Rigetti targets quantum system exceeding 300 qubits with 99.7% accuracy by 2028
Key Facts
Rigetti announced on November 10, 2026, that it is targeting a quantum computing system with more than 300 qubits by mid-2028, median two-qubit gate fidelity of about 99.7% and speeds below 60 nanoseconds. The plan brings three technical metrics into one target: system size, the accuracy of operations between qubits and gate execution time. These levels follow the company’s announcement that its current system, Cepheus-1-108Q, comprising 108 qubits, achieved median two-qubit gate fidelity of 99.5%. Rigetti said the system also achieved 99.6% fidelity on an 80-qubit subnetwork and 99.7% on a 50-qubit network. This makes it possible to compare the announced target with the current system’s performance and its smaller networks.
Cepheus-1-108Q is based on 12 interconnected chips, each containing 9 qubits, according to the company. Rigetti said performance improvements involved chip design, materials, fabrication, calibration and system engineering. The description reflects a roadmap that addresses system architecture and manufacturing components alongside an increase in qubit count. The next target is not simply greater capacity; the company has also specified gate fidelity and speed among the benchmarks it aims to reach. The current system’s performance, including results on its subnetworks, represents the baseline the company announced alongside its future targets.
The technical plan is linked to a funding agreement Rigetti finalized with the U.S. Department of Commerce in September 2026, worth up to $100 million under the CHIPS Act. The department receives a non-controlling minority stake in the company under the agreement, according to Rigetti’s announcement. The funding supports three research and development programs: miniaturized readout electronics, increased cryogenic cooling capacity through a new dilution refrigerator architecture, and development of capabilities to manufacture high-connectivity chip architectures. These programs place readout, cooling and manufacturing among the areas of work supported by the agreement. The funding provides a defined financial backing for development, while the government stake is part of the announced terms.
The announcement coincided with quarterly results showing Rigetti revenue fell to $1.4 million in the third quarter ended September 30, 2026, from $1.9 million in the same period of 2025, a decline of 28%. Revenue came in below the analyst consensus estimate of $3.7 million, according to Investing.com. For the first nine months of 2026, revenue rose to $10.9 million from $5.2 million in the corresponding period, growth of about 110%, according to the company. Cash, cash equivalents and available-for-sale investments totaled $497.1 million as of September 30, and the company said it had no debt. The figures show two different trends over the same period: revenue growth over nine months, alongside a year-on-year decline in the third quarter.
Rigetti shares fell 6.39% during the November 10 session to $12.15, then dropped a further 7.08% in after-hours trading to $11.32, according to Investing.com. The platform also reported an 8.7% decline in extended trading after the results; its reports gave different figures for the post-market session. The company forecast revenue of about $20 million for 2026, conditional on customer acceptance of the C-DAC system and recognition of the related revenue in the fourth quarter. In January 2026, Rigetti announced an $8.4 million purchase order to deliver a 108-qubit quantum computer to India’s C-DAC, with installation planned in Bengaluru during the second half of the year. After its mid-2028 target, the company is targeting a system with about 1,000 qubits in roughly three years, with fidelity of about 99.9% and gate speeds below 50 nanoseconds.