RGTI at a glance
Rigetti Computing, Inc. (RGTI, SEC CIK 1838359) filed its latest 10-K annual report on March 4, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 8, 2026 and Form 4 insider filings as recently as September 10, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Rigetti Computing, Inc. (RGTI) reported revenue of $7.1 million (down 34.3% from FY2024) and a net loss of $216.2 million. Diluted EPS was -$0.70.
- As of June 30, 2026, 34 institutional investment managers tracked by SignalX reported holding Rigetti Computing, Inc. (RGTI) shares worth $2.0 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Kulkarni Subodh K on September 9, 2026 of 120,000 shares at $15.68 per share.
- In the last 90 days, RGTI insiders reported 0 open-market purchases ($0) and 5 open-market sales ($2.6M) on Form 4, a net sale of $2.6M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $7.1M
- −34.3% vs prior year
- Insiders · 90 days
- 0 buys · 5 sells
- Net −$2.6M
- 13F holders
- 34 funds
- $2.0B · −1 vs prior quarter
- Latest 8-K
- Sep 8, 2026
- Item 7.01 · Item 1.01 · Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: development and operation of superconducting quantum computers with a full-stack vertically integrated model including chip design, manufacturing, and cloud delivery
- New products: launched 36-qubit Cepheus-1-36Q modular multi-chip quantum computer and sold 108-qubit system to C-DAC for $8.4 million with deployment in 2026
- Strategic shift: emphasis on modular multi-chip architecture for scalability and rapid fidelity improvements (e.g., 99.6% two-qubit gate fidelity for Cepheus-1-36Q vs 99.0% for 84-qubit Ankaa-3)
- Quantitative highlight: received purchase orders totaling $5.7 million for two upgradeable Novera QPU systems in 2025; 121 patents issued plus 160 pending as of Dec 2025
- Noteworthy fact: new $250 million collaboration agreement with Quanta initiated in Feb 2025, including Quanta's $35 million equity purchase at $11.59 per share
Risk Factors
- Regulatory risk: compliance requirements under Section 382 of the Internal Revenue Code limit use of $455.3M federal net operating loss carryforwards
- Geopolitical/macroeconomic risk: global economic downturn, military conflicts, and related sanctions could impair capital raising and weaken product demand
- Operational risk: reliance on scarce components like dilution refrigerators and silicon wafers risks supply chain shortages affecting production and scalability
- Competitive risk: tech giants Google, Microsoft, Amazon, IBM advancing quantum computing potentially outpacing Rigetti’s milestones and market traction
- Financial risk: net losses $216.2M (2025) and $201.0M (2024) with $771.0M accumulated deficit; ongoing significant cash burn threatens operating continuity without additional capital
Management Discussion & Analysis
- Revenue $7.1M in 2025, down 34% YoY from $10.8M in 2024, driven by $3.7M decrease in development contracts and sales including no Novera sales in 2025
- Gross profit $2.1M vs $5.7M, gross margin ~29.1% vs ~52.8% in 2024; operating loss widened 24% to $84.7M from $68.5M
- Best segment: Collaborative research with $5.7M revenue in 2024; worst: Quantum system sales down sharply, including $1.6M Novera sales absent in 2025
- Raised net $346.7M from ATM equity offering in Q2 2025; no debt interest expense in 2025 vs $3.3M in 2024 due to debt prepayment; R&D spend up 23% to $61.3M; no dividends or buybacks reported
- Outlook: Continue losses as R&D and infrastructure investments grow; cash sufficient for 12+ months; risks from macroeconomic conditions and need for future capital highlighted
AI summary of the RGTI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $5.138M, up 185% YoY from $1.801M, driven mainly by 9-qubit Novera system sales
- Gross margin 42.6% vs 31.4% YoY, based on gross profit of $2.188M and $566K
- Worst performance: operating loss $28.062M, 41% wider YoY from $19.882M
- Interest income $5.058M vs $3.042M, reflecting higher invested cash and available-for-sale investments
- Outlook: continued losses, higher R&D spending, potential capital expenditures, and revenue volatility from contract timing and product mix
Risk Factors
- Newly added Department of Commerce Transaction risk, triggered by May 21, 2026 CHIPS Act Letter of Intent for up to $100.0 million
- Milestone funding risk, withholdings and clawbacks possible if five-year project milestones are missed
- Regulatory and compliance risk, domestic intellectual-property ownership and production required for ten years after the Period of Performance
- Technology execution risk, roadmap update planned later in 2026 after prior milestone and timing changes
- Financial dilution risk, Department retains shares even if funding is withheld or clawed back
AI summary of the RGTI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Forward-looking disclosure centers on three R&D projects under the Other Transaction Agreement
- Potential government funding remains contingent on milestones, funding availability, and transaction execution
Item 1.01: Entry into a Material Definitive Agreement
- Private securities sale under Securities Act Section 4(a)(2) exemption
- Nonpublic offering structure, limiting immediate public-market participation
Item 8.01: Other Events
- Government funding contingent on milestones, with potential delays, reductions, clawbacks, or termination
- Department equity ownership may constrain strategic transactions and complicate customer, supplier, and partner relationships
Item EX-99.1: Item EX-99.1
- $100M U.S. Department of Commerce award for superconducting quantum-computing R&D
- Funding targets integrated readout electronics, expanded cryogenic capacity, and high-connectivity chip fabrication
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Dr. Ray Johnson resigning from Rigetti’s Board effective August 28, 2026
- Departure explicitly unrelated to disagreements over operations, policies, or practices
Item 7.01: Regulation FD Disclosure
- Exhibit 99.1 furnished under Regulation FD, signaling supplemental investor disclosure
- Exhibit excluded from Section 18 liability and generally not incorporated into other filings
Item 5.02: Departure/Appointment of Directors or Principal Officers
- David Rivas appointed Chief Operating Officer on August 18, 2026, moving from Chief Technology Officer
- Newly created COO role elevates operational leadership alongside Rivas’ technology experience
Item 8.01: Other Events
- Andrew Bestwick appointed Chief Technology Officer effective August 18, 2026
- Internal promotion from Senior Vice President, Quantum Systems, a role held since January 2024
Item EX-99.1: Item EX-99.1
- New COO role and Systems Delivery organization signal rising on-premises deployment activity and a shift toward scalable customer execution
- David Rivas moves from CTO to COO, overseeing manufacturing, delivery, software, commercial functions, supply chain, and facilities
AI summaries of RGTI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for RGTI
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Kulkarni Subodh K | Sell | Sep 9, 2026 | 120,000 | $15.68 |
| Kulkarni Subodh K | M | Sep 9, 2026 | 150,000 | - |
| Kulkarni Subodh K | M | Sep 9, 2026 | 150,000 | $0.96 |
| Bertelsen Jeffrey A. | Sell | Sep 3, 2026 | 25,000 | $15.00 |
| Bertelsen Jeffrey A. | M | Sep 3, 2026 | 25,000 | $0.60 |
| Bertelsen Jeffrey A. | M | Sep 3, 2026 | 25,000 | - |
| Bertelsen Jeffrey A. | Sell | Aug 20, 2026 | 3,860 | $16.89 |
| Bestwick Andrew Joseph | Sell | Aug 20, 2026 | 5,791 | $16.81 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $12.0M | $10.8M | $7.1M |
| Gross Profit | - | $5.7M | $2.1M |
| Operating Income | - | -$68.5M | -$84.7M |
| Net Income | - | -$201.0M | -$216.2M |
| Gross Margin | - | 52.8% | 29.1% |
| Op. Margin | - | -634.9% | -1194.4% |
| Net Margin | - | -1862.7% | -3050.4% |
| Balance Sheet | |||
| Total Assets | $159.9M | $284.8M | $666.6M |
| Equity | - | $126.6M | $546.2M |
| ROE | - | -158.8% | -39.6% |
| Per Share | |||
| EPS | - | $-1.09 | $-0.70 |
| Cash Flow | |||
| Operating CF | - | -$50.6M | -$58.5M |
| CapEx | - | $11.1M | $18.7M |
Source: XBRL data in Rigetti Computing, Inc. (RGTI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate RGTI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 34 | $1.97B |
| Q1 2026 | 35 | $1.47B |
| Q4 2025 | 33 | $2.45B |
| Q3 2025 | 32 | $3.67B |
| Q2 2025 | 31 | $1.05B |
| Q1 2025 | 25 | $372.9M |
| Q4 2024 | 16 | $451.6M |
| Q3 2024 | 10 | $3.7M |
- BlackRock+3.10M (+12%)
- State Street Corp+1.69M (+17%)
- Goldman Sachs Group+945.1K (+65%)
- BNY Mellon+935.2K (+72%)
- Morgan Stanley+849.5K (+22%)
- D.E. Shaw & Co−8.56M (-61%)
- Two Sigma Investments−2.48M (-89%)
- Marex Group plc−1.02M (-68%)
- Citadel Advisors LLC−570.1K (-54%)
- FMR LLC (Fidelity)−258.0K (-24%)
- Millennium Management+1.25M
- Blackstone Group−56.9K
- Dimensional Fund Advisors−11.4K
Source: 13F-HR filings on SEC EDGAR (aggregated from 216 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
RGTI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 10, 2026 | - | - | - |
| 8-K | Sep 8, 2026 | - | Analysis | - |
| 4 | Sep 4, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 8-K | Aug 20, 2026 | - | Analysis | - |
| 8-K | Aug 20, 2026 | - | Analysis | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 4 | Jun 22, 2026 | - | - | - |
| 4 | Jun 16, 2026 | - | - | - |
| 8-K | Jun 11, 2026 | - | Analysis | - |
| 4 | Jun 10, 2026 | - | - | |
| 4 | Jun 10, 2026 | - | - | |
| 4 | Jun 10, 2026 | - | - | |
| 4 | Jun 10, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | Jun 1, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 4 | May 26, 2026 | - | - | |
| 8-K | May 21, 2026 | - | Analysis | |
| 10-Q | May 11, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 11, 2026 | - | Analysis | |
| SC 13G | Apr 30, 2026 | - | - |
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RGTI SEC filings: frequently asked questions
Are RGTI insiders buying or selling?
In the last 90 days, Rigetti Computing, Inc. (RGTI) officers, directors and 10% owners reported no open-market purchases and 5 open-market sales worth $2.6 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold RGTI stock?
As of June 30, 2026, the largest Rigetti Computing, Inc. (RGTI) holders among the 13F filers tracked by SignalX were BlackRock ($551.3 million), Vanguard Portfolio Management LLC ($384.5 million), Vanguard Capital Management LLC ($278.7 million), State Street Corp ($228.5 million), D.E. Shaw & Co ($103.6 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was RGTI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Rigetti Computing, Inc. (RGTI) reported revenue of $7.1 million (down 34.3% from FY2024) and a net loss of $216.2 million. Diluted EPS was -$0.70. The figures come from the XBRL data in the 10-K.
What are the main risks in RGTI's latest 10-K?
In the 10-K filed March 4, 2026, Rigetti Computing, Inc. (RGTI) flagged: Regulatory risk: compliance requirements under Section 382 of the Internal Revenue Code limit use of $455.3M federal net operating loss carryforwards. Geopolitical/macroeconomic risk: global economic downturn, military conflicts, and related sanctions could impair capital raising and weaken product demand. (AI summary of the Risk Factors section.)
What did RGTI report in its latest 8-K?
Rigetti Computing, Inc. (RGTI) filed an 8-K on September 8, 2026 reporting Item 7.01 (Regulation FD Disclosure), Item 1.01 (Entry into a Material Definitive Agreement) and Item 8.01 (Other Events). Forward-looking disclosure centers on three R&D projects under the Other Transaction Agreement.
What are the latest RGTI SEC filings?
Rigetti Computing, Inc. (RGTI) filed its latest 10-K annual report on March 4, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 8, 2026 and a Form 4 insider filing on September 10, 2026.
What is RGTI's SEC CIK number?
Rigetti Computing, Inc. (RGTI)'s SEC Central Index Key (CIK) is 1838359. EDGAR lists every RGTI filing under that number.
Ask anything about RGTI
The research agent reads RGTI's filings, financials, insider trades and 13F holders, then answers with sources.