Rigetti shares fell 3% even after quarterly revenue beat estimates, as the company announced an expanded HPE partnership and a $100 million Commerce Department letter of intent. Here's what happened.
Rigetti Computing (NASDAQ: RGTI) shares dipped roughly 3% Thursday evening despite a quarter that beat on revenue, continuing the stock's recent pattern of falling after three of its last four earnings reports. Revenue reached $5.1 million, up from $1.8 million a year earlier, while the adjusted loss of 5 cents per share matched consensus estimates exactly.
Growth that's real, but still small in absolute terms
Rigetti's six-month revenue reached $9.5 million versus $3.3 million a year earlier — a near-tripling that reflects genuine commercial momentum. CEO Subodh Kulkarni pointed to growing demand for the company's 108-qubit Cepheus system and expanding on-premises deployments to universities, national laboratories, and research institutions as evidence the roadmap is translating into real orders.
Two big strategic announcements alongside earnings
The more consequential news may have been strategic rather than financial. Rigetti announced an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build a hybrid quantum-classical supercomputer, with operations targeted for 2027. The company also confirmed a letter of intent with the US Department of Commerce for up to $100 million in CHIPS Act funding over three years — funding that would come with the government receiving an equity stake in Rigetti.
Why the stock still fell
Despite matching estimates and announcing two credible strategic wins, Rigetti's revenue remains small in absolute dollar terms relative to its market valuation, and the business remains heavily dependent on lumpy hardware deployments and government-linked contracts rather than predictable recurring revenue — a structural concern that's weighed on the stock across multiple recent earnings cycles.
What investors should watch
- Progress on the $100 million CHIPS Act funding, and the terms of the government's resulting equity stake
- The HPE partnership's 2027 timeline, a multi-year commitment investors will need patience for
- Whether Novera QPU orders convert into a more predictable revenue base over coming quarters
- Rigetti's cash runway, still the strongest in the pure-play quantum sector at $569 million with no debt
Bottom line
Rigetti's report shows real, if still early-stage, commercial progress paired with two meaningful strategic partnerships. The muted stock reaction reflects a sector-wide pattern: investors want to see lumpy, government-and-research-driven revenue evolve into something more durable before rewarding the stock more generously.
This post is based on reporting from StockTitan and Seeking Alpha as of August 6-7, 2026. This content is for informational purposes only and does not constitute investment advice.
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