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Rigetti Computing designs and builds quantum processors at its Fab-1 facility and operates quantum computers for research and software development. Most revenue comes from partners paying for collaborative research and help developing quantum algorithms and applications, rather than from computer sales or cloud access. Government customers provide the great majority of revenue, including contracts with DARPA and the U.S. Department of Energy. Revenue is concentrated among a few customers, with one unnamed customer supplying a substantial share, so government funding and contract decisions matter greatly.
Enterprises and government organizations can pay to use Rigetti’s computers remotely through Rigetti Quantum Cloud Services (QCS), or buy access through Amazon Braket and Microsoft Azure Quantum. This lets customers conduct experiments without installing and operating the specialized cooling equipment themselves. Rigetti also sells processors and systems, including its Novera quantum processing unit. It intends to shift toward hardware sales and recurring cloud-access revenue over the longer term; development contracts remain its main business today.
Rigetti is still in the technology-development phase. Its ability to build revenue depends largely on producing more powerful quantum computers with more qubits and better performance; its systems have not yet demonstrated a computational advantage over classical computers. U.S. export controls and sanctions restrict some international sales, and some products and technologies require export licenses or approvals.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Rigetti Computing’s near-term revenue hinges on government-funded development work, while its longer-term prospects depend on progress toward commercial quantum computing against rivals including privately held PsiQuantum.
IonQ competes with Rigetti Computing for government and enterprise spending on quantum computers, computing access and development services, using trapped ions rather than Rigetti’s superconducting qubits. Watch IonQ’s system sales and paid computing access for evidence of which approach customers choose.
D-Wave Quantum competes with Rigetti Computing to sell customers quantum systems, cloud computing access and help developing applications, but its commercial focus is annealing rather than Rigetti’s gate-model computing. Its application-development revenue is worth watching for customer demand, without treating annealing sales as proof of demand for Rigetti’s technology.
Quantinuum competes with Rigetti Computing to serve enterprise and government customers with quantum computers and application software built as an integrated platform. Watch its work on financial-services risk simulation for a concrete comparison with Rigetti’s effort to develop useful customer applications.
Infleqtion, Inc. competes with Rigetti Computing for government and commercial research customers buying on-site quantum computers or cloud access, using neutral atoms instead of superconducting qubits. Watch sales and cloud use of its Sqale computer rather than its sensing products when comparing quantum-computing demand with Rigetti’s.
IBM and Rigetti Computing compete for quantum research workloads and commercial adoption with superconducting quantum computers. IBM’s progress on those systems is the relevant comparison for Rigetti, rather than its broader sales of software, consulting and infrastructure to business clients.
Alphabet’s Google sets competing benchmarks for Rigetti Computing as both develop superconducting quantum computers. Watch Google’s advances in quantum performance and scaling, not the advertising revenue that primarily funds Google Services.
Xanadu Quantum Technologies competes for future quantum-computing adoption with light-based hardware and software, against Rigetti Computing’s superconducting systems and software. In the year ended December 31, 2025, Xanadu remained pre-commercial; watch whether its PennyLane-related services and sponsored research turn into material commercial revenue.
Pasqal Holding SA and Rigetti Computing pursue gate-model quantum computers, competing for early deployments and research customers. Pasqal’s customer base is concentrated and its commercial model is still early-stage, so individual customer wins need not signal broad demand for Rigetti’s market.
Quantum Computing Inc. competes for early quantum-computing customers with light-based machines rather than Rigetti Computing’s superconducting systems. Watch deployment of its Entropy Quantum Computer, which the company says can operate at room temperature in an ordinary server room, as a competing option for customers buying quantum machines.
International Business Machines Corporation earningsIBM
IBM's report will show its progress in superconducting quantum computers, a direct technical benchmark for Rigetti Computing.
Watch IBM's reported progress in superconducting-system performance and scale. Faster progress raises the technical bar Rigetti faces in winning research workloads and commercial adoption; slower progress may ease that pressure, but does not show that Rigetti has caught up.
IonQ, Inc. earningsIONQ
IonQ's report will show whether customers are paying for quantum systems and computing access, revealing whether a rival is winning some of the government and enterprise spending Rigetti seeks.
Read IonQ's quantum-system sales alongside paid computing access. Growth in both would show customers are paying for quantum products and services, sharpening competition for the government and enterprise budgets Rigetti seeks; weakness in both would suggest market spending is still developing, not that Rigetti has won the business.
Rigetti Computing, Inc. earningsThis company
Rigetti Computing still relies mainly on technology-development contracts, so this report will show whether system sales and paid cloud access can add revenue without squeezing gross profit.
Read revenue alongside gross profit and gross margin—the share of revenue left after direct costs—and check how much came from systems, QPUs and system access. If those sources grow and gross margin improves, Rigetti is turning development work into a broader, more economical business; if development contracts still dominate, or revenue rises while gross margin weakens, the transition remains unproven.
Quantinuum Inc. earningsQNT
Quantinuum's report will show how its financial-services risk-simulation work is progressing, a quantum application area Rigetti is also trying to develop.
Watch for progress in Quantinuum's financial-services risk-simulation work. Clear progress would show a rival moving a quantum platform toward a specific enterprise use, raising the bar for Rigetti's own application development; limited progress would leave that use case unproven, but would not settle how Rigetti's projects are faring.
