Rigetti Computing RGTI is likely to report its third-quarter 2026 results on Nov. 10, with investors focusing on revenue growth, system deliveries and commercial traction. After strong year-over-year revenue growth in the first half of 2026, driven by on-premises Novera quantum processing unit (QPU) sales, investors will likely watch for updates on the company's order pipeline and the timing of system deployments. Particular attention will be on the $8.4 million order from India's Centre for Development of Advanced Computing (C-DAC) for a 108-qubit system, which management expects to recognize in the fourth quarter following installation and performance acceptance testing.
Updates on additional Novera orders, including demand from universities, national laboratories and commercial customers, will also be important. The expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to develop hybrid quantum-classical computing capabilities could strengthen Rigetti's long-term commercial prospects. However, the planned system delivery is expected in 2027.
Beyond financial performance, investors are likely to closely monitor progress on Rigetti's technology roadmap, particularly efforts to improve the two-qubit gate fidelity of its 108-qubit Cepheus-1 system toward the 99.5% target outlined for later in 2026. Management reported median two-qubit gate fidelity of approximately 99.1% for the 108-qubit platform in the second quarter and continues to address coherence-time limitations through chip design, materials and fabrication improvements.
Progress toward higher-qubit systems and the longer-term goal of approximately 1,000 qubits will remain key indicators of execution. Investors will also look for updates on the potential $100 million funding arrangement with the U.S. Department of Commerce, which remains subject to a definitive agreement, as well as developments under the U.K.'s ProQure initiative and the company's planned U.K. investment.
Although elevated research and development spending and capital expenditures are likely to weigh on profitability as Rigetti advances its technology, its $541.3 million cash, cash equivalents and available-for-sale investments balance at the end of the second quarter, alongside a debt-free balance sheet, provides financial flexibility to support its long-term ambitions.
Peers Updates
IonQ IONQ signed an $8.18 million commercial agreement with Congruity360 to integrate its post-quantum cryptography and quantum key distribution appliances into the latter's enterprise data management platform, strengthening its foothold in the enterprise cybersecurity market. The company also advanced its hardware roadmap by launching Superion 256, its sixth-generation quantum computing platform, after fabricating its first integrated 256-qubit quantum processing units with SkyWater and successfully trapping ions in prototype systems across multiple U.S. facilities.
D-Wave Quantum QBTS finalized a definitive agreement with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding, supporting its quantum technology roadmap and strengthening its position as a dual-platform provider of annealing and gate-model quantum systems. The funding comes as the company navigates near-term financial challenges, with second-quarter 2026 results reflecting a wider-than-expected loss, a revenue miss and weaker adjusted gross margins. Nevertheless, D-Wave continued to make progress on the commercial front, supported by stronger bookings, deeper engagements with leading global organizations and continued advancements across its technology platforms.
Rigetti’s Price Performance, Valuation and Estimates
Shares of RGTI have lost 43.9% in the year-to-date period against the industry’s growth of 1.7%.
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From a valuation standpoint, Rigetti trades at a price-to-book ratio of 7.73, above the industry average. RGTI carries a Value Score of F.
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The Zacks Consensus Estimate for Rigetti’s 2026 earnings implies a significant 70.3% improvement from the year-ago period.
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The company currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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