Rigetti Computing, Inc. (RGTI)

Rigetti Computing is a vertically integrated quantum computing company whose mission is to build powerful quantum computers to address complex computational challenges beyond the capabilities of classical supercomputers, with potential applications spanning climate change, fusion energy, quantitative finance, drug discovery, materials science, and artificial intelligence. The company designs, manufactures, and delivers quantum processing units (QPUs) using proprietary multi-chip architecture, and operates Fab-1, its own dedicated wafer fabrication facility for prototyping and producing quantum chips. Rigetti has offered cloud-based access to its quantum computers since 2017 through its Rigetti Quantum Cloud Services (QCS) platform, both directly and via partnerships with cloud providers such as Amazon Braket, Microsoft Azure Quantum, and Oak Ridge National Laboratory.

In 2023, the company began selling QPUs directly to customers, including national laboratories and Fermilab, and launched Novera™, its first commercially available QPU featuring 9-qubit and 5-qubit chips with tunable couplers. The company's most advanced system, the 84-qubit Ankaa-2, achieved a 98% median two-qubit fidelity, representing a significant performance improvement, and Rigetti plans to further scale toward a 336-qubit "Lyra" system pending fidelity milestones. Revenue currently derives primarily from technology development contracts with government and commercial partners, including DARPA, the Department of Energy, the Air Force Research Laboratory, NASA, and Innovate UK, alongside commercial relationships with AWS, Nasdaq, Standard Chartered Bank, and HSBC.

The company also offers professional services to support customer readiness and application development in quantum computing. Rigetti holds a substantial intellectual property portfolio, with 84 patents issued and 106 pending, and frames its long-term strategy around progressing through defined phases of quantum advantage—from emerging to narrow, broad, and eventually large-scale fault-tolerant quantum computing—which it believes could unlock significant commercial value, citing third-party estimates projecting the quantum computing market to grow substantially by 2027 and potentially generate hundreds of billions in annual value by 2035. As of March 1, 2024, the company had 158,881,022 shares of common stock outstanding and traded on the Nasdaq Capital Market, with a non-affiliate market capitalization of approximately $127.6 million as of June 30, 2023; it is classified as a smaller reporting company and non-accelerated filer, and is not a shell company.