Rigetti Q3 Results Highlight Losses, Quantum Roadmap Toward 1,000 Qubits

November 9, 2025

Details

  • Rigetti Computing reported Q3 2025 revenue of $1.9 million, missing analyst expectations of $2.17 million, and posted a GAAP net loss of $201 million and an operating loss of $20.5 million for the quarter.
  • The company holds roughly $600 million in cash and equivalents as of November 2025, bolstered by recent warrant exercises and a $350 million at-the-market equity offering.
  • Rigetti announced an ambitious technology roadmap: 100+ qubits with 99.5% gate fidelity by end-2025, 150+ qubits at 99.7% fidelity by end-2026, and 1,000+ qubits at 99.8% fidelity by end-2027.
  • Government contracts remain central, including $5.7 million in Novera system orders and a $5.8 million AFRL deal for quantum networking; revenue declined 41.6% quarter-over-quarter and 37.2% year-over-year.
  • Key partnerships with NVIDIA (NVQLink), Montana State University (on-premise quantum system), India’s C-DAC, and planned expansion into Italy support ecosystem growth and international diversification beyond U.S. defense.

Impact

Rigetti’s weaker Q3 revenue underscores persistent commercialization challenges despite a strong cash buffer and high-profile contracts. While its ambitious qubit scaling roadmap positions the company to compete globally, execution risk is heightened by heavy reliance on government spending and persistent losses. Accelerating international partnerships and academic alliances may open new markets, but sustaining technical progress and financial health will be key as the race for quantum advantage intensifies.

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