Rigetti Computing(RGTI 1.66%) reported second quarter 2025 results on August 12, 2025, showcasing a major technical milestone by releasing the industry’s largest multi-chip quantum computer while raising $350 million in new equity during the year. Revenue was $1.8 million, down from $3.1 million in 2024. Net loss totaled $39.7 million, driven primarily by non-cash charges related to derivative warrant and earn-out liabilities.

CPS 136Q launch halves error rates for Rigetti

The company transitioned to a chiplet-based architecture, cutting two-qubit gate error rates by 50% compared to its prior Anka 3 system as of Q2 2025, With a median two-qubit fidelity of nearly 99.5%, CPS 136Q has achieved a twofold reduction in two-qubit gate error rate compared to the previous Anka 3 system. These advances position Rigetti as a leader in scalable superconducting quantum technology, a modality that enables gate speeds over 1,000 times faster than ion trap alternatives according to management.

"Just six months after our record performance with Anka 3, we have once again halved our error rates. With the median two-qubit scale of nearly 99.5%, CPS 136Q has achieved a 2x reduction in two-qubit gate error rate from our previous Anka 3 system. CPS 136Q is the first multi-chip quantum computer in the industry to achieve this level of performance."
-- Subodh Kulkarni, Chief Executive Officer

This milestone validates Rigetti’s proprietary chiplet strategy for quantum processor scaling and gives it a clear technical edge versus monolithic approaches or slower hardware modalities.

Rigetti’s robust balance sheet supports four-year quantum roadmap

The equity raise expands liquidity to $571.6 million in cash, cash equivalents, and available-for-sale securities as of June 30, 2025, with no debt. Management confirmed R&D investment is currently sufficient to maintain momentum toward its stated milestones, particularly the delivery of a 100-plus qubit, 99.5% fidelity chiplet system by year-end 2025 and the pursuit of “quantum advantage” (defined as 1,000 qubits at 99.9% fidelity and gate speeds under 50 nanoseconds) within four years, as described by management in the Q2 2025 earnings call.

"During 2025, Rigetti completed the sales of $350 million gross proceeds of its common stock pursuant to our previously disclosed at-the-market equity offering program. We are well-positioned to support commercial scale-up of our superconducting gate-based quantum computers."
-- Subodh Kulkarni, Chief Executive Officer

Ample liquidity reduces near-term financing risk and sustains the company’s aggressive R&D pace, insulating its technology roadmap from short-term disruptions in quantum research funding cycles.

Revenue drops as government contracts pause amid NQI expiration

Revenue was $1.8 million, down from $3.1 million in 2024, predominantly due to delayed U.S. National Quantum Initiative (NQI) renewal. Gross margin was 31%, compared to 64% in 2024. The year-over-year decline in gross margin was impacted by revenue mix and variability in pricing for development contracts, including those with the UK's NQCC for quantum systems, which have lower gross margins than most of the company's other revenue.

"On a year-over-year basis, our revenue for the quarter was impacted by the expiration of the National Quantum Initiative and its pending reauthorization in the US Congress."
-- Jeff Bertelsen, Chief Financial Officer

Near-term revenue and gross margin volatility underscores Rigetti’s dependence on major government quantum research programs, highlighting the need for NQI reauthorization or broadening of its commercial/government customer base.

Looking Ahead

Management reiterated its expectation to deliver a 100-plus qubit, chiplet-based system with 99.5% median two-qubit gate fidelity by the end of 2025, and reaffirmed a four-year timeline to reach “quantum advantage” criteria—at least 1,000 qubits, 99.9% two-qubit fidelity, and gate speeds under 50 nanoseconds—as discussed on the Q2 2025 earnings call. No significant step-up in operating expenses is planned, with operating expenses (OpEx) expected to grow sequentially but not increase materially, as discussed for Q2 2025. The company did not provide explicit near-term revenue guidance but highlighted continuing dependence on U.S. and UK government contracts, pending U.S. NQI reauthorization, and ongoing engagement with DARPA’s QBI initiative.