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Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 02, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022	Jan. 01, 2026
Share-Based Compensation
Common stock, capital shares reserved for future issuance (in shares)		24,838,357
Number of shares available for grant		18,037,435
Period of annual increases to shares reserved for issuance		9 years
Expiration period		10 years
Share based compensation stock options granted (in shares)		0
Aggregate Intrinsic Value , Exercised		$ 34,746	$ 4,500
Proceeds from stock option exercises		1,992	552
Stock-based compensation		$ 17,605	13,069
Proceeds from the STC were received	$ 6,300
Weighted average fair value of grants in the period (in $ per share)		$ 14.02
Weighted-average grant date fair value of options granted (in $ per share)		$ 1.27
Minimum
Share-Based Compensation
Share based compensation stock options vesting period (in years)		1 year
Maximum
Share-Based Compensation
Share based compensation stock options vesting period (in years)		5 years
Market Based Vesting Restricted Stock Units
Share-Based Compensation
Share based compensation stock options granted (in shares)				500,000
Stock options
Share-Based Compensation
Common stock, capital shares reserved for future issuance (in shares)		5,780,464
Stock-based compensation		$ 1,900	1,900
Amount of cost not yet recognized for nonvested award		$ 2,300
Weighted-average period over which cost to be recognized (in years)		1 year 7 months 20 days
Restricted Stock Units
Share-Based Compensation
Common stock, capital shares reserved for future issuance (in shares)		7,333,182
Stock-based compensation		$ 15,700	11,200
Amount of cost not yet recognized for nonvested award		$ 49,800
Weighted-average period over which cost to be recognized (in years)		1 year 10 months 24 days
Number of trading days within which award will be vested		20 days
Number of consecutive trading days within which award will be vested		30 days
Fair value of outstanding RSUs		$ 162,400	170,600
Fair value of vested options		$ 80,500	$ 28,400
Weighted average fair value of grants in the period (in $ per share)		$ 14.02
Weighted-average grant date fair value of options granted (in $ per share)		$ 14.02	$ 1.07
Restricted Stock Units \| Share Price Equal Or Exceeds Above Dollar Two Per Share
Share-Based Compensation
Vesting Rights, Percentage		50.00%
Share price (in $ per share)		$ 2
Restricted Stock Units \| Share Price Equal Or Exceeds Above Dollar Four Per Share
Share-Based Compensation
Vesting Rights, Percentage		50.00%
Share price (in $ per share)		$ 4
Restricted Stock Units \| Time Based Vesting Restricted Stock Units
Share-Based Compensation
Number of shares issued under share-based payment arrangement		3,722,285	7,380,872
Restricted Stock Units \| Time Based Vesting Restricted Stock Units \| Minimum
Share-Based Compensation
Share based compensation stock options vesting period (in years)		1 year
Restricted Stock Units \| Time Based Vesting Restricted Stock Units \| Maximum
Share-Based Compensation
Share based compensation stock options vesting period (in years)		4 years
Restricted Stock Units \| Market Based Vesting Restricted Stock Units
Share-Based Compensation
Number of shares issued under share-based payment arrangement		3,850,000
2022 Equity Incentive Plan
Share-Based Compensation
Common stock, capital shares reserved for future issuance (in shares)		30,119,436
Percentage Of The Common Stock Of All Classes Outstanding On Preceding Year		5.00%
Increase in common stock capital shares reserved for future issuance					17,806,062

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 02, 2022 $ / shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares
Description Of Organization Business Operations And Basis Of Presentation [Line Items]
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock conversion ratio	1
Exercise price of warrants \| $ / shares		$ 11.5
Accrued interest \| $		$ 3,100	$ 300
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]		Other Assets, Current	Other Assets, Current
Earn-out liabilities \| $		$ 0	$ 45,897
Impairment charges \| $		$ 0	$ 0
Sponsor
Description Of Organization Business Operations And Basis Of Presentation [Line Items]
Period of earnout shares		5 years
Maximum \| Stock options
Description Of Organization Business Operations And Basis Of Presentation [Line Items]
Share based compensation by share based award requisite service period		5 years
Minimum \| Stock options
Description Of Organization Business Operations And Basis Of Presentation [Line Items]
Share based compensation by share based award requisite service period		1 year
Public Warrants
Description Of Organization Business Operations And Basis Of Presentation [Line Items]
Exercise price of warrants \| $ / shares		$ 11.5
Class of warrants or rights number of securities covered by each warrant or right \| shares		0.361

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Basis of Presentation

On March 2, 2022 (the “Closing Date”), a merger transaction between Rigetti Holdings, Inc. (“Legacy Rigetti”) and Supernova Partners Acquisition Company II, Ltd. (“SNII”) was completed (the “Business Combination”). In connection with the closing of the Business Combination, the Company changed its name to Rigetti Computing, Inc. and all of SNII Class A ordinary shares and SNII Class B ordinary shares automatically converted into shares of Common Stock, par value $0.0001, of the Company (the “Common Stock”) on a one-for-one basis. The SNII Public Warrants and the SNII Private Warrants became warrants for Common Stock. The Company’s Common Stock and Public Warrants trade on the Nasdaq Capital Market under the ticker symbols “RGTI” and “RGTIW,” respectively.

The Company determined that Legacy Rigetti was the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (ASC) 805, Business Combination.

Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Rigetti issuing stock for the net assets of SNII, accompanied by a recapitalization. The primary asset acquired from SNII was cash that was assumed at historical costs. Separately, the Company also assumed warrants that were deemed to be derivatives and meet liability classification subject to fair value adjustment measurements upon closing of the Business Combination. No goodwill or other intangible assets were recorded because of the Business Combination. While SNII was the legal acquirer in the Business Combination because Legacy Rigetti was deemed the accounting acquirer, the historical financial statements of Legacy Rigetti became the historical financial statements of the combined company, upon the consummation of the Business Combination.

Risks and Uncertainties

The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the potential need for additional capital (or financing) in the future, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, dependence on key individuals, and risks associated with changes in information technology.

Based on the Company’s forecasts, the Company believes that its existing cash and cash equivalents and available for sale investments will be sufficient to meet its anticipated operating cash needs for at least the next twelve months from the issuance date of these financial statements based on the Company’s current business plan and expectations and assumptions considering current macroeconomic conditions.

Macroeconomic Conditions

Results of the Company’s operations have varied and may continue to vary based in part on the impact of changes in the domestic or global economy. Negative conditions in the general economy both in the United States and abroad, including conditions resulting from changes in gross domestic product growth, inflation, financial and credit market fluctuations, supply chain constraints, international trade policies including tariffs and export controls, national security interests, pandemics, political turmoil, government shutdowns, natural catastrophes, warfare, and terrorist attacks in the United States or elsewhere, could negatively affect the Company’s business, including progress toward the development of quantum computing by increasing the cost of materials and components and our operating costs. It is not possible at this time to estimate the long-term impact that these and related events could have on the Company’s business, as the impact will depend on future developments, which are highly uncertain and cannot be predicted.

Principles of Consolidation

The accompanying consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Emerging Growth Company

Following the Business Combination, the Company qualifies as an emerging growth company (‘‘EGC’’) as defined in the Jumpstart our Business Startups (‘‘JOBS’’) Act. The JOBS Act permits companies with EGC status to take advantage of an extended transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until they apply to private companies. The Company intends to use this extended transition period to enable it to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates.

Use of Estimates

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as reported amounts of revenues and expenses during the reporting period. Such management estimates include, but are not limited to, the fair value of share-based awards, the fair value of derivative warrant liabilities, the fair value of Sponsor Vesting Shares issued in connection with the Business Combination, accrued liabilities and contingencies, depreciation and amortization periods, revenue recognition and accounting for income taxes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment and adjusts when facts and circumstances dictate. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from those estimates.

Segments

Our Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes natural expenses such as employee wages and benefits at a consolidated level to manage the Company’s operations and strategic growth initiatives. Other segment items include interest income, changes in fair value of derivative warrant liabilities and earnout liabilities and other operational expenses which are reflected in the consolidated statements of operations.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the US dollar. The functional currencies of the Company’s foreign subsidiaries are their respective local currencies (UK pounds sterling, Australian dollar, Canadian dollar and Indian Rupee), which are the monetary unit of account of the principal economic environment in which the Company’s foreign subsidiaries operate. Assets and liabilities of the foreign subsidiaries are translated into US dollars at exchange rates in effect at each period end. Revenues and expenses are translated at average exchange rates in effect during the period. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss) as a component of stockholders’ equity.

Foreign currency transaction gains and losses resulting from or expected to result from transactions denominated in a currency other than the functional currency are recognized in other income (expense), net in the consolidated statements of operations and have not been material for all periods presented.

Comprehensive Loss

Comprehensive loss consists of two components including net loss and total other comprehensive income (loss) after taxes. The Company’s total other comprehensive income (loss) consists of foreign currency translation adjustments that result from consolidation of its foreign subsidiaries and unrealized gains on available-for-sale debt securities.

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents consist of funds maintained in demand deposit accounts, money market accounts and U.S. treasury securities. Cash and cash equivalent balances, at times, may exceed federally insured limits. Cash equivalents are stated at fair value.

Investments

The Company determines the classification of its investment securities at the time of purchase. All investments in fixed income securities with remaining maturities at the date of purchase of more than three months are presently classified as available-for-sale and may be sold in response to changes in interest rates, prepayment risk or other market factors. Investments classified as available for sale are recorded at fair value in the consolidated balance sheets and are classified as short-term or long-term assets based on their maturity date and expectations regarding sales. Fair values are primarily determined using quoted market prices or valuations provided by external investment managers who obtain them from a variety of industry standard data providers.

Unrealized gains and losses on available for sale investments are included as a separate component of accumulated other comprehensive income (loss), until realized. The Company evaluates its investments to assess whether those in an unrealized loss position are other than temporarily impaired. Impairments are considered other than temporary if they are related to a deterioration in credit risk or if it is likely the Company will sell the securities before recovery of the amortized cost basis. Realized gains and losses and declines in value determined to be other than temporary are determined based on the specific identification method and are reported in other income (expense), net in the statements of operations. See Note 4 for further information regarding fair value. For purposes of identifying and measuring impairment, the policy election was made to exclude the applicable accrued interest pertaining to available-for-sale securities from both the fair value and amortized cost basis. Applicable accrued interest, net of the allowance for credit losses (if any) of $3.1 million and $0.3 million, is recorded in other current assets in the consolidated balance sheets as of December 31, 2025 and December 31, 2024, respectively

Interest income and dividends are recognized in interest income on an accrual basis. Premiums and discounts on debt securities are amortized as an adjustment to interest income over the period to maturity of the related security using the effective interest method.

Accounts Receivable

Accounts receivable are recorded at invoice value, net of allowance for credit losses. Unbilled receivables are included in accounts receivable and include amounts that were invoiced subsequent to the period end for which revenue was recognized in advance of the right to invoice. Expected credit losses for uncollectible receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions considered include predefined aging criteria, as well as specified events that indicate the balance due is not collectible. Reasonable and supportable forecasts used in determining the probability of future collections consider publicly available macroeconomic data and whether future credit losses are expected to differ from historical losses.

The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses. As of both December 31, 2025 and December 31, 2024, the Company does not have any allowances for credit losses.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets include prepaid software, prepaid insurance, other prepaid expenses and other current assets, all of which are expected to be recognized or realized within the next twelve months.

Deferred Offering Costs

The Company capitalizes certain legal, accounting, and other third-party fees that are directly associated with the issuance of shares under a registration statement filed with the SEC. After consummation of an issuance of shares, costs allocated to equity-classified instruments are recorded as a reduction to additional paid-in capital. The Company expenses costs allocated to liability-classified instruments.

Property and Equipment, Net

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets.


Furniture and information technology hardware (IT Hardware)	3 years
Process equipment	7 years
Quantum computing fridges	3-10 years
Leasehold and other improvements	Shorter of the lease-term or estimated useful-life

Expenditures for repairs and maintenance are expensed as incurred. Upon disposition, the cost and related accumulated depreciation are removed and any resulting gain or loss is reflected in other income (expense), net in the consolidated statements of operations.

Impairment of Long-Lived Assets

Long-lived assets, which consist of property and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset (asset group) may not be recoverable. When such events or changes in circumstances occur, the Company performs an undiscounted cash flow analysis to determine if an impairment exists and, if so, an impairment loss would be recorded based on the excess of the carrying amount of the asset (asset group) over its fair value.

During each of the years ended December 31, 2025 and December 31, 2024, the Company determined there were triggering events related to expected near term losses and an undiscounted cash flow analysis was performed. Based on the results of this analysis, the Company’s long-lived assets were not impaired and no impairment charges were recorded.

Leases

The Company determines if an arrangement is or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement. The Company generally uses an incremental borrowing rate estimated based on the information available at the lease commencement date to determine the present value of lease payments unless the implicit rate is readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company accounts for lease and non-lease components as a single lease component for office leases. Lease and non-lease components for all other leases are generally accounted for separately. Additionally, the Company does not record leases on the balance sheet that, at the lease commencement date, have a lease term of twelve months or less. Operating leases are included in operating lease right-of-use assets, current portion of operating lease liabilities, and operating lease liabilities, less current portion in the accompanying consolidated balance sheets.

Deferred Financing Costs

The incremental cost, including the fair value of warrants, directly associated with obtaining debt financing is capitalized as deferred financing costs upon the issuance of the debt and amortized over the term of the related debt agreement using the effective-interest method with such amortized amounts included as a component of interest expense in the consolidated statements of operations. Unamortized deferred financing costs are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt obligation.

Public and Private Warrants

Each whole warrant entitles the holder to purchase one share of the Company’s Common Stock at a price of $11.50 per share, subject to adjustments, and will expire on March 2, 2027 at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Private Warrants do not meet the derivative scope exception and are accounted for as derivative liabilities. Specifically, the Private Warrants contain provisions that cause the settlement amounts to be dependent upon the characteristics of the holder of the warrant which is not an input into the pricing of a fixed-for-fixed option on equity shares. Therefore, the Private Warrants are not considered indexed to the Company’s stock and should be classified as a liability. Since the Private Warrants meet the definition of a derivative, the Company records the Private Warrants as liabilities in the consolidated balance sheet at fair value, with subsequent changes in the fair value recognized in the consolidated statements of operations at each reporting date. The fair value of the Private Warrants are measured using the Black-Scholes option-pricing model.

The Public Warrants also fail to meet the indexation guidance in Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging (“ASC 815”), and are accounted for as liabilities because they include a provision whereby if there is not an effective registration statement, the warrant holders have a cap of 0.361 shares of Common Stock per warrant (subject to adjustment), on the issuable number of shares in a cashless exercise. Subsequent to the separate listing and trading of the Public Warrants, their fair value has been measured based on the observable listed trading prices for such warrants.

See Notes 4 and 8 for further information regarding the fair value of the Public and Private Warrants.

Earn-Out Liabilities

The Sponsor subjected the Sponsor Vesting Shares to vesting conditions and forfeiture, with vesting only occurring if thresholds related to the weighted average price of the Company’s Common Stock were met for various specified consecutive day trading periods during the five-year period following the closing of the Business Combination as described in Note 9 (the “Earn-Out Triggering Events”). Any Sponsor Vesting Shares unvested after the fifth anniversary of the closing of the Business Combination were to be forfeited.

The Sponsor Vesting Shares were accounted for as liability classified instruments because the Earn-Out Triggering Events that determined the number of Sponsor Vesting Shares to be earned back by the Sponsor included outcomes that were not solely indexed to the Common Stock of the Company. The aggregate fair value of the Sponsor Vesting Shares on the Closing Date were estimated using a Monte Carlo simulation model. The earn-out liabilities were adjusted to fair value each reporting period using the Monte Carlo simulation model until such time as the Earn-Out Triggering Events were achieved and the Sponsor Vesting Shares became vested.

As of December 31, 2025, all of the Sponsor Vesting Shares were vested and the earn-out liabilities balance was zero. See Note 9 for further information regarding the earn-out liabilities.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers and accounts for certain contract costs in accordance with ASC 340-40, Other Assets and Deferred Costs—Contracts with Customers.

The Company recognizes revenue from contracts with customers by applying the following five-step model:

●

Identify the contract with a customer

●

Identify the performance obligations in the contract

●

Determine the transaction price

●

Allocate the transaction price to the performance obligations in the contract

●

Recognize revenue when (or as) performance obligations are satisfied

The Company generates revenue from sales of QPUs, quantum computing systems, custom computing components, QCaaS, development contracts and other services.

Revenue related to the sale of QPUs, quantum computing systems, including Novera™ and Cepheus™, and custom quantum computing components is recognized at a point in time when obligations under the terms of the contract are satisfied and control is transferred to the customer, generally upon shipment for sales of QPUs and quantum computing systems, and upon customer acceptance for sales of custom quantum computing components.

Access to Rigetti quantum computing systems can be purchased as a quantum computing subscription, or on a usage basis for a specified quantity of hours. Revenue related to subscription-based access to QCaaS is recognized over time as access to the systems is provided on a ratable basis over the subscription term. This time-based input measure of progress provides a faithful depiction of the transfer of the services because the benefits the customer obtains generally equals the benefit from its access to the systems throughout the subscription term. Revenue related to usage-based access to Rigetti quantum computing systems is recognized over time as the systems are accessed using an output method based on compute credit hours expended. The Company believes this output method provides a faithful depiction of the transfer of the services because the customer has purchased a specified quantity of hours of usage that diminishes each time an hour is expended and therefore each hour of access to the systems is considered a discrete delivery of underlying services in these arrangements. Development contracts are generally multi-year, non-recurring arrangements in which the Company provides professional services regarding practical applications of quantum computing to technology and business problems within the customer’s industry or organization and assists the customer in developing quantum algorithms and applications that will provide commercial value to the customer in areas of business interest. Development contracts are generally invoiced on a time and materials or cost-share basis or as fixed fee arrangements invoiced on a milestone basis.

Revenue related to development contracts and other services is recognized over time based on hours or costs incurred The Company believes these input measures of progress provide a faithful depiction of the transfer of the services because it closely depicts the Company’s efforts or inputs to the satisfaction of the performance obligation.

When the Company’s contracts with customers contain multiple performance obligations, the transaction price is allocated on a relative standalone selling price basis to each performance obligation. The Company typically determines standalone selling price based on observable selling prices of its products and services. In instances where standalone selling price is not directly observable, standalone selling price is determined using information that may include market conditions and other observable inputs. Standalone selling price is typically established as a range. In situations in which the stated contract price for a performance obligation is outside of the applicable standalone selling price range and has a different pattern of transfer to the customer than the other performance obligations in the contract, the Company will reallocate the total transaction price to each performance obligation based on the relative standalone selling price of each.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods and services to the customer. Revenue is recorded based on the transaction price, which includes fixed consideration and estimates of variable consideration. The amount of variable consideration included in the transaction price is constrained and is included only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company’s contracts with customers may include renewal or other options at fixed prices. Determining whether such options are considered distinct performance obligations that provide the customer with a material right and therefore should be accounted for separately requires significant judgment. Judgment is required to determine the standalone selling price for each renewal or other option to determine whether the renewal or other option pricing is reflective of standalone selling price or is reflective of a discount that would provide the customer with a material right. Certain of the Company’s sales contracts for the Novera QPU contain material upgrade rights which have been deferred. The timing of revenue recognition may not align with the right to invoice the customer. The Company records accounts receivable when it has the unconditional right to issue an invoice and receive payment, regardless of whether revenue has been recognized. If revenue has not yet been recognized, a contract liability (deferred revenue) is also recorded. If revenue is recognized in advance of the right to invoice, a contract asset or unbilled receivable is recorded, depending on whether the Company’s right to consideration is considered conditional or unconditional. Unbilled receivables are included within accounts receivable in the consolidated balance sheets.

In instances where the timing of revenue recognition differs from the timing of the right to invoice, the Company has determined that a significant financing component generally does not exist. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the products and services and not to receive financing from or provide financing to the customer. Additionally, the Company has elected the practical expedient that permits an entity not to recognize a significant financing component if the time between the transfer of a good or service and payment is one year or less.

Payment terms on invoiced amounts are typically net 30 days. The Company does not offer rights of return for its products and services in the normal course of business, and contracts generally do not include significant service-type warranties that provide any incremental service to the customer beyond providing assurance that the goods and services conform to applicable specifications or customer-specific or subjective acceptance provisions. The Company also excludes from revenue government-assessed and imposed taxes on revenue-generating activities that are invoiced to customers.

Costs of Obtaining and Fulfilling Contracts

The Company has elected to apply the practical expedient to expense contract acquisition costs as incurred when the expected amortization period is one year or less.

Cost of Revenue

Cost of revenue consists of direct and indirect costs associated with providing its QCaaS offerings, sales of QPUs and custom computing components, and development contracts and other services. Cost of revenue includes employee related costs, material costs and an allocation of facility costs, depreciation and amortization associated with the delivery of goods and services to customers.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses include compensation, employee benefits, stock-based compensation, outside consultant fees, allocation of facility costs, depreciation and amortization, materials and components purchased for research and development.

Selling, General and Administrative

Selling, general and administrative expenses include compensation, employee benefits, stock-based compensation, professional service fees, allocation of facility costs, depreciation and amortization associated with general selling and administrative overhead activities.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2025 and December 31, 2024 the Company has recorded a full valuation allowance against its deferred tax assets. The Company recognizes the effect of income tax positions only if it is more likely than not that those positions will be sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in income tax expense.

Net Loss Per Share

Basic net loss per common share is computed by dividing the net loss available to common stockholders (the numerator) by the weighted average number of common shares outstanding (the denominator) during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and potential common shares outstanding when the impact is not antidilutive. Potential common shares from stock options, unvested restricted stock units and Common Stock warrants are computed using the treasury stock method. Contingently issuable shares are included in basic net loss per share only when there is no circumstance under which those shares would not be issued. Shares issuable for little or no cash consideration shall be considered outstanding common shares and included in the computations of basic and diluted net loss per share.

Stock-Based Compensation

The Company accounts for share-based compensation in accordance with ASC 718, Compensation – Stock Compensation. The Company’s share-based compensation awards are all equity-classified and consist of stock options, restricted stock units (“RSU”) and restricted stock awards (“RSA”). Most stock options and RSUs have a service-based vesting condition ranging from 1 to 5 years. Some stock options and RSUs include both a market-based and service-based vesting condition. RSAs are fully vested on the date of grant. The Company occasionally issues awards that might have different vesting conditions.

Compensation expense is based on the grant-date fair value of the awards and recognized over the requisite service period using a straight-line method for awards that have a service-based vesting condition. Compensation expense for awards with a market-based vesting condition is recognized over the requisite service period regardless of whether the market condition is met, unless the underlying service requirement is not met. Compensation expense for RSAs is recognized fully on the date of grant. The Company has elected to account for forfeitures of employee stock awards as they occur. The Company intends to issue new shares for all equity based awards.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and trade accounts receivable. The Company’s cash and cash equivalents are placed with high-credit-quality financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents.

Fair Value Measurements

The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3—Inputs are unobservable for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

Recently Adopted Accounting Pronouncements

In June 2022, the Financial Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03- Fair Value Measurement (Topic 820): “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The FASB issued this update (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. ASU 2022-03 was effective for the Company for annual periods beginning after December 15, 2024, and interim periods within those fiscal years, with early adoption permitted. The Company determined that the adoption of this standard did not have an impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes – Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. ASU 2023-09 was effective for the Company for annual periods beginning after December 15, 2024 on a prospective basis. Retrospective application was also permitted. The Company adopted this standard on a prospective basis. As a result, the adoption of this standard did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses,” which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. ASU 2024-03 is effective for the Company for annual periods beginning after December 15, 2026, and interim reporting periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating the impact of this pronouncement on the consolidated financial statements.

In May 2025, the FASB issued ASU 2025-04, “Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer,” which provides clarifying guidance on the accounting for share-based consideration payable to a customer. ASU 2025-04 is effective for the Company for annual periods beginning after December 31, 2026. Early adoption is permitted using either a full retrospective or modified retrospective transition method. The Company is still evaluating the impact of this pronouncement on the consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05 “Financial Statements – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides practical expedients for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606 (revenue from contracts with customers). ASU 2025-05 is effective for the Company for the interim and annual periods beginning after December 31, 2025. Early adoption is permitted using either a full retrospective or modified retrospective transition method. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities,” to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in the International Financial Reporting Standards, specifically International Accounting Standard No. 20, “Accounting for Government Grants and Disclosure of Government Assistance,” makes certain targeted improvements and modifies certain of the existing disclosure requirements in ASU 832, “Government Assistance”. ASU 2025-10 is effective for public business entities in annual periods beginning after December 31, 2028 (including interim periods within) and one year later for all other entities with early adoption in any period for which financial statements have not been issued. The guidance can be applied on a modified prospective basis, a modified retrospective basis, or a full retrospective basis. The Company is still evaluating the impact of this pronouncement on the consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Description of Business

12 Months Ended

Dec. 31, 2025

Description of Business

Description of Business

(1) Description of Business

Rigetti Computing, Inc. and its subsidiaries (collectively, the “Company” or “Rigetti”), builds quantum computers and the superconducting quantum processors that power them. The Company sells 9-qubit to 108-qubit quantum computing systems under the Novera™ and Cepheus™ trade names. Through the Rigetti Quantum Cloud Services (QCS®) platform, the Company’s machines can be integrated into any public, private or hybrid cloud.

The Company is located and headquartered in Berkeley, California. The Company also operates in Fremont, California; London, United Kingdom; Adelaide, Australia; British Columbia, Canada and Mumbai, India. The Company’s revenue is derived primarily from operations in the United States and the United Kingdom.

Segments, Geographical Information, Concentrations and Significant Customers - Revenue by geography (Details) - Revenue - Single reportable segment - Revenue from Rights Concentration Risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segments, Geographical Information, Concentrations and Significant Customers
Total revenue	$ 7,088	$ 10,790
United States
Segments, Geographical Information, Concentrations and Significant Customers
Total revenue	3,732	6,326
Europe
Segments, Geographical Information, Concentrations and Significant Customers
Total revenue	3,167	3,725
Asia and others
Segments, Geographical Information, Concentrations and Significant Customers
Total revenue	$ 189	$ 739

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Leases - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 24, 2024
Lessor, Lease, Description [Line Items]
Operating lease, period of extension	5 years		3 years
Operating Lease, Payments	$ 2,200	$ 2,200
Annual rental rate	$ 900
Increase rental rates per year	3.00%
Operating Lease, increase in right-of-use assets	$ 0	$ 2,268
Weighted average remaining lease term - operating leases	3 years 5 months 15 days	4 years 5 months 8 days
Weighted average discount rate - operating leases	7.68%	7.65%
Berkeley
Lessor, Lease, Description [Line Items]
Operating Lease, increase in right-of-use assets		$ 2,300
Weighted average remaining lease term - operating leases		4 years 1 month 6 days
Weighted average discount rate - operating leases		6.32%

Share-Based Compensation - Assumptions used in valuation of stock options granted (Detail) - Stock options	12 Months Ended
	Dec. 31, 2025 $ / shares
Minimum
Share-Based Compensation
Strike price (in $ per share)	$ 0.98
Annual volatility (in %)	112.00%
Risk- free rate (in %)	4.18%
Expected term (years)	5 years 6 months
Maximum
Share-Based Compensation
Strike price (in $ per share)	$ 2.03
Annual volatility (in %)	130.00%
Risk- free rate (in %)	4.45%
Expected term (years)	6 years 7 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Total pre-tax book income	21.00%	21.00%
State and local income taxes		1.00%
Executive compensation - IRC 162M	(3.00%)	(1.00%)
Stock-based compensation	11.00%	2.00%
Fair market value adjustments	(15.00%)	(14.00%)
Other
Change in valuation allowance	(14.00%)	(9.00%)
Total	0.00%

Net Loss Per Share - Narrative (Details) - shares	12 Months Ended
Net Loss Per Share - Narrative (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Unvested Customer Warrants
Net Loss Per Share
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	1,340,310	1,340,310

Summary of Significant Accounting Policies - Schedule of property and equipment, net (Details)	Dec. 31, 2025
Furniture and information technology hardware (IT Hardware)
Summary of Significant Accounting Policies
Property, Plant and Equipment, Useful Life	3 years
Process equipment
Summary of Significant Accounting Policies
Property, Plant and Equipment, Useful Life	7 years
Quantum computing fridges \| Minimum
Summary of Significant Accounting Policies
Property, Plant and Equipment, Useful Life	3 years
Quantum computing fridges \| Maximum
Summary of Significant Accounting Policies
Property, Plant and Equipment, Useful Life	10 years
Leasehold improvements
Summary of Significant Accounting Policies
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Financing Arrangements

12 Months Ended

Dec. 31, 2025

Financing Arrangements

Financing Arrangements

(7) Financing Arrangements

Loan and Security Agreement

On June 21, 2024, (the “Amendment Date”), the Company entered into the Amended and Restated Loan and Security Agreement (the “Amended Loan Agreement”), by and between Trinity Capital Inc., as lender, and Rigetti & Co, LLC and Rigetti Intermediate LLC, as borrowers, which amended and restated in its entirety the Company’s existing loan and security agreement, dated as of March 10, 2021 (as amended from time to time, the “Existing Loan Agreement”). The outstanding principal balance of the terms loans as of the Amendment Date was $16.2 million, and the economic terms and cash flows of the outstanding term loans remained unchanged under the Amended Loan Agreement. Each term loan was to be amortized in equal monthly installments through 48 months following the disbursement date of each term loan, with interest at a rate equal to the greater of 11% or the US Prime Rate plus 7.50% per annum, payable monthly.

The Company had the right to prepay the outstanding term loans, in whole or in part, subject to a prepayment premium that remained unchanged from the Existing Loan Agreement. In addition, the Company was required to pay on the respective maturity dates, or the date of an earlier prepayment, a final payment fee equal to 2.75% of the aggregate original principal amount of the term loans, which remained consistent with the Existing Loan Agreement. The final payment fees were being accreted and amortized into interest expense using the effective interest rate method over the terms of the loans.

On December 9, 2024, the Company prepaid in full all amounts owed under the Amended Loan Agreement. The Company prepaid an aggregate of $9.5 million in outstanding principal balance, final payment fees of $0.9 million, plus accrued interest and a prepayment premium aggregating $0.1 million. During the year ended December 31, 2024, the Company recorded a $0.4 million loss on the prepayment and extinguishment of the outstanding principal balance owed under the Amended Loan Agreement.

During the year ended December 31, 2024, the Company recorded interest expense of $3.3 million, which includes accretion of final payment fees, amortization of the underlying commitment fee and amortization of debt issuance costs totaling $0.8 million. The effective interest rate for all tranches of the debt was approximately 23.1% as of December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

(18) Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) are as follows (in thousands):


	Foreign Currency Translation Adjustment		Available-for-Sale Securities		Accumulated Other Comprehensive Income (Loss)
Balances at December, 2023	$	233	$	11	$	244
Other comprehensive income (loss)		(205)		66		(139)
Balances at December, 2024	$	28	$	77	$	105
Other comprehensive income (loss)		(31)		923		892
Balances at December, 2025	$	(3)	$	1,000	$	997

There are no reclassification adjustments or income taxes associated with any of the components of accumulated other comprehensive income (loss).

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property and confidential information that is proprietary, strategic or competitive in nature, including information regarding our product architecture, software, algorithms, and applications (“Information Systems and Data”). Our information security function is supported by members of our legal team and a third-party service provider, which helps identify, assess and manage the Company’s cybersecurity threats and risks, including through the use of the Company’s risk register. This team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example: manual and automated tools; subscribing to and analyzing reports and services that identify cybersecurity threats; conducting scans of our threat environment; evaluating threats reported to us; conducting vulnerability assessments to identify vulnerabilities; and analyzing external threat intelligence feeds. Depending on the environment, product, or system, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: performing risk analyses, establishing an incident response policy, having vulnerability management processes, and implementing certain security certificates for certain functions of our business; encrypting certain data, using network security controls; segregating data; maintaining access and physical security controls; managing, tracking, and disposing of assets; and monitoring our systems. In addition, we may refer to and perform assessments against the Center for Internet Security’s Critical Security Controls to help inform our cybersecurity program, as well as perform assessments such as penetration tests. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program and identified in the Company’s risk register; (2) our information security function works with management, including our Chief Technology Officer (“CTO”), to prioritize our risk management processes and mitigate cybersecurity threats that could more likely lead to a material impact to our business; (3) our senior management/committee evaluates material risks from cybersecurity threats against our overall business objectives and on a quarterly basis reports to the audit committee of the board of directors, which oversees our cybersecurity risk as part of our overall enterprise risk. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example: professional service firms; threat intelligence service providers; cybersecurity consultants; and cybersecurity software and managed cybersecurity service providers. We use third-party service providers to perform a variety of functions throughout our business, such as application providers and public cloud providers, as well as various third-party suppliers that support our manufacturing and development processes. We use certain vendor management processes to manage cybersecurity risks associated with our use of these providers, which includes reviewing the written information security programs of certain of our vendors. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider. This can extend to contingent workers as well, who are required to complete background investigations and agree to adhere to policies, including for privacy and cybersecurity.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our information security function is supported by members of our legal team and a third-party service provider, which helps identify, assess and manage the Company’s cybersecurity threats and risks, including through the use of the Company’s risk register. This team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example: manual and automated tools; subscribing to and analyzing reports and services that identify cybersecurity threats; conducting scans of our threat environment; evaluating threats reported to us; conducting vulnerability assessments to identify vulnerabilities; and analyzing external threat intelligence feeds. Depending on the environment, product, or system, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: performing risk analyses, establishing an incident response policy, having vulnerability management processes, and implementing certain security certificates for certain functions of our business; encrypting certain data, using network security controls; segregating data; maintaining access and physical security controls; managing, tracking, and disposing of assets; and monitoring our systems. In addition, we may refer to and perform assessments against the Center for Internet Security’s Critical Security Controls to help inform our cybersecurity program, as well as perform assessments such as penetration tests. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program and identified in the Company’s risk register; (2) our information security function works with management, including our Chief Technology Officer (“CTO”), to prioritize our risk management processes and mitigate cybersecurity threats that could more likely lead to a material impact to our business; (3) our senior management/committee evaluates material risks from cybersecurity threats against our overall business objectives and on a quarterly basis reports to the audit committee of the board of directors, which oversees our cybersecurity risk as part of our overall enterprise risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors’ audit committee is responsible for overseeing Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by our legal team along with third-party service providers in coordination with the CTO. The CTO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CTO is responsible for approving budgets, helping prepare for potential cybersecurity incidents, approving technical cybersecurity processes, and reviewing security assessments and other security-related reports. Our CTO has over 20 years of experience in engineering and information technology management at various organizations. Our CTO collaborates regularly with our third-party service provider who provides a fractional Chief Information Security Officer, who has extensive experience in cybersecurity and a certification as a CISSP. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents and vulnerabilities to members of management depending on the circumstances in accordance with the incident response policy, including the CTO, CFO, CEO, and others. Our information security function, together with our CTO, works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response and vulnerability management processes include reporting to the audit committee of the board of directors for certain cybersecurity incidents in accordance with the incident response plan. The audit committee receives periodic reports from the CTO, which reflect input from the third-party service provider, concerning the Company’s risk profile, including significant cybersecurity threats and risk and the processes the Company has implemented to address them. The audit committee also has access to various reports, summaries and presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The board of directors’ audit committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by our legal team along with third-party service providers in coordination with the CTO.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by our legal team along with third-party service providers in coordination with the CTO. The CTO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CTO is responsible for approving budgets, helping prepare for potential cybersecurity incidents, approving technical cybersecurity processes, and reviewing security assessments and other security-related reports. Our CTO has over 20 years of experience in engineering and information technology management at various organizations. Our CTO collaborates regularly with our third-party service provider who provides a fractional Chief Information Security Officer, who has extensive experience in cybersecurity and a certification as a CISSP. Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents and vulnerabilities to members of management depending on the circumstances in accordance with the incident response policy, including the CTO, CFO, CEO, and others. Our information security function, together with our CTO, works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response and vulnerability management processes include reporting to the audit committee of the board of directors for certain cybersecurity incidents in accordance with the incident response plan. The audit committee receives periodic reports from the CTO, which reflect input from the third-party service provider, concerning the Company’s risk profile, including significant cybersecurity threats and risk and the processes the Company has implemented to address them. The audit committee also has access to various reports, summaries and presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	CTO
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CTO has over 20 years of experience in engineering and information technology management at various organizations. Our CTO collaborates regularly with our third-party service provider who provides a fractional Chief Information Security Officer, who has extensive experience in cybersecurity and a certification as a CISSP.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response and vulnerability management processes are designed to escalate certain cybersecurity incidents and vulnerabilities to members of management depending on the circumstances in accordance with the incident response policy, including the CTO, CFO, CEO, and others. Our information security function, together with our CTO, works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response and vulnerability management processes include reporting to the audit committee of the board of directors for certain cybersecurity incidents in accordance with the incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Summary of disaggregation of revenue according to the type of good or service and timing of transfer of goods or services

The following tables depict the disaggregation of revenue according to the type of good or service and timing of transfer of goods or services for the years ended December 31, 2025 and December 31, 2024 (in thousands):


		Year Ended December 31,
		2025			2024
Collaborative research and professional services		$	6,676		$	8,044
Collaborative research materials and sales of quantum computers			—			2,390
Access to quantum computing systems			412			356
		$	7,088		$	10,790


		Year Ended December 31,
		2025			2024
Revenue recognized at a point in time		$	—		$	1,579
Revenue recognized over time			7,088			9,211
		$	7,088		$	10,790

Summary of accounts receivable, contract assets and liabilities


		December 31, 2025			December 31, 2024			December 31, 2023
Trade receivables		$	1,204		$	1,498		$	2,650
Unbilled receivables		$	1,347		$	929		$	2,379
Current portion of deferred revenue		$	(847)		$	(113)		$	(343)
Deferred revenue, less current portion		$	(698)		$	(698)		$	—

Summary of changes in deferred revenue from contracts with customers


		Year Ended December 31,
		2025			2024
Balance at beginning of period		$	(811)		$	(343)
Deferral of revenue			(963)			(698)
Recognition of deferred revenue			229			230
Total deferred revenue at end of period		$	(1,545)		$	(811)
Current portion of deferred revenue		$	(847)		$	(113)
Deferred revenue, less current portion		$	(698)		$	(698)

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net

Schedule of property and equipment, net

Property and equipment as of December 31, 2025 and December 31, 2024 are composed of the following (in thousands):


		December 31,			December 31,
		2025			2024
Quantum computing fridges		$	58,963		$	42,854
Process equipment			28,404			27,233
Leasehold improvements			10,048			8,868
IT Hardware			4,242			3,558
Construction in progress			2,578			1,339
Furniture and other assets			1,224			1,100
Total property and equipment			105,459			84,952
Less: Accumulated depreciation and amortization			(48,408)			(40,309)
Property and equipment - net		$	57,051		$	44,643

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity

Schedule of reserved shares for future issuance


		Common Stock
Common Stock warrants		11,724,711
Stock-Based Awards—RSUs Outstanding		7,333,182
Stock-Based Awards—Options Outstanding		5,780,464
Total		24,838,357

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Class of Warrant or Right [Line Items]

Schedule Of Black-Scholes option-pricing models used to value the Private Warrants

During the year ended December 31, 2025, the Earn-out Triggering Events for each of the Sponsor Redemption-Based Vesting Shares and the Promote Sponsor Vesting Shares were satisfied, and the underlying earn-out liabilities were adjusted to fair value using the closing market price of the Company’s Common Stock on their respective vesting dates. The earn-out liability for the Sponsor Redemption-Based Vesting Shares as of their August 14, 2025 vesting date was $10.4 million. The earn-out liability for the Promote Sponsor Vesting Shares as of their February 6, 2025 vesting date was $32.9 million. The earn-out liabilities for the Sponsor Redemption-Based Vesting Shares and the Promote Sponsor Vesting Shares were recorded to additional paid-in capital on their respective vesting dates. As of December 31, 2025, all of the Sponsor Vesting Shares were vested and the earn-out liabilities balance was zero.

Prior to vesting, the Earn-out liabilities were adjusted to fair value each reporting period using the Monte Carlo simulation model. The change in the fair value of the Earn-out liabilities included in the consolidated statements of operations during the years ended December 31, 2025 and December 31, 2024 was a gain of $2.5 million and a loss of $43.7 million, respectively.

The calculated fair value of the Earn-out liabilities with respect to the Sponsor Vesting Shares as of December 31, 2024 was $45.9 million. Significant inputs into the Monte Carlo simulation model as of December 31, 2024 were as follows:


Valuation Assumptions		December 31, 2024
Stock price		$	15.26
Simulated trading days			542
Annual volatility (%)			140.00%
Risk-free rate (%)			4.21%
Estimated time to expiration (in years)			2.17

Summary of vesting status of the Customer Warrant


		December 31, 2025		December 31, 2024
Vested Customer Warrant shares		1,340,297		1,340,297
Unvested Customer Warrant shares		1,340,310		1,340,310
		2,680,607		2,680,607

Private Warrants

Class of Warrant or Right [Line Items]

Schedule Of Black-Scholes option-pricing models used to value the Private Warrants

Significant inputs into the Black-Scholes option-pricing models used to value the Private Warrants at December 31, 2025 and December 31, 2024 are as follows:



Valuation Assumptions		December 31, 2025			December 31, 2024
Stock Price		$	22.15		$	15.26
Strike Price		$	11.50		$	11.50
Volatility (annual) (%)			170.00%			140.00%
Risk-free rate (%)			3.45%			4.21%
Estimated time to expiration (years)			1.17			2.17
Dividend yield (%)			—			—

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


		December 31,			December 31,
		2025			2024
Utilities		$	2,458		$	2,789
Payroll and other payroll costs			1,451			3,599
Professional and subscription fees			473			430
Subcontractor cost			394			173
Property and other taxes			256			391
Property and equipment			259			150
Others			291			473
		$	5,582		$	8,005

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue Recognition
Revenue	$ 7,088	$ 10,790
Revenue recognized at a point in time
Revenue Recognition
Revenue		1,579
Revenue recognized over time
Revenue Recognition
Revenue	7,088	9,211
Collaborative research and professional services
Revenue Recognition
Revenue	6,676	8,044
Collaborative research materials and sales of quantum computers
Revenue Recognition
Revenue		2,390
Access to quantum computing systems
Revenue Recognition
Revenue	$ 412	$ 356

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments

Investments

(3) Investments

All investments in fixed income securities are classified as cash equivalents or available-for-sale in the consolidated balance sheets based on the underlying maturity date of each investment. Fixed income securities are recorded at their estimated fair value. The amortized cost, gross unrealized holding gains and losses included in other comprehensive income (loss) and the fair value of the fixed income securities as of December 31, 2025 and December 31, 2024, respectively, are presented in the tables below (in thousands):


		December 31, 2025
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Cash equivalents:
Money market funds		$	38,721		$	—		$	—		$	38,721
Cash equivalents		$	38,721		$	—		$	—		$	38,721
Available-for-sale investments-short-term:
U.S. treasury securities		$	397,908		$	752		$	—		$	398,660
Available-for-sale investments – short-term		$	397,908		$	752		$	—		$	398,660
Available-for-sale investments-long-term:
U.S. treasury securities		$	146,073		$	248		$	—		$	146,321
Available-for-sale investments – long-term		$	146,073		$	248		$	—		$	146,321


		December 31, 2024
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Cash equivalents:
Money market funds		$	29,806		$	—		$	—		$	29,806
U.S. treasury security			24,835			—			—			24,835
Cash equivalents		$	54,641		$	—		$	—		$	54,641
Available-for-sale investments-short-term:
U.S. treasury securities		$	124,352		$	69		$	(1)		$	124,420
Available-for-sale investments – short-term		$	124,352		$	69		$	(1)		$	124,420
Available-for-sale investments-long-term:
U.S. treasury security		$	25,059		$	9		$	—		$	25,068
Available-for-sale investments – long-term		$	25,059		$	9		$	—		$	25,068

The Company invests in highly rated investment grade debt securities. As of December 31, 2025, all of the Company’s available-for-sale securities have final maturities of one year or less, except for four U.S. treasury securities classified as long-term with final maturities extending through May 15, 2027. The Company reviews the individual securities that have unrealized losses on a regular basis. The Company evaluates whether it has the intention to sell any of these investments and whether it is more likely than not that it will be required to sell any of them before recovery of the amortized cost basis. The Company additionally evaluates whether the decline in fair value of the securities below their amortized cost basis is related to credit losses or other factors.

None of the Company’s available-for-sale securities were in an unrealized loss position as of December 31, 2025. With respect to its available-for-sale securities in an unrealized loss position as of December 31, 2024, the Company determined that it would not need to sell any of them prior to recovery of the amortized cost basis. The Company also determined that the unrealized losses for its available-for-sale securities as of December 31, 2024 were primarily attributable to changes in interest rates and non-credit-related factors. Accordingly, the Company determined that none of the unrealized losses were other-than-temporary, and that recognition of an impairment charge was not required as of December 31, 2024. No available-for-sale securities were sold during the years ended December 31, 2025 or December 31, 2024.

See Note 4 for additional information regarding the fair value of the Company’s investments.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of property and equipment, net


Furniture and information technology hardware (IT Hardware)	3 years
Process equipment	7 years
Quantum computing fridges	3-10 years
Leasehold and other improvements	Shorter of the lease-term or estimated useful-life

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Compensation

Schedule of stock option activity

The following is a summary of stock option activity (intrinsic values in thousands):


				Weighted			Weighted-
				Average			Average		Aggregate
				Exercise			Contractual		Intrinsic
		Options Outstanding		Price Per Share			Life (in years)		Value (in thousands)
Outstanding, December 31, 2024		8,131,235		$	1.01		8.04		$	115,878
Granted		—			—
Exercised		(2,350,771)			0.85					34,746
Forfeited and expired		—			—
Outstanding and expected to vest, December 31, 2025		5,780,464		$	1.07		7.29		$	121,825
Exercisable, December 31, 2025		3,712,543		$	0.91		6.75		$	78,849

Schedule of weighted average assumptions used as inputs in the valuation of stock options granted


Valuation Assumptions		December 31, 2024
Strike price		$0.98 - $2.03
Annual volatility (%)		112% - 130%
Risk- free rate (%)		4.18%-4.45%
Expected term (years)		5.50 - 6.02

Schedule of activity related to restricted stock units


				Weighted Average
				Grant Date Fair
		Shares		Value
Non-vested at December 31, 2024		11,177,661		$	1.53
Granted		3,722,285			14.02
Vested		(7,224,826)			2.20
Forfeited		(341,938)			2.78
Non-vested at December 31, 2025		7,333,182		$	7.15

Schedule of total stock-based compensation expenses

The table below summarizes total stock-based compensation expenses for the years ended December 31, 2025 and December 31, 2024 (in thousands):


		Year Ended December 31,
		2025			2024
Research and development		$	12,776		$	9,039
Selling, general and administrative expenses			4,829			4,030
Total stock-based compensation expenses		$	17,605		$	13,069

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) are as follows (in thousands):


	Foreign Currency Translation Adjustment		Available-for-Sale Securities		Accumulated Other Comprehensive Income (Loss)
Balances at December, 2023	$	233	$	11	$	244
Other comprehensive income (loss)		(205)		66		(139)
Balances at December, 2024	$	28	$	77	$	105
Other comprehensive income (loss)		(31)		923		892
Balances at December, 2025	$	(3)	$	1,000	$	997

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 111,060	$ 71,054
Accruals and reserves	181	41
Stock-based compensation	550	601
Research and development credits	11	11
Intangible assets	18,356	25,007
Operating lease liability	1,659	2,147
Other	9
Gross deferred assets	131,826	98,861
Deferred tax liabilities:
ROU asset	(1,484)	(1,950)
Depreciation and amortization	(4,189)	(3,915)
Total deferred tax liabilities	(5,673)	(5,865)
Total net deferred tax assets	126,153	92,996
Valuation allowance	(126,153)	(92,996)
Net change in valuation allowance	$ 33,200	$ 17,900

Leases - Summary of Components of Lease Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease
Operating lease cost	$ 2,183	$ 2,188
Variable lease cost	179	124
Short-term lease cost	815	872
Total lease cost	$ 3,177	$ 3,184

Stockholders' Equity - Registered Direct Offering (Detail) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 27, 2024 item $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Stockholder's Equity
Proceeds from sale of common stock through Common Stock Purchase Agreement		$ 0	$ 12,838
Proceeds from sale of common stock through registered direct offering		0	$ 96,000
Registered direct offering
Stockholder's Equity
Number of Institutional Investors \| item	2
Proceeds from sale of common stock through Purchase Agreement (in shares) \| shares	50,000,000
Shares issued price per share \| $ / shares	$ 2
Proceeds from sale of common stock through Common Stock Purchase Agreement		100,000
Proceeds from sale of common stock through registered direct offering		96,000
Sales agent commissions		$ 4,000

Collaborative Arrangements

12 Months Ended

Dec. 31, 2025

Collaborative Arrangements

Collaborative Arrangements

(17) Collaborative Arrangements

On February 27, 2025, the Company entered into a Collaboration Agreement (the “Collaboration Agreement”) with Quanta Computer Inc., a Taiwan corporation (“Quanta”). The term of the Collaboration Agreement is for five years, subject to cancellation under certain circumstances.

Pursuant to the Collaboration Agreement, during the five year period following February 27, 2025, the Company has agreed it will invest at least $250.0 million in the field of quantum computing, in furtherance of its product roadmap, and Quanta has agreed it will invest at least $250.0 million in the field of quantum computing, and the investment by Quanta will be towards personnel and capital expenditures for developing products and services and manufacturing capability in furtherance of the Company’s product roadmap. No equity or joint venture was formed under the Collaboration Agreement. Costs incurred by the Company under the Collaboration Agreement, consisting of its expenditures for research and development and related capital, will be accounted for in accordance with GAAP as incurred.

Under the Collaboration Agreement, the Company will retain all rights, title and ownership to all QPU Technology (as defined in the Collaboration Agreement) and related intellectual property (IP) rights created in the course of activities specified in a statement of work under the Collaboration Agreement. Other than the QPU Technology and IP rights described above, to the extent there is any jointly created, invented or other developed technology in the course of the performance of activities specified in a statement of work under the Collaboration Agreement, the Company and Quanta will jointly own, and each party will hold a one-half undivided interest in, all such joint project technology and all newly-created or newly-arising IP rights with respect thereto.

In connection with the Collaboration Agreement, on February 27, 2025, the Company entered into a securities purchase agreement with Quanta, pursuant to which the Company agreed to sell and issue to Quanta in a private placement transaction 3,020,412 shares of its Common Stock at a price per share of approximately $11.59, for an aggregate value of approximately $35.0 million. The price per share was based on the volume weighted-average price of the Company’s Common Stock for the 15 trading days prior to February 27, 2025. The private placement transaction, which was subject to regulatory clearance, closed on April 29, 2025. In connection with the private placement transaction, Quanta entered into a board observer and confidentiality agreement under which it has the option and right to appoint a single representative to attend certain meetings of the board of directors of the Company, subject to exceptions, in a non-voting observer capacity. The securities purchase agreement also contains a lock-up provision prohibiting Quanta from selling any of the shares of the Company’s Common Stock acquired in the securities purchase agreement for a three year period following the closing of the private placement transaction.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 126,589	$ 109,588
Ending balance	546,199	126,589
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss)
Beginning balance	105	244
Other comprehensive income (loss)	892	(139)
Ending balance	997	105
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Beginning balance	28	233
Other comprehensive income (loss)	(31)	(205)
Ending balance	(3)	28
Available-for-Sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	77	11
Other comprehensive income (loss)	923	66
Ending balance	$ 1,000	$ 77

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Summary of components of lease costs

Components of lease costs are as follows (in thousands)


		Year Ended December 31,
		2025			2024
Operating lease cost		$	2,183		$	2,188
Variable lease cost			179			124
Short-term lease cost			815			872
Total lease cost		$	3,177		$	3,184

Summary of maturities of the company's operating lease liabilities

Maturities of operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2026	$	2,313
2027		2,380
2028		2,293
2029		1,175
Total operating lease payments	$	8,161
Less: Imputed interest		(994)
Present value of operating lease liabilities	$	7,167
Operating lease liabilities, current	$	2,235
Operating lease liabilities, noncurrent		4,932
	$	7,167

Leases - Summary of Maturities of the Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases.
2026	$ 2,313
2027	2,380
2028	2,293
2029	1,175
Total operating lease payments	8,161
Less: Imputed interest	(994)
Present value of operating lease liabilities	7,167
Operating lease liabilities, current	2,235	$ 2,159
Operating lease liabilities, noncurrent	$ 4,932	$ 6,641

Investments - Additional Information (Details) - security	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Number of available-for-sale securities sold	0	0
US treasury securities, long term
Debt Securities, Available-for-Sale [Line Items]
Number of long term securities	4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

(10) Leases

The Company leases facilities for its fab-1, lab and office space, and equipment under various lease agreements with terms extending through 2029. Under the terms of the facility leases the Company bears the costs for certain insurance, property taxes and maintenance, and the lease agreements provide for increasing rental payments at fixed intervals.

On September 24, 2024, the Company entered into a lease amendment for its corporate headquarters located in Berkeley, California which, among other things, extends the lease term by three years to October 31, 2028, sets a new annual rental rate of approximately $0.9 million effective as of November 1, 2025 and provides an option to extend the lease for an additional five years.

Rental rates increase at the rate of 3% per year over the lease term and the five year option period. The Company did not include the five year option as part of its right-of-use assets and lease liabilities because exercise of the option was deemed unlikely.

During the year ended December 31, 2024, the Company remeasured the lease liability for its Berkeley headquarters facility over the remaining lease term of 4.1 years using an incremental borrowing rate of 6.32%. The effect of the lease amendment increased the Company’s operating lease right-of-use assets and operating lease liabilities by $2.3 million.

Components of lease costs are as follows (in thousands)


		Year Ended December 31,
		2025			2024
Operating lease cost		$	2,183		$	2,188
Variable lease cost			179			124
Short-term lease cost			815			872
Total lease cost		$	3,177		$	3,184

Total cash paid for amounts included in the measurement of operating lease liabilities was $2.2 million for each of the years ended December 31, 2025 and December 31, 2024. During the year ended December 31, 2025, there were no new operating leases with a lease term greater than 12 months. During the year ended December 31, 2024, there were no new operating leases with a lease term greater than 12 months except for the lease amendment for the Berkeley headquarters facility mentioned above.

As of December 31, 2025 and December 31, 2024 the weighted-average remaining lease term is approximately 3.46 years and 4.44 years, respectively, and the weighted-average discount rate is 7.68% and 7.65%, respectively.

Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the net present value of its lease payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information available at the later of the lease commencement date, lease modification date or the date of Adoption of Topic 842.

Maturities of operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2026	$	2,313
2027		2,380
2028		2,293
2029		1,175
Total operating lease payments	$	8,161
Less: Imputed interest		(994)
Present value of operating lease liabilities	$	7,167
Operating lease liabilities, current	$	2,235
Operating lease liabilities, noncurrent		4,932
	$	7,167

Segments, Geographical Information, Concentrations and Significant Customers - (Tables)

12 Months Ended

Dec. 31, 2025

Segments, Geographical Information, Concentrations and Significant Customers

Schedule of segment information of revenue, expenses and net loss


		Year Ended December 31,
		2025			2024
Revenue		$	7,088		$	10,790
Less:
Salaries and employee related costs			32,717			28,838
Stock-based compensation			17,605			13,069
Rent and facilities			7,942			9,134
Professional services and legal fees			9,013			6,414
Technology & IT costs			5,235			4,571
Direct and indirect materials			3,533			2,500
Depreciation and amortization expense			8,173			6,906
Interest expense			—			3,255
Other segment items⁽¹⁾			139,080			137,091
Segment and net loss		$	(216,210)		$	(200,988)

(1)	Other segment items include interest income, changes in fair value of derivative warrant liabilities and earnout liabilities and other operational expenses which are reflected in the consolidated statements of operations.

Schedule of summary of revenue by geography

The following table presents a summary of revenue by geography (in thousands):


		Year Ended December 31,
		2025			2024
United States		$	3,732		$	6,326
Europe			3,167			3,725
Asia and others			189			739
Total revenue		$	7,088		$	10,790

Revenue

Segments, Geographical Information, Concentrations and Significant Customers

Schedule of concentration of significant customers based on revenue and accounts receivable


		Year Ended December 31,
		2025		2024
Customer A		*		15%
Customer B		17%		11%
Customer C		18%		*
Customer D		42%		27%
Customer E		*		16%

* Customer accounted for less than 10% of revenue in the respective periods.

Accounts receivable

Segments, Geographical Information, Concentrations and Significant Customers

Schedule of concentration of significant customers based on revenue and accounts receivable


		December 31, 2025		December 31, 2024
Customer A		20%		15%
Customer B		*		23%
Customer C		*		26%
Customer D		*		31%
Customer E		50%		*
Customer F		24%		*

* Customer accounted for less than 10% of accounts receivable at the respective point in time.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Warrants - Summary of Vesting Status of the Customer Warrant (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Warrant or Right [Line Items]
Number of warrants outstanding	2,680,607	2,680,607
Vested Customer Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding	1,340,297	1,340,297
Unvested Customer Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding	1,340,310	1,340,310

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment, Net
Property, Plant and Equipment, Gross	$ 105,459	$ 84,952
Less: Accumulated depreciation and amortization	(48,408)	(40,309)
Property and equipment, net	57,051	44,643
Quantum computing fridges
Property and Equipment, Net
Property, Plant and Equipment, Gross	58,963	42,854
Process equipment
Property and Equipment, Net
Property, Plant and Equipment, Gross	28,404	27,233
Leasehold improvements
Property and Equipment, Net
Property, Plant and Equipment, Gross	10,048	8,868
IT hardware
Property and Equipment, Net
Property, Plant and Equipment, Gross	4,242	3,558
Construction in progress
Property and Equipment, Net
Property, Plant and Equipment, Gross	2,578	1,339
Furniture and other assets
Property and Equipment, Net
Property, Plant and Equipment, Gross	$ 1,224	$ 1,100

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2020
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding		2,680,607	2,680,607
Change in fair value of derivative warrant liabilities		$ 150,629	$ 90,168
Number of Warrants Converted from Once Class to Another Class		991,428	1,280,732
Exercise price of warrants		$ 11.5
Proceeds from warrant exercised		$ 49,991	$ 2
Adjustment to additional paid in capital warrants issued		$ 1,200
Series C Preferred Stock
Class Of Warrant Or Right [Line Items]
Number of warrants outstanding		315,518	793,800
Exercise price of warrants					$ 1.15
Proceeds from sale of common stock through Purchase Agreement					$ 56,200
Series C Preferred Stock \| Series C Redeemable Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Class Of Warrants Or Rights Warrants Issued During The Period					5,248,183
Series C Preferred Stock \| Post Conversion
Class Of Warrant Or Right [Line Items]
Proceeds from sale of common stock through Purchase Agreement (in shares)					54,500,000
Common Stock Purchase Agreement
Class Of Warrant Or Right [Line Items]
Proceeds from sale of common stock through Purchase Agreement (in shares)			10,056,799	13,421,082
Proceeds from sale of common stock through Purchase Agreement			$ 12,838	$ 20,500
Public Warrants
Class Of Warrant Or Right [Line Items]
Class of warrants issued during period		1
Number of warrants outstanding		7,727,912	11,082,870
Derivative liabilities		$ 85,800	$ 70,300
Change in fair value of derivative warrant liabilities		$ 142,400	$ 63,300
Number of warrants exercised		4,346,386	0
Exercise price of warrants		$ 11.5
Proceeds from warrant exercised		$ 50,000
Proceeds from underlying warrant derivative liabilities settled		$ 141,100
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		0.361
Number of trading days for determining the share price		10 days
Public Warrants \| Price per share of common stock equals or exceeds $18.00
Class Of Warrant Or Right [Line Items]
Class of warrant or right redemption of warrants trigger price		$ 18
Redemption price per share or per unit of warrants or rights outstanding		0.01
Public Warrants \| Price per share of common stock equals or exceeds $10.00
Class Of Warrant Or Right [Line Items]
Class of warrant or right redemption of warrants trigger price		10
Redemption price per share or per unit of warrants or rights outstanding		$ 0.1
Public Warrants \| Maximum
Class Of Warrant Or Right [Line Items]
Class of warrants issued during period		0.361
Public Warrants \| Minimum
Class Of Warrant Or Right [Line Items]
Class of warrants issued during period		0.034
Private Warrants
Class Of Warrant Or Right [Line Items]
Class of warrants issued during period		1
Number of warrants outstanding		1,000,674	1,992,102
Derivative liabilities		$ 16,800	$ 22,800
Change in fair value of derivative warrant liabilities		8,200	26,800
Warrants To Purchase Class A Common Stock \| Series C Redeemable Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Exercise price of warrants					$ 0.01
Warrants and rights outstanding, term					10 years
Customer Warrants \| Class A Ordinary Shares
Class Of Warrant Or Right [Line Items]
Exercise price of warrants	$ 1.152
Warrants and rights outstanding, term	10 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,680,607
Deferred assets in connection with warrants issued to Customer		100	$ 100
Class of warrant or right, Grant date fair value		$ 200
Customer Warrants \| Class A Ordinary Shares \| Maximum
Class Of Warrant Or Right [Line Items]
Class Of Warrants Vesting Percentage	100.00%
Customer Warrants \| Class A Ordinary Shares \| Minimum
Class Of Warrant Or Right [Line Items]
Class Of Warrants Vesting Percentage	50.00%

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Aug. 14, 2025	Feb. 06, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Assets transfer into level 3	$ 0	$ 0
Assets transfer out of level 3	0	0
Liabilities transfer into level 3	0	0
Liabilities transfer out of level 3	0	0
Earn-out Liability At Fair Value	45,900
Earn-out liabilities	$ 0	$ 45,897
Sponsor Redemption Based Vesting Shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Earn-out Liability At Fair Value			$ 10,400
Promote Sponsor Vesting Shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Earn-out Liability At Fair Value				$ 32,900
Derivative Warrant Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Derivative liability of warrants transferred from Level 3 to Level 1	991,428	1,280,732
Gain (loss) on transfers	$ 5,800	$ 2,400

Earn-out Liabilities

12 Months Ended

Dec. 31, 2025

Earn-out Liabilities

Earn-out Liabilities

(9) Earn-out Liabilities

Upon the closing of the Business Combination on March 2, 2022, SNII, Supernova Partners II LLC (the “Sponsor”) and SNII’s directors and officers (collectively the “Sponsor Holders”) subjected certain shares of Common Stock (the “Sponsor Vesting Shares”) to forfeiture for a five-year period following the closing of the Business Combination, with vesting occurring only if thresholds related to the weighted average price of the Company’s Common Stock were met as described below (the “Earn-out Triggering Events”). Any Sponsor Vesting Shares that were not vested by the fifth anniversary of the closing of the Business Combination were to be forfeited.

Sponsor Vesting Shares – Vesting Provisions:

(i)

2,479,000 shares of Common Stock held by the Sponsor Holders became unvested and subject to forfeiture as of the closing of the Business Combination and will only vest if, during the five year period following the closing of the Business Combination, the volume weighted average price of the Company’s Common Stock equals or exceeds $12.50 for any twenty trading days within a period of thirty consecutive trading days (such shares, the “Promote Sponsor Vesting Shares”), and

(ii)

580,273 shares of Common Stock held by the Sponsor Holders became unvested and subject to forfeiture as of the closing of the Business Combination and will only vest if, during the five year period following the closing of the Business Combination, the volume weighted average price of the Company’s Common Stock equals or exceeds $15.00 for any twenty trading days within a period of thirty consecutive trading days (such shares, the “Sponsor Redemption-Based Vesting Shares,” and, collectively with the Promote Sponsor Vesting Shares, the “Sponsor Vesting Shares”).


Valuation Assumptions		December 31, 2024
Stock price		$	15.26
Simulated trading days			542
Annual volatility (%)			140.00%
Risk-free rate (%)			4.21%
Estimated time to expiration (in years)			2.17

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary Of Income Taxes Information [Line Items]
Increase (decrease) in valuation allowance	$ 30,620
Operating loss carryforwards	455,300
Operating loss carryforwards, not subject to expiration	453,900
Unrecognized tax benefits	24,057	$ 10,927	$ 5,861
Unrecognized tax benefits that would impact effective tax rate	0
State and Local Jurisdiction
Summary Of Income Taxes Information [Line Items]
Operating loss carryforwards	193,300
Research Tax Credit Carryforward \| United States
Summary Of Income Taxes Information [Line Items]
Tax credit carryforwards	14,100
Research Tax Credit Carryforward \| State and Local Jurisdiction
Summary Of Income Taxes Information [Line Items]
Tax credit carryforwards	$ 12,600

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 01, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Securities Act File Number	001-40140
Entity Registrant Name	RIGETTI COMPUTING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0950636
Entity Address, Address Line One	775 Heinz Avenue
Entity Address, City or Town	Berkeley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94710
City Area Code	510
Local Phone Number	210-5550
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,820
Entity Common Stock, Shares Outstanding		332,150,557
Entity Central Index Key	0001838359
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Location	Spokane, Washington
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RGTI
Security Exchange Name	NASDAQ
Common Stock warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
Trading Symbol	RGTW
Security Exchange Name	NASDAQ

Investments - Summary of fair value of available for sale securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 398,660	$ 124,420
Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	38,721	29,806
Fair Value	38,721	29,806
Cash equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	38,721	54,641
Fair Value	38,721	54,641
U.S. treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		24,835
Fair Value		24,835
US treasury securities, short term
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	397,908	124,352
Unrealized Gains	752	69
Unrealized Losses		(1)
Fair Value	398,660	124,420
US treasury securities, long term
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	146,073	25,059
Unrealized Gains	248	9
Fair Value	146,321	25,068
Available-for-sale investments - short-term
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	397,908	124,352
Unrealized Gains	752	69
Unrealized Losses		(1)
Fair Value	398,660	124,420
Available-for-sale investments - long-term
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	146,073	25,059
Unrealized Gains	248	9
Fair Value	$ 146,321	$ 25,068

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Compensation

Share-Based Compensation

(12) Stock-Based Compensation

2013 Equity Incentive Plan

In 2013, the Company adopted the 2013 Equity Incentive Plan ( the “2013 Plan”) which provided for the grant of qualified incentive stock options (“ISOs”) and nonqualified stock options (“NSOs”), restricted stock, restricted stock units (“RSUs”) or other awards to the Company’s employees, officers, directors, advisors, and outside consultants. After the Business Combination became effective on March 2, 2022, no additional awards were issued under the 2013 Plan. Awards outstanding under the 2013 Plan will continue to be governed by such plan; however, the Company will not grant any further awards under the 2013 Plan.

2022 Equity Incentive Plan

In connection with the Business Combination, the shareholders approved the Rigetti Computing, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) which provides for the grant of ISOs, NSOs, stock appreciation rights, restricted stock awards, RSUs, performance awards and other forms of awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. As of December 31, 2025, there were 30,119,436 shares of Common Stock reserved for issuance under the 2022 Plan, of which 18,037,435 shares remain available for future issuance.

The number of shares reserved for issuance under the 2022 Plan will automatically increase on January 1st of each year for a period of nine years commencing on January 1, 2023 and ending on (and including) January 1, 2032, in an amount equal to 5% of the total number of shares of Common Stock of all classes outstanding on a fully diluted basis on December 31st of the preceding year; provided, however, that the board of directors of the Company may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. Accordingly, as of January 1, 2026, the number of shares of Common Stock reserved for issuance under the 2022 Plan was increased by 17,806,062 shares.

Stock Option Activity

The following is a summary of stock option activity (intrinsic values in thousands):


				Weighted			Weighted-
				Average			Average		Aggregate
				Exercise			Contractual		Intrinsic
		Options Outstanding		Price Per Share			Life (in years)		Value (in thousands)
Outstanding, December 31, 2024		8,131,235		$	1.01		8.04		$	115,878
Granted		—			—
Exercised		(2,350,771)			0.85					34,746
Forfeited and expired		—			—
Outstanding and expected to vest, December 31, 2025		5,780,464		$	1.07		7.29		$	121,825
Exercisable, December 31, 2025		3,712,543		$	0.91		6.75		$	78,849

The Company’s outstanding stock options generally have exercise prices equal to fair market value on the date of grant, expire after ten years and have service-based vesting conditions ranging from 1-5 years, except that 500,000 stock options granted in 2022 have a market-based vesting condition tied to the Company’s Common Stock price. The vesting condition with respect to the market-based stock option grants was satisfied in January 2025.

There were no stock options granted during the year ended December 31, 2025. The weighted-average grant date fair value of stock options granted during the year ended December 31, 2024, was $1.27. The intrinsic value of a stock option is the amount by which the market price of the underlying Common Stock exceeds the option’s exercise price. The intrinsic value of stock options exercised during the years ended December 31, 2025 and December 31, 2024, was $34.7 million and $4.5 million, respectively. The Company received proceeds from stock option exercises during the years ended December 31, 2025 and December 31, 2024 of $2.0 million and $0.6 million, respectively.

Stock-based compensation expense related to stock options was $1.9 million for each of the years ended December 31, 2025 and December 31, 2024. As of December 31, 2025, the unrecognized compensation expense related to unvested stock options was $2.3 million, which is expected to be recognized over a weighted-average period of 1.64 years.

Fair Value of Stock Option Grants

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses the assumptions noted in the tables below.

For the first nine months of 2024, expected volatility for the Company’s Common Stock was determined based on a blended average of the historical volatility of a peer group of similar public companies, the historical volatility of the Company’s Common Stock and the implied volatility from the Company’s Public Warrants. For the last three months of 2024, expected volatility for the Company’s Common Stock was determined based on a one-third weighting of the historical volatility of a peer group of similar public companies and a two-thirds weighting of the historical volatility of the Company’s Common Stock. The implied volatility from the Company’s Public Warrants was excluded because the calculation did not produce a meaningful result. The Company had not been public for a sufficient length of time to derive expected volatility solely from trading in its Common Stock.

The expected term of stock options granted was calculated using the simplified method, which represents the average of the contractual term and the weighted-average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical exercise data for its options to provide a reasonable basis upon which to estimate the expected term.

The assumed dividend yield was based upon the Company’s expectation of not paying dividends in the foreseeable future. The risk-free rate was based upon the U.S. Treasury yield curve in effect at the time of grant for the period equivalent to the expected term of the stock option. In determining the exercise prices for stock options granted, the Company’s board of directors has utilized the fair value of the Common Stock as of the grant date.

Before the Business Combination, the fair value of the Common Stock had been determined by the board of directors at each award grant date based upon a variety of factors, including the results obtained from an independent third-party valuation, the Company’s financial position and historical financial performance, the status of technological developments within the Company, the composition and ability of the current engineering and management team, an evaluation or benchmark of the Company’s competition, the current business climate in the marketplace, the illiquid nature of the Company’s Common Stock, arm’s-length sales of the Company’s capital stock, the effect of the rights and preferences of the preferred shareholders, and the prospects of a liquidity event, among others.

The range of valuation assumptions used as inputs to the Black-Scholes option-pricing model to value service-based stock options granted during the year ended December 31, 2024 were as follows:


Valuation Assumptions		December 31, 2024
Strike price		$0.98 - $2.03
Annual volatility (%)		112% - 130%
Risk- free rate (%)		4.18%-4.45%
Expected term (years)		5.50 - 6.02

Restricted Stock Unit activity

The following is a summary of restricted stock unit (“RSU”) activity:


				Weighted Average
				Grant Date Fair
		Shares		Value
Non-vested at December 31, 2024		11,177,661		$	1.53
Granted		3,722,285			14.02
Vested		(7,224,826)			2.20
Forfeited		(341,938)			2.78
Non-vested at December 31, 2025		7,333,182		$	7.15

As of December 31, 2025, all of the Company’s non-vested RSUs have a service-based vesting condition ranging from 1-4 years. During the year ended December 31, 2023, the Company granted 3,850,000 RSUs with a market-based vesting condition tied to the Company’s stock price. Based upon the terms of such awards, 50% of the shares became vested when the Company’s Common Stock traded at or above $2.00 per share and the other 50% of the shares became vested when the Company’s Common Stock traded at or above $4.00 per share, for 20 out of 30 trading days through the fifth anniversary of the grant date. The $2.00 per share vesting condition was satisfied in December 2024, and the $4.00 per share vesting condition was satisfied in January 2025.

The income tax withholding obligation for all RSUs are satisfied through the sale of shares into the market, otherwise known as Sell-To-Cover (“STC”). The STC transaction and the income tax withholding remittance for the market-based RSUs that vested in December 2024 took place on December 30, 2024. The $6.3 million proceeds from the STC were received by the Company on January 2, 2025, and is included in other current assets in the accompanying balance sheet as of December 31, 2024.

The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2025 and December 31, 2024, was $14.02 and $1.07 per share, respectively. The aggregate fair value of outstanding RSUs based on the closing share price of the Company’s Common Stock as of December 31, 2025 and December 31, 2024, was $162.4 million and $170.6 million, respectively.

The aggregate fair value of RSUs that vested based on the closing price of the Company’s Common Stock on the vesting date during the years ended December 31, 2025, and December 31, 2024, was $80.5 million and $28.4 million, respectively.

Fair Value of RSUs Awards

The number of service-based RSUs granted during the years ended December 31, 2025 and December 31, 2024 was 3,722,285 and 7,380,872, respectively. The service-based RSUs vest over periods ranging from 1-4 years and require continuous employment. The fair value of the Company’s service-based RSUs was calculated based on the fair market value of the Company’s Common Stock on the date of grant.

Stock-based compensation expense related to RSUs was $15.7 million and $11.2 million for the years ended December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, the unrecognized compensation expense related to unvested RSUs was $49.8 million which is expected to be recognized over a weighted-average period of 2.45 years.

Summarized Stock-Based Compensation Expenses

The table below summarizes total stock-based compensation expenses for the years ended December 31, 2025 and December 31, 2024 (in thousands):


		Year Ended December 31,
		2025			2024
Research and development		$	12,776		$	9,039
Selling, general and administrative expenses			4,829			4,030
Total stock-based compensation expenses		$	17,605		$	13,069

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue Recognition
Contract with customer, liability, revenue recognized	$ 0.1	$ 0.2
Transaction price allocated to remaining performance obligations	3.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-31
Revenue Recognition
Transaction price allocated to remaining performance obligations	$ 0.8
Period of remaining performance obligations (in months/years)	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Summary of Information About Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 14, 2025	Feb. 06, 2025	Dec. 31, 2024
Liabilities:
Earn-out Liability	$ 45,900
Fair Value, Inputs, Level 1
Assets:
Assets	38,721			$ 29,806
Liabilities:
Derivative liabilities	85,842			70,265
Fair Value, Inputs, Level 1 \| Money market funds
Assets:
Cash equivalents	38,721			29,806
Fair Value, Inputs, Level 2
Assets:
Assets	544,981			174,323
Fair Value, Inputs, Level 2 \| U.S. treasury securities
Assets:
Cash equivalents				24,835
Fair Value, Inputs, Level 2 \| US treasury securities, short term
Assets:
Assets	398,660			124,420
Fair Value, Inputs, Level 2 \| US treasury securities, long term
Assets:
Assets	146,321			25,068
Fair Value, Inputs, Level 3
Liabilities:
Derivative liabilities	16,751			68,727
Fair Value, Inputs, Level 3 \| Earn-out liabilities
Liabilities:
Earn-out Liability				45,897
Sponsor Redemption Based Vesting Shares
Liabilities:
Earn-out Liability		$ 10,400
Promote Sponsor Vesting Shares
Liabilities:
Earn-out Liability			$ 32,900
Public Warrants \| Fair Value, Inputs, Level 1 \| Derivative
Liabilities:
Derivative liabilities	85,842			70,265
Private Warrants \| Fair Value, Inputs, Level 3 \| Derivative
Liabilities:
Derivative liabilities	$ 16,751			$ 22,830

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

(16) Income Taxes

Domestic and foreign components of loss before income taxes are as follows (in thousands):


		Year Ended December 31,
		2025		2024
Domestic		$	(213,875)	$	(198,588)
Foreign			(2,335)		(2,400)
		$	(216,210)	$	(200,988)

The Company did not pay any income taxes for the years ended December 31, 2025 or December 31, 2024. All components of the Company’s current and deferred income tax provisions for the years ended December 31, 2025 and December 31, 2024 were zero. The effective tax rate differs from the statutory rate, primarily due to the Company’s history of incurring losses which have not been benefited, write-off of federal and state net operating loss carryforwards and research and development tax credit carryforwards under Internal Revenue Code (IRC) section 382 limitation, stock-based compensation and other permanent differences.

On July 4, 2025, new federal tax and budget legislation, known as the “One Big Beautiful Bill Act” (“OBBA”) was signed into law. The Company evaluated the impact of the OBBA and determined that its provisions did not have a material impact on the consolidated financial statements.

Upon adoption of ASU 2023-09, Improvement to Income Tax Disclosures, as described in Note 2, Summary of Significant Accounting Policies, the reconciliation of taxes at the federal statutory rate to the Company’s provision for income taxes for the year ended December 31, 2025, was as follows (in thousands, except for percentages):


Component		Amount	Rate Impact
Income taxes at the U.S. federal statutory tax rate	$	(45,404)	21	%
State and local income taxes, net of federal income tax benefit		—	—	%
Foreign tax effects, foreign tax impacts		490	—	%
Changes in valuation allowances		30,620	(14)	%
Nontaxable or nondeductible items
Stock-based compensation		(23,774)	11	%
Executive compensation - IRC 162M		6,847	(3)	%
Fair market value adjustments		31,103	(15)	%
Other		118	—	%
Total	$	—	—	%

Significant components of the differences between the statutory tax rate and the Company’s effective tax rate for the year ended December 2024 are as follows:


Component	Rate Impact
Total pre-tax book income	21	%
State and local income taxes	1	%
Executive compensation - IRC 162M	(1)	%
Net operating loss limitation ownership change	—	%
Stock-based compensation	2	%
Fair market value adjustments	(14)	%
Change in valuation allowance	(9)	%
Total	—	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred income tax assets and liabilities as of December 31, 2025 and December 31, 2024, are as follows (in thousands):


		Year Ended December 31,
		2025		2024
Deferred tax assets:
Net operating loss carryforwards		$	111,060	$	71,054
Accruals and reserves			181		41
Stock-based compensation			550		601
Research and development credits			11		11
Intangible assets			18,356		25,007
Operating lease liability			1,659		2,147
Other			9		—
Gross deferred assets			131,826		98,861
Deferred tax liabilities:
ROU asset			(1,484)		(1,950)
Depreciation and amortization			(4,189)		(3,915)
Total deferred tax liabilities			(5,673)		(5,865)
Total net deferred tax assets			126,153		92,996
Valuation allowance			(126,153)		(92,996)
Net deferred tax assets		$	—	$	—

Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net U.S. federal and state deferred tax assets have been fully offset by a valuation allowance. The net change in total valuation allowance increased by approximately $33.2 million and $17.9 million for the years ended December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025, the Company had net operating loss carryforwards for federal income tax purposes of $455.3 million, of which $453.9 million does not expire; federal research and development tax credits of $14.1 million, which will start to expire in 2044; net operating loss carryforwards for state income tax purposes of $193.3 million, which will start to expire in 2038; and state research and development tax credits of $12.6 million, which do not expire.

Under Section 382 of the Internal Revenue Code of 1986, as amended, the Company’s federal net operating loss carryforwards and research and development tax credit carryforwards, and other tax attributes are subject to annual limitation because of prior cumulative changes in the Company’s ownership and may be further limited in the future if additional ownership changes occur. Similar rules apply under state tax laws. These ownership changes limit the amount of net operating loss carryforwards and research and development tax credit carryforwards that can be utilized annually to reduce the Company’s federal and state income tax liabilities, if any. Such annual limitations could result in the expiration of the net operating loss carryforwards and research and development tax credit carryforwards before their utilization.

During the year ended December 31, 2024, the Company assessed whether an ownership change, as defined by Section 382, occurred during the period from January 1, 2023 through December 31, 2024. Based upon the assessment conducted in 2024, the Company concluded that an ownership change occurred in November of 2024; however, based on the annual limitation from the November 2024 ownership change, none of the net operating losses or research and development tax credits are expected to expire prior to their potential use, as such there was no reduction to the gross deferred tax assets during the year ended December 31, 2024. The Company also assessed whether an ownership change occurred during the year ended December 31, 2025. Based on the results of this assessment, the Company determined that an ownership change as defined by Section 382 did not occur during the year ended December 31, 2025.

The Company files U.S. and various state income tax returns as well as foreign income tax returns in Australia, Canada and the United Kingdom with varying statutes of limitations. All tax years from inception in 2013 remain open to examination due to the carryover of unused net operating losses and tax credits. The Company had unrecognized tax benefits of $24.1 million as of December 31, 2025, all of which are offset by a full valuation allowance. These unrecognized tax benefits, if recognized, would not affect the effective tax rate. There were no interest or penalties accrued as of December 31, 2025.

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows:


		Year Ended December 31,
		2025		2024
Beginning balance		$	10,927	$	5,861
Current year increase			13,130		5,835
Reduction of prior year position			—		(769)
Ending balance		$	24,057	$	10,927

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

Schedule of loss per share basic and diluted

The following table sets forth the computation of basic and diluted net loss per share attributable to Common Stockholders (in thousands, except per share amounts):


		Year Ended December 31,
		2025			2024
Numerator:
Net loss		$	(216,210)		$	(200,988)
Denominator:
Weighted-average shares outstanding - basic and diluted			309,763			184,666
Net loss per share - basic and diluted		$	(0.70)		$	(1.09)

Schedule of antidilutive securities excluded from computation of diluted net loss per share


		Year Ended December 31,
		2025		2024
Common Stock warrants (1)		10,068,883		14,450,417
Stock Options		5,780,464		8,131,235
Restricted Stock Units		7,333,182		11,177,661
		23,182,529		33,759,313

(1)	The number of outstanding warrants does not include unvested customer warrants for 1,340,310 shares as of each of December 31, 2025 and December 31, 2024.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Summary of domestic and foreign components of loss before income taxes

Domestic and foreign components of loss before income taxes are as follows (in thousands):


		Year Ended December 31,
		2025		2024
Domestic		$	(213,875)	$	(198,588)
Foreign			(2,335)		(2,400)
		$	(216,210)	$	(200,988)

Summary of effective income tax rate reconciliation


Component		Amount	Rate Impact
Income taxes at the U.S. federal statutory tax rate	$	(45,404)	21	%
State and local income taxes, net of federal income tax benefit		—	—	%
Foreign tax effects, foreign tax impacts		490	—	%
Changes in valuation allowances		30,620	(14)	%
Nontaxable or nondeductible items
Stock-based compensation		(23,774)	11	%
Executive compensation - IRC 162M		6,847	(3)	%
Fair market value adjustments		31,103	(15)	%
Other		118	—	%
Total	$	—	—	%

Significant components of the differences between the statutory tax rate and the Company’s effective tax rate for the year ended December 2024 are as follows:


Component	Rate Impact
Total pre-tax book income	21	%
State and local income taxes	1	%
Executive compensation - IRC 162M	(1)	%
Net operating loss limitation ownership change	—	%
Stock-based compensation	2	%
Fair market value adjustments	(14)	%
Change in valuation allowance	(9)	%
Total	—	%

Summary of components of deferred tax assets and liabilities


		Year Ended December 31,
		2025		2024
Deferred tax assets:
Net operating loss carryforwards		$	111,060	$	71,054
Accruals and reserves			181		41
Stock-based compensation			550		601
Research and development credits			11		11
Intangible assets			18,356		25,007
Operating lease liability			1,659		2,147
Other			9		—
Gross deferred assets			131,826		98,861
Deferred tax liabilities:
ROU asset			(1,484)		(1,950)
Depreciation and amortization			(4,189)		(3,915)
Total deferred tax liabilities			(5,673)		(5,865)
Total net deferred tax assets			126,153		92,996
Valuation allowance			(126,153)		(92,996)
Net deferred tax assets		$	—	$	—

Summary of unrecognized tax benefits affecting the effective tax rate


		Year Ended December 31,
		2025		2024
Beginning balance		$	10,927	$	5,861
Current year increase			13,130		5,835
Reduction of prior year position			—		(769)
Ending balance		$	24,057	$	10,927

Income Taxes - Summary of Unrecognized Tax Benefits Affecting the Effective Tax rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]
Beginning balance	$ 10,927	$ 5,861
Current year increase	13,130	5,835
Reduction of prior year position	0	(769)
Ending balance	$ 24,057	$ 10,927

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Net Loss Per Share

Net Loss Per Share

(13) Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to Common Stockholders (in thousands, except per share amounts):


		Year Ended December 31,
		2025			2024
Numerator:
Net loss		$	(216,210)		$	(200,988)
Denominator:
Weighted-average shares outstanding - basic and diluted			309,763			184,666
Net loss per share - basic and diluted		$	(0.70)		$	(1.09)

The vesting condition for all 2,479,000 Promote Sponsor Vesting Shares was satisfied on February 6, 2025, and the vesting condition for all 580,273 Sponsor Redemption-Based Vesting Shares was satisfied on August 14, 2025. For the year ended December 31, 2025, the Promote Sponsor Vesting Shares and the Sponsor Redemption-Based Vesting Shares have been included in the computations of basic and diluted net loss per share from their respective vesting dates. The Promote Sponsor Vesting Shares and the Sponsor Redemption-Based Vesting Shares were not included in the computations of basic and diluted net loss per share for the year ended December 31, 2024, because the vesting conditions related to these shares had not been met.

The weighted-average common shares outstanding for the years ended December 31, 2025 and December 31, 2024 include 682,939 and 963,297 weighted-average shares for warrants having an exercise price of $0.01 per share each, respectively. The Company’s potential dilutive securities, which include stock options, restricted stock units and warrants have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same.

The Company excluded the following potential common shares from the computation of diluted net loss per share for the years ended December 31, 2025 and December 31, 2024:


		Year Ended December 31,
		2025		2024
Common Stock warrants (1)		10,068,883		14,450,417
Stock Options		5,780,464		8,131,235
Restricted Stock Units		7,333,182		11,177,661
		23,182,529		33,759,313

(1)	The number of outstanding warrants does not include unvested customer warrants for 1,340,310 shares as of each of December 31, 2025 and December 31, 2024.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Basis of Presentation

Risks and Uncertainties

Macroeconomic Conditions

Principles of Consolidation

Emerging Growth Company

Use of Estimates

Segments

Foreign Currency Translation and Transactions

Comprehensive Loss

Cash and Cash Equivalents

Investments

Accounts Receivable

Prepaid Expenses and Other Current Assets

Deferred Offering Costs

Property and Equipment, Net


Furniture and information technology hardware (IT Hardware)	3 years
Process equipment	7 years
Quantum computing fridges	3-10 years
Leasehold and other improvements	Shorter of the lease-term or estimated useful-life

Impairment of Long-Lived Assets

Leases

Deferred Financing Costs

Public and Private Warrants

See Notes 4 and 8 for further information regarding the fair value of the Public and Private Warrants.

Earn-Out Liabilities

As of December 31, 2025, all of the Sponsor Vesting Shares were vested and the earn-out liabilities balance was zero. See Note 9 for further information regarding the earn-out liabilities.

Revenue Recognition

The Company recognizes revenue from contracts with customers by applying the following five-step model:

●

Identify the contract with a customer

●

Identify the performance obligations in the contract

●

Determine the transaction price

●

Allocate the transaction price to the performance obligations in the contract

●

Recognize revenue when (or as) performance obligations are satisfied

The Company generates revenue from sales of QPUs, quantum computing systems, custom computing components, QCaaS, development contracts and other services.

Costs of Obtaining and Fulfilling Contracts

The Company has elected to apply the practical expedient to expense contract acquisition costs as incurred when the expected amortization period is one year or less.

Cost of Revenue

Research and Development

Selling, General and Administrative

Income Taxes

Net Loss Per Share

Stock-Based Compensation

Concentrations of Credit Risk

Fair Value Measurements

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 3—Inputs are unobservable for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net

Property and Equipment, Net

(5) Property and Equipment, Net

Property and equipment as of December 31, 2025 and December 31, 2024 are composed of the following (in thousands):


		December 31,			December 31,
		2025			2024
Quantum computing fridges		$	58,963		$	42,854
Process equipment			28,404			27,233
Leasehold improvements			10,048			8,868
IT Hardware			4,242			3,558
Construction in progress			2,578			1,339
Furniture and other assets			1,224			1,100
Total property and equipment			105,459			84,952
Less: Accumulated depreciation and amortization			(48,408)			(40,309)
Property and equipment - net		$	57,051		$	44,643

As of December 31, 2025 and December 31, 2024, 98.33% and 98.79%, respectively, of the total gross property and equipment was located in the United States, and 1.67% and 1.21%, respectively, of the total gross property and equipment was located in the United Kingdom. Total depreciation and amortization expense for the years ended December 31, 2025, and December 31, 2024 was $8.1 million and $6.9 million, respectively.

Stockholders' Equity (Details) - shares	Mar. 02, 2022	Dec. 31, 2025	Dec. 31, 2024
Stockholder's Equity
Common stock shares authorized	1,000,000,000	1,000,000,000	1,000,000,000
Preferred stock shares authorized	10,000,000	10,000,000	10,000,000
Common Stock, Voting Rights	one vote
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Common stock, capital shares reserved for future issuance (in shares)		24,838,357
Common Stock warrants
Stockholder's Equity
Common stock, capital shares reserved for future issuance (in shares)		11,724,711
Stock-Based Awards-RSUs Outstanding
Stockholder's Equity
Common stock, capital shares reserved for future issuance (in shares)		7,333,182
Employee Stock Option
Stockholder's Equity
Common stock, capital shares reserved for future issuance (in shares)		5,780,464

Segments, Geographical Information, Concentrations and Significant Customers - Segment information of revenue, expenses and net income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segments, Geographical Information, Concentrations and Significant Customers
Number of reportable segments not disclosed	true
Revenue	$ 7,088	$ 10,790
Stock-based compensation	17,605	13,069
Interest expense	0	3,255
Net loss	$ (216,210)	(200,988)
Other Segment Item, Description	Other segment items include interest income, changes in fair value of derivative warrant liabilities and earnout liabilities and other operational expenses which are reflected in the consolidated statements of operations
Single reportable segment
Segments, Geographical Information, Concentrations and Significant Customers
Revenue	$ 7,088	10,790
Salaries and employee related costs	32,717	28,838
Stock-based compensation	17,605	13,069
Rent and facilities	7,942	9,134
Professional services and legal fees	9,013	6,414
Technology & IT costs	5,235	4,571
Direct and indirect materials	3,533	2,500
Depreciation and amortization expense	8,173	6,906
Interest expense		3,255
Other segment items	139,080	137,091
Net loss	$ (216,210)	$ (200,988)

Income Taxes - Summary of Domestic and Foreign Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Domestic	$ (213,875)	$ (198,588)
Foreign	(2,335)	(2,400)
Net loss before provision for income taxes	(216,210)	(200,988)
Provision for income taxes	$ 0	$ 0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Fair Value Measurements - Summary Of Change in Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Transfer of Private Warrants to Public Warrants	$ 0	$ 0
Fair Value, Inputs, Level 3 \| Earn-out liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Beginning Balance	45,897	2,155
Change in fair value during the period	(2,518)	43,742
Vesting of Sponsor Vesting Shares	(43,379)
Ending Balance		45,897
Fair Value, Inputs, Level 3 \| Private Placement Warrants \| Derivative Warrant Liability
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Beginning Balance	22,830	1,604
Change in fair value during the period	8,208	26,828
Transfer of Private Warrants to Public Warrants	(14,287)	(5,602)
Ending Balance	$ 16,751	$ 22,830

Stockholders' Equity - At-the-Market Offering Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	May 29, 2025	Mar. 15, 2024
Stockholder's Equity
Proceeds from sale of common stock through Common Stock Purchase Agreement	$ 0	$ 12,838
Proceeds from sale of common stock through ATM Offerings	346,719	97,500
At The Market Offering Agreement
Stockholder's Equity
Proceeds from sale of common stock through Common Stock Purchase Agreement	$ 350,000	$ 100,000
Maximum Value of Shares Authorized Under the Agreement			$ 350,000	$ 100,000
Sales agent commission payable, represented as a percentage of gross sales proceeds			3.00%
Proceeds from sale of common stock (in shares)	30,309,780	68,809,485
Per Share Weighted Average Price of Shares Issued	$ 11.55	$ 1.45
Net proceeds		$ 97,500
Sales agent commissions		$ 2,500
Remaining value of shares under the program	$ 0
Sales Agreement
Stockholder's Equity
Net proceeds	346,700
Sales agent commissions	3,300
Remaining value of shares under the program	$ 0

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment, Net
Depreciation, Depletion and Amortization	$ 8.1	$ 6.9
US
Property and Equipment, Net
Percentage of total gross property and equipment	98.33%	98.79%
GB
Property and Equipment, Net
Percentage of total gross property and equipment	1.67%	1.21%

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Expenses and Other Current Liabilities
Utilities	$ 2,458	$ 2,789
Payroll and other payroll costs	1,451	3,599
Professional and subscription fees	473	430
Subcontractor cost	394	173
Property and other taxes	256	391
Property and equipment	259	150
Others	291	473
Accrued expenses and other current liabilities	$ 5,582	$ 8,005

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 44,851	$ 67,674
Available-for-sale investments - short-term	398,660	124,420
Accounts receivable	2,551	2,427
Prepaid expenses	3,186	3,156
Other current assets	5,512	9,081
Total current assets	454,760	206,758
Available-for-sale investments - long-term	146,321	25,068
Property and equipment, net	57,051	44,643
Operating lease right-of-use assets	6,411	7,993
Other assets	2,031	325
Total assets	666,574	284,787
Current liabilities:
Accounts payable	3,488	1,590
Accrued expenses and other current liabilities	5,582	8,005
Current portion of deferred revenue	847	113
Current portion of operating lease liabilities	2,235	2,159
Total current liabilities	12,152	11,867
Deferred revenue, less current portion	698	698
Operating lease liabilities, less current portion	4,932	6,641
Derivative warrant liabilities	102,593	93,095
Earn-out liabilities	0	45,897
Total liabilities	120,375	158,198
Commitments and contingencies (Note 19)
Stockholders' equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding	0	0
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 331,282,895 shares issued and outstanding at December 31, 2025 and 283,546,871 shares issued and outstanding at December 31, 2024	33	29
Additional paid-in capital	1,316,126	681,202
Accumulated other comprehensive income	997	105
Accumulated deficit	(770,957)	(554,747)
Total stockholders' equity	546,199	126,589
Total liabilities and stockholders' equity	$ 666,574	$ 284,787

Warrants- Schedule Of Fair Value Of The Private Placement Warrant Measured Using Black Scholes Approach (Details) - Private Warrants	Dec. 31, 2025 $ / shares Y	Dec. 31, 2024 $ / shares Y
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	22.15	15.26
Strike Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	11.5	11.5
Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	170	140
Risk-free rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0345	0.0421
Estimated time to expiration (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| Y	1.17	2.17

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation
Outstanding beginning balance (in shares)	8,131,235
Granted (in shares)	0
Exercised (in shares)	(2,350,771)
Outstanding ending balance (in shares)	5,780,464	8,131,235
Exercisable (in shares)	3,712,543
Weighted Average Exercise Price Per Share ,Outstanding beginning balance	$ 1.01
Weighted Average Exercise Price Per Share ,Exercised	0.85
Weighted Average Exercise Price Per Share , Outstanding ending balance	1.07	$ 1.01
Weighted Average Exercise Price Per Share , Exercisable	$ 0.91
Weighted- Average Contractual Life (in years) , Outstanding	7 years 3 months 14 days	8 years 14 days
Weighted- Average Contractual Life (in years) , Exercisable	6 years 9 months
Aggregate Intrinsic Value beginning balance	$ 115,878
Aggregate Intrinsic Value , Exercised	34,746	$ 4,500
Aggregate Intrinsic Value ending balance	121,825	$ 115,878
Aggregate Intrinsic Value , Exercisable	$ 78,849
Expiration period	10 years
Minimum
Share-Based Compensation
Share based compensation stock options vesting period (in years)	1 year
Maximum
Share-Based Compensation
Share based compensation stock options vesting period (in years)	5 years

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 7,088	$ 10,790
Cost of revenue	5,024	5,093
Total gross profit	2,064	5,697
Operating expenses:
Research and development	61,345	49,750
Selling, general and administrative	25,379	24,457
Total operating expenses	86,724	74,207
Loss from operations	(84,660)	(68,510)
Other income (expense), net
Interest expense	0	(3,255)
Interest income	16,561	5,113
Change in fair value of derivative warrant liabilities	(150,629)	(90,168)
Change in fair value of earn-out liabilities	2,518	(43,742)
Loss on extinguishment of debt	0	(426)
Total other expense, net	(131,550)	(132,478)
Net loss before provision for income taxes	(216,210)	(200,988)
Provision for income taxes	0	0
Net loss	$ (216,210)	$ (200,988)
Net loss per share attributable to common stockholders - basic (in $ per share)	$ (0.7)	$ (1.09)
Net loss per share attributable to common stockholders - diluted (in $ per share)	$ (0.7)	$ (1.09)
Weighted average shares used to compute net loss per share attributable to common stockholders - basic (in shares)	309,763	184,666
Weighted average shares used to compute net loss per share attributable to common stockholders - diluted (in shares)	309,763	184,666

Warrants

12 Months Ended

Dec. 31, 2025

Warrants

Warrants

(8) Warrants

Each whole Public Warrant and Private Warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per whole share, subject to adjustment as discussed below. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Common Stock. The warrants will expire on March 2, 2027 at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

Public Warrants

When the price per share of the Company’s Common Stock equals or exceeds $18.00, the Company may redeem the outstanding warrants in whole and not in part, at a price of $0.01 per warrant as follows (except as described herein with respect to the Private Warrants):

●

upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

●

if, and only if, the closing price of the shares of the Company’s Common Stock equals or exceeds $18.00 per share on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

If the foregoing conditions are satisfied and the Company issues a notice of redemption of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. Any such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price in cash for each warrant being exercised. The price of the shares of the Company’s Common Stock may fall below the $18.00 redemption trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.

When the price per share of the Company’s Common Stock equals or exceeds $10.00, the Company may redeem the outstanding warrants in whole and not in part, at a price of $0.10 per warrant as follows (except as described herein with respect to the Private warrants):

●

upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption as described below; and

●

if, and only if, the closing price of the Company’s Common Stock equals or exceeds $10.00 per share on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis and could potentially receive up to a maximum of 0.361 shares of Common Stock per warrant or a minimum of 0.034 shares of Common Stock per warrant. The number of shares of Common Stock that a warrant holder will ultimately receive upon a cashless exercise in connection with a redemption by the Company, is based on the fair market value of the Company’s Common Stock on the redemption date, determined based on the volume weighted average price of the Company’s Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, as set forth in a table in the warrant agreement.

As of December 31, 2025 and December 31, 2024, Public Warrants issued and outstanding were 7,727,912 and 11,082,870, respectively (Refer to Note 4 for fair value measurement). The Public Warrants are accounted for as a derivative liability. The fair value of the Public Warrants is measured at each reporting period based on the listed price for the warrants, with subsequent changes in the fair value recognized in the consolidated statement of operations at each reporting date.

During the year ended December 31, 2025, a total of 4,346,386 Public Warrants were exercised, each for one share of Common Stock in exchange for cash proceeds of $11.50 per share. The proceeds from the warrant exercises totaled $50.0 million, and the underlying derivative liabilities for the Public Warrants on their respective exercise dates totaled $141.1 million. The proceeds from the warrant exercises and the underlying derivative liabilities for the Public Warrants on their exercise dates were recorded to par value of Common Stock and additional paid-in capital. No Public Warrants were exercised during the year ended December 31, 2024.

The calculated fair value of the derivative liability for the Public Warrants as of December 31, 2025 and December 31, 2024, was $85.8 million and $70.3 million, respectively. The change in the fair value of the Public Warrants included in the consolidated statement of operations during the years ended December 31, 2025 and December 31, 2024 was a loss of $142.4 million and a loss of $63.3 million, respectively.

Private Warrants

The Private Warrants have terms and provisions identical to those of the Public Warrants, including as to exercise price, exercisability and exercise period, except that if the Private Warrants are held by the initial purchasers, or such purchasers’ permitted transferees, then the Private Warrants are not redeemable by the Company and may be exercised for cash or on a cashless basis. If the Private Warrants are held by someone other the initial purchasers or such purchasers permitted transferees, then the Private warrants become Public Warrants and are redeemable by the company and exercisable by such holders on the same basis as the Public Warrants.

During the years ended December 31, 2025 and December 31, 2024, the number of Private Warrants that converted to Public Warrants as a result of transfer from the initial purchaser (or such purchaser’s permitted transferees) to other holders were 991,428 and 1,280,732, respectively.

As of December 31, 2025, and December 31, 2024, Private Warrants issued and outstanding were 1,000,674 and 1,992,102, respectively (Refer to Note 4 for fair value measurement). The Private Warrants are accounted for as a derivative liability. The fair value of the Private Warrants is determined using the Black-Scholes option-pricing model, with subsequent changes in the fair value recognized in the consolidated statements of operations at each reporting date.

The calculated fair value of the derivative liability for the Private Warrants as of December 31, 2025 and December 31, 2024 was $16.8 million and $22.8 million, respectively. The change in the fair value of the Private Warrants included in the consolidated statements of operations during the years ended December 31, 2025 and December 31, 2024 was a loss of $8.2 million and a loss of $26.8 million, respectively.

Significant inputs into the Black-Scholes option-pricing models used to value the Private Warrants at December 31, 2025 and December 31, 2024 are as follows:



Valuation Assumptions		December 31, 2025			December 31, 2024
Stock Price		$	22.15		$	15.26
Strike Price		$	11.50		$	11.50
Volatility (annual) (%)			170.00%			140.00%
Risk-free rate (%)			3.45%			4.21%
Estimated time to expiration (years)			1.17			2.17
Dividend yield (%)			—			—

Equity Classified Warrants

Series C Preferred Stock Financing Warrants

During 2020, a subsidiary of Legacy Rigetti issued and sold an aggregate of 54.5 million shares of its Series C Preferred Stock at a purchase price of $1.15 per share, for an aggregate purchase price of $56.2 million (the “Series C Preferred Stock Financing”). In conjunction with the Series C Preferred Stock Financing, the Company issued a total of 5,248,183 warrants to purchase Class A Common Stock to the Series C investors (the “Series C Warrants”). The Series C Warrants have a $0.01 per share exercise price and a 10-year term to expiration. The Series C Warrants can be exercised for cash or on a cashless basis.

The Company determined that the Series C Warrants met the requirements for equity classification under ASC 480 and ASC 815. The Company estimated the fair value of the Series C Warrants using the Black-Scholes model and allocated approximately $1.2 million in proceeds from the Series C Preferred Stock to the value of the Series C Warrants on a relative fair value basis, which was recorded to additional paid in capital.

As of December 31, 2025 and December 31, 2024, Series C Warrants issued and outstanding were 315,518 and 793,800 respectively.

Customer Warrant

In February 2020, the Company issued a warrant to purchase shares of its Class A Common Stock to a customer in conjunction with a revenue arrangement (the “Customer Warrant”). The Customer Warrant was assumed by the Company in connection with the Business Combination and converted into a warrant to purchase 2,680,607 shares of its Common Stock. The Customer Warrant has an exercise price of $1.152 per share and has a 10-year term to expiration. The Customer Warrant vests upon the achievement of certain performance conditions (i.e., sales milestones) defined in the agreement, and upon a change of control, either 50% or 100% of the then unvested Customer Warrant will become fully vested, dependent on the acquiring party in the change of control transaction. The Customer Warrant can be exercised for cash or on a cashless basis.

The Company followed the guidance in ASC 718 and ASC 606 for the accounting of non-cash consideration payable to a customer. The Company determined that the Customer Warrant met the requirements for equity classification under ASC 718 and measured the Customer Warrant based on its grant date fair value, estimated to be $0.2 million. The Company recorded this amount as a deferred asset and additional paid in capital as of the issuance date, as the Company believes it is probable that all performance conditions (i.e., sales milestones) in the Customer Warrant will be met. As of both December 31, 2025 and December 31, 2024, the deferred asset balance outstanding is approximately $0.1 million, which will be recognized as a reduction in revenue in future periods.

The vesting status of the Customer Warrant is as follows:


		December 31, 2025		December 31, 2024
Vested Customer Warrant shares		1,340,297		1,340,297
Unvested Customer Warrant shares		1,340,310		1,340,310
		2,680,607		2,680,607

Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss	$ (216,210)	$ (200,988)
Denominator:
Weighted-average shares outstanding - basic	309,763,000	184,666,000
Weighted-average shares outstanding - diluted	309,763,000	184,666,000
Net loss per share - basic	$ (0.7)	$ (1.09)
Net loss per share - diluted	$ (0.7)	$ (1.09)
Warrant
Denominator:
Weighted-average shares outstanding - basic	682,939	963,297

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Paragraph 17
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Revenue Recognition - Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Trade receivables	$ 1,204	$ 1,498	$ 2,650
Unbilled receivables	1,347	929	2,379
Current portion of deferred revenue	(847)	(113)	$ (343)
Deferred revenue, less current portion	$ (698)	$ (698)

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

(6) Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


		December 31,			December 31,
		2025			2024
Utilities		$	2,458		$	2,789
Payroll and other payroll costs			1,451			3,599
Professional and subscription fees			473			430
Subcontractor cost			394			173
Property and other taxes			256			391
Property and equipment			259			150
Others			291			473
		$	5,582		$	8,005

Segments, Geographical Information, Concentrations and Significant Customers

12 Months Ended

Dec. 31, 2025

Segments, Geographical Information, Concentrations and Significant Customers

Segments, Geographical Information, Concentrations and Significant Customers

(15) Segments, Geographical Information, Concentrations and Significant Customers

In addition to consolidated net loss, our CODM reviews and utilizes natural expenses such as employee wages and benefits at a consolidated level to manage the Company’s operations and strategic growth initiatives. The measure of segment assets is reported in the balance sheet as total consolidated assets. The following table sets forth our segment information of revenue, significant segment expenses and net loss (in thousands):


		Year Ended December 31,
		2025			2024
Revenue		$	7,088		$	10,790
Less:
Salaries and employee related costs			32,717			28,838
Stock-based compensation			17,605			13,069
Rent and facilities			7,942			9,134
Professional services and legal fees			9,013			6,414
Technology & IT costs			5,235			4,571
Direct and indirect materials			3,533			2,500
Depreciation and amortization expense			8,173			6,906
Interest expense			—			3,255
Other segment items⁽¹⁾			139,080			137,091
Segment and net loss		$	(216,210)		$	(200,988)

(1)	Other segment items include interest income, changes in fair value of derivative warrant liabilities and earnout liabilities and other operational expenses which are reflected in the consolidated statements of operations.

The following table presents a summary of revenue by geography (in thousands):


		Year Ended December 31,
		2025			2024
United States		$	3,732		$	6,326
Europe			3,167			3,725
Asia and others			189			739
Total revenue		$	7,088		$	10,790

Revenues from external customers are attributed to individual countries based on the physical location in which the services are provided or the particular customer location with whom the Company has contracted.

Significant customers that represent 10% or more of revenue are set forth in the following tables:


		Year Ended December 31,
		2025		2024
Customer A		*		15%
Customer B		17%		11%
Customer C		18%		*
Customer D		42%		27%
Customer E		*		16%

* Customer accounted for less than 10% of revenue in the respective periods.

During the years ended December 31, 2025 and December 31, 2024, sales to government entities comprised 90.2% and 89.4% of the Company’s total revenue, respectively.

Significant customers that represent 10% or more of accounts receivable are set forth in the following tables:


		December 31, 2025		December 31, 2024
Customer A		20%		15%
Customer B		*		23%
Customer C		*		26%
Customer D		*		31%
Customer E		50%		*
Customer F		24%		*

* Customer accounted for less than 10% of accounts receivable at the respective point in time.

Earn-out Liabilities - Summary of Significant Inputs of Earnout Liability Based on Monte Carlo Simulation Models (Details)	Dec. 31, 2024 $ / shares D Y
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Assumptions \| $ / shares	15.26
Simulated trading days
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Assumptions \| D	542
Annual volatility (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Assumptions	1.40
Risk-free rate (%)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Assumptions	0.0421
Estimated time to expiration (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Assumptions \| Y	2.17

Earn-out Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Earn-out Liabilities

Schedule of significant Inputs of Earnout Liability Based on Monte Carlo Simulation Models


Valuation Assumptions		December 31, 2024
Stock price		$	15.26
Simulated trading days			542
Annual volatility (%)			140.00%
Risk-free rate (%)			4.21%
Estimated time to expiration (in years)			2.17

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Schedule of fair value hierarchy used to measure financial assets and liabilities

The following tables present the fair value hierarchy used to measure the Company’s financial assets and liabilities that are measured as of December 31, 2025 and December 31, 2024, respectively (in thousands):


		December 31, 2025
		Level 1			Level 2			Level 3
Assets:
Cash equivalents:
Money market funds		$	38,721		$	—		$	—
Short-term investments:
U.S. treasury securities			—			398,660			—
Long-term investments:
U.S. treasury securities			—			146,321			—
Total Assets		$	38,721		$	544,981		$	—
Liabilities:
Derivative warrant liability – Public Warrants		$	85,842		$	—		$	—
Derivative warrant liability – Private Warrants			—			—			16,751
Total Liabilities		$	85,842		$	—		$	16,751


		December 31, 2024
		Level 1			Level 2			Level 3
Assets:
Cash equivalents:
Money market funds		$	29,806		$	—		$	—
U.S. treasury security			—			24,835			—
Short-term investments:
U.S. treasury securities			—			124,420			—
Long-term investments:
U.S. treasury security			—			25,068			—
Total Assets		$	29,806		$	174,323		$	—
Liabilities:
Derivative warrant liability – Public Warrants		$	70,265		$	—		$	—
Derivative warrant liability – Private Warrants			—			—			22,830
Earn-out liabilities			—			—			45,897
Total Liabilities		$	70,265		$	—		$	68,727

Schedule of changes in the fair value of Level 3 financial instruments

During the years ended December 31, 2025 and December 31, 2024, the number of Private Warrants (a Level 3 measurement) converted to Public Warrants (a Level 1 measurement) were 991,428 and 1,280,732, respectively. As of the date of conversion, the favorable impact of the transfer of the Private Warrants to Public Warrants on the Company’s net loss for the years ended December 31, 2025 and December 31, 2024, was $5.8 million and $2.4 million, respectively.

There were no transfers in or out of Level 3 of the fair value hierarchy during the years ended December 31, 2025 and December 31, 2024, other than conversion of Private Warrants to Public Warrants and the vesting of the Sponsor Vesting Shares as described above.

A summary of the changes in the fair value of the Company’s Level 3 financial instruments during the years ended December 31, 2025, and December 31, 2024, respectively, is as follows (in thousands):


		Derivative
		Warrant Liability -			Earn-out
		Private Warrants			Liabilities
Balance – December 31, 2024		$	22,830		$	45,897
Change in fair value during the year			8,208			(2,518)
Vesting of Sponsor Vesting Shares			—			(43,379)
Transfer from Private Warrants to Public Warrants			(14,287)			—
Balance – December 31, 2025		$	16,751		$	—

Balance – December 31, 2023		$	1,604		$	2,155
Change in fair value during the year			26,828			43,742
Transfer from Private Warrants to Public Warrants			(5,602)			—
Balance – December 31, 2024		$	22,830		$	45,897

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - Class A Ordinary Shares - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net Loss Per Share
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	23,182,529	33,759,313
Common Stock warrants
Net Loss Per Share
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	10,068,883	14,450,417
Stock options
Net Loss Per Share
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	5,780,464	8,131,235
Restricted Stock Units
Net Loss Per Share
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	7,333,182	11,177,661

Earn-out Liabilities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 02, 2022	Dec. 31, 2025	Dec. 31, 2024	Aug. 14, 2025	Feb. 06, 2025
Earn-out Liabilities
Earn-out Liability At Fair Value		$ 45,900
Earn-out liabilities		0	$ 45,897
Change in fair value of earn-out liabilities		$ 2,518	$ (43,742)
Sponsor Redemption Based Vesting Shares
Earn-out Liabilities
Earn-out Liability At Fair Value				$ 10,400
Promote Sponsor Vesting Shares
Earn-out Liabilities
Earn-out Liability At Fair Value					$ 32,900
Supernova Acquisition \| Sponsor Agreement
Earn-out Liabilities
Shares subject to vesting maximum period	5 years
Supernova Acquisition \| Sponsor Agreement \| Tranche One
Earn-out Liabilities
Shares subject to vesting	2,479,000
Shares subject to vesting maximum period	5 years
Volume weighted average price per share	$ 12.5
Number of trading days for determining the share price	20 days
Number of consecutive trading days for determining the share price	30 days
Supernova Acquisition \| Sponsor Agreement \| Tranche Two
Earn-out Liabilities
Shares subject to vesting	580,273
Shares subject to vesting maximum period	5 years
Volume weighted average price per share	$ 15
Number of trading days for determining the share price	20 days
Number of consecutive trading days for determining the share price	30 days

Revenue Recognition - Summary of Change in Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Balance at beginning of period	$ (811)	$ (343)
Deferral of revenue	(963)	(698)
Recognition of deferred revenue	229	230
Total deferred revenue at end of period	(1,545)	(811)
Current portion of deferred revenue	(847)	(113)	$ (343)
Deferred revenue, less current portion	$ (698)	$ (698)

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Fair Value Measurements

(4) Fair Value Measurements


		December 31, 2025
		Level 1			Level 2			Level 3
Assets:
Cash equivalents:
Money market funds		$	38,721		$	—		$	—
Short-term investments:
U.S. treasury securities			—			398,660			—
Long-term investments:
U.S. treasury securities			—			146,321			—
Total Assets		$	38,721		$	544,981		$	—
Liabilities:
Derivative warrant liability – Public Warrants		$	85,842		$	—		$	—
Derivative warrant liability – Private Warrants			—			—			16,751
Total Liabilities		$	85,842		$	—		$	16,751


		December 31, 2024
		Level 1			Level 2			Level 3
Assets:
Cash equivalents:
Money market funds		$	29,806		$	—		$	—
U.S. treasury security			—			24,835			—
Short-term investments:
U.S. treasury securities			—			124,420			—
Long-term investments:
U.S. treasury security			—			25,068			—
Total Assets		$	29,806		$	174,323		$	—
Liabilities:
Derivative warrant liability – Public Warrants		$	70,265		$	—		$	—
Derivative warrant liability – Private Warrants			—			—			22,830
Earn-out liabilities			—			—			45,897
Total Liabilities		$	70,265		$	—		$	68,727

As of December 31, 2025 and December 31, 2024, the Company has recorded the following financial instruments subject to fair value measurements: 1) Derivative warrant liabilities—Public Warrants and Private Warrants, 2) Money Market Funds, 3) U.S. treasury securities and 4) Earn-out liabilities.

The fair value of the Public Warrants and money market funds have been measured based on their observable listed prices, a Level 1 measurement. The fair value of the Company’s Level 2 financial assets are determined by using inputs based on quoted market prices for similar instruments. All other financial instruments are classified as Level 3 instruments as they all include unobservable inputs. The Private Warrants are measured at fair value using a Black Scholes model. The fair value of the Earn-out liabilities as of December 31, 2024 were estimated using a Monte Carlo simulation model. The Company estimated the volatility of its Private Warrants and Earn-out liabilities based on the historical volatility of the Company’s Common Stock.

As of December 31, 2025 and December 31, 2024, the Company used the historical volatility of its Common Stock for the applicable valuation models because the implied volatility of the Public Warrants was no longer meaningful due to the rapid increase in the price of the Public Warrants during the fourth quarter of 2024. There were no other changes in fair value measurement techniques during the years ended December 31, 2025 or December 31, 2024.

During the year ended December 31, 2025, the vesting conditions for the Sponsor Redemption-Based Vesting Shares and the Promote Sponsor Vesting Shares (collectively the “Sponsor Vesting Shares” as defined in Note 9 below) were satisfied, and the underlying earn-out liabilities (Refer to Note 9 for Earn-out liabilities) were adjusted to fair value using the closing market price of the Company’s Common Stock on their respective vesting dates.

The earn-out liability for the Sponsor Redemption-Based Vesting Shares as of their August 14, 2025 vesting date was $10.4 million. The earn-out liability for the Promote Sponsor Vesting Shares as of their February 6, 2025 vesting date was $32.9 million. The earn-out liabilities for the Sponsor Redemption-Based Vesting Shares and the Promote Sponsor Vesting Shares were recorded to additional paid-in capital on their respective vesting dates. As of December 31, 2025, all of the Sponsor Vesting Shares were vested and the earn-out liabilities balance was zero.


		Derivative
		Warrant Liability -			Earn-out
		Private Warrants			Liabilities
Balance – December 31, 2024		$	22,830		$	45,897
Change in fair value during the year			8,208			(2,518)
Vesting of Sponsor Vesting Shares			—			(43,379)
Transfer from Private Warrants to Public Warrants			(14,287)			—
Balance – December 31, 2025		$	16,751		$	—

Balance – December 31, 2023		$	1,604		$	2,155
Change in fair value during the year			26,828			43,742
Transfer from Private Warrants to Public Warrants			(5,602)			—
Balance – December 31, 2024		$	22,830		$	45,897

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (216,210)	$ (200,988)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,169	6,906
Stock-based compensation	17,605	13,069
Change in fair value of earn-out liabilities	(2,518)	43,742
Change in fair value of derivative warrant liabilities	150,629	90,168
Accretion of available-for-sale securities	(9,918)	(3,622)
Loss on extinguishment of debt	0	426
Amortization of debt issuance costs, commitment fees and accretion of final payment fees	0	844
Non-cash lease expense	1,582	1,909
Changes in operating assets and liabilities:
Accounts receivable	(124)	2,602
Prepaid expenses, other current assets and other assets	(4,440)	(2,434)
Deferred revenue	734	468
Accounts payable	111	(1,036)
Accrued expenses and operating lease liabilities	(4,163)	(2,681)
Net cash used in operating activities	(58,543)	(50,627)
Cash flows from investing activities:
Purchases of property and equipment	(18,676)	(11,098)
Purchases of available-for-sale securities	(635,652)	(224,764)
Maturities of available-for-sale securities	251,000	157,500
Net cash used in investing activities	(403,328)	(78,362)
Cash flows from financing activities:
Payments of principal of notes payable	0	(23,328)
Proceeds from sale of common stock through Common Stock Purchase Agreement	0	12,838
Proceeds from sale of common stock through ATM Offerings	346,719	97,500
Proceeds from sale of common stock through registered direct offering	0	96,000
Proceeds from sale of common stock from Quanta private placement transaction	35,000	0
Payments of offering costs	(888)	(1,833)
Net proceeds (payments) from tax withholdings on sell-to-cover equity award transactions	6,272	(6,272)
Proceeds from issuance of common stock upon exercise of stock options	1,992	552
Proceeds from issuance of common stock upon exercise of warrants	49,991	2
Net cash provided by financing activities	439,086	175,459
Effects of exchange rate changes on cash and cash equivalents	(38)	(188)
Net decrease in cash and cash equivalents	(22,823)	46,282
Cash and cash equivalents - beginning of period	67,674	21,392
Cash and cash equivalents - end of period	44,851	67,674
Supplemental disclosures of other cash flow information:
Cash paid for interest	0	2,350
Non-cash investing and financing activities:
Purchases of property and equipment recorded in accounts payable	2,254	466
Purchases of property and equipment recorded in accrued expenses	259	150
Non-cash addition to operating lease right-of-use asset and liability	0	2,268
Reclassification of earn-out liabilities to additional paid-in capital for vesting of Sponsor Vesting Shares	43,379	0
Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants	141,130	0
Unrealized gain on short term investments	$ 923	$ 66

Collaborative Arrangements (Details) - Collaboration Agreement $ / shares in Units, $ in Millions	Feb. 27, 2025 USD ($) $ / shares shares
Collaborative Arrangements
Collaboration agreement term	5 years
Collaboration agreement amount	$ 250.0
Ownership percentage of collaboration agreement results	50.00%
Sale of Stock, Consideration Received on Transaction	$ 35.0
Sale of Stock, Number of Shares Issued in Transaction \| shares	3,020,412
Sale of Stock, Price Per Share \| $ / shares	$ 11.59
Quanta Computer
Collaborative Arrangements
Collaboration agreement amount	$ 250.0
Lock-out provision term	3 years

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Common Stock Purchase Agreement	Common Stock Private Placement	Common Stock At-The-Market (ATM) Offering	Common Stock Registered direct offering	Common Stock	Additional Paid-In Capital Common Stock Purchase Agreement	Additional Paid-In Capital Private Placement	Additional Paid-In Capital At-The-Market (ATM) Offering	Additional Paid-In Capital Registered direct offering	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Common Stock Purchase Agreement	Private Placement	At-The-Market (ATM) Offering	Registered direct offering	Total
Beginning balance at Dec. 31, 2023					$ 14					$ 463,089	$ 244	$ (353,759)					$ 109,588
Beginning balance (in shares) at Dec. 31, 2023					147,066,000
Issuance of common stock upon exercise of stock options					$ 1					551							552
Issuance of common stock upon exercise of stock options (in shares)					995,000
Issuance of common stock upon exercise of common stock warrants										2							2
Issuance of common stock upon exercise of common stock warrants (in shares)					179,000
Issuance of common stock upon release of restricted stock units ("RSUs") (in shares)					6,441,000
Proceeds from sale of common stock through Purchase Agreement	$ 1		$ 8	$ 5		$ 12,837		$ 97,492	$ 95,995				$ 12,838		$ 97,500	$ 96,000
Proceeds from sale of common stock through Purchase Agreement (in shares)	10,057,000		68,809,000	50,000,000									10,056,799		68,809,485
Capitalization of offering costs to equity upon share issuance										(1,833)							(1,833)
Stock-based compensation										13,069							13,069
Foreign currency translation gain (loss)											(205)						(205)
Change in unrealized gains on available-for-sale securities											66						66
Net Income (Loss)												(200,988)					(200,988)
Ending balance at Dec. 31, 2024					$ 29					681,202	105	(554,747)					126,589
Ending balance (in shares) at Dec. 31, 2024					283,547,000
Issuance of common stock upon exercise of stock options										1,992							$ 1,992
Issuance of common stock upon exercise of stock options (in shares)					2,351,000												2,350,771
Issuance of common stock upon exercise of common stock warrants					$ 1					191,120							$ 191,121
Issuance of common stock upon exercise of common stock warrants (in shares)					4,830,000
Issuance of common stock upon release of restricted stock units ("RSUs") (in shares)					7,225,000
Proceeds from sale of common stock through Purchase Agreement			$ 3				$ 35,000	$ 346,716						$ 35,000	$ 346,719
Proceeds from sale of common stock through Purchase Agreement (in shares)		3,020,000	30,310,000												30,309,780
Vesting of Promote Sponsor Vesting Shares										32,946							32,946
Vesting of Sponsor Redemption-Based Vesting Shares										10,433							10,433
Capitalization of offering costs to equity upon share issuance										(888)							(888)
Stock-based compensation										17,605							17,605
Foreign currency translation gain (loss)											(31)						(31)
Change in unrealized gains on available-for-sale securities											923						923
Net Income (Loss)												(216,210)					(216,210)
Ending balance at Dec. 31, 2025					$ 33					$ 1,316,126	$ 997	$ (770,957)					$ 546,199
Ending balance (in shares) at Dec. 31, 2025					331,283,000

Share-Based Compensation - Summarized Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation
Total stock-based compensation expenses	$ 17,605	$ 13,069
Research and development
Share-Based Compensation
Total stock-based compensation expenses	12,776	9,039
Selling, general and administrative expenses
Share-Based Compensation
Total stock-based compensation expenses	$ 4,829	$ 4,030

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	331,282,895	283,546,871
Common stock, shares outstanding	331,282,895	283,546,871

Insider Trading Arrangements - Thomas Iannotti	3 Months Ended
Insider Trading Arrangements - Thomas Iannotti	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 24, 2025, Thomas Iannotti, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement that provides for the sale of up to 100,000 shares of our Common Stock, depending on the market prices of the securities. The plan is scheduled to terminate on February 28, 2027, subject to earlier termination upon the sale of all securities subject to the plan, or as otherwise provided in the plan.
Name	Thomas Iannotti
Title	board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	Nov. 24, 2025
Rule 10b5-1 Arrangement Terminated	true
Termination Date	Feb. 28, 2027
Aggregate Available	100,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

(19) Commitments and Contingencies

Legal Proceedings

From time to time, the Company is party to litigation and other legal proceedings in the ordinary course of business. While the results of any litigation or other legal proceedings are uncertain, the Company is not currently a party to any material legal proceedings that, if determined adversely to the Company, would individually or taken together have a material adverse effect on the Company’s business, financial position, results of operations or cash flows. The Company accrues loss contingencies when it is both probable that a loss will be incurred and when the amount of the loss or range of loss can be reasonably estimated.

Indemnification Provisions

The Company’s agreements include provisions indemnifying customers against intellectual property and other third-party claims. In addition, the Company has entered into indemnification agreements with its directors, executive officers and certain other officers that require the Company, among other things, to indemnify them against certain liabilities that may arise as a result of their affiliation with the Company. The Company has not incurred any costs as a result of such indemnification obligations and has not recorded any liabilities related to such obligations in the consolidated financial statements.

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity

Stockholders' Equity

(11) Stockholders’ Equity

Common Stock

As discussed in Note 2, on March 2, 2022, the Company consummated a Business Combination which has been accounted for as a reverse recapitalization. Pursuant to the certificate of incorporation as amended on March 2, 2022, the Company is authorized to issue 1,000,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock. The holders of shares of Common Stock are entitled to one vote for each share of Common Stock held. The Preferred Stock is non-voting. No shares of Preferred Stock were issued and outstanding as of December 31, 2025 or December 31, 2024.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, and after payment to the holders of shares of Preferred Stock of their liquidation preferences, the holders of the Common Stock are entitled to the entire remaining assets of the Company on a pro rata basis.

As of December 31, 2025, the Company has reserved the following shares of Common Stock for issuance upon the conversion, exercise or vesting of the underlying instruments:


		Common Stock
Common Stock warrants		11,724,711
Stock-Based Awards—RSUs Outstanding		7,333,182
Stock-Based Awards—Options Outstanding		5,780,464
Total		24,838,357

At-the-Market Offering Agreement

May 2025 Sales Agreement with Jefferies, LLC

On May 29, 2025, the Company entered into an Open Market Sale Agreement^SM (the “Sales Agreement”) with Jefferies, LLC (the “Agent”) with respect to an At-the-Market offering program, pursuant to which the Company sold, from time to time at its sole discretion, shares of its Common Stock having an aggregate offering price of $350 million (the “ATM Offering”). The shares offered and sold in the ATM Offering were issued and sold pursuant to the Company’s automatic shelf registration statement on Form S-3 and the related prospectus supplement, which the Company filed with the SEC on May 29, 2025. The Company paid the Agent a commission of up to 3% of the gross proceeds of the shares sold under the Sales Agreement, and the Company agreed to provide the Agent with customary indemnification rights. The Sales Agreement contained customary representations and warranties and conditions to the sale of the shares pursuant thereto.

During the year ended December 31, 2025, the Company raised gross proceeds of $350 million from the sale of 30,309,780 shares of its Common Stock pursuant to the Sales Agreement, at a weighted average price of $11.55 per share, which represented the full amount of shares available for sale under the Sales Agreement. The net proceeds from the Sales Agreement during the year ended December 31, 2025 were $346.7 million, after deducting Agent commissions totaling $3.3 million. As of December 31, 2025, there were no remaining shares available for sale pursuant to the Sales Agreement.

March 2024 Sales Agreement with B. Riley Securities, Inc. and Needham & Company, LLC

On March 15, 2024, the Company entered into the Prior ATM Agreement with B. Riley Securities, Inc. and Needham & Company, LLC pursuant to which the Company sold, from time to time at its sole discretion, shares of its Common Stock having an aggregate offering price of $100 million.

During the year ended December 31, 2024, the Company raised gross proceeds of $100 million from the sale of 68,809,485 shares of its Common Stock pursuant to the Prior ATM Agreement at a weighted average price of $1.45 per share. The net offering proceeds from the Prior ATM Agreement during the year ended December 31, 2024 were $97.5 million, after deducting sales agent commissions of $2.5 million. As of December 31, 2025, there were no remaining shares available for sale under the Prior ATM Agreement.

Registered Direct Offering

On November 27, 2024, the Company closed securities purchase agreements with two institutional investors pursuant to which the Company sold, in a registered direct offering, an aggregate of 50,000,000 shares of the Company’s Common Stock at a price of $2.00 per share. During the year ended December 31, 2024, the Company raised gross proceeds of $100.0 million from the registered direct offering and received net proceeds of $96.0 million, after deducting sales agent commissions of $4.0 million.

Common Stock Purchase Agreement

The Company entered into the Purchase Agreement with B. Riley on August 11, 2022 pursuant to which the Company was able to issue and sell to B. Riley the lesser of i) $75.0 million in aggregate gross purchase price of newly issued shares of the Company’s Common Stock or ii) an amount not to exceed 23,648,889 shares of Common Stock (such number of shares equal to approximately 19.99% of the aggregate number of shares of Common Stock issued and outstanding immediately prior to the execution of the agreement and inclusive of 171,008 shares of Common Stock issued to B. Riley on August 11, 2022 as consideration for entering into the Purchase Agreement).

In consideration of the parties entering into the foregoing agreement, the parties also entered into a Registration Rights Agreement on August 11, 2022, pursuant to which the Company provides B. Riley with registration rights with respect to such Common Stock and pursuant to which the Company filed a registration statement covering the resale of such Common Stock.

During the year ended December 31, 2024, the Company received proceeds of $12.8 million from the issuance and sale of 10,056,799 shares of Common Stock to B. Riley under the Purchase Agreement. During the year ended December 31, 2023, the Company received proceeds of $20.5 million, from the issuance and sale of 13,421,082 shares of Common Stock to B. Riley under the Purchase Agreement. As of December 31, 2025, there were no remaining shares available for sale under the Purchase Agreement; as a result, the Purchase Agreement has terminated.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (216,210)	$ (200,988)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (216,210)	$ (200,988)
Other comprehensive income (loss):
Foreign currency translation adjustments	(31)	(205)
Unrealized gain on available-for-sale debt securities	923	66
Total other comprehensive income (loss) before income taxes	892	(139)
Income taxes	0	0
Total other comprehensive income (loss) after income taxes	892	(139)
Total comprehensive loss	$ (215,318)	$ (201,127)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Net Loss Per Share - Additional Information (Details) - $ / shares			12 Months Ended
	Aug. 14, 2025	Feb. 06, 2025	Dec. 31, 2025	Dec. 31, 2024
Net Loss Per Share
Exercise price of warrants			$ 11.5
Weighted average shares used to compute net loss per share attributable to common stockholders - basic (in shares)			309,763,000	184,666,000
Promote Sponsor Vesting Shares
Net Loss Per Share
Sponsor Vesting Shares vesting option satisfied		2,479,000
Sponsor Redemption Based Vesting Shares
Net Loss Per Share
Sponsor Vesting Shares vesting option satisfied	580,273
Warrant
Net Loss Per Share
Exercise price of warrants			$ 0.01	$ 0.01
Weighted average shares used to compute net loss per share attributable to common stockholders - basic (in shares)			682,939	963,297

Segments, Geographical Information, Concentrations and Significant Customers - Concentration of risk (Details) - Customer concentration risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue \| Customer A
Concentration Risk [Line Items]
Concentration risk percentage		15.00%
Revenue \| Customer B
Concentration Risk [Line Items]
Concentration risk percentage	17.00%	11.00%
Revenue \| Customer C
Concentration Risk [Line Items]
Concentration risk percentage	18.00%
Revenue \| Customer D
Concentration Risk [Line Items]
Concentration risk percentage	42.00%	27.00%
Revenue \| Customer E
Concentration Risk [Line Items]
Concentration risk percentage		16.00%
Revenue \| Government entities
Concentration Risk [Line Items]
Concentration risk percentage	90.20%	89.40%
Accounts receivable \| Customer A
Concentration Risk [Line Items]
Concentration risk percentage	20.00%	15.00%
Accounts receivable \| Customer B
Concentration Risk [Line Items]
Concentration risk percentage		23.00%
Accounts receivable \| Customer C
Concentration Risk [Line Items]
Concentration risk percentage		26.00%
Accounts receivable \| Customer D
Concentration Risk [Line Items]
Concentration risk percentage		31.00%
Accounts receivable \| Customer E
Concentration Risk [Line Items]
Concentration risk percentage	50.00%
Accounts receivable \| Customer F
Concentration Risk [Line Items]
Concentration risk percentage	24.00%

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments

Schedule of amortized cost, gross unrealized holding gains and losses included in accumulated other comprehensive income (loss) and the fair value of the fixed income securities

The amortized cost, gross unrealized holding gains and losses included in other comprehensive income (loss) and the fair value of the fixed income securities as of December 31, 2025 and December 31, 2024, respectively, are presented in the tables below (in thousands):


		December 31, 2025
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Cash equivalents:
Money market funds		$	38,721		$	—		$	—		$	38,721
Cash equivalents		$	38,721		$	—		$	—		$	38,721
Available-for-sale investments-short-term:
U.S. treasury securities		$	397,908		$	752		$	—		$	398,660
Available-for-sale investments – short-term		$	397,908		$	752		$	—		$	398,660
Available-for-sale investments-long-term:
U.S. treasury securities		$	146,073		$	248		$	—		$	146,321
Available-for-sale investments – long-term		$	146,073		$	248		$	—		$	146,321


		December 31, 2024
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Cash equivalents:
Money market funds		$	29,806		$	—		$	—		$	29,806
U.S. treasury security			24,835			—			—			24,835
Cash equivalents		$	54,641		$	—		$	—		$	54,641
Available-for-sale investments-short-term:
U.S. treasury securities		$	124,352		$	69		$	(1)		$	124,420
Available-for-sale investments – short-term		$	124,352		$	69		$	(1)		$	124,420
Available-for-sale investments-long-term:
U.S. treasury security		$	25,059		$	9		$	—		$	25,068
Available-for-sale investments – long-term		$	25,059		$	9		$	—		$	25,068

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Share-Based Compensation - RSU Activity (Details)	12 Months Ended
Share-Based Compensation - RSU Activity (Details)	Dec. 31, 2025 $ / shares shares
Share-Based Compensation
Beginning balance \| shares	11,177,661
Number of Restricted Stock Units, Granted \| shares	3,722,285
Number of Restricted Stock Units, Vested \| shares	(7,224,826)
Number of Restricted Stock Units, Forfeited \| shares	(341,938)
Ending balance \| shares	7,333,182
Weighted-Average Fair Value Per Share, Beginning balance	$ 1.53
Weighted average fair value of grants in the period (in $ per share)	14.02
Weighted-Average Fair Value Per Share, Vested	2.2
Weighted-Average Fair Value Per Share, Forfeited	2.78
Weighted-Average Fair Value Per Share, Ending balance	7.15
Restricted Stock Units
Share-Based Compensation
Weighted average fair value of grants in the period (in $ per share)	$ 14.02

Financing Arrangements (Details) - USD ($) $ in Thousands		12 Months Ended
Financing Arrangements (Details) - USD ($) $ in Thousands	Dec. 09, 2024	Dec. 31, 2025	Dec. 31, 2024	Jun. 21, 2024
Line of Credit Facility [Line Items]
Interest expense		$ 0	$ 3,255
Amortization of debt issuance cost		0	844
Loss on extinguishment of debt		$ 0	$ (426)
Loan and Security Agreement
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				$ 16,200
Debt Instrument, Payment Terms		P48M
Debt Instrument, Interest Rate, Stated Percentage		11.00%	23.10%
Debt Instrument, Variable Rate		7.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:PrimeRateMember
Final payment fee, Percentage		2.75%
Outstanding principal balance	$ 9,500
Final payment fees	900
Accrued interest and prepayment premium	$ 100
Amortization of debt issuance cost			$ 800
Loss on extinguishment of debt			$ (400)

Stockholders' Equity - Common Stock Purchase Agreement (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 11, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
Stockholder's Equity
Common Stock, Shares, Outstanding		283,546,871		331,282,895
Common Stock Purchase Agreement
Stockholder's Equity
Common Stock, Shares, Outstanding	23,648,889
Percentage of the aggregate number of shares of common stock issued and outstanding immediately prior to the execution of the agreement.	19.99%
Stock issued during period, shares, issued for services	171,008
Proceeds from sale of common stock through Purchase Agreement		$ 12,838	$ 20,500
Proceeds from sale of common stock through Purchase Agreement (in shares)		10,056,799	13,421,082
Remaining value of shares under the program				$ 0
Common Class A \| Common Stock Purchase Agreement
Stockholder's Equity
Common Stock, Value, Subscriptions	$ 75,000

Income Taxes - Summary of Effective Income Tax Rate Reconciliation, Amount and Rate Impact (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes at the U.S. federal statutory tax rate	$ (45,404)
Foreign tax effects, foreign tax impacts	490
Changes in valuation allowances	30,620
Stock-based compensation	(23,774)
Executive compensation - IRC 162M	6,847
Fair market value adjustments	31,103
Other	118
Total	$ 0	$ 0
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES
Income taxes at the U.S. federal statutory tax rate (as a percent)	21.00%	21.00%
State and local income taxes, net of federal income tax benefit (as a percent)		1.00%
Foreign tax effects, foreign tax impacts (as a percent)
Change in valuation allowance (as a percent)	(14.00%)	(9.00%)
Stock-based compensation (as a percent)	11.00%	2.00%
Executive compensation - IRC 162M (as a percent)	(3.00%)	(1.00%)
Fair market value adjustments (as a percent)	(15.00%)	(14.00%)
Other (as a percent)
Total	0.00%

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Revenue Recognition

(14) Revenue Recognition


		Year Ended December 31,
		2025			2024
Collaborative research and professional services		$	6,676		$	8,044
Collaborative research materials and sales of quantum computers			—			2,390
Access to quantum computing systems			412			356
		$	7,088		$	10,790


		Year Ended December 31,
		2025			2024
Revenue recognized at a point in time		$	—		$	1,579
Revenue recognized over time			7,088			9,211
		$	7,088		$	10,790

Selected consolidated balance sheet line items that reflect accounts receivable, contract assets and liabilities as of December 31, 2025, December 31, 2024 and December 31, 2023 were as follows (in thousands):


		December 31, 2025			December 31, 2024			December 31, 2023
Trade receivables		$	1,204		$	1,498		$	2,650
Unbilled receivables		$	1,347		$	929		$	2,379
Current portion of deferred revenue		$	(847)		$	(113)		$	(343)
Deferred revenue, less current portion		$	(698)		$	(698)		$	—

Changes in deferred revenue from contracts with customers were as follows:


		Year Ended December 31,
		2025			2024
Balance at beginning of period		$	(811)		$	(343)
Deferral of revenue			(963)			(698)
Recognition of deferred revenue			229			230
Total deferred revenue at end of period		$	(1,545)		$	(811)
Current portion of deferred revenue		$	(847)		$	(113)
Deferred revenue, less current portion		$	(698)		$	(698)

Amounts recognized as revenue from beginning contract liabilities during the years ended December 31, 2025 and December 31, 2024 totaled $0.1 million and $0.2 million, respectively. Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.8 million. The Company expects to recognize estimated revenues related to performance obligations that are unsatisfied (or partially satisfied) during the next twelve months, except for remaining performance obligations totaling $0.8 million.

The Company has not identified any costs that are incremental to the acquisition of customer contracts that would be capitalized as deferred costs on the balance sheet in accordance with ASC 340-40. Accordingly, the Company did not have any capitalized contract fulfillment costs as of December 31, 2025 or December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details