Rigetti Computing Reports Second Quarter 2025 Financial Results; Announces General Availability of its 36-Qubit Multi-Chip Quantum Computer

BERKELEY, Calif., Aug. 12, 2025 -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 and Recent Financial Highlights

• Total revenues for the three months ended June 30, 2025 were $1.8 million
• Total operating expenses for the three months ended June 30, 2025 were $20.4 million
• Operating loss for the three months ended June 30, 2025 was $19.9 million
• Net loss for the three months ended June 30, 2025 was $39.7 million
• Net loss for the three months ended June 30, 2025 includes $22.8 million of non-cash losses for the fair value change in the derivative warrant and earn-out liabilities
• As of June 30, 2025 cash, cash equivalents and available-for-sale investments totaled $571.6 million

“We continue to achieve our ambitious roadmap goals, most recently by demonstrating the industry’s largest multi-chip quantum computer with impressive performance. Our industry-leading proprietary chiplet approach to scaling and strong financial position makes us confident in hitting our end-of-year technology goals,” says Dr. Subodh Kulkarni, Rigetti CEO.

Technology Update

Rigetti’s Multi-Chip Quantum Computer, Cepheus™-1-36Q, the Industry’s Largest Multi-Chip Quantum Computer, is Released for General Availability and Deployed on the Rigetti Quantum Cloud Services Platform (QCS®), and will be Available on Microsoft Azure Thereafter

With the general availability of Cepheus-1-36Q, Rigetti continues its recent improvements in performance, obtaining a 2x reduction in two-qubit gate error rate from its previous Ankaa™-3 system, and achieving a median two-qubit gate fidelity of 99.5%. Cepheus-1-36Q is the first multi-chip quantum computer in the industry to achieve this level of performance, and with four chips, contains the largest number of chiplets in a quantum computer. This further validates Rigetti’s approach to scaling its quantum computing systems.

“I am extremely pleased with our momentum on the technology front. Just 6 months after our record performance with Ankaa-3, we’ve once again halved our error rates with Cepheus-1-36Q. We believe quadrupling our chiplet count and significantly decreasing error rates is the clear path towards quantum advantage and fault tolerance. We intend to continue this momentum with our 100+ qubit system planned for the end of the year,” says Dr. Kulkarni.

"It's our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale, and their ability to achieve gate speeds more than 1,000 times faster than other modalities like ion traps and pure atoms. Rigetti’s superconducting qubits leverage technologies, like chiplets, that have been maturing in the semiconductor industry for decades, enabling Rigetti to use well-established methods to scale to higher performance and qubit counts,” Dr. Kulkarni adds.

Rigetti introduced the world’s first multi-chip quantum processor in 2021, achieving entanglement across interchiplet boundaries and paving the way for the recent introduction of the Company’s four-chiplet Cepheus-1-36Q. This legacy of technological advancement continues with the Cepheus-1 architecture and includes the following features that contribute to improved performance:

• Proprietary chiplet-based architecture: Transitioning from a monolithic chip to chiplets enables greater control over chip uniformity, which in turn improves performance. Leveraging chiplets also reduces manufacturing complexity and improves fabrication yield.
• Faster two-qubit gates: Optimized two-qubit gates enable faster gate times while reducing coherent errors, which improves fidelity and is important for executing quantum error correction techniques. These improvements enabled a 2x reduction in error rates.
• Enhanced intermodule coupler design: Advances in multi-layer chip and tunable coupler design enables higher performance.

Rigetti expects to release its 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025.

Business Update

Strong Financial Position Following Completion of $350 Million Equity Raise
During the second quarter of 2025, Rigetti completed the sales of $350 million gross proceeds of its common stock pursuant to its previously disclosed at-the-market equity offering program. As of June 30, 2025, Rigetti had approximately $571.6 million of cash, cash equivalents and available-for-sale investments with no debt, and is well positioned to support commercial scale-up of its superconducting gate-based quantum computers.

Rigetti intends to use the proceeds from the offering primarily for working capital, capital expenditures and other general corporate purposes, and may also use a portion of the net proceeds to enter into strategic collaborations, acquisitions or partnerships in the future.

Conference Call and Webcast

Rigetti will host a conference call later today, August 12, 2025, at 5:00 pm ET, or 2:00 pm PT, to discuss its second quarter 2025 financial results.

You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/8kvnrhub/ or the "Events & Presentations" section of the Company's Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

To participate in the live call, you must register using the following link: https://register-conf.media-server.com/register/BIf27dc41c4e0f4111a2f9000900ce8dd6. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti

Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.