Key Highlights

  • Rigetti announced a new Systems Delivery organization and a Chief Operating Officer role, with David Rivas moving from CTO to COO and Andrew Bestwick promoted to CTO.
  • The company reported second-quarter Revenue of $5.1 million, up from $1.8 million a year earlier, and ended the quarter with $541.3 million in cash and no debt.
  • A prior letter of intent for up to $100 million in potential CHIPS Act funding from the U.S. Department of Commerce, signed in May, remains a key funding milestone.
  • Rigetti expanded its collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center on a hybrid quantum-classical system dubbed TangleLab, targeted for 2027 operation.

Rigetti Computing, Inc. (NASDAQ:RGTI), the quantum-computing hardware maker, has established a new Systems Delivery organization aimed at accelerating the deployment of its quantum systems to customers.

Rigetti's bull case rests on the idea that superconducting Quantum Computing is approaching commercial inflection, with the company's Cepheus and Novera systems, including a 108-qubit high-fidelity system that reached general availability earlier this year, positioning it as a credible hardware player alongside larger competitors.

The company announced the new organizational structure on August 19, 2026, alongside continued progress on funding and Partnership initiatives.

The New Systems Delivery Organization

David Rivas, previously the company's Chief Technology Officer, moved into the newly created COO position, while Andrew Bestwick was promoted to CTO, both changes effective August 18. The restructuring is aimed at accelerating delivery of quantum systems to customers as the company scales its commercial operations.

This organizational change reflects Rigetti's ongoing efforts to build out the operational infrastructure needed to support growing customer deployments as its technology matures.

Second-Quarter Results

Rigetti reported second-quarter 2026 results on August 6, posting revenue of $5.1 million, up from $1.8 million in the year-earlier quarter. The company ended the quarter with $541.3 million in cash and no debt, a Balance Sheet that gives it a long runway to fund Research and Development without near-term financing pressure.

That cash position was aided by a prior letter of intent for up to $100 million in potential CHIPS Act funding from the U.S. Department of Commerce, signed in May, which remains a key funding milestone as the company continues to scale.

Technical and Partnership Progress

Rigetti has continued a string of technical and partnership announcements throughout the summer, including an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center on a hybrid quantum-classical system dubbed TangleLab, funded in part by a National Science Foundation grant, with operations targeted for 2027.

These partnerships reflect the company's strategy of building credibility and technical capability alongside established research and enterprise computing organizations.

The Investment Case

Rigetti's positioning rests on its superconducting quantum computing technology and growing base of research and commercial partnerships. The company's substantial cash position, with no debt, provides significant runway to continue investing in its technology roadmap.

Quantum computing commercialization timelines remain uncertain across the industry, and revenue remains small relative to the company's market valuation, a dynamic common among early-stage quantum computing companies still building toward commercial scale.

What Comes Next

Rigetti's third-quarter 2026 Earnings report will show whether the CHIPS Act letter of intent and other government engagements progress toward definitive funding agreements. Updates on the newly formed Systems Delivery organization under COO David Rivas will indicate whether the restructuring accelerates customer deployments.

Progress on the TangleLab hybrid system with HPE and the Pittsburgh Supercomputing Center, targeted for 2027 operation, and any new qubit-count or fidelity announcements tied to the company's processor roadmap, could also be significant developments to track.

A New Structure to Support Growing Deployments

Rigetti Computing's new Systems Delivery organization reflects the company's ongoing efforts to build the operational capability needed to scale customer deployments of its quantum computing technology.

The company retains a strong cash position and continues to post revenue growth alongside meaningful technical progress as it works to establish itself as a leading player in the quantum computing hardware market.