Rigetti Computing, Inc. Leases Disclosure
(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 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 .
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 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 27, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.