Rigetti Computing Inc. Common Stock Q1 2026 Earnings Recap

Rigetti's shares were essentially unchanged after earnings, reflecting a market verdict that progress on the new 108-qubit system and increasing customer adoption balanced with the absence of a clear catalyst or guidance update.

Key Takeaways

• Launched general availability of the Cepheus-1-108Q system, a 108-qubit modular quantum computer, now accessible through Rigetti Quantum Cloud Services, Amazon Bracket, Microsoft Azure Quantum, and qBraid.
• Achieved median 2-qubit gate fidelity of approximately 99.1% and single qubit gate fidelity of 99.9% on Cepheus-1-108Q, with further improvements expected throughout 2026.
• Continued sales growth in on-premises Novera QPU units, including a recent order from the University of Saskatchewan, supporting year-over-year revenue growth.
• Highlighted partnerships with leading cloud providers as validation of technology and go-to-market strategy.
• No explicit guidance updates or outlook revisions provided during the call.