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Rigetti Computing, Inc. (RGTI) is a pioneer in the development of full-stack quantum computing systems. Based in Berkeley, California, Rigetti combines leading-edge quantum processors with classical computing infrastructure to solve complex computational challenges. The company was founded with the goal of making quantum computing accessible and practical for a range of applications, from scientific research to enterprise solutions.
Rigetti's proprietary quantum-classical infrastructure offers ultra-low latency integration with both public and private cloud environments, enabling high-performance quantum computing solutions. The company's innovative multi-chip quantum processor is a significant step towards scalable quantum computing systems.
Recently, Rigetti has been actively involved in several groundbreaking projects and partnerships. Their latest 24-qubit system, based on the fourth-generation Ankaa™-class architecture, features tunable couplers and a square lattice, promising faster gate times and higher fidelity. This system will soon be available for testing and development by researchers at the National Quantum Computing Centre (NQCC).
In terms of financial health, Rigetti derives the majority of its revenue from the United States. The company has also been recognized for its contributions to the quantum computing field, having been awarded a contract for developing a quantum computer for the UK government’s Innovate UK SBRI program.
Rigetti's Quantum Cloud Services (QCS™) platform, launched in 2017, has made quantum computing accessible over the cloud, serving global enterprise, government, and research clients. With its in-house chip manufacturing at Fab-1, the first dedicated quantum device manufacturing facility, Rigetti maintains strict quality control and continuous innovation.
Other notable achievements include collaborations with Riverlane and Oak Ridge National Laboratory (ORNL) to integrate quantum computing with high-performance computing (HPC) environments, further demonstrating Rigetti's commitment to advancing quantum technology. Additionally, the company's Novera QPU, a 9-qubit quantum processing unit, is gaining traction among government labs and quantum researchers for on-premises deployment.
As the quantum computing industry continues to evolve, Rigetti remains at the forefront, pushing the boundaries of what is possible and driving the adoption of this transformative technology across various sectors.
Quantum Machines and Rigetti Computing (RGTI) have announced successful AI-powered automated calibration of a quantum computer. The achievement was part of the 'AI for Quantum Calibration Challenge' at the Israeli Quantum Computing Center, where two companies, Quantum Elements and Qruise, calibrated a 9-qubit Rigetti Novera™ QPU integrated with Quantum Machines' OPX1000 control system.
Quantum Elements achieved 99.9% single-qubit gate fidelity and 98.5% two-qubit gate fidelity, while Qruise successfully fine-tuned all nine qubits simultaneously. The breakthrough addresses a major bottleneck in quantum computing scaling, as traditional manual calibration by quantum physicists becomes impractical with larger systems. Both companies have joined the Novera QPU Partner Program, expanding the ecosystem of quantum computing technology providers.
Rigetti Computing (RGTI) has announced a registered direct offering of 50 million shares of common stock priced at $2.00 per share, aiming to raise approximately $100 million in gross proceeds. The offering, priced at-the-market under Nasdaq rules, is expected to close around November 27, 2024. The company plans to use the proceeds for working capital and general corporate purposes. With these funds and existing cash, Rigetti believes it will be adequately funded to continue its technology development and quantum computer business strategy without needing additional capital raises.
Rigetti Computing (NASDAQ: RGTI) has completed a $100 million at-the-market equity offering initiated in March 2024. The funds will be used for working capital, capital expenditures, and advancing their superconducting quantum computing technology. The company aims to improve 2-qubit gate fidelity and develop higher qubit count systems. CEO Dr. Subodh Kulkarni highlighted strong interest from national labs and academic institutions for on-premises quantum computers. Rigetti's system gate speeds achieve 60-80ns active duration, significantly faster than competing technologies. The company projects their current cash position will support operations through 2026.
Rigetti Computing (RGTI) announced that CEO Dr. Subodh Kulkarni will deliver a keynote presentation at SEMICON Europa 2024 in Munich on November 13, 2024. The presentation, titled 'Superconducting Quantum Computing: Building on Decades of Semiconductor Innovation for Transformative Computational Power,' will discuss quantum computing advancements and Rigetti's contributions to the field.
The company recently unveiled its 2025 roadmap, featuring plans for a 36-qubit system by mid-2025 with 99.5% median 2-qubit fidelity, followed by a 100+ qubit system by year-end. These systems will utilize Rigetti's Alternating-Bias Assisted Annealing (ABAA) chip fabrication technique and modular system architecture, achieving gate speeds of 60-80ns.
Rigetti Computing (NASDAQ: RGTI) reported Q3 2024 financial results with revenues of $2.4 million and a net loss of $14.8 million. The company announced technology roadmap updates, including plans to introduce a new modular system architecture in 2025, featuring a 36-qubit system by mid-year and a 100+ qubit system by year-end, both targeting 99.5% median 2-qubit fidelity. The company remains on track to deploy its 84-qubit Ankaa-3 system by end of 2024. Cash position stands at $92.6 million as of September 30, 2024.
Rigetti (RGTI) and Riverlane have successfully demonstrated real-time, low latency quantum error correction on Rigetti's 84-qubit Ankaa™-2 system. The breakthrough addresses the challenge of computational backlog in quantum error correction by achieving decoding times faster than the 1 microsecond threshold for generating measurement data on superconducting qubit devices. Rigetti's system gate speeds achieve an active duration of 60-8ns, four orders of magnitude faster than ion traps and pure atoms systems. This collaboration marks a significant step toward fault tolerant quantum computing, where lengthy operations can execute without errors.
Rigetti Computing announced that its fully operational 24-qubit Ankaa™-class quantum computer is now part of the UK's National Quantum Computing Centre (NQCC), which officially opened on October 25 at Harwell Campus. The system, awarded through a Small Business Research Initiative grant in February 2024, features tunable couplers and a square lattice for enhanced performance. The quantum computer will be available to NQCC researchers for testing, benchmarking, and applications development. Rigetti is also integrating Riverlane's technology with the aim of achieving large-scale error correction.
Rigetti Computing (NASDAQ: RGTI) has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024, before market open. The quantum computing company will host a conference call at 8:30 a.m. ET/5:30 a.m. PT to discuss financial results and provide business updates. Investors can access the live webcast through the company's investor relations website, with replays available for one year. Pre-registration is required for live call participation.
Rigetti Computing (Nasdaq: RGTI) announced that CEO Dr. Subodh Kulkarni will speak at the Stanford Conference on Technology + National Security on October 9. The conference, hosted by Stanford DEFCON, will be held at the Hoover Institution from October 8-9. Dr. Kulkarni will participate in the 'R&D Ecosystem: Scaling Critical Technologies' panel, discussing quantum computing's role in national security and how academia and the private sector can support government efforts.
Dr. Kulkarni highlighted Rigetti's belief in quantum computing's significant impact on society, particularly in national security. He emphasized that superconducting technology is poised to lead in building large-scale, high-performance quantum systems. Rigetti's Ankaa™-class systems are achieving 99-99.5% 2-qubit fidelity, with gate speeds of 60-80ns active duration, making them faster than competitors.
Rigetti aims to deploy its 84-qubit Ankaa-3 system by the end of 2024, targeting 99+% median 2-qubit gate fidelity. The company's 9-qubit Novera™ QPU, based on the Ankaa-class architecture, is currently available for on-premises quantum computing systems.
Rigetti Computing (Nasdaq: RGTI) has introduced a novel chip fabrication process called Alternating-Bias Assisted Annealing (ABAA), recently published in Nature Communications Materials. This technique allows for more precise qubit frequency targeting, enabling improved execution of 2-qubit gates and reducing defects, contributing to higher fidelity in quantum processors.
ABAA is now being used to fabricate chips for Rigetti QPUs, including the Novera™ QPU and the upcoming 84-qubit Ankaa™-3 system, expected to be deployed by the end of 2024. The process involves applying a series of low, alternating voltages at room temperature to the oxide barrier of Josephson Junctions, allowing for precise qubit frequency control before chip packaging.
This scalable technique improves qubit addressability, speeds up interactions, and enhances overall QPU performance and scalability.
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