Company Profile
Introduction
Rigetti Computing (ticker: RGTI) is a superconducting quantum computer manufacturer located in Berkeley, California. The company also has a Forest cloud platform that allows programmers to access its quantum computers to write quantum algorithms.
Founding of the company
Rigetti was founded in 2013 by Chad Rigetti, a physicist with an IBM quantum computer background. The company emerged from the startup incubator Y Combinator in 2014. In February 2016, Rigetti created its first quantum processor.
Business
Rigetti Computing is headquartered in Berkeley, California, and its main operating projects are the development of systems and cooling equipment.
The company also operates its Fab-1 manufacturing plant in nearby Fremont. Fab-1’s rapid prototyping laboratory is designed to quickly create integrated circuits. Laboratory engineers are responsible for designing and producing 3D integrated quantum circuit products based on quantum hardware of qubits.
Initial Public Offering
Rigetti Computing went public on March 2, 2022 through a special purpose acquisition company (SPAC) merger with Supernova Partners Acquisition Company II (ticker: SNII). The ticker after the merger is RGTI.
Technology
Core Technology
Rigetti uses superconductor technology, which cannot operate at normal room temperature. The method used by Rigetti is the same as the quantum technology used by IBM and Alphabet, so Rigetti is forced to compete directly with these two companies.
Note: For information about superconductor technology, please click my previous post of “Why are superconductors important? current progress and related companies“
Rigetti focuses on gate-based quantum systems, emphasizing modular superconducting qubit architectures for universal quantum computing.
Rigetti’s latest technological development
Rigetti’s latest technological development product is the Ankaa-3 system that can run 84 qubits, with a dual qubit fidelity of up to 99.5%. Its modular architecture enables future chip interconnectivity, while its AI-assisted calibration and proprietary ABAA manufacturing process are designed to reduce errors and expand the number of qubits. Rigetti plans to launch a 108-qubit system by the end of 2025, and is focused on long-term applications in machine learning, optimization, and materials science.
Technology Milestones
The 84-qubit Ankaa-3 system, launched in December 2024, achieved a median iSWAP of 99.0% and fSim gate fidelity of 99.5%—halving the error rate compared to previous generations.
Products and Business
Products
In December 2024, Rigetti launched the Novera QPU, a 9-qubit commercial version of its own quantum computer, priced at $900,000. Several major government and research customers have already ordered these QPUs. The company also recently deployed its first 84-qubit Ankaa-3 system, designed to detect more than 99% of processing errors, and plans to deploy a more powerful 100-qubit system this year with an even higher error detection rate.
Everything in-house
Several of Rigetti’s main competitors rely on partners for various components, but Rigetti controls everything from chip manufacturing to cloud access; everything in-house.
Rigetti designs and manufactures its own quantum processors (QPUs) and allows developers to write their own quantum algorithms on its Forest cloud platform. This one-stop-shop model makes it a “full-end” quantum computing company.
Customers and partners
Dependence on government orders
Rigetti’s growth model is overly dependent on government deals, and Rigetti continues to rely heavily on U.S. government contracts to fund and validate its quantum technology. For example, the company renewed a $1.5 million contract with the U.S. Air Force Research Laboratory (AFRL) for quantum software development, and a $3.9 million contract with the U.S. Defense Advanced Research Projects Agency (DARPA) to advance the scalability of quantum hardware. Rigetti also signed a multi-year project with the U.S. Department of Energy (DoE) Center for Superconducting Quantum Materials and Systems, and delivered its 84-qubit Ankaa-1 system to the DoE’s Quantum Systems Accelerator.
Pros and cons of this model
These collaborations provide valuable non-dilutive capital and technology returns, solidifying Rigetti’s position as a trusted partner in early-stage quantum R&D for the government. However, this predominantly public sector revenue stream raises questions about its scalability and commercial maturity. Government projects typically have long procurement cycles and may not develop into high-margin term contracts. To date, there is little evidence of Rigetti’s substantive adoption by the private sector, suggesting that its reliance on public funding suggests that its business model is still in the validation phase. While these partnerships are strategic, the lack of diversified revenue streams limits visibility into Rigetti’s long-term business trajectory.
Strategic Partners
- Announced on February 27, 2025, the partnership with Quanta Computer: Quanta invested $35 million to acquire a stake in Rigetti.
- First academic quantum processing unit sale: a Novera quantum processing unit was sold to Montana State University.
Operating Status
2024 Financial Report
- Revenue of $10.8 million.
- Operating expenses of $74.2 million.
- Operating loss of $68.5 million, including $133.9 million in non-cash charges.
2025 Q1 Financial Report
- Revenue: $1.5 million, down about 36% from the fourth quarter of 2024 and down about 52% from the first quarter of 2024.
- Operating expenses: $22.1 million, up about 13% quarter-on-quarter and up about 22% year-on-year.
- Operating loss: $21.6 million.
- Net profit: $42.6 million, primarily due to approximately $62.1 million of non-cash gains related to warrant/earn-out valuation.
- EPS: +$0.13, beating expectations (approximately -$0.05).
Cash position and financing
- Cash at the end of 2024: $217.2 million in cash, equivalents and short-term securities.
- Fourth quarter financing of $153.3 million through the issuance of approximately 88.1 million new shares, part of which was used to fully repay the Trinity Capital loan.
Profitability
The company is expected to remain loss-making for the foreseeable future.
Rigetti’s competitors
Super-large companies
Including IBM, Intel, Microsoft, Amazon, Google and other super-large listed companies.
Unlisted companies
Among D-Wave’s competitors, there are many unlisted companies, but the more famous and currently active companies include:
- Xanadu Quantum Technologies
- PsiQuantum
- Quantinuum, formed by the merger of Cambridge Quantum and Honeywell Quantum Solutions
- Alpine Quantum Technologies
al market performance
| Company name | Ticker | Stock price | Market Cap (US$ billion) | Stock performance in past one year | Stock performance in past five year | 2024 revenue (US$ million) and growth rate | 2024 net income (US$ million) and growth rate |
| D-Wave | QBTS | 14.18 | 46.28 | 1013.53% | 36.37% | 8.8(+0%) | (142.9)(-65.02%) |
| Ionq | IONQ | 41.81 | 118.69 | 367.15% | 279.75% | 43.1(+95.9%) | (331.6)(-110.2%) |
| Rigetti | RGTI | 12.18 | 39.31 | 923.53% | 22.91% | 10.8(-10%) | (201)(-167.64%) |
| S&P 500 | 6259.75 | 52,703 | 11.16% | 94.12% | 17,310,000(+6.25%) | 1,962,000(+11.71%) |
Numbers are as of 7/11/2025
Related articles
- “IonQ, the most competitive advantages, most valuable and first public pure-play quantum computing company“
- “D-Wave, world’s first commercial quantum computer supplier“
- “Top 3 quantum computing listed companies, Ionq, D-Wave, Rigetti“
- “Why are superconductors important? current progress and related companies“
- “Carbon capture current developments, prospects, and related companies“
- “Quantum computing update, the performance of related stocks“
- “The current progress of nuclear fusion, and relevant companies“
- “Google’s Willow chip rally related quantum computing stocks. Is it justified?“
- “Quantum computing current progress and related stocks“
- “Zyvex and sub-nanometer semiconductor processes, will Zyvex threat TSMC?“
Disclaimer
- The content of this site is the author’s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.
- I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers’ direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.
