Rigetti Posts 99.9% Two-Qubit Fidelity, Secures $14.1M in New Contracts
Rigetti achieved a two-qubit gate fidelity of 99.9% at 28ns and maintained one-qubit fidelity of 99.9%, with its 108-qubit Cepheus-1 system reaching about 99% fidelity, while advancing chiplet architecture for scalable quantum systems. The company also holds $590M cash and secured $14.1M in contracts, boosting revenue visibility.
1. Hardware Performance Breakthroughs
Rigetti has reached a two-qubit gate fidelity of 99.9% at a 28-nanosecond gate speed using its adiabatic CZ scheme and maintained one-qubit gate fidelity at 99.9%. Median two-qubit fidelities stand at 99.7% on its 9-qubit system, 99.6% on the 36-qubit platform and approximately 99% on the 108-qubit Cepheus-1 system, underlining consistent improvements in materials, fabrication and system design.
2. Chiplet Architecture Scalability
The company’s chiplet-based quantum architecture tiles multiple smaller chips to overcome the limits of monolithic designs, aiming to expand qubit counts while improving fabrication yields and uniformity. Recent tests on the 108-qubit chiplet system identified tunable-coupler interactions at scale, leading to architectural refinements that enhance system stability and control ahead of deployment.
3. Financial Position and Contracts
Rigetti ended the period with $590 million in cash, reinforcing its development runway. It has also secured $14.1 million in quantum computing contracts, including $8.4 million from India’s C-DAC and $5.7 million from Novera, which materially improve near-term revenue visibility.
4. Market Performance and Valuation
Rigetti shares have risen 5.1% over the past six months versus a 20.8% industry decline. The stock trades at a price-to-book ratio of 10.28, carries a Value Score of F and its consensus estimate implies a 74.3% increase in 2026 earnings, reflecting market expectations for accelerating growth.