Rigetti Computing Inc. (NASDAQ:RGTI) shares fell nearly 7% in after-hours trading Tuesday after the quantum computing company missed third-quarter fiscal 2026 estimates, with management signaling that elevated capital expenditures are here to stay.
Rigetti Plans to Sustain Elevated CapEx Through 2027
During the earnings call, the company was asked about the sequential increase in capital expenditures and what investors should expect in the fourth quarter and 2027.
CFO Jeffrey Bertelsen attributed the higher spending to investments in larger-capacity dilution refrigerators and equipment for the company’s Fab-1 facility.
He said the investments are part of Rigetti’s broader effort to execute its plan of reaching the 1,000-qubit level within three years.
While Bertelsen declined to provide a specific fourth-quarter CapEx figure, he indicated that spending would likely remain elevated next year.
“As we march into 2027, I suspect you’ll see CapEx in 2027 relatively consistent with what you’ve seen here in 2026,” he said.
1,000-Qubit Ambitions Drive Quantum Computing Investments
Bertelsen stressed that investors should not expect capital spending to return to the lower levels recorded in 2024 and 2025.
“In 2027, I don’t think you’ll see it go back to where we were in 2025 and 2024. So it will be closer to where we’re at this year when the dust settles,” he said.
He added that Rigetti’s investments are directed toward achieving an intermediate milestone in 2028 and eventually reaching the 1,000-qubit target.
Rigetti Misses Q3 Earnings and Revenue Estimates
Rigetti reported a quarterly loss of 6 cents per share, wider than the 5-cent loss analysts expected. Revenue fell to $1.41 million from $1.95 million a year earlier, missing the $3.52 million consensus estimate.
The company posted an operating loss of $33.2 million and a non-GAAP net loss of $20.5 million.
For fiscal 2026, Rigetti expects revenue of approximately $20 million, contingent on customer acceptance of its C-DAC system and the associated revenue recognition in the fourth quarter.
Price Action: Rigetti Computing shares closed Tuesday at $12.15, down 6.39%. It fell another 6.83% in after-hours trading at $11.32, according to Benzinga Pro.
According to Benzinga Edge Stock Rankings, RGTI carries a negative trend across the short, medium and long term, with its Momentum score ranking in the 4th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: PJ McDonnell / Shutterstock
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