- Gate Fidelity Progress Achieved 99.9% 2-qubit gate fidelity at 28ns speed using Adiabatic CZ, with 99.7% median fidelity on 150+ qubit systems by late 2026.
- System Deployments Delivered 84-qubit cloud systems and 36-qubit chiplet-based systems, validating scalable architecture for thousands of qubits.
- Partnerships Collaborated with NVIDIA on NVQLink integration and Riverlane for real-time error correction, enhancing hybrid quantum-AI capabilities.
- Financials Ended 2025 with $590M cash, Q4 revenue of $1.9M (down from $2.3M in 2024), and expects $5.7M Novera order revenue in Q1 2026.
- Quantum Roadmap Targets 1,000+ qubit systems with 99.8% fidelity in 2 years, 3-year timeline for commercial quantum advantage.
Financial Performance and Guidance
For the first quarter of 2026, Rigetti expects significant revenue growth driven by the portion of the $5.7 million Novera on-premises system purchase orders expected to ship in Q1. The company also expects to recognize revenue from the C-DAC order in the second half of 2026. With a cash balance of approximately $590 million, Rigetti has the flexibility and runway to execute its roadmap through the quantum advantage timeframe.
Operational Highlights and Roadmap
Rigetti achieved several key milestones in 2025, including a 2-qubit gate fidelity as high as 99.9% at 28 nanosecond gate speed on a ProDrive platform. The company deployed multiple systems to the cloud, including an 84-qubit monolithic chip system and a 36-qubit chiplet-based system. Looking ahead, Rigetti plans to deploy a 108-qubit system at 99.5% median 2-qubit gate fidelity by the end of March and a system with more than 150-qubits with an anticipated 99.7% median 2-qubit gate fidelity around the end of December 2026.
Valuation and Growth Prospects
With a P/S Ratio of 792.01 and an EV/EBITDA of -21.7, Rigetti's valuation suggests that the market is pricing in significant growth prospects. The company's ROE is -51.53%, and ROIC is -12.89%, indicating that it is still in the investment phase. As Rigetti approaches quantum advantage, expected to be around three years from now, the interest in its technology is likely to increase, driving revenue growth and potentially improving valuation metrics.