Rigetti Computing (NASDAQ: RGTI) has restructured its executive leadership and operational framework to separate system delivery from core technology development. The company appointed David Rivas as Chief Operating Officer and Andrew Bestwick, Ph.D., as Chief Technology Officer, effective August 18, 2026. This organizational shift is designed to scale the deployment of on-premises quantum systems while allowing engineering teams to concentrate on advancing processor performance.

The new structure establishes a dedicated Systems Delivery organization led by Rivas. In this role, he will oversee fabrication operations, systems delivery, software engineering, applications, business development, government programs, supply chain, and facilities. Previously serving as Chief Technology Officer since February 2023, Rivas joins Rigetti in March 2019 as Senior Vice President of Systems and Services.

Andrew Bestwick, Ph.D., currently Senior Vice President, Quantum Systems, has been appointed Chief Technology Officer. Dr. Bestwick will oversee quantum processor development, chip fabrication development, and hardware engineering. He leads the architecture of Rigetti’s Cepheus-class multi-chip systems. The technology organization remains Rigetti’s largest engineering group, underscoring the company’s focus on its published technology roadmap.

Operational Context

Rigetti cites increased demand for customer deployments of on-premises systems as the driver for this structural change. The company sells systems ranging from 9-qubit Novera units to large-scale 108-qubit Cepheus-class systems. Historically, installation and customer support activities were supported within the engineering organization. The new model creates dedicated leadership for system deployment and customer success.

Both executives report to President and Chief Executive Officer Dr. Subodh Kulkarni. Dr. Kulkarni stated that the structure gives commercial and operational teams clear accountability for scaling system delivery while giving the technology organization greater focus on innovation.

What the Numbers Show

The restructuring highlights a strategic divergence between hardware scaling and technical fidelity targets. Rigetti is deploying larger multi-chip systems, specifically the Cepheus-1-108Q based on twelve 9-qubit chiplets tiled together. Simultaneously, the company maintains a specific performance target of 99.5% median two-qubit gate fidelity on this system. By separating operational execution from technical research, Rigetti aims to manage the complexity of delivering these large-scale systems while pursuing high-fidelity metrics.

Rigetti’s quantum computers are based on superconducting qubits, achieving gate speeds of 50-70 nanoseconds. The company designs and manufactures its chips in-house at Fab-1, its dedicated quantum device manufacturing facility. It also operates quantum computers over the cloud through its Rigetti Quantum Cloud Services platform.

Rigetti Computing Inc. (NASDAQ: RGTI) shares surged 7.60% to $15.23 on Monday, outperforming the broader technology sector which declined 1.68%. The rally was driven by the company’s announcement of an expanded collaboration with Hewlett Packard Enterprise Co. (NYSE: HPE) and the Pittsburgh Supercomputing Center to develop a new hybrid quantum-classical computing infrastructure. This strategic partnership underscores Rigetti’s growing role in the quantum ecosystem, further boosted by a sector-wide lift after competitor D-Wave Quantum Inc. (NYSE: QBTS) secured a commercial agreement with AT&T Inc. (NYSE: T).

TangleLab Quantum Testbed Expansion

Under the new agreement, Rigetti will supply a 9-qubit Novera quantum computing system for the Pittsburgh Supercomputing Center’s TangleLab testbed. The project is funded by a $5 million grant from the National Science Foundation and aims to integrate Rigetti’s quantum hardware with classical high-performance computing systems provided by HPE.

This integration is designed to support hybrid quantum-classical research, testing, and development for academic institutions, public-sector organizations, and enterprises. Construction of the facility is scheduled to begin on September 1, 2026, with full operations targeted for 2027. Access to the system will be allocated through a competitive proposal process, allowing researchers dedicated system time while educators can utilize the platform for classes and workshops. The center will also provide onboarding, training, and research consulting services.

Leadership Commentary

Subodh Kulkarni, CEO of Rigetti Computing, highlighted the significance of the deployment. “We are excited to have a Novera at the core of TangleLab, which will provide researchers and educators access to a state-of-the-art hybrid quantum-classical computer to push the boundaries of quantum computing innovation and discovery,” Kulkarni said.

Technical Outlook and Price Action

Despite the positive news flow, Rigetti’s stock remains below key technical indicators. At $15.22, the share price sits 6.1% below its 20-day simple moving average (SMA) of $16.21. Longer-term trends remain bearish, with the stock trading significantly below its 50-day SMA of $19.39 and its 200-day SMA of $22.62. However, the moving average convergence divergence (MACD) has moved above its signal line, suggesting easing downside pressure and a potential shift toward improved momentum if the current catalyst sustains investor interest.

Earnings and Analyst Consensus

Rigetti is scheduled to report earnings on August 6, 2026. Analysts expect a loss of 5 cents per share, an improvement from the previously estimated loss of 13 cents. Revenue estimates have also been revised upward to $5.09 million from $1.80 million.

The stock maintains a Buy consensus rating with an average price forecast of $30.75. Recent analyst actions include:

What the Numbers Show

The divergence between Rigetti’s current market valuation and analyst targets suggests significant upside potential embedded in the consensus view. With an average target of $30.75 against a current price of roughly $15.23, analysts imply a nearly 100% upside. This gap highlights that while near-term technicals remain weak, long-term investors are pricing in substantial growth driven by partnerships like the one with HPE and increasing commercial adoption of quantum technologies.