Key facts: Rigetti revenue down 28%; fidelity hits 99.5%; target falls

What happened

Rigetti reported third-quarter 2026 revenue of $1.4 million, down 28% year over year, and an adjusted loss of $0.06 per share. It forecast 2026 revenue near $20 million; its average 12-month analyst price target fell to $19.76 from $25.26.

Confirmed

Global impact / market context

Lower revenue and an adjusted loss indicate that current sales are limited relative to the company’s costs, while the $20 million forecast depends on revenue rising. If sales do not grow as expected, Rigetti could face pressure to reduce spending or secure more funding.

Analyst inference

Analysts’ average target declined even though their consensus rating remained Buy, showing that a positive overall rating can coexist with lower expected share value. The company also reported progress in quantum-computing accuracy, but the article does not show that this has yet produced increased revenue.

Analyst inference

What to watch

1. Compare future revenue reports with Rigetti’s forecast of near $20 million for 2026; a shortfall could signal that sales growth is not keeping pace with the company’s outlook. Analyst inference
2. Track updates on 99.5% median two-qubit gate fidelity and the goal of exceeding 300 qubits by mid-2028 to assess whether technical progress continues toward the stated target. Analyst inference
3. Watch for revisions to analyst targets and ratings: the average target fell to $19.76 while consensus stayed Buy, and further changes could reflect shifting expectations for the business. Analyst inference

Evidence

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