Rigetti Computing, Inc.
Rigetti Computing, Inc. designs and builds superconducting quantum computers and the quantum processors that power them. The company also provides cloud access to its systems through its quantum computing platform, along with collaborative research, development, and professional services for enterprises, government agencies, and research partners. It is headquartered in Berkeley, California and operates additional facilities in the United States, the United Kingdom, Australia, Canada, and India.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueSuperconducting quantum processors, QPUs, and complete quantum computer systems.
Subscription-based and usage-based access to Rigetti quantum systems through QCS.
Collaborative research and development work for customer-specific quantum applications.
Custom components, training, integration support, and related professional services.
Products
Reported · share of revenue- Collaborative Research and Other Professional Services94.2 %
- Access to Quantum Computing Systems5.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Rigetti sells to enterprises, government agencies, and research organizations that need access to quantum computing hardware, cloud-based compute time, or collaborative development support. Its customer base includes commercial users in finance and cloud distribution partners, as well as U.S. and international government and national-lab customers. Many engagements are tied to research, algorithm development, benchmarking, and early application development rather than mass-market usage.
Departments and agencies such as DOE, DARPA, and AFRL buy quantum R&D, prototype systems, and collaborative development work.
Enterprises in finance and other technical industries buy QCS access, custom development, and quantum application support.
Partners such as AWS, Microsoft Azure, and Strangeworks help distribute access to Rigetti systems.
Organizations such as India’s C-DAC and UK quantum programs buy systems and research collaboration.
Strategy
Rigetti’s strategy is built around vertical integration: designing quantum chips, fabricating them in-house, and delivering access through its cloud platform. The company is focused on enterprise and government partnerships that can validate use cases, support system development, and create early demand for quantum hardware and services. It also uses ecosystem and cloud distribution relationships to broaden access to its systems while continuing to invest in next-generation processors and fabrication capabilities.
Higher-performance processors are central to commercial quantum advantage and customer adoption.
Early quantum demand is concentrated in technically sophisticated buyers that can co-develop applications.
Cloud and ecosystem partners extend reach without requiring every customer to integrate directly.
Patents and trade secrets help defend a complex full-stack technology platform.
Geography
Rigetti is headquartered in Berkeley, California and operates in Fremont, London, Adelaide, British Columbia, and Mumbai. Revenue is derived primarily from the United States and the United Kingdom, while the operating footprint supports hardware development, cloud delivery, and international collaboration. The multi-country structure matters because quantum hardware development depends on specialized facilities, local research partnerships, and government programs.
Risks
Rigetti faces the risks typical of an early-stage deep-tech hardware company: long development cycles, uncertain customer adoption, and dependence on continued funding for R&D and infrastructure. Its business is also exposed to supply-chain constraints, specialized component availability, and cybersecurity threats, while customer concentration can cause revenue volatility when large government or enterprise programs shift. Because the company sells advanced systems and collaborative services, delays in technical milestones or partner execution can directly affect commercialization timing.
- Technology development and milestone riskImpact: HighLikelihood: High
Quantum computing remains an emerging field, and the company may miss technical milestones or change its roadmap.
- Financing and liquidity dependenceImpact: HighLikelihood: High
The business requires ongoing capital for R&D, fabrication, and infrastructure before it can scale commercially.
- Customer concentrationImpact: HighLikelihood: Medium
A limited number of customers account for a large share of revenue, so delays or cancellations can materially affect results.
Exposure: U.S. government entities represented 48.0% of 2025 revenue and 54.2% in 2024.
- Supply chain and manufacturing dependencyImpact: HighLikelihood: Medium
The company relies on specialized electronics, cryogenic, and semiconductor suppliers for critical inputs.
- Cybersecurity and physical securityImpact: MediumLikelihood: Medium
Quantum systems, cloud platforms, and research data are attractive targets for sophisticated attackers.
Accounting
Judgemental itemsDifferent recognition methods for hardware, subscriptions, and services affect timing and comparability.
Impact: Shipment timing and milestone achievement can shift revenue between quarters.
Large government and enterprise contracts can create lumpy revenue patterns.
Impact: Quarterly results may not reflect underlying demand trends.
Fab-1 and related equipment require depreciation and potential impairment judgments.
Impact: Capital intensity affects reported operating costs and asset values.
Public and private warrants require valuation and classification judgments.
Impact: Fair value changes can affect earnings and balance sheet presentation.
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Last updated: 24/09/2026