of a broader quantum computing initiative. In the first quarter of 2026, revenue tripled year over year to $4.4 million, though operating losses also grew. The company holds more than $400 million in cash and equivalents, giving it runway to pursue commercial applications. Analysts have an average price target of $29, but the stock remains speculative and volatile with a beta of 1.9.
Rigetti Computing Stock Could Plunge 50% in Second Half of 2026 Despite Government Funding
Rigetti Computing stock could drop by 50% or more in the second half of 2026 due to an elevated valuation, inconsistent revenue, and steep losses, even after the U.S. government announced a $100 million investment over three years as part of a broader $2 billion initiative across nine quantum computing companies. Rigetti's flagship Cepheus-1-108Q system, with 108 qubits, achieves a single-qubit gate fidelity of 99.9% but a two-qubit fidelity of only 99.1%, meaning it still makes too many errors for most real-world applications, and the company says a system with 99.9% two-qubit fidelity could be three years away. Revenue jumped 198% year over year to $4.4 million in the first quarter, but it declined in 2025, and the company posted a GAAP net loss of $20.5 million in the quarter following a $216 million loss in 2025. With a market capitalization of $7 billion, Rigetti trades at a price-to-sales ratio of 663, far above SpaceX's 137.8, and even based on a consensus 2026 revenue estimate of $23.6 million, its forward price-to-sales ratio is nearly 300. The company had $569 million in cash and short-term investments as of March 31, but a capital raise within the next couple of years could dilute shareholders.
Four Quantum Computing Technologies and the Stocks Chasing Supremacy
Investors tracking the quantum computing race face a landscape split among four main technological approaches, each with distinct trade-offs in speed, accuracy, and scalability. The superconducting qubit method, pursued by IBM and Rigetti Computing, offers the fastest gate speeds but suffers from higher error rates and requires expensive near-absolute-zero cooling. Trapped-ion technology, used by IonQ and Quantinuum, leads in accuracy with two-qubit gate fidelities of 99.99% and 99.92% respectively, yet operates exponentially slower and is harder to scale. The neutral-atom approach, which sits between the two in performance, is being developed by Infleqtion, which achieved 99.73% fidelity in 2024 and targets 99.9% this year, while Alphabet also explores the technique. D-Wave Quantum, known for quantum annealing, is now pursuing a hybrid superconducting design through its acquisition of Quantum Circuits, aiming to combine speed with trapped-ion-level accuracy, though verified metrics are not yet available.
Rigetti Stock Tumbles 9% as Quantinuum's IPO Grabs Investor Focus
Rigetti Computing shares fell nearly 9% on Tuesday as investors shifted attention to Quantinuum's blockbuster Nasdaq debut. Quantinuum raised about $1.68 billion in an upsized initial public offering and debuted with an approximate valuation of $15 billion, instantly becoming the largest publicly traded pure-play quantum computing company. The listing has reset valuation expectations across the quantum sector, introducing a new benchmark for assessing competitive positioning among companies such as Rigetti, IonQ, and D-Wave Quantum. Rigetti's recent execution has been improving, with first-quarter 2026 revenues of $4.4 million, up nearly 199% year over year, and the company ended the quarter with approximately $569 million in cash and no debt. The selloff in Rigetti appears to reflect capital rotation and a broader reassessment of relative value rather than any deterioration in the company's fundamentals.
D-Wave Quantum Called the Value Pick as IonQ, Rigetti, D-Wave Shares Fall Sharply
Shares of IonQ, D-Wave Quantum, and Rigetti Computing have fallen sharply after earlier surges, with D-Wave identified as the one offering exceptional value. IonQ dropped 21% in a single week in early June despite record quarterly revenue of $64.7 million, up 755% year over year, and a raised full-year guidance of $260 to $270 million. Rigetti Computing posted Q1 2026 revenue of just $4.4 million and is down 19% year to date, while D-Wave is down roughly 23% year to date but reported closed bookings of $33.4 million, a 1,994% year-over-year increase, including a $20 million system sale and a $10 million quantum-computing-as-a-service deal. The Quantinuum IPO filing with a $12.7 billion valuation reminded investors of better-funded competition, contributing to a sector reset that is seen as a valuation recalibration rather than a technology collapse. D-Wave, now the only dual-platform quantum company after acquiring Quantum Circuits, is highlighted for its revenue-generating quantum annealing hardware and strong booking momentum that the market is ignoring.