RGTI · CIK 0001838359
What Rigetti Computing, Inc. told the SEC could break it.
Rigetti Computing's revenue is overwhelmingly concentrated and government-driven. One customer was 42% of its 2025 revenue (two others 18% and 17%), and 90.2% of total revenue came from government entities, with the U.S. government alone at 48% — so its fortunes hang on a handful of largely public-sector relationships. As a quantum-computing company, its products and technologies are also subject to U.S. export-control and sanctions regimes (EAR, OFAC), which restrict where and to whom it can sell, and while it generally multi-sources its materials, some inputs come from a single supplier whose loss could cause shortages and price spikes.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Customer D 42% (C 18%, B 17%); government 90.2% of revenuehigh
Rigetti's revenue is highly concentrated: one customer was 42% of 2025 revenue (two others 18% and 17%), and 90.2% of total revenue came from government entities (US government 48%).
“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.”
SEC filing →As of 2026
Regulatory & policy
- US export controls (EAR/OFAC) on quantum products & technologymedium
Rigetti's quantum products and technologies are subject to U.S. export control (EAR), customs and OFAC sanctions regulations, including licensing/approval requirements and prohibitions on supply to embargoed countries.
“Our products and technologies are subject to U.S. export control and import laws and regulations, including the U.S. Export Administration Regulations, U.S. Customs regulations, and various economic and trade sanctions regulations administered by the U.S. Treasury Department's Office of Foreign Assets Controls.”
Supplier concentration
- single-supplier materials (some inputs)medium
While Rigetti generally has multiple sources of supply, some materials are provided by a single supplier; loss of a key supplier could cause a material shortage and price escalation.
“We generally have multiple sources of supply, however, in some cases, materials are provided by a single supplier.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“The first testbed system combines a Rigetti Novera QPU, a Quantum Machine's OPX1000 control system, and a Maybell Big Fridge large-volume dilution refrigerator.”
Cited →
Its suppliers
Amazon Web Services (Amazon.com, Inc.)
“Our platform is built to be accessed through third-party public cloud providers such as AWS.”
Cited →
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