What Happened to Rigetti Computing, Inc.?

Rigetti Computing, Inc. was founded in 2013 by Chad Rigetti, a physicist with a background in quantum computers from IBM, with a mission to build the world's most powerful computers. The company adopted a full-stack approach, developing both superconducting quantum integrated circuits and a cloud platform called Forest (later Rigetti Quantum Cloud Services or QCS) to enable programmers to execute quantum algorithms. Early funding rounds and participation in accelerators like Y Combinator and The Alchemist Accelerator helped establish Rigetti's foundation.

A significant turning point for Rigetti was its decision to go public via a SPAC merger with Supernova Partners Acquisition Company II, announced in October 2021 and closed on March 2, 2022. This transaction, which saw Rigetti begin trading on Nasdaq under the ticker RGTI, was expected to raise substantial capital to accelerate the company's growth, with ambitious goals to scale its quantum processors from 80 qubits in 2021 to 1,000 qubits by 2024 and 4,000 by 2026. Following the SPAC merger, Chad Rigetti transitioned from his CEO role in late 2022, with Subodh Kulkarni appointed President and CEO in December 2022.

Throughout 2024 and 2025, Rigetti continued to make technological advancements and strategic partnerships. In December 2024, the company launched its 84-qubit Ankaa-3 system, featuring an extensive hardware redesign and achieving significant two-qubit gate fidelity milestones. They also secured an $8.4 million order for a 108-qubit system from India's Centre for Development of Advanced Computing (C-DAC) and entered a strategic collaboration with Quanta Computer, Inc., involving over $100 million in investment from each company over five years. In September 2025, Rigetti announced purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems, expected for delivery in the first half of 2026.

As of early 2026, Rigetti has made its 108-qubit Cepheus-1-108Q system generally available across major cloud platforms, including Rigetti QCS, Amazon Braket, and Microsoft Azure Quantum. This system, built from twelve interconnected 9-qubit chiplets, represents a significant step in their modular chiplet-based architecture. Financially, Rigetti reported Q1 2026 revenue of $4.4 million, a substantial increase from $1.5 million in Q1 2025. However, the reported net income of $33.1 million was largely due to a non-cash gain from derivative warrant liabilities revaluation, with an operating loss of approximately $26.0 million, reflecting high R&D and operating expenses.

On May 21, 2026, Rigetti announced a pivotal development: a Letter of Intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D. This potential funding underscores government interest in advancing domestic quantum leadership and could significantly bolster Rigetti's efforts to achieve quantum advantage, which management currently projects to be around three years away, targeting a 1,000-qubit system with 99.9% two-qubit gate fidelity. Despite these advancements and a strong cash position of approximately $569 million as of March 31, 2026, the company's stock has faced volatility, with investors remaining cautious about the long road to commercial profitability in the nascent quantum computing market.