Rigetti Computing Inc. reported its second-quarter financial results for 2025, revealing revenue of $1.8 million, slightly below the estimated $1.87 million and flat year-over-year. The company posted a net loss of $39.7 million, which included $22.8 million in non-cash losses. Earnings per share missed expectations at a loss of $0.13 compared to the estimated loss of $0.05. Operating income was negative $19.9 million with operating expenses totaling $20.4 million. Despite the earnings miss, Rigetti announced the general availability of its 36-qubit multi-chip quantum computer, Cepheus-1, achieving a median two-qubit gate fidelity of 99.5%. The company also provided guidance on releasing a 100+ qubit chiplet-based system by the end of the year. Analysts from Needham and Benchmark reiterated buy ratings on Rigetti, with price targets raised to $18 and $20 respectively, citing the 36-qubit milestone, roadmap to 100+ qubits, and favorable policy tailwinds as key growth drivers. Meanwhile, shares of Rigetti and other quantum computing stocks, including D-Wave, declined following the earnings announcements. In related market activity, BTIG upgraded Kratos Defense & Security Solutions (KTOS) to buy with a price target of $80, highlighting potential growth from recent contract wins and strengths in hypersonics and unmanned systems. Baird also upgraded CVS Health to outperform with a price target of $82, reflecting confidence in the turnaround of its Health Care Benefits segment.