Rigetti Computing RGTI continues to strengthen its position in the emerging quantum computing market through progress in 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 the development of hybrid quantum-classical high-performance computing systems.
Per the second-quarter earnings transcript, Rigetti is also advancing its on-premises quantum computing pipeline, including the previously announced 108-qubit system for C-DAC in India. Growing demand from universities, national laboratories and research organizations provides additional opportunities as customers increasingly seek direct access to quantum hardware for experimentation and ecosystem development.
Meanwhile, the company’s letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years could provide significant support for superconducting quantum computing research and development, although the proposed funding would involve an equity stake for the government.
On the technology front, Rigetti continues to make progress across key metrics, including qubit count, gate fidelity and operating speed. 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.
The company is also targeting systems with roughly 1,000 qubits, 99.9% two-qubit gate fidelity and sub-50 nanosecond gate speeds over the next three years. Investments in dilution refrigeration capacity, chiplet-based architecture and manufacturing capabilities are expected to support this roadmap.
Rigetti is further expanding its international footprint through a planned investment of up to $100 million in the United Kingdom, building on its existing 36-qubit deployment at the National Quantum Computing Centre. These initiatives highlight the company’s focus on scaling its technology and expanding commercial adoption, although achieving higher fidelity and coherence while scaling to larger systems remains critical to realizing quantum advantage.
Peers Updates
IonQ's IONQ continues to strengthen its position in the quantum computing market through strategic acquisitions and commercial expansion. The company recently completed the acquisitions of Capella Space and Lightsynq Technologies, broadening its capabilities across quantum networking, secure communications and space-based quantum infrastructure.
IonQ has also secured new government and enterprise partnerships while advancing its roadmap toward large-scale, fault-tolerant quantum systems. These initiatives are expected to enhance its full-stack quantum ecosystem and support long-term commercial adoption.
D-Wave Quantum QBTS posted $3.1 million in revenues in the second quarter of 2026, essentially flat year over year. The company recognized revenues from approximately 100 customers, with commercial enterprises accounting for roughly 62.4% of revenues, up from 45.1% a year earlier.
D-Wave’s QCaaS subscription revenues jumped 50% year over year to $1.9 million, while professional services revenues grew more than 18% to roughly $900,000. Systems and other revenues were $300,000, largely from installation and site preparation related to the $20 million Florida Atlantic University sale.
Rigetti’s Price Performance, Valuation and Estimates
Shares of RGTI have lost 18.4% in the year-to-date period compared with the industry’s decline of 1.9%.
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From a valuation standpoint, Rigetti trades at a price-to-book ratio of 10.05, 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 71.9% 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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