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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.
Rigetti Computing (Nasdaq: RGTI) announced its Q2 2024 financial results, reporting revenues of $3.1 million and operating expenses totaling $18.1 million. The company posted an operating loss of $16.1 million and a net loss of $12.4 million.
Rigetti raised $27.8 million from sales of 24.1 million shares, with $15.8 million raised in Q2. As of June 30, 2024, the company had $100.5 million in cash and equivalents.
On the technological front, Rigetti is making strides with its 84-qubit Ankaa™-3 system, aiming for 99+% median 2-qubit gate fidelity by year-end. Current systems show promising 2-qubit fidelity rates of 99% and gate speeds of 60-80ns.
Additional advancements include modular chip architecture for scalable quantum processors, DARPA's Benchmarking Phase 2 research, and a new quantum optimization algorithm for solving combinatorial problems using fewer qubits.
Rigetti Computing (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, has announced its plans to release second quarter 2024 financial results on Thursday, August 8, 2024 after market close. The company will host a conference call at 4:30 p.m. ET the same day to discuss the results and provide a business update.
Investors and interested parties can access the live audio webcast through the provided link or the company's Investor Relations website. For those who prefer to join via phone, a toll-free number is available. The conference call replay will be accessible for one year following the event.
Rigetti Computing (Nasdaq: RGTI) has announced that its CEO, Dr. Subodh Kulkarni, will deliver a keynote at SEMICON West 2024. The event will take place in San Francisco on July 10, 2024, at 10am PDT. Dr. Kulkarni's presentation, titled 'Superconducting Quantum Computing: Building on Decades of Semiconductor Innovation for Transformative Computational Power,' will explore the transformative potential of superconducting quantum computing. The keynote is part of SEMICON West's CEO Summit, which gathers leaders from the global electronics supply chain to discuss major opportunities and challenges in the semiconductor industry.
Rigetti Computing (NASDAQ: RGTI), a leader in hybrid quantum-classical computing, announced its upcoming inclusion in the Russell 3000® Index. This change becomes effective at the open of US equity markets on July 1, 2024. The annual Russell reconstitution captures the 4,000 largest US stocks by market capitalization. This membership will provide Rigetti increased visibility among investors and includes entry into either the Russell 1000® or Russell 2000® Index. CEO Dr. Subodh Kulkarni highlighted this as a significant milestone, underlining the company's progress in quantum technology. About $10.5 trillion in assets are benchmarked against the Russell US indexes, managed by FTSE Russell.
Rigetti Computing, Inc. reported its first quarter 2024 financial results, highlighting total revenues of $3.1 million, operating expenses of $18.1 million, and an operating loss of $16.6 million. The net loss was $20.8 million. The company raised $32.9 million in the first quarter. Rigetti achieved a 99.3% median 2-qubit gate fidelity and plans to launch a 84-qubit system by the end of the year. Novera QPU was sold to Horizon Quantum Computing, marking the company's entry into the Singapore quantum computing market. Rigetti also launched the Novera QPU Partner Program to support on-premises quantum computing ecosystem.
Rigetti Computing, Inc. will report its first quarter 2024 financial results on May 9, 2024, after market close. A conference call will be hosted to discuss the results and business operations on the same day at 5:00 p.m. ET. Details on how to access the call are provided.
Rigetti Computing, Inc. (Nasdaq: RGTI) launches the Novera™ QPU Partner Program, aiming to enable high-performing quantum computing by creating an ecosystem of hardware, software, and service providers. The program allows customers to build quantum computers powered by the 9-qubit Novera QPU, integrating with partners' technologies. Key partners include Bluefors, Quantum Machines, Zurich Instruments, and more. The Novera QPU is based on Rigetti's Ankaa™-class architecture and offers tunable couplers and a square lattice for faster operations. Rigetti plans to expand the program with additional partners. The Novera QPU includes a 9-qubit chip, a 5-qubit chip, and various components for a functional quantum computing system. Partners' contributions range from cryogenics to integration services, enhancing the quantum computing experience. Rigetti CEO, Dr. Subodh Kulkarni, emphasizes the importance of empowering customers with trusted partners to advance quantum research and prepare for a quantum-ready society.
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