Rigetti Computing RGTI is making headway in expanding the commercial reach of its quantum computing technology, although revenue visibility remains limited by project-based demand and a concentrated customer base. Second-quarter 2026 revenues jumped 185% year over year to $5.1 million, driven primarily by sales of its 9-qubit Novera systems and related products. However, one customer accounted for 64% of quarterly revenues, while another contributed 16%, highlighting the company’s dependence on a limited number of large contracts.
The $8.4 million C-DAC quantum computing system for India is expected to be recognized in the fourth quarter of 2026 after installation and acceptance testing, further underscoring the impact that major project milestones can have on quarterly results. While growing interest in on-premises quantum systems and development contracts provides a potential avenue for expansion, Rigetti’s offerings remain largely research-oriented, leaving near-term growth vulnerable to fluctuations in contract timing and customer spending.
At the same time, Rigetti’s efforts to strengthen its technology platform are coming with significantly higher costs. Second-quarter 2026 operating expenses increased 48% year over year to $30.3 million, driven by a 53% rise in research and development spending to $20.7 million, pushing the operating loss to $28.1 million. The company is expected to maintain elevated R&D investment and capital expenditures as it expands cryogenic infrastructure and fabrication capacity to support its next-generation quantum systems.
Rigetti’s $541.3 million liquidity position provides a substantial financial cushion to fund this investment cycle, but sustained operating losses and ongoing capital requirements could pressure cash resources over time and raise the possibility of future dilution. As the quantum computing market develops, the company’s ability to convert technological advances and contract wins into recurring commercial demand will remain critical to improving the quality and sustainability of its financial performance.
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 with the launch of Superion 256, its sixth-generation quantum computing platform, after fabricating its first integrated 256-qubit quantum processing units with SkyWater and successfully trapping the first 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, providing additional support for 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 30.8% in the year-to-date period against the industry’s growth of 8.5%.
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From a valuation standpoint, Rigetti trades at a price-to-book ratio of 9.41, 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 #5 (Strong Sell).
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This article originally published on Zacks Investment Research (zacks.com).