RGTI stock trades on Nasdaq under Rigetti Computing, a Berkeley, California company that designs, fabricates and sells superconducting quantum computers. Rigetti builds the chips, the systems and the cloud access layer itself, and most of its revenue to date has come from government and research development contracts rather than product sales.
What Rigetti actually builds
Rigetti’s own description in its 2025 annual report is direct: the company builds quantum computers and the superconducting quantum processors that power them. It runs Fab-1, its own wafer fabrication facility in Fremont, California, so it owns chip production instead of outsourcing it.
The core technical bet is a multi-chip, modular processor architecture. Instead of etching one large chip, Rigetti links several smaller “chiplets” together.
Its current flagship, Cepheus-1-36Q, launched in the second quarter of 2025 and is built from four 9-qubit chiplets. As of January 2026, the company reported a 99.6% median two-qubit gate fidelity on that system, per its own internal testing.
Video: Parkev Tatevosian, CFA
Where the revenue actually comes from
Rigetti has generated revenue since 2018 through government and commercial partnerships, and it names its counterparties directly in its 10-K: DARPA, the Department of Energy, and the Air Force Research Laboratory in the United States, plus India’s Centre for Development of Advanced Computing (C-DAC).
In January 2026, Rigetti’s Indian subsidiary received an $8.4 million purchase order to deliver a 108-qubit quantum computer to C-DAC for on-premises installation.
In the UK, Rigetti’s subsidiary won a spot in Innovate UK’s Quantum Missions Pilot Competition in April 2025, a project that upgrades the quantum computer it already hosts at the UK’s National Quantum Computing Centre to a larger 36-qubit processor, integrated with Riverlane’s error-correction stack.
Product sales are smaller but growing. Rigetti launched the Novera QPU, its first commercially available processor, in December 2023. It sold its first academic unit to Montana State University in December 2024, and in 2025 it booked purchase orders for two more Novera systems worth roughly $5.7 million combined, per the company’s own disclosures.
None of this has translated into profit. Rigetti reported a net loss of $216.2 million for fiscal year 2025 and a loss from operations of $54.0 million for the six months ended June 30, 2026, according to its most recent quarterly filing.
The company has said it expects to keep losing money as it funds research, chip development and manufacturing infrastructure.
Rigetti versus the other publicly traded quantum names
Investors researching D-Wave’s quantum annealing approach often assume all quantum stocks are interchangeable. They are not. Each of the three main Nasdaq-listed pure-play quantum companies uses a different physical method to build a qubit, and that shapes what each company can actually sell today.
| Company | Ticker | Qubit technology | Exchange | Fiscal year end |
|---|---|---|---|---|
| Rigetti Computing | RGTI | Superconducting, gate-based, multi-chip modular | Nasdaq | December 31 |
| D-Wave Quantum | QBTS | Superconducting annealing, plus gate-model since Advantage2 | Nasdaq | December 31 |
| Quantum Computing Inc. | QUBT | Room-temperature photonics (Entropy Quantum Computer) | Nasdaq | December 31 |
D-Wave built its business on annealing hardware for optimization problems and now also offers a gate-model product line. Quantum Computing Inc. takes a different physical route entirely, using photons instead of superconducting circuits.
That photonics approach lets its hardware run at room temperature rather than near absolute zero. Rigetti’s superconducting, gate-based approach sits closer to D-Wave’s than to Quantum Computing Inc.’s, but the multi-chip architecture and the customer list, government labs, universities and international agencies, are specific to Rigetti.
If you’re screening the sector more broadly, a look at the wider field of publicly traded quantum computing stocks shows how differently each company has chosen to compete.
Some investors also cross-check quantum tickers against criteria used to screen undervalued AI stocks, though quantum computing remains a distinct, earlier-stage category from mainstream AI infrastructure.
None of this is a recommendation. Rigetti’s contracts are real and named in its own filings, but the company is still pre-profit, and quantum hardware remains a research-stage technology competing for a market that does not fully exist yet.
Frequently asked questions about RGTI stock
What does Rigetti Computing actually sell?
Rigetti sells access to its superconducting quantum computers through cloud services, sells standalone quantum processing units like the Novera QPU, and performs development work under contracts with government and research partners.
Is Rigetti profitable?
No. Rigetti reported a net loss of $216.2 million for fiscal year 2025 and continued operating losses in the first half of 2026, per its SEC filings.
How is Rigetti different from D-Wave?
Both use superconducting qubits, but Rigetti’s architecture is gate-based and multi-chip, while D-Wave built its business on quantum annealing before adding a gate-model product line of its own.
