Customer concentration
A limited number of customers account for a large share of revenue, so delays or cancellations can materially affect results.
- Scope
- U.S. government entities represented 48.0% of 2025 revenue and 54.2% in 2024.
- Materiality
- high
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.
−1 080,1 %
29,1 %
−3 050,4 %
−34,3 %
37.42
37.42
| % | |
|---|---|
| Quantum hardware | 35% Superconducting quantum processors, QPUs, and complete quantum computer systems. |
| QCaaS / cloud access | 30% Subscription-based and usage-based access to Rigetti quantum systems through QCS. |
| Development contracts | 25% Collaborative research and development work for customer-specific quantum applications. |
| Professional and component services | 10% Custom components, training, integration support, and related professional services. |
Rigetti sells to enterprises, government agencies, and research organizations that need access to quantum computing...
- U.S. government agenciesprimary
Departments and agencies such as DOE, DARPA, and AFRL buy quantum R&D, prototype systems, and collaborative development work.
- Commercial enterprisesprimary
Enterprises in finance and other technical industries buy QCS access, custom development, and quantum application support.
- Cloud and ecosystem partnerssecondary
Partners such as AWS, Microsoft Azure, and Strangeworks help distribute access to Rigetti systems.
- International government and research organizationssecondary
Organizations such as India’s C-DAC and UK quantum programs buy systems and research collaboration.
Rigetti is headquartered in Berkeley, California and operates in Fremont, London, Adelaide, British Columbia, and...
- •Headquartered in Berkeley, California
- •Operates Fab-1 and other facilities in Fremont, California
- •Has operations in London, Adelaide, British Columbia, and Mumbai
- •Revenue is primarily from the United States and the United Kingdom
- •International presence supports government and research partnerships
Rigetti’s strategy is built around vertical integration: designing quantum chips, fabricating them in-house, and...
01
Scale superconducting quantum hardwaremedium-term
Higher-performance processors are central to commercial quantum advantage and customer adoption.
02
Grow enterprise and government customer baseshort-term
Early quantum demand is concentrated in technically sophisticated buyers that can co-develop applications.
03
Broaden distribution through partnersmedium-term
Cloud and ecosystem partners extend reach without requiring every customer to integrate directly.
04
Protect and extend intellectual propertylong-term
Patents and trade secrets help defend a complex full-stack technology platform.
Rigetti faces the risks typical of an early-stage deep-tech hardware company: long development cycles, uncertain...
Technology development and milestone risk
Quantum computing remains an emerging field, and the company may miss technical milestones or change its roadmap.
- Materiality
- high
Supply chain and manufacturing dependency
The company relies on specialized electronics, cryogenic, and semiconductor suppliers for critical inputs.
- Materiality
- high
Financing and liquidity dependence
The business requires ongoing capital for R&D, fabrication, and infrastructure before it can scale commercially.
- Materiality
- high
Cybersecurity and physical security
Quantum systems, cloud platforms, and research data are attractive targets for sophisticated attackers.
- Materiality
- medium
Revenue recognition by contract type
Shipment timing and milestone achievement can shift revenue between quarters
Customer concentration and contract timing
Quarterly results may not reflect underlying demand trends
Long-lived asset and fabrication facility accounting
Capital intensity affects reported operating costs and asset values
Warrants and equity-linked instruments
Fair value changes can affect earnings and balance sheet presentation
: 29.4.2026