Rigetti Computing RGTI is strengthening its position in the quantum computing space through advancements in its superconducting quantum systems and expanding commercial availability. During the first-quarter 2026 earnings call, the company talked about the general availability of its 108-qubit Cepheus-1 system across Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum and qBraid. Management believes, Cepheus-1 is currently among the most powerful generally available gate-based quantum computers in the market.
The launch also validates Rigetti Computing’s chiplet-based scaling architecture, which management views as a key differentiator as the company targets systems exceeding 1,000 qubits over the next few years. Importantly, Rigetti continues to improve fidelity metrics, with prototype systems already demonstrating 99.9% two-qubit gate fidelity at significantly faster gate speeds. Management reiterated confidence in reaching “quantum advantage” within roughly three years, supported by advancements in error mitigation, control systems and scaling technologies.
Rigetti Computing is also beginning to translate its technical progress into stronger customer traction and improving revenue visibility. First-quarter revenues surged nearly 199% year over year to $4.4 million, driven primarily by deliveries of its on-premises Novera quantum processing units (QPUs) and government-related contracts. Management expects additional Novera revenues to be recognized in the second quarter and remains on track to deliver the $8.4 million C-DAC 108-qubit system in India later this year.
Peers Updates
Arqit Quantum ARQQ is pursuing a different approach within the quantum ecosystem through cybersecurity and quantum-safe encryption solutions. Recently, the company has been expanding the adoption of symmetric key agreement platform, SKA-Platform, which is designed to protect enterprises and governments against future quantum cyber threats.
Arqit has been strengthening partnerships with telecom operators, defense organizations and enterprise software providers as demand for post-quantum security solutions continues to rise globally. The company also remains focused on transitioning toward a higher-margin software licensing model while reducing operating expenses. Although Arqit’s revenue base remains relatively small, the growing urgency around quantum-resistant cybersecurity standards could create a long-term tailwind for the company.
D-Wave Quantum QBTS continues to focus on commercial quantum annealing systems and quantum optimization applications. The company recently expanded customer engagement across manufacturing, logistics and artificial intelligence-related optimization workloads while continuing to develop its next-generation Advantage2 quantum system.
D-Wave is also broadening its long-term opportunity through its acquisition of Quantum Circuits, which strengthened its exposure to gate-model quantum computing architectures alongside its core annealing technology. Management believes this dual-architecture strategy could position D-Wave to address a wider portion of the emerging quantum computing market over time. The company has additionally outlined long-term plans targeting scalable logical qubits and improved coherence capabilities, reinforcing its ambition to compete more directly in the broader fault-tolerant quantum computing race.
Rigetti’s Price Performance, Valuation and Estimates
Shares of RGTI have plunged 11.1% in the year-to-date period compared with the industry’s decline of 11.2%.
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From a valuation standpoint, Rigetti Computing trades at a price-to-book ratio of 14.02, above the industry average. RGTI carries a Value Score of F.
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The Zacks Consensus Estimate for Rigetti Computing’s 2026 earnings implies a significant 70.3% improvement from the year-ago period.
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The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Arqit Quantum Inc. (ARQQ): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).