Rigetti Computing announced that the general‑availability date for its Cepheus‑1‑108Q, a 108‑qubit superconducting quantum computer, will now be the end of the first quarter of 2026. The company said it is extending the timeline to allow additional testing and optimization, citing complexities with tunable couplers that required a new chip iteration to raise median two‑qubit gate fidelity from 99 % to the target 99.5 %. The delay is intended to ensure the system meets Rigetti’s performance standards before it is offered to customers.
The current median two‑qubit gate fidelity of 99 % on the 108‑qubit platform is already among the highest in the industry, but the 0.5 percentage‑point improvement is critical for scaling error‑correction protocols and reducing logical error rates. Achieving the 99.5 % target will bring the device closer to the fidelity levels required for practical quantum advantage in near‑term applications such as quantum chemistry simulations and optimization problems. The additional iteration also allows Rigetti to refine its modular, chiplet‑based architecture, which is central to its strategy of building larger systems by connecting smaller, high‑yield processors.
Rigetti’s financial position remains modest. The company ended Q1 2025 with $1.5 million in revenue, a 36 % decline from the prior quarter and a 52.5 % year‑over‑year drop, while Q4 2024 revenue was $2.27 million. Cash and liquid investments stood at $209.1 million at the end of Q1 2025 and rose to $237.7 million after an investment from Quanta Computer in April. The firm continues to operate at a loss, relying on equity financing and government contracts to fund its R&D‑heavy roadmap. The delay in the Cepheus‑1‑108Q launch does not materially alter the company’s cash runway but underscores the capital intensity of scaling quantum hardware.
Rigetti’s roadmap to a 1,000‑qubit system by 2027 places it in direct competition with IBM, Google, Microsoft, IonQ and D‑Wave, all of whom are pursuing multi‑hundred‑qubit platforms. The Cepheus‑1‑108Q is the largest modular system the company has built to date and a key stepping stone toward the 1,000‑qubit goal. The delay may push back subsequent milestones, but the company’s focus on modularity and tunable coupler optimization is intended to reduce long‑term development risk and accelerate future releases.
CEO Dr. Subodh Kulkarni emphasized that the company is “well on our way” to achieving the 99.5 % fidelity target and that the additional testing will “ensure the performance is up to our standards.” He added that the new chip iteration “will further optimize the system and improve fidelity.” Investors have noted the delay but also the company’s strong roadmap and the fact that its cash reserves have grown, mitigating short‑term liquidity concerns. Market reaction has been tempered by valuation concerns, as Rigetti’s high price‑to‑sales multiples and ongoing operating losses remain a focus for analysts and investors alike.
The delay signals Rigetti’s commitment to delivering a robust, high‑fidelity quantum computer, but it also highlights the technical and financial challenges of scaling superconducting qubits. While the company’s modular architecture and recent cash infusion provide a foundation for future progress, the extended timeline for the Cepheus‑1‑108Q may affect the pace of its 1,000‑qubit target and the company’s ability to monetize its technology in the near term. Investors will likely monitor subsequent milestones and the company’s ability to maintain its cash runway as it continues to push the boundaries of quantum hardware.
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