Rigetti Computing Inc (NASDAQ: RGTI) is a quantum computing company that designs and builds superconducting gate-based quantum computers for commercial and government customers. Revenue comes from system sales, cloud access to quantum processors, and government contracts, including a January 2026 purchase order of $8.4 million to deliver a 108-qubit system to India's C-DAC center in Bengaluru. The company develops its own quantum processing units (QPUs) using a superconducting modality, which it argues offers gate speeds roughly 1,000 times faster than competing modalities based on publicly available information (per the FY2025 10-K). Rigetti is pre-profitability and has funded operations primarily through equity issuances, including $346.7 million in net proceeds raised via an at-the-market offering during FY2025. A February 2025 collaboration agreement with Quanta commits both parties to invest at least $250 million each over five years in quantum computing hardware development. The company competes globally against well-resourced private and public-sector rivals in a market it describes as early-stage and rapidly evolving.

Revenue model

System sales (on-premises quantum computer deployments), cloud-based quantum computing access, and government contracts. The $8.4 million C-DAC purchase order (January 2026) is a direct hardware sale. The Quanta collaboration involves co-development of non-QPU components under statements of work. Equity issuances, including a $350 million ATM offering completed in Q2 FY2025, have been the primary source of operating capital.

Products and services

Superconducting gate-based quantum computers, including a 108-qubit system contracted for C-DAC (announced January 2026). QPUs (quantum processing units) are the core proprietary hardware. Non-QPU components under development with Quanta include control systems, dilution refrigerators, and flexible cables. Cloud access to quantum processors is offered across multiple cloud platforms. The company targets a multi-chip architecture as its pathway to scaling qubit counts toward fault-tolerant systems.

Customers and end markets

U.S. federal government agencies (including classified contract customers requiring facility clearances), foreign government agencies (C-DAC in India), and commercial enterprises accessing quantum computing via the cloud. End markets include quantum machine learning, quantum simulation, and quantum optimization. The customer base is early-stage and small given the industry's current maturity.

Value-chain role

Vertically oriented hardware and systems developer. Rigetti designs QPUs, develops quantum error correction methodologies, and integrates full quantum computing systems for on-premises delivery and cloud access. Component manufacturing for non-QPU hardware is being shifted to Quanta under the February 2025 collaboration agreement.

Geographic exposure

United States (primary operations and government contracting). India (C-DAC deployment in Bengaluru expected second half of 2026, executed through wholly-owned subsidiary Rigetti Computing India P L). Quanta collaboration has manufacturing and capital expenditure components across both parties' operations.

Source: SEC 10-K, filed 2026-03-04

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