Rigetti Computing, Inc. announced its financial results for the third quarter ended September 30, 2026, in a Form 8-K filed on November 10, 2026. The company reported total revenues of $1.4 million for the three months ended September 30, 2026. For the nine months ended September 30, 2026, total revenues reached $10.9 million, representing approximately 110% growth compared to the $5.2 million reported for the first nine months of 2025.

Despite the revenue growth, the company reported significant losses. The operating loss for the third quarter was $33.2 million. On a GAAP basis, the net loss was $3.1 million, with a diluted net loss per share of $0.08. On a non-GAAP basis, the net loss was $20.5 million, with a diluted net loss per share of $0.06.

As of September 30, 2026, Rigetti held $497.1 million in cash, cash equivalents, and available-for-sale investments, with no debt. The company provided a full-year outlook for 2026, expecting revenue to be approximately $20 million, assuming customer acceptance and revenue recognition for the C-DAC system in the fourth quarter.

In a separate announcement, Rigetti disclosed a definitive agreement with the U.S. Department of Commerce. The agreement, signed in September 2026, provides an award of up to $100 million under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act. The funding supports three research and development programs focused on miniaturized readout electronics, expanded cryogenic capacity, and fabrication capabilities for high-connectivity chip architectures. As a condition of the award, the Department received a minority, non-controlling equity stake in Rigetti.

Technologically, Rigetti achieved a milestone with its Cepheus-1-108Q system, which achieved a median two-qubit gate fidelity of 99.5%. The system is based on 12 interconnected 9-qubit chiplets. The company provided further detail on the system's performance, noting 99.6% median two-qubit gate fidelity on an 80-qubit sublattice and 99.7% median two-qubit gate fidelity on a 50-qubit sublattice.

Rigetti outlined its future roadmap, targeting a 300-plus-qubit system with approximately 99.7% median two-qubit gate fidelity and gate speeds below 60 nanoseconds by mid-2028. The company also continues to target a path toward systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds within approximately three years.