Detailed narrative
Cepheus-1-108Q System Launch and Performance
Rigetti announced the general availability of its 108-qubit Cepheus-1-108Q system, accessible via Rigetti Quantum Cloud Services, Amazon Bracket, Microsoft Azure Quantum, and qBraid. This system is the company's highest qubit count to date and the industry's largest modular quantum computing system, built from 12 interconnected 9-qubit chiplets. It validates Rigetti's proprietary chiplet-based scaling architecture in a production setting. The system currently achieves a median 2-qubit-gate fidelity of approximately 99.1% with gate speeds of roughly 60 nanoseconds, and a median single-qubit gate fidelity of 99.9%.
Technological Advancements and Roadmap
Rigetti is focused on improving Cepheus-1-108Q's fidelity to approximately 99.5% later this year by addressing coherence time limitations. The company has demonstrated 99.8% 2-qubit gate fidelity with 40-nanosecond gate speeds on a 9-qubit system using a proprietary adiabatic CZ gate scheme, and 99.9% fidelity at 28 nanoseconds on a prototype. These advancements inform future system designs. The long-term roadmap targets quantum advantage in roughly three years, aiming for 1,000 qubits with 99.9% 2-qubit gate fidelity and less than 50-nanosecond gate speeds, supported by error mitigation.
Customer Momentum and Market Traction
Customer adoption is growing across cloud and on-premises channels. The combination of Rigetti QCS, Amazon Bracket, Microsoft Azure Quantum, and qBraid provides global access to their systems. Rigetti continues to expand its base of on-premises Novera QPUs, with recent sales including an order from the University of Saskatchewan and additional research organizations globally. These contracts contribute to significant year-over-year revenue growth and deepen technical engagement, creating multi-year usage pathways.
Strategic Investments and Partnerships
Rigetti plans to invest up to $100 million in the United Kingdom over the next several years to accelerate quantum computing development, building on its existing 36-qubit system deployment at the UK's National Quantum Computing Center. This investment will cover increased headcount, quantum computers, and facilities. The company also continues to collaborate with partners like River Lane to integrate error correction-ready capabilities and is evaluating NVIDIA's open-source quantum models for calibration and error correction.
Financial Discipline and Capital Allocation
Rigetti exited the year with a strong cash position and no debt, providing flexibility for technology roadmap investments. Spending is concentrated in core R&D, including fabrication, chip design, and control electronics development, along with CapEx for higher qubit count systems and cryogenic infrastructure. The company expects elevated CapEx in 2026 due to refrigeration and infrastructure needs. Capital allocation remains focused on organic execution, with M&A considered only if it accelerates the roadmap without compromising financial discipline.