Rigetti Computing, Inc. (RGTI): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that's essentially a publicly-listed, long-term R&D project, and honestly, understanding its business model requires looking past the hype. As an analyst, I see RGTI's strategy is anchored by massive government and strategic deals, like the Quanta collaboration, to fund a roadmap aiming for high-fidelity systems. Still, the numbers from late 2025 show the reality: with only $1.9 million in revenue for Q3 against a $20.5 million operating loss, this isn't a typical software play; you need to see how they plan to bridge that gap using their $600.0 million cash buffer. Dive into the full Canvas below to see the exact partnerships and revenue streams funding this quantum future.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem Rigetti Computing, Inc. builds its business upon; these aren't just names on a slide, they represent committed capital and critical technology access points. Honestly, in this capital-intensive field, these alliances are as vital as the qubits themselves.

The collaboration with Quanta Computer is a cornerstone, showing significant financial backing for superconducting quantum development. Both Rigetti Computing, Inc. and Quanta Computer have committed to investing more than $100 million each over the next five years to advance this technology. Furthermore, Quanta Computer has planned an additional direct investment of $35 million in Rigetti Computing, Inc. shares, pending regulatory clearance. This signals a deep, long-term alignment between quantum hardware expertise and world-class manufacturing scale, with Quanta reporting $43 billion in annual sales.

Government support provides crucial non-dilutive funding and validation for next-generation applications. Rigetti Computing, Inc. secured a significant three-year contract from the Air Force Research Laboratory (AFRL) valued at $5.8 million. This deal specifically targets the advancement of superconducting quantum networking, aiming to deliver systems providing entanglement between superconducting qubits and optical photons.

Access to the broader computational landscape is managed through major cloud providers. This allows Rigetti Computing, Inc.'s systems to reach a wider user base for testing and simulation. For instance, subscribers to Amazon Braket and Microsoft Azure Quantum are given access to Rigetti Computing, Inc.'s quantum computers.

Academic partnerships are key for workforce development and fundamental R&D. Rigetti Computing, Inc. established a collaboration with Montana State University (MSU), which now hosts the first on-premises Rigetti Computing, Inc. quantum computer at its QCORE facility. This installation is a 9-qubit Novera™ QPU, which researchers use for quantum hardware and hybrid system R&D.

To stay competitive in the race toward utility-scale quantum computing, tight integration with classical high-performance computing is necessary. Rigetti Computing, Inc. is actively supporting NVIDIA's new open platform, NVQLink, which is designed to unite quantum processors and control systems with NVIDIA AI supercomputing. This positions Rigetti Computing, Inc.'s processors for low latency, high-throughput connectivity in hybrid quantum-classical applications.

Here's a quick look at the committed financial and hardware scale of these key relationships:

Partner Entity	Nature of Partnership	Committed Financial/Hardware Metric	Timeframe/Scope
Quanta Computer	Strategic Technology Development	Over $100 million commitment each	Over five years
Air Force Research Laboratory (AFRL)	Government Contract for Networking	$5.8 million contract value	Three-year term
Montana State University (MSU)	Academic R&D and Workforce Development	Installation of 9-qubit Novera™ QPU	On-premises at QCORE facility
NVIDIA	Hybrid System Integration	Support for NVQLink architecture	Enabling low-latency connectivity
Quanta Computer (Equity)	Direct Investment	$35 million planned share purchase	Subject to regulatory clearance

The reach of Rigetti Computing, Inc.'s technology is extended through major cloud platforms, enabling broader testing and deployment scenarios. These cloud integrations are essential for driving adoption and gathering real-world performance data:

• Amazon Braket: Provides AWS customers access to Rigetti Computing, Inc.'s superconducting gate-based devices.
• Microsoft Azure Quantum: Offers subscribers access to Rigetti Computing, Inc.'s quantum computers for simulation and testing.
• QphoX: Collaborating on the AFRL contract to develop microwave-to-optical transducers for quantum networking.
• Previous NVIDIA Work: Teams previously integrated a Novera QPU with NVIDIA DGX Quantum to calibrate the QPU.

To be fair, while the market is showing optimism-the Zacks Consensus Estimate for Rigetti Computing, Inc.'s 2025 earnings implies an 86.1% rise-the success of these partnerships hinges on execution. The year-to-date stock gain of 178.6% versus the industry's 21.2% shows investor excitement is high.

Finance: draft 13-week cash view by Friday.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Key Activities

You're looking at the core engine of Rigetti Computing, Inc. (RGTI), which is all about building and running the actual quantum hardware. This is where the heavy, capital-intensive work happens, and the numbers reflect that intense R&D focus.

Quantum Processing Unit (QPU) design and in-house manufacturing at Fab-1.

Rigetti Computing, Inc. maintains a full-stack approach, which means they control the entire process from the blueprint to the final chip. They design and manufacture their chips in-house at Fab-1, which they call the industry's first dedicated and integrated quantum device manufacturing facility. This in-house capability is key to their modular strategy, allowing them to produce devices with more predictable performance and timelines for their internal teams and external customers.

The company has been selling on-premises quantum computing systems since 2021, with initial qubit counts ranging between 24 and 84 qubits. Furthermore, they have been sharing the unique capabilities of Fab-1 with the broader research community, allowing external users to order quantum integrated circuit (QuIC) test devices directly.

Aggressive R&D to hit 100+ qubit systems with 99.5% fidelity by late 2025.

The R&D focus is clearly on scaling qubit count while simultaneously improving quality, measured by two-qubit gate fidelity. Rigetti Computing, Inc. remains on track to deliver a 100+ qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025. This milestone builds directly on recent achievements. For instance, the Cepheus-1-36Q system, launched in Q3 2025, achieved this 99.5% median two-qubit gate fidelity. This performance represents a twofold reduction in the median two-qubit gate error rate compared to their previous 84-qubit Ankaa-3 system.

This modular scaling is evidenced by the Cepheus-1-36Q system, which is built from four interconnected 9-qubit chiplets. The company's roadmap shows continued fidelity improvement alongside scaling:

Target Year	Qubit Count Target	Anticipated Median Two-Qubit Gate Fidelity
End of 2025	100+	99.5%
End of 2026	150+	99.7%
End of 2027	1,000+	99.8%

The 9-qubit Novera QPU was introduced in 2023 to support the broader R&D community with an on-premises option.

Operating the Rigetti Quantum Cloud Services (QCS) platform.

Rigetti Computing, Inc. has been operating quantum computers over the cloud via its Quantum Cloud Services (QCS) platform since 2017, serving global enterprise, government, and research clients. The Cepheus-1-36Q system is deployed on the QCS platform and is also made available through Microsoft Azure. The financial performance tied to these operations shows sequential growth but remains modest relative to R&D spend.

• Q3 2025 Revenue: $1.9 million.
• Q2 2025 Revenue: $1.8 million.
• Trailing Twelve Month (TTM) Sales: $7.49 million.
• Q3 2025 Operating Expenses: $21.0 million.
• Q3 2025 GAAP Net Loss: ($201.0) million (significantly impacted by a $182 million non-cash loss).
• Q3 2025 Non-GAAP Net Loss (Operational Burn): ($10.7) million.

Honestly, for a deep tech company, the operational burn is less important than the cash runway, so you look at the balance sheet next.

Securing and executing long-term government R&D contracts.

Government engagement is a critical revenue and validation stream. In September 2025, Rigetti Computing, Inc. was awarded a three-year, $5.8 million contract from the Air Force Research Laboratory (AFRL) to advance superconducting quantum networking. Also in September 2025, the company announced purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems, with delivery expected in the first half of 2026. The CEO has indicated confidence in securing a share of the pending National Quantum Initiative reauthorization, which could allocate roughly $500 million a year in the U.S.

The company's financial position as of late 2025 is robust enough to fund these long-term efforts:

• Cash, Cash Equivalents, and Investments (as of June 30, 2025): $571.6 million, following a $350 million equity raise.
• Cash, Cash Equivalents, and Investments (as of November 6, 2025): Approximately $600.0 million.

Developing the chiplet-based architecture for future 1,000+ qubit scaling.

The chiplet-based, modular architecture is Rigetti Computing, Inc.'s core strategy for scaling beyond the limitations of monolithic chips. This approach, which mirrors the semiconductor industry's successful strategy, is intended to enable the leap to utility-scale machines. The 1,000+ qubit system target for the end of 2027 is paired with an anticipated 99.8% median two-qubit gate fidelity. This roadmap is being supported by significant capital, as the company raised $350 million in gross proceeds from an at-the-market equity offering during the second quarter of 2025.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Key Resources

You're looking at the core assets Rigetti Computing, Inc. (RGTI) relies on to execute its strategy. For a deep-tech firm like this, the key resources aren't just cash; they are the intellectual property and the physical infrastructure needed to build and scale quantum hardware.

Cash and Investments

The most immediate resource is the liquidity buffer. As of November 6, 2025, Rigetti Computing, Inc. reported cash, cash equivalents, and available-for-sale investments totaling approximately $600.0 million. This figure reflects a healthy position following the exercise of warrants after the September 30, 2025, balance sheet date, which saw the total rise from $558.9 million. Honestly, that war chest is what buys them the time to hit those long-term technology milestones without immediate capital pressure.

Proprietary Technology

The foundation of Rigetti Computing, Inc.'s value proposition rests on its superconducting qubit technology, specifically its commitment to a modular, chiplet-based architecture. This approach mirrors the successful scaling strategies seen in the classical semiconductor industry, aiming to bond smaller, high-yielding chips together rather than relying on a single, massive, low-yield processor. The company's roadmap provides concrete targets for this technology, which you should map against their burn rate.

Here's a look at the key hardware milestones tied to this proprietary technology as of late 2025:

Metric / System Target	End of 2025 Target	End of 2026 Target	End of 2027 Target
Qubit Count	100+ (Chiplet-based system)	150+ Qubit System	1,000+ Qubit System
Median Two-Qubit Gate Fidelity	99.5%	99.7%	99.8%
Recent Commercial Sales (Sept 2025)	$5.7 million in purchase orders for two 9-qubit Novera™ systems	N/A	N/A

The company also reported a non-GAAP net loss of $10.7 million for the third quarter of 2025, showing operational discipline against this ambitious R&D spend.

Fab-1

Rigetti Computing, Inc. designs and manufactures its chips in-house at Fab-1, which is touted as the industry's first dedicated and integrated quantum device manufacturing facility. This captive foundry capability is a critical resource because it enables a rapid design-build-test flywheel, accelerating innovation cycles and mitigating supply chain risk associated with external fabrication partners. This integrated capability is essential for achieving the tight synchronization required between design and fabrication to improve performance metrics like gate fidelity.

Specialized Engineering Talent

The execution of the full-stack, superconducting, chiplet-based roadmap requires a highly specific set of skills. The core resource here is the specialized engineering talent focused on integrating the entire system, from the quantum processor unit (QPU) fabrication up through the quantum-classical control infrastructure. This team's expertise is directed toward several key areas:

• Developing the multi-chip processor architecture for scaling.
• Improving superconducting qubit performance and coherence.
• Advancing superconducting quantum networking capabilities, including through AFRL-funded projects.
• Integrating with classical high-performance computing via platforms like NVIDIA NVQLink.
• Supporting on-premises system sales like the Novera™ quantum computing systems.

Finance: draft 13-week cash view by Friday.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Rigetti Computing, Inc. over the alternatives. It boils down to performance, a clear path forward, and comprehensive access to the technology stack. Honestly, in this space, if you don't have a credible roadmap, you don't have a business.

The headline here is the fidelity achievement. Rigetti Computing announced hitting a 99.5% median two-qubit gate fidelity on its modular 36-qubit system back in July 2025. That's a big deal because it represents a two-fold reduction in the median two-qubit gate error rate compared to their previous 84-qubit Ankaa-3 system. This fidelity level is what makes the subsequent scaling targets seem achievable, defintely.

The value proposition is built around this technical progress, which you can see laid out in their scaling targets:

• Delivering a 100+ qubit system by the end of 2025.
• Achieving 150+ qubits by the end of 2026.
• Targeting a 1,000+ qubit system by the end of 2027.

This roadmap is supported by their modular, chiplet-based architecture. Here's how those fidelity and qubit count targets stack up:

Target Year	Qubit Count Target	Anticipated Median Two-Qubit Gate Fidelity
2025 (End)	100+	99.5%
2026 (End)	150+	99.7%
2027 (End)	1,000+	99.8%

Rigetti Computing offers this technology across the entire stack. They aren't just selling hardware; they are selling the integrated experience. This means developers get access to the physical hardware, the necessary software tools, and the Quantum Cloud Services (QCS) platform. The QCS platform specifically supports ultra-low latency integration between a customer's high-performance classical hardware and Rigetti's Quantum Processing Units (QPUs).

For organizations needing dedicated, in-house capability, the on-premises hardware is a key value driver. The Novera™ QPU is their commercially available, upgradeable system. You see real demand here, too; Rigetti secured purchase orders totaling approximately $5.7 million for two of these 9-qubit Novera systems in late 2025, with delivery expected in the first half of 2026. These systems are designed for hands-on R&D and are upgradeable, which protects the initial investment.

The Novera QPU itself is a testament to the full-stack approach, combining specific hardware components:

• A main 9-qubit chip with tunable couplers.
• A separate 5-qubit chip for single-qubit operation testing.
• Control systems utilizing Quantum Machines' OPX1000.

The company's financial position, with approximately $558.9 million in cash and equivalents as of the end of Q3 2025, backs the commitment to delivering on this aggressive roadmap.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Customer Relationships

You're looking at how Rigetti Computing, Inc. (RGTI) manages its key relationships, which is heavily weighted toward deep, long-term technical engagements rather than high-volume transactional sales, especially given the nascent stage of the quantum market. This is definitely a high-touch environment for their largest contracts.

Dedicated Co-Development: Deep, collaborative R&D with government and strategic partners

The relationship with government entities and strategic investors forms a critical, often non-recurring, revenue foundation. These collaborations validate the technology and provide substantial, milestone-driven funding. For instance, in the first quarter of 2025, Rigetti Computing secured a $5.48 million award from the U.S. Air Force Office of Scientific Research and £3.5 million from Innovate UK. Furthermore, the company was selected for Stage A of DARPA's Quantum Benchmarking Initiative, a six-month, milestone-driven performance contract worth up to $1 million. More recently, in Q3 2025, Rigetti announced a three-year, $5.8 million contract from AFRL to advance superconducting quantum networking, collaborating with QphoX. Strategic partnerships also involve significant capital commitments; Rigetti closed a $35 million equity investment from Quanta Computer in April 2025, following a February 2025 Collaboration Agreement where both parties committed to invest at least $250 million over the next five years.

These deep engagements are characterized by specific technical collaborations:

• Supporting NVIDIA NVQLink platform for AI-quantum integration.
• Collaborating with Riverlane on Quantum Error Correction (QEC) for the DARPA contract.
• Partnering with QphoX on the AFRL networking contract.

Direct Sales and Support: High-touch relationship for on-premises system sales

For customers requiring dedicated, high-performance hardware, Rigetti Computing maintains a direct, high-touch sales and support model for its on-premises systems. This segment showed encouraging signs in late 2025, despite overall revenue softness. In Q3 2025, Rigetti announced securing purchase orders totaling approximately $5.7 million for two of its 9-qubit Novera™ quantum computing systems. These systems, which are upgradeable, are slated for delivery in the first half of 2026. One of these systems is designated for an Asian technology manufacturing company to build internal expertise and validate their own quantum technologies. Rigetti began selling these on-premises systems, with qubit counts between 24 and 84 qubits, back in 2021, supporting national laboratories and quantum computing centers. The 9-qubit Novera QPU itself was introduced in 2023.

Here's a quick look at the recent on-premises order value:

Metric	Value (as of Q3 2025)
Total Purchase Orders for Novera Systems (Sept 2025)	$5.7 million
Number of Novera Systems Ordered (Q3 2025)	2
Qubit Count per Novera System	9-qubit
Expected Delivery Window	H1 2026

Automated Service: Self-service access via the QCS platform and third-party clouds

The broader market access is facilitated through the Rigetti Quantum Cloud Services platform (QCS), which has been deploying quantum computers over the cloud since 2017. This allows for a more automated, self-service relationship for R&D clients and those preferring cloud access. In Q2 2025, Rigetti announced the general availability of its 36-qubit multi-chip quantum computer, Cepheus-1-36Q, deployed on the QCS platform, with subsequent availability planned on Microsoft Azure. The revenue generated from these cloud access models shows volatility, reflecting the project-based nature of the business. Rigetti Computing reported total revenues of $1.8 million for Q2 2025, and $1.9 million for Q3 2025. On a trailing twelve-month basis, sales stood at $7.49 million. The Zacks Consensus Estimate for the full 2025 sales implies a year-over-year decline of 23.82%.

The company's liquidity, which underpins its ability to maintain these service platforms, was strong as of late 2025, with cash, cash equivalents, and available-for-sale investments totaling approximately $600.0 million as of November 6, 2025, following warrant exercises.

Cloud Access Points:

• Primary access via Rigetti QCS platform.
• Availability through third-party cloud service providers.
• Cepheus-1-36Q available on Microsoft Azure.

Finance: draft 13-week cash view by Friday.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Channels

You're looking at how Rigetti Computing, Inc. gets its technology-from cloud access to direct hardware sales-into the hands of users as of late 2025. It's a mix of direct engagement and leveraging major cloud platforms.

Rigetti Quantum Cloud Services (QCS): Direct access to quantum hardware

Rigetti Computing, Inc. provides direct access to its quantum hardware, which is a key channel for researchers and developers who need low-latency interaction with the systems. This direct access is crucial for deep experimentation and training talent, as it bypasses potential cloud overhead.

• Rigetti Computing, Inc. is on track to deploy a 100-plus-qubit system by the end of 2025.
• The target median two-qubit gate fidelity for this system is 99.5 percent.
• The company is also aiming for a 150-plus-qubit system by late 2026 with 99.7 percent fidelity.

While the search results don't break out QCS-specific revenue, the overall third-quarter 2025 revenue for Rigetti Computing, Inc. was $1.9 million.

Cloud Marketplaces: Distribution through Amazon Braket and Azure Quantum

Distribution through major hyperscalers is a significant part of Rigetti Computing, Inc.'s channel strategy, offering broad reach to existing cloud customers. Amazon Braket and Microsoft's Azure Quantum both allow subscribers to access Rigetti Computing, Inc.'s specialized computers.

Cloud Marketplace	Hardware Availability/Mention
Amazon Braket	Rigetti Computing, Inc. builds superconducting gate based devices and is launching an 80-qubit device named Aspen-M and making it available via Amazon Braket.
Azure Quantum	Subscribers have access to Rigetti Computing, Inc.'s specialized computers for running simulations or testing quantum hardware.

Clients use these services to run simulations or test their quantum hardware.

Direct Sales Force: Targeting government, national labs, and large enterprises

Direct engagement is heavily focused on government and national lab contracts, which provide both funding and validation for Rigetti Computing, Inc.'s technology. These deals often involve custom system deployments or advanced research projects.

Recent government-linked wins underscore this channel's importance:

• A three-year, $5.8 million contract was secured from the Air Force Research Laboratory (AFRL) to advance superconducting quantum networking.
• Rigetti Computing, Inc. booked $5.7 million in purchase orders for two complete 9-qubit Novera systems.
• Earlier examples include a $1.5 million contract extension with AFRL and a $3.9 million contract with DARPA.

The third-quarter 2025 revenue of $1.9 million was impacted by the expiration of the U.S. National Quantum Initiative (NQI), which slowed federal purchasing cycles.

Strategic Partner Networks: Leveraging Quanta for commercialization and manufacturing

Strategic partnerships are key for accelerating development and securing capital, with Quanta Computer being a notable collaborator. This network helps Rigetti Computing, Inc. move toward commercial scale-up.

Here are the financial and commitment details from the Quanta relationship:

Metric	Amount/Value	Context
Quanta Investment	$35 million	Investment closed by April 30, 2025.
Cash Increase from Quanta	From $209.1 million to $237.7 million	Cash, cash equivalents, and investments as of April 30, 2025.
Joint Commitment	Over $100 million each over five years	For refining superconducting quantum computing.

Rigetti Computing, Inc. also deepened partnerships with NVIDIA, India's C-DAC, and Montana State University to advance hybrid quantum and AI research.

Finance: review Q4 2025 cash position against projected R&D burn rate by end of January 2026.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Rigetti Computing, Inc. as of late 2025, and honestly, it's heavily weighted toward entities that fund deep, foundational R&D rather than broad, recurring enterprise software sales. This is typical for the current stage of quantum hardware development; the revenue mix reflects strategic, milestone-based engagements.

The core of Rigetti Computing, Inc.'s customer segments relies on government validation and early-adopter technology deployment. Their business model tends to revolve around grants, milestone-based contracts, and R&D engagements, which means revenue flows can be unpredictable, fluctuating with contract timing.

Here's how the key segments break down based on recent contract activity:

• Government and Defense: U.S. Air Force Research Laboratory (AFRL) and other national labs.
• Academic and Research: Universities and R&D organizations.
• Large Enterprise: Global technology manufacturers using systems for internal testbeds.
• Quantum Developers and Startups: Applied physics and AI firms needing dedicated access.

Government and Defense

Federal agencies represent a critical segment, providing non-dilutive funding that validates the technology roadmap. The U.S. Air Force Research Laboratory (AFRL) is a notable partner. Rigetti Computing, Inc. announced a three-year, $5.8 million contract from AFRL in September 2025 focused on advancing superconducting quantum networking, a project done in collaboration with QphoX.

This segment's purchasing cycle was recently impacted by the expiration of the U.S. National Quantum Initiative (NQI), which caused revenue softness in Q3 2025, which reported total revenue of $1.9 million for the quarter. However, the program has since been reinstated at $625 million over five years, which management expects will re-engage national labs and improve momentum.

Other key government-linked awards include:

• A $5.48 million award from the U.S. Air Force Office of Scientific Research (AFOSR) in Q1 2025 to explore fabrication techniques.
• A milestone-driven performance contract from DARPA's Quantum Benchmarking Initiative, worth up to $1 million, announced in Q1 2025.
• Funding secured in Q1 2025 from Innovate UK totaling £3.5 million, supporting work with the U.K.'s National Quantum Computing Centre (NQCC).

Academic and Research

Academic and research organizations are key users of Rigetti Computing, Inc.'s systems for fundamental physics and algorithm development. While specific contract values with individual universities like MSU or C-DAC aren't always itemized separately from broader government grants, the company's work often involves collaborations with major national labs and universities.

For instance, the Q1 2025 AFOSR award involved partners such as Iowa State, RMIT, University of Connecticut, and Lawrence Livermore National Lab, indicating a broad research ecosystem engagement. These engagements are vital for technical validation, even if they carry a lower gross margin profile, as seen with recent contracts with the NQCC.

Large Enterprise and Quantum Developers and Startups

This category is currently being served through direct sales of on-premises quantum systems, specifically the Novera™ systems, which are high-value, targeted research tools for early adopters. In Q3 2025, Rigetti Computing, Inc. secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera systems.

These two sales clearly delineate the enterprise and startup customer types:

• One system is going to an Asian technology manufacturing company intended to serve as an internal testbed for building quantum expertise and benchmarking.
• The second system is destined for a California-based startup focused on applied physics and artificial intelligence, specifically for error correction research.

These sales demonstrate a shift toward hardware deployment, moving beyond pure cloud access or grant-based work, which is a positive signal for future revenue visibility.

The following table summarizes the most recent, quantifiable contract and system sales data from late 2025 reporting periods:

Customer Segment / Contract Type	Specific Customer/Program	Value (USD/GBP)	Term/Period
Government/Defense (Networking)	AFRL (with QphoX)	$5.8 million	Three-year (Announced Sept 2025)
Government/Defense (R&D)	U.S. Air Force Office of Scientific Research (AFOSR)	$5.48 million	Q1 2025 Award
Large Enterprise (Hardware Sale)	Asian Technology Manufacturer	Part of $5.7 million total POs	Q3 2025 Purchase Order
Quantum Developers/Startups (Hardware Sale)	California Applied Physics/AI Startup	Part of $5.7 million total POs	Q3 2025 Purchase Order
Academic/Research (UK Funding)	Innovate UK	£3.5 million	Q1 2025 Funding

The overall revenue for Q3 2025 was $1.9 million, which shows the current scale of recognized revenue from these segments, though the backlog of contracted work like the AFRL deal is expected to flow into revenue in Q4 2025 and into 2026.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Rigetti Computing, Inc. (RGTI) must cover to keep its full-stack quantum-classical development engine running. Honestly, this cost structure is dominated by the need to fund a long-term, capital-intensive research and development roadmap, which is typical for this stage of quantum hardware development.

R&D Expenses: The largest cost driver, with Q3 2025 operating loss at $20.5 million.

The primary drain on cash is the investment required to push the technology forward, especially as the company targets increasingly complex systems. The operating loss for the three months ended September 30, 2025, hit $20.5 million. This loss is directly tied to the high operating expenses necessary for advanced research and engineering talent acquisition. For context, total operating expenses in the third quarter of 2025 reached $21 million. This signals a clear prioritization of R&D intensity to maintain competitive positioning, even as revenues for the same period were only $1.9 million.

The cost structure is heavily weighted toward the engineering effort needed to achieve roadmap milestones, such as:

• Targeting a 100-plus qubit system with 99.5% fidelity by the end of 2025.
• Planning for a 150-plus qubit system with 99.7% fidelity in 2026.
• Aiming for a 1,000-plus qubit system with 99.8% fidelity by 2027.

Capital Expenditures: Investment in Fab-1 and cryogenic infrastructure.

While specific 2025 CapEx figures aren't explicitly broken out in the latest reports, the company has clearly signaled its intent to fund these areas. Rigetti Computing, Inc. intends to use proceeds from its financing activities for capital expenditures. These investments are foundational for scaling superconducting quantum computers. The key physical assets driving these costs include:

Infrastructure Component	Purpose/Context
Fab-1 Facility	In-house, dedicated, and integrated quantum device manufacturing facility.
Cryogenic Infrastructure	Required for dilution refrigerators to maintain chip temperatures around 0.02 Kelvin.

Talent Costs: High salaries and stock-based compensation for specialized engineers.

The operating expense increase to $21 million in Q3 2025 was explicitly attributed to new hires, salary increases, and higher stock-based compensation. This reflects the competitive market for specialized quantum engineers. Stock-based compensation is a significant non-cash component of these talent costs, aligning employee incentives with shareholder interests without immediately burning cash.

Here are the latest reported stock-based compensation figures, though noted in a different currency:

• Stock-Based Compensation for the three months ended September 2025: €4.30 Mil.
• Stock-Based Compensation for the Trailing Twelve Months (TTM) ended September 2025: €15.39 Mil.

To be fair, excluding these non-cash expenses results in a non-GAAP net loss of $10.7 million for Q3 2025, which is still a substantial operating cost.

Manufacturing Costs: Producing superconducting quantum chips and control systems.

Manufacturing costs are embedded within the overall operating expenses and R&D spend, as Rigetti Computing, Inc. designs and fabricates its chips internally at Fab-1. The cost of producing these advanced processors is directly linked to the complexity of the architecture, such as the transition from the 84-qubit Ankaa-3 system to the multi-chiplet approach used in the Cepheus-1-36Q system. The cost structure must absorb the expense of developing proprietary control systems and the associated testing/calibration required to achieve high gate fidelities, like the 99.5% median two-qubit gate fidelity achieved on the 36-qubit system.

The gross margin for Q3 2025 was reported at 21%, indicating the direct costs associated with revenue-generating activities (like cloud services or system sales) are still high relative to revenue.

Finance: draft 13-week cash view by Friday.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Rigetti Computing, Inc.'s business model as of late 2025. Honestly, the numbers show a company still heavily in the investment and early commercialization phase, which is typical for this sector. The revenue streams are a mix of foundational government support and nascent product sales.

The total revenue for the three months ended September 30, 2025, was only $1.9 million. This low top-line figure definitely reflects the early-stage commercialization of quantum hardware and services, even with sequential growth of 5.6% from the prior quarter. To be fair, the gross margin for Q3 2025 came in at 21%, which was lower than the 51% seen in the third quarter of 2024, partly due to the revenue mix, including contracts with a lower gross margin profile, like those with the UK's national quantum computing center. The company's revenue in the quarter was also impacted by the expiration of the national quantum initiative in the US.

Here's a quick look at the components driving that revenue and the pipeline:

• Government Contract Revenue: Funding for specific R&D projects.
• On-Premises System Sales: Direct hardware purchases.
• Quantum Computing as a Service (QCaaS): Usage fees from the cloud platform.

Government Contract Revenue remains a critical pillar. Rigetti Computing, in collaboration with QphoX, secured a three-year contract from the Air Force Research Laboratory (AFRL) valued at approximately $5.8 million to advance superconducting quantum networking. This type of funding helps underwrite the heavy research and development spend. It's definitely a key enabler for their long-term technology roadmap.

For On-Premises System Sales, Rigetti Computing announced in September 2025 that it secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera™ quantum computing systems. These systems are upgradeable, and delivery is expected in the first half of 2026. One system is going to an Asian technology manufacturing company, and the other to a California-based applied physics and artificial intelligence startup for hardware and error correction research. This signals tangible validation for their modular, on-premises hardware offering.

The Quantum Computing as a Service (QCaaS) stream involves usage fees from the Rigetti Quantum Cloud Services platform, which serves global enterprise, government, and research clients. While specific Q3 2025 revenue from QCaaS isn't broken out separately from the total $1.9 million, it is a core part of their offering alongside professional services like algorithm development.

You can see the key financial data points from the quarter below:

Revenue Component/Metric	Amount (USD)	Context
Total Revenue Q3 2025	$1.9 million	Total recognized revenue for the three months ended September 30, 2025.
Novera™ System Purchase Orders (Q3 2025 Bookings)	$5.7 million	Value of orders secured in September 2025 for two 9-qubit systems.
AFRL Contract Value (Total)	$5.8 million	Value of the three-year contract awarded to advance quantum networking.
Gross Margin Q3 2025	21%	Gross margin for the quarter, down year-over-year.

The market seems to be valuing Rigetti Computing not on today's $1.9 million revenue, but on their ability to spend their substantial cash pile-approximately $600.0 million as of November 6, 2025-to hit future technology milestones.