Are Partnerships and Early Orders Powering Rigetti's Quantum Push?

Rigetti Computing RGTI is steadily positioning itself as a serious contender in scalable superconducting quantum computing, supported by a clear technology roadmap and a growing network of strategic partnerships. The company aims to advance from smaller systems toward 100+ qubit machines with improved gate fidelity, ultimately targeting much larger, fault-tolerant quantum systems in the coming years.

This push is reinforced by collaborations designed to strengthen both technology development and manufacturing scale. For instance, Rigetti’s partnership with India’s Centre for Development of Advanced Computing (C-DAC) focuses on building hybrid quantum-classical systems for national research applications. At the same time, Rigetti's alliance with Quanta Computer, which includes more than $100 million in planned investments from each party over five years, along with an equity stake from the latter, is expected to support manufacturing scale-up and commercialization efforts.

On the commercial front, Rigetti is beginning to move beyond pure research and into early customer deployments that signal rising market traction. In September 2025, the company disclosed purchase orders worth roughly $5.7 million for two of its 9-qubit Novera systems. More recently, Rigetti secured an $8.4 million order to deliver a 108-qubit quantum computer to C-DAC’s Bengaluru center, marking a meaningful step into higher-qubit system deployment for a national research institution.

Financially, the company generated $1.9 million in third-quarter revenues, supported by government-funded programs, cloud-access quantum services and collaborative research projects. Rigetti also ended the quarter with $446.9 million in cash, equivalents and short-term investments and no debt, a position further strengthened by a $350 million equity raise in 2025 that provides a solid liquidity runway as it continues investing in the quantum roadmap.

Peers Updates

Quantum Computing Inc. QUBT has enhanced the commercial profile by advancing its integrated photonics roadmap and building early traction across government and enterprise customers. The company is expanding thin-film lithium niobate foundry operations while promoting its room-temperature photonic quantum and optimization platforms, including broader cloud-based access to the Dirac systems. Recent capital raises have materially strengthened the balance sheet, giving it greater financial flexibility to scale manufacturing capacity and support ongoing product commercialization efforts.

Arqit Quantum Inc. ARQQ has recently strengthened its commercial momentum by expanding deployments of quantum-safe encryption solutions and deepening integrations with telecom operators and enterprise infrastructure partners. The company is scaling its NetworkSecure platform alongside additional cryptographic management tools designed to help organizations transition toward post-quantum security standards.

Arqit has also rolled out new capabilities aimed at automating encryption discovery and identifying potential cryptographic vulnerabilities across enterprise systems. As adoption grows across telecom, government and enterprise customers, the company is gradually repositioning itself as a scalable cybersecurity infrastructure provider rather than a business primarily focused on quantum research.

Rigetti’s Price Performance, Valuation and Estimates

Shares of RGTI have gained 12.3% in the past six-month period against the industry’s decline of 21.6%.

From a valuation standpoint, Rigetti trades at a price-to-book ratio of 15.05, above the industry average. RGTI carries a Value Score of F.

The Zacks Consensus Estimate for Rigetti’s 2026 earnings implies a significant 74.3% improvement from the year-ago period.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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