Rigetti Computing releases 36-qubit quantum computer, reports Q2 losses

Rigetti Computing Inc. (NASDAQ: RGTI) announced the general availability of its Cepheus-1-36Q quantum computer, which the company describes as the industry's largest multi-chip quantum computer. The system achieves a median two-qubit gate fidelity of 99.5% and represents a 2x reduction in two-qubit gate error rates from the company's previous Ankaa-3 system.

The Berkeley-based quantum computing company reported second quarter 2025 revenues of $1.8 million, down from $3.1 million in the same period last year. Operating expenses totaled $20.4 million, resulting in an operating loss of $19.9 million for the quarter. Net loss reached $39.7 million, which included $22.8 million in non-cash losses related to fair value changes in derivative warrant and earn-out liabilities.

Rigetti completed a $350 million equity raise during the second quarter through its at-the-market offering program. As of June 30, 2025, the company held approximately $571.6 million in cash, cash equivalents and available-for-sale investments with no debt.

The Cepheus-1-36Q system features four chiplets and is available through Rigetti's Quantum Cloud Services platform, with plans for availability on Microsoft Azure. The company expects to release a 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025.

Dr. Subodh Kulkarni, Rigetti's CEO, stated the company continues to achieve its technology roadmap goals and remains confident in meeting end-of-year targets. The company intends to use proceeds from the equity raise primarily for working capital, capital expenditures and general corporate purposes.

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