NEW YORK, May 11, 2026, 15:01 (EDT)
- Rigetti jumped roughly 9% to trade around $20.64 in the afternoon, with first-quarter earnings expected after the bell.
- Wall Street’s looking for a 4-cent loss per share on $4.13 million in revenue—quite the jump from Q4 numbers.
- Options markets are signaling a swing of roughly 10.8%—that’s $2.21 per share—after earnings.
Rigetti Computing shares advanced Monday, with investors looking to the upcoming first-quarter results for signs that the quantum-computing company is successfully converting new hardware deals into actual revenue.
Berkeley, California-based Rigetti & Co, LLC plans to release results after the bell, with a conference call slated for 5 p.m. ET. That timing has caught attention—investors have pushed the shares higher ahead of results, despite expectations for a modest revenue figure and more red ink.
Analysts expect revenue to come in near $4.13 million, a jump from the $1.9 million posted in the fourth quarter, data from Investing.com shows. It’s a rebound after that soft finish to 2025—though for a firm with a $6.7 billion market cap, the number still looks thin.
Rigetti’s 2025 revenue came in at $7.1 million, while GAAP net loss ballooned to $216.2 million. The company wrapped up December holding $589.8 million in cash, cash equivalents, and available-for-sale investments—enough to keep pouring money into research, fabrication, and system development, despite choppy revenue.
Delivery now takes center stage. Rigetti has cited two Novera on-prem quantum hardware deals totaling $5.7 million, plus an $8.4 million order from India’s Centre for Development of Advanced Computing for a 108-qubit superconducting quantum computer. In these setups, a qubit stands in for the familiar bit, but operates on different principles; superconducting machines rely on chilled electrical circuits to carry out quantum functions.
Back in March, Chief Executive Subodh Kulkarni pointed to rising demand from government and research buyers, saying that “continues to grow,” and flagged that Rigetti was on track for first-quarter revenue growth year over year, thanks in part to those Novera orders. That shifts Monday’s call—revenue recognition is now a focal point, not just advances in the tech. GlobeNewswire
Rigetti rolled out its 108-qubit Cepheus-1-108Q system for general availability on both its Quantum Cloud Services and Amazon Braket. CEO Subodh Kulkarni described the launch as a “milestone” for scaling quantum hardware. Over at Amazon Braket, general manager Eric Kessler pitched the system as “another choice” for customers looking to run broader and more complex circuits. Rigetti & Co, LLC
Rigetti is eyeing up to $100 million for a UK expansion, targeting a 1,000-plus qubit system rollout within three to four years. This marks what Rigetti calls its first significant investment beyond U.S. borders.
Competition in the sector is intensifying. IonQ bumped up its full-year revenue outlook last week after first-quarter results topped forecasts. D-Wave Quantum’s numbers are next up this week. D.A. Davidson’s Alex Platt flagged to Reuters that “high expectations” — along with lingering questions over the “viability of the technology” — continue to drive how the industry is trading. Reuters
The risk is hard to miss. Rigetti’s filings make it clear: much of its revenue hangs on public-sector contracts. The company’s competitive edge? It’s tied to fast innovation, cutting per-qubit costs, and convincing customers to get on board. But control remains a problem—quantum systems are tricky and still dogged by errors, a challenge facing the industry across the board.
Right now, the shares are acting as if Monday’s numbers carry real weight. If the quarter comes in strong, it could help make the case that system sales are finally showing up on the bottom line. But if Rigetti misses, the conversation probably snaps back to basics: impressive hardware, sure, but investors are still waiting for real revenue.
