PART I — FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company shifted to a $42.6 million net income in Q1 2025, driven by non-cash gains, while total assets declined and operating cash use remained stable [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Account | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | 37,162 | 67,674 | ▼ $30,512 | | Available-for-sale investments | 171,966 | 149,488 | ▲ $22,478 | | Total current assets | 214,361 | 206,758 | ▲ $7,603 | | Total assets | 269,138 | 284,787 | ▼ $15,649 | | **Liabilities & Equity** | | | | | Total current liabilities | 11,392 | 11,867 | ▼ $475 | | Derivative warrant liabilities | 39,576 | 93,095 | ▼ $53,519 | | Earn-out liabilities | 4,114 | 45,897 | ▼ $41,783 | | Total liabilities | 62,010 | 158,198 | ▼ $96,188 | | Total stockholders' equity | 207,128 | 126,589 | ▲ $80,539 | - The significant decrease in total liabilities was primarily driven by a reduction in the fair value of **derivative warrant liabilities (down $53.5 million)** and **earn-out liabilities (down $41.8 million)**[19](index=19&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations | Metric | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,472 | 3,052 | ▼ 51.8% | | Gross Profit | 442 | 1,500 | ▼ 70.5% | | Research and development | 15,455 | 11,471 | ▲ 34.7% | | Loss from operations | (21,632) | (16,585) | ▲ 30.4% | | Change in fair value of derivative warrant liabilities | 53,262 | (2,583) | Favorable | | Change in fair value of earn-out liabilities | 8,837 | (1,621) | Favorable | | **Net income (loss)** | **42,619** | **(20,773)** | **Favorable** | | **EPS - basic** | **$0.15** | **($0.14)** | **Favorable** | | **EPS - diluted** | **$0.13** | **($0.14)** | **Favorable** | - A shift to net income was driven by a **$62.1 million non-cash gain** from fair value changes, masking a wider operating loss from lower revenue and higher R&D expenses[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (13,651) | (13,139) | | Net cash (used in) provided by investing activities | (23,609) | 6,220 | | Net cash provided by financing activities | 6,935 | 20,710 | | **Net (decrease) increase in cash** | **(30,512)** | **13,706** | - Cash and cash equivalents **decreased by $30.5 million** in Q1 2025, contrasting with a $13.7 million increase in Q1 2024, due to cash used in operations and investing[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail accounting policies, a new collaboration with Quanta, and significant revenue concentration from government entities - The company believes existing cash, cash equivalents, and available-for-sale investments are sufficient to meet anticipated operating cash needs for **at least the next 12 months**[40](index=40&type=chunk) - In February 2025, the company entered into a five-year Collaboration Agreement with Quanta Computer Inc, involving **mutual investment commitments of at least $250.0 million each**[134](index=134&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk) - During Q1 2025, the vesting of Sponsor Vesting Shares led to a **$32.9 million earn-out liability** being reclassified to additional paid-in capital[60](index=60&type=chunk)[90](index=90&type=chunk) Customer Revenue Concentration | Customer Concentration (Revenue) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Customer B | 14% | 11% | | Customer C | 69% | 29% | | Sales to government entities | 89.5% | 97.4% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 52% revenue decline and wider operating loss, while highlighting technology milestones and sufficient liquidity for the next 12 months [Overview and Recent Developments](index=40&type=section&id=Overview%20and%20Recent%20Developments) - The long-term business model focuses on QPU sales and QCaaS, though **development contracts currently constitute the majority of revenues**[144](index=144&type=chunk) - A significant collaboration with Quanta Computer Inc involves **mutual investment commitments of at least $250 million each** over five years to advance Rigetti's product roadmap[152](index=152&type=chunk) - The 2025 technology roadmap includes releasing a 36-qubit system and a >100-qubit system, targeting a **2x reduction in error rates** from late 2024 levels[150](index=150&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) - **Revenue decreased by $1.6 million (52%)** in Q1 2025, mainly from a reduction in collaborative research contracts pending reauthorization of the National Quantum Initiative Act[164](index=164&type=chunk) - **Research and development expenses increased by $4.0 million (35%)** year-over-year, driven by higher salaries and stock-based compensation[170](index=170&type=chunk)[171](index=171&type=chunk) - Net income of $42.6 million was driven by **non-cash gains of $53.3 million and $8.8 million** from changes in fair value of warrant and earn-out liabilities, respectively[163](index=163&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, the company had an **accumulated deficit of $512.1 million** and expects to incur additional losses for the foreseeable future[146](index=146&type=chunk)[183](index=183&type=chunk) - Management believes **existing cash and investments are sufficient** to meet operating cash needs for at least the next 12 months[184](index=184&type=chunk) - **Net cash used in operating activities was $13.7 million** for Q1 2025, slightly higher than the $13.1 million used in Q1 2024[193](index=193&type=chunk)[194](index=194&type=chunk) - Long-term cash requirements include a commitment to invest **at least $250.0 million over five years** as part of the Collaboration Agreement with Quanta[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company is exempt from market risk disclosures as a smaller reporting company - As a smaller reporting company, Rigetti is **exempt from providing quantitative and qualitative disclosures** about market risk[212](index=212&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal controls - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[214](index=214&type=chunk) - **No material changes** occurred in the company's internal control over financial reporting during the three months ended March 31, 2025[215](index=215&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - As of the filing date, Rigetti is **not involved in any material legal proceedings**[217](index=217&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the company's latest Annual Report on Form 10-K for a detailed discussion of risk factors - For a detailed discussion of risk factors, the company directs readers to its **most recent Annual Report on Form 10-K**[218](index=218&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) Three board members adopted Rule 10b5-1 trading plans for selling company securities during the quarter - In March 2025, **three directors adopted Rule 10b5-1 trading plans** for the future sale of company common stock and, in one case, warrants[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)

[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Rigetti reported Q1 2025 revenues of $1.5 million and a net income of $42.6 million, driven by a non-cash gain, alongside key government contracts and a $35 million strategic investment [Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) Rigetti reported Q1 2025 revenues of $1.5 million, an operating loss of $21.6 million, and a net income of $42.6 million, largely due to a non-cash gain, with cash reserves at $209.1 million Q1 2025 Financial Metrics | Metric | Value (USD) | | :--- | :--- | | Total Revenues | $1.5 million | | Total Operating Expenses | $22.1 million | | Operating Loss | $21.6 million | | Net Income | $42.6 million | | Cash, cash equivalents and available-for-sale investments (as of Mar 31, 2025) | $209.1 million | - Net income was primarily driven by a **$62.1 million** non-cash gain from the change in fair value of derivative warrant and earn-out liabilities[7](index=7&type=chunk) - Following the closing of the share purchase by Quanta Computer, Inc., cash and equivalents increased to **$237.7 million** as of April 30, 2025[7](index=7&type=chunk) [Recent Business Developments](index=1&type=section&id=Recent%20Business%20Developments) Rigetti secured strategic government contracts, including DARPA and AFOSR awards, three Innovate UK projects, and closed a $35 million investment from Quanta Computer - Selected to participate in Stage A of DARPA's Quantum Benchmarking Initiative, a project worth up to **$1 million** to design a Utility-Scale Quantum Computer (USQC)[4](index=4&type=chunk) - Awarded a **$5.48 million** consortium grant by AFOSR to further develop its Alternating-Bias Assisted Annealing (ABAA) chip fabrication technology[5](index=5&type=chunk) - Awarded three Innovate UK projects, including leading a **£3.5 million** consortium to advance quantum error correction (QEC) and upgrading its NQCC quantum computer from 24 to 36 qubits[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Closed a previously announced strategic investment from Quanta Computer Inc., which purchased approximately **$35 million** of Rigetti common stock[10](index=10&type=chunk) [Recent Technical Updates](index=3&type=section&id=Recent%20Technical%20Updates) Rigetti achieved significant technical progress, including demonstrating optical control of a superconducting qubit and applying a quantum preconditioning algorithm on its 84-qubit Ankaa-3 system for power grid optimization - A joint paper published in Nature Physics demonstrated the coherent control of a superconducting qubit using light, a key development for scaling quantum systems by replacing bulky microwave components with optical signals[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) - Successfully applied a new quantum optimization algorithm, quantum preconditioning, on the **84-qubit Ankaa-3 system** to boost classical optimizers in solving a power grid problem, achieving a relative advantage and high solution accuracy[14](index=14&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) Unaudited Q1 2025 financial statements show decreased liabilities, increased equity, and a $42.6 million net income driven by a non-cash gain, despite lower revenue and cash used in operations [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Rigetti's balance sheet reported total assets of $269.1 million, with total liabilities decreasing to $62.0 million, resulting in stockholders' equity of $207.1 million Condensed Consolidated Balance Sheet Data | Balance Sheet Item (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $37,162 | $67,674 | | Total current assets | $214,361 | $206,758 | | Total assets | $269,138 | $284,787 | | Total liabilities | $62,010 | $158,198 | | Total stockholders' equity | $207,128 | $126,589 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Rigetti's Q1 2025 revenue was $1.5 million, with a net income of $42.6 million, a significant improvement from a prior-year loss, primarily due to a $64.3 million gain in other income Condensed Consolidated Statements of Operations Data | Income Statement Item (in thousands, except per share data) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $1,472 | $3,052 | | Gross Profit | $442 | $1,500 | | Loss from operations | ($21,632) | ($16,585) | | Net income (loss) | $42,619 | ($20,773) | | Diluted EPS | $0.13 | ($0.14) | - The shift from a net loss to a net income was primarily due to a **$62.1 million** positive change in the fair value of derivative warrant and earn-out liabilities in Q1 2025, compared to a **$4.2 million** negative change in Q1 2024[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities was $13.7 million, with a total decrease in cash and cash equivalents of $30.5 million, ending the period at $37.2 million Condensed Consolidated Statements of Cash Flows Data | Cash Flow Item (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($13,651) | ($13,139) | | Net cash (used in) provided by investing activities | ($23,609) | $6,220 | | Net cash provided by financing activities | $6,935 | $20,710 | | Net (decrease) increase in cash and cash equivalents | ($30,512) | $13,706 | | Cash and cash equivalents – end of period | $37,162 | $35,098 | [Corporate Information](index=3&type=section&id=Corporate%20Information) This section outlines Rigetti's full-stack quantum computing business model and provides details for the upcoming investor conference call [About Rigetti](index=3&type=section&id=About%20Rigetti) Rigetti is a full-stack quantum computing company providing cloud and on-premises systems, serving global clients, and manufacturing proprietary processors at its Fab-1 facility - Rigetti provides quantum computing capabilities through its Rigetti Quantum Cloud Services platform and by selling on-premises systems[18](index=18&type=chunk) - The company is vertically integrated, designing and manufacturing its chips at its own facility, Fab-1[18](index=18&type=chunk) [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Rigetti will host a conference call and webcast on May 12, 2025, at 5:00 pm ET to discuss its Q1 2025 financial results, with access details available online - A conference call to discuss Q1 2025 financial results is scheduled for May 12, 2025, at 5:00 pm ET[15](index=15&type=chunk) - Details for accessing the live webcast and replay are available on the company's Investor Relations website[16](index=16&type=chunk)

Core Insights - Rigetti Computing, Inc. reported its financial results for Q1 2025, highlighting significant government-funded projects and advancements in quantum computing technology [1][2][3] Financial Highlights - Total revenues for Q1 2025 were $1.5 million, a decrease from $3.1 million in Q1 2024 [7][23] - Total operating expenses for Q1 2025 were $22.1 million, compared to $18.1 million in Q1 2024 [7][23] - The operating loss for Q1 2025 was $21.6 million, up from a loss of $16.6 million in Q1 2024 [7][23] - Net income for Q1 2025 was $42.6 million, which includes $62.1 million of non-cash gains from changes in fair value of derivative warrant and earn-out liabilities [7][23] - As of March 31, 2025, cash, cash equivalents, and available-for-sale investments totaled $209.1 million, increasing to $237.7 million by April 30, 2025 [7][9] Recent Business Developments - Rigetti was selected to participate in DARPA's Quantum Benchmarking Initiative, advancing to Stage A with a potential value of up to $1 million [4] - The company received a $5.48 million AFOSR award to develop its chip fabrication technology, collaborating with several academic institutions [5] - Rigetti was awarded £3.5 million in Innovate UK Quantum Mission Pilot Awards to enhance quantum error correction capabilities [6] Technical Updates - Rigetti successfully demonstrated the integration of a hybrid microwave-optical quantum transducer with a superconducting qubit, enabling optical control and promising scalability [12] - The company leveraged its new quantum optimization algorithm, quantum preconditioning, to improve classical optimizers for energy grid problems, showcasing practical applications of quantum computing [13] Strategic Collaborations - Rigetti closed a $35 million investment from Quanta Computer, enhancing its strategic collaboration [9] - Collaborations with various institutions aim to create an open-architecture quantum computing testbed and improve quantum error correction [18]

Rigetti Computing (RGTI) is set to report first-quarter 2025 results on May 12.The Zacks Consensus Estimate for first-quarter revenues is currently pegged at $2.46 million, indicating a decline of 19.34% year over year. The consensus mark for earnings is currently pegged at a loss of 5 cents per share, unchanged over the past 30 days. The company reported a loss of 14 cents in the year-ago quarter.RGTI earnings beat the Zacks Consensus Estimate once in the past four quarters while matching the same on two o ...

Summary of Rigetti Computing Conference Call Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating superconducting quantum computers since 2017 through a cloud services platform and selling on-premise quantum computers since 2021 [2][8] - The company developed the first multichip processor in the industry and manufactures superconducting quantum processing units (QPUs) in-house at a dedicated facility [2] Core Industry Insights - Quantum computing is an emerging technology that fundamentally differs from classical computing by using qubits instead of bits, allowing for exponential computing capabilities and lower energy consumption [5][6] - Rigetti focuses on gate-based quantum computing, which is expected to dominate the industry, while acknowledging niche applications for other modalities like annealing [12][14] Technological Advantages - The advantages of superconducting technology include scalability and gate speed, with Rigetti's gate speeds comparable to current CPU and GPU technologies [16][17] - Recent advancements have improved two-qubit gate fidelity to 99.5%, with a target of reaching 99.8% to enable commercial applications [24][25] Roadmap and Future Goals - Rigetti aims to demonstrate a quantum computer with over 100 qubits and maintain high fidelity in 2024, with plans to increase qubit count and fidelity in subsequent years [27] - The company is pursuing a modular chiplet architecture to facilitate scaling, which has shown promising results in initial deployments [28][34] Quantum Networking and Error Correction - Rigetti believes in a hybrid computing model where quantum computers coexist with classical systems, rather than requiring a separate quantum network [41][42] - The company is collaborating with Riverlane to develop real-time error correction codes, which are critical for future quantum computing applications [46][51] Strategic Partnerships - Rigetti has formed a strategic partnership with Quanta Computer, which includes a $35 million investment and a commitment of $250 million over five years for non-quantum hardware development [82][86] - This partnership is aimed at enhancing Rigetti's manufacturing capabilities and reducing R&D costs as the business scales [85] Government Funding and Legislative Updates - The National Quantum Computing Act is pending reauthorization, which is crucial for long-term funding and support for quantum initiatives [90][92] - Rigetti has secured funding from DARPA and the Air Force Research Lab, indicating strong government interest in quantum technologies [93] Conclusion - Rigetti Computing is positioned at the forefront of quantum computing technology, focusing on scalability, fidelity, and strategic partnerships to drive future growth and commercialization [95]

Industry Overview - Quantum computing is a rapidly growing area in technology with the potential to transform the tech world and drive significant growth [1] - The efficiency gains from quantum computing could address the increasing demands of artificial intelligence (AI) and energy consumption [5] Company Analysis: Rigetti Computing - Rigetti Computing is emerging as a prominent player in the quantum computing niche, despite facing struggles this year [2] - The company has seen its stock value decline over 35% since the beginning of the year, yet it maintains a market cap of nearly $3 billion [9] - Rigetti generated less than $11 million in sales last year, with operating expenses exceeding $74 million, indicating a challenging path to profitability [10] - The company's valuation is high, trading at over 180 times its trailing revenue, which raises concerns about its affordability given the associated risks [11] Market Sentiment and Future Outlook - A report from McKinsey suggests that achieving commercially viable quantum computing may not occur until 2035 or later, creating uncertainty for companies like Rigetti [6] - The long timeline for quantum computing to become mainstream means that Rigetti's advancements may not yield immediate results [7] - Investors are advised to approach Rigetti as a high-risk, high-reward investment, with the potential for significant long-term gains if the industry grows [12][13]

Company Performance - Rigetti Computing, Inc. (RGTI) closed at $9.79, marking a +0.93% move from the prior day, outperforming the S&P 500 which registered a daily loss of 0.77% [1] - The stock has risen by 16.39% in the past month, lagging behind the Computer and Technology sector's gain of 16.73% and exceeding the S&P 500's gain of 11.54% [1] Upcoming Earnings - The company's earnings report is set to be disclosed on May 12, 2025, with analysts expecting earnings of -$0.05 per share, indicating year-over-year growth of 64.29% [2] - The consensus estimate anticipates revenue of $2.46 million, reflecting a 19.34% decrease from the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, Zacks Consensus Estimates project earnings of -$0.20 per share and revenue of $14.52 million, representing changes of +44.44% and +34.57% respectively from the prior year [3] Analyst Sentiment - Recent changes to analyst estimates for Rigetti Computing reflect evolving short-term business trends, with upward revisions indicating analysts' positivity towards the company's operations and profit generation capabilities [4] Zacks Rank - Rigetti Computing currently holds a Zacks Rank of 2 (Buy), with the consensus EPS projection remaining stagnant over the past 30 days [6] - The Zacks Rank system has a strong track record, with stocks rated 1 delivering an average annual return of +25% since 1988 [6] Industry Overview - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 84, placing it within the top 35% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Company Overview - Rigetti Computing, Inc. is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 [2] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [2] - In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits [2] - The company's 9-qubit Novera™ QPU was introduced in 2023, designed for high-performance, on-premises use [2] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [2] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [2] Upcoming Events - Rigetti CEO, Dr. Subodh Kulkarni, will participate in a fireside chat at the 20th Annual Needham Technology, Media & Consumer Conference on May 9, 2025 [1] - The event will be available for live webcast at 1:30 PM ET, with a replay accessible for 90 days post-event [1]

Core Insights - QphoX, Rigetti Computing, and the National Quantum Computing Centre (NQCC) have received a multinational grant to develop optical readout of superconducting qubits using light transmitted over optical fiber [1][6] - The optical readout technique has been validated by QphoX and Rigetti, demonstrating the ability to read the state of a single superconducting qubit [2] - The collaboration aims to scale the optical qubit readout system to interface with Rigetti's 9-qubit Novera QPU, facilitating optical readout of all qubits in the processor [3] Company Summaries QphoX - QphoX is a leading developer of quantum transduction systems that enable quantum computers to network over optical frequencies, bridging the gap between microwave, optical, and telecom frequencies [7] - The company is based in Delft, Netherlands, and focuses on creating single-photon interfaces essential for quantum links between computation, state storage, and networking [7] Rigetti Computing - Rigetti is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Rigetti Quantum Cloud Services platform [8] - The company introduced its 9-qubit Novera QPU in 2023, designed for high-performance, on-premises quantum computing, and has developed the industry's first multi-chip quantum processor for scalable systems [8] National Quantum Computing Centre (NQCC) - The NQCC is the UK's national lab for quantum computing, dedicated to accelerating the development of quantum technologies and addressing scaling challenges [9] - The centre collaborates with businesses, government, and the research community to enhance quantum computing capabilities in the UK [9]

Core Insights - Rigetti Computing has successfully closed a $35 million investment from Quanta Computer, purchasing shares at approximately $11.59 each, as part of a strategic collaboration agreement [1][2] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Rigetti Quantum Cloud Services platform [2] - The company began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84, supporting national laboratories and quantum computing centers [2] - Rigetti introduced its 9-qubit Novera QPU in 2023, designed for high-performance integration into existing cryogenic and control systems [2] - The company has developed the first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1, the first dedicated quantum device manufacturing facility [2] Strategic Collaboration - The collaboration with Quanta is expected to leverage Quanta's expertise in notebook and server manufacturing alongside Rigetti's advancements in superconducting quantum computing, positioning the company at the forefront of the quantum computing industry [2]