0001558370-25-011224
SEC filingRigetti held $57.2M cash, $514.5M marketable securities, and $553.3M equity, with a $60.1M derivative warrant liability at June 30, 2025.
As of June 30, 2025, Rigetti Computing held $57.2 million in cash and cash equivalents and $514.5 million in available-for-sale investments (short-term $368.6M, long-term $145.9M), providing total liquidity of $571.6M. The company has no outstanding debt, having fully repaid its term loans in December 2024. Stockholders' equity surged to $553.3M from $126.6M at year-end 2024, primarily due to $346.7M in net proceeds from an ATM offering, $35.0M from a private placement with Quanta, and $32.9M reclassified from earn-out liabilities upon vesting of Promote Sponsor Vesting Shares.
The Notes disclose no material purchase commitments or off-balance-sheet obligations beyond operating leases and routine legal contingencies. A Collaboration Agreement with Quanta requires each party to invest at least $250.0M in quantum computing over five years, but this represents a strategic investment rather than a contractual purchase commitment.
Rigetti did not repurchase any shares or pay dividends during the period. Capital expenditures totaled $8.2M for the six months (251% of revenue), focused on quantum computing fridges ($4.3M), construction in progress ($2.5M), and process equipment ($0.7M). The company raised $346.7M net from an ATM offering in May 2025, fully utilizing the $350M program. No new debt was incurred.
Rigetti operates as a single segment: Quantum Computing. Revenue for the six months ended June 30, 2025 was $3.3M, down 46.7% from $6.1M in the prior-year period. Revenue by geography: United States $1.4M (41%), Europe $1.8M (55%), Asia and other $0.1M (4%). Government entities accounted for 90.7% of total revenue. Disaggregated revenue categories: collaborative research and professional services $3.0M, access to quantum computing systems $0.2M.
Net income was $3.0M in H1 2025 vs -$33.2M in H1 2024, yet CFO remained negative at -$29.8M (vs -$26.7M). The divergence is driven by large non-cash adjustments: stock-based compensation ($7.7M), depreciation ($3.7M), and fair value changes on derivatives (-$32.7M) and earn-out liabilities (-$6.6M). Working capital was a net use of cash (-$2.3M), with accrued expenses decreasing by $2.8M.
Capex intensity is low relative to CFO (capex of $8.2M vs negative CFO), but the massive investing outflow of $369.7M relates to securities purchases, not operational investment. Free cash flow is not explicitly stated, but using CFO minus capex yields -$38.0M.
Anomalies: The company recognized a $32.9M non-cash reclassification of earn-out liabilities to equity, and a $32.7M gain from derivative warrant revaluation. These items inflated net income but did not affect cash.
Overall, the cash burn is being funded entirely by equity raises ($389.1M from ATM and private placement), with no debt repayment in 2025. Cash position ended at $57.2M, down from $67.7M at period start. The company remains dependent on external financing to sustain operations.