Company Overview - Rigetti Computing, Inc. is a pioneer in hybrid quantum-classical computing and has been operating quantum computers over the cloud since 2017 [4] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [4] - Rigetti began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84 [4] - The company introduced its 9-qubit Novera™ QPU in 2023, designed for high-performance integration into existing cryogenic and control systems [4] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [4] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [4] Upcoming Financial Results - Rigetti will release its first quarter 2025 results on May 12, 2025, after market close [1] - A conference call will be held on the same day at 5:00 p.m. ET to discuss financial results and provide updates on business operations [1] - Key details for the call include a webcast link and a live call participant registration link [1][2][3]

Core Insights - Rigetti Computing, Inc. has been awarded a $5.48 million grant from the Air Force Office of Scientific Research to advance its chip fabrication technology, Alternating-Bias Assisted Annealing (ABAA) [2][5] - The consortium includes notable institutions such as Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and Lawrence Livermore National Laboratory, aiming to understand how ABAA reduces defects in superconducting qubits [2][4] Group 1: Project Overview - The project focuses on developing a deeper understanding of ABAA's impact on chip fabrication at a microscopic level, which is crucial for addressing defects in superconducting qubits [2][3] - Rigetti's ABAA technique involves applying alternating low-voltage pulses at room temperature to the oxide barrier of the Josephson junction, enhancing qubit performance and scalability [3][4] Group 2: Technical Advancements - Devices manufactured using ABAA have shown a reduction in two-level systems (TLSs), which are defects that negatively affect qubit performance [4] - Understanding ABAA's effects on TLSs is expected to facilitate the scaling of superconducting quantum devices and applications relying on amorphous materials [4] Group 3: Strategic Positioning - The CEO of Rigetti emphasized that this project will enhance the company's understanding of superconducting qubit defects, positioning it better for scaling systems with improved performance [5] - Rigetti is actively supporting the U.S. Government's efforts to maintain leadership in quantum computing and is involved in DARPA's Quantum Benchmarking Initiative, which aims for utility-scale quantum computing by 2033 [5] Group 4: Company Background - Rigetti is recognized as a pioneer in full-stack quantum computing and has been operating quantum computers over the cloud since 2017 [6] - The company has developed the industry's first multi-chip quantum processor and manufactures its chips in-house at its dedicated facility, Fab-1 [6]

Group 1: Nvidia - Nvidia has seen a significant increase in demand for its chips due to a surge in data center spending, with revenue from its data center segment rising 142% to $115 billion in fiscal 2025 [5] - The company holds a dominant market share in AI data center processing, estimated between 70% to 95%, and anticipates $2 trillion in AI data center spending over the next few years [6] - Nvidia's latest AI processor, Blackwell, has generated $11 billion in sales, marking the fastest product ramp in the company's history [7] Group 2: Rigetti Computing - Rigetti Computing operates in the quantum computing space, which has the potential to impact various fields, with the market projected to be worth $170 billion by 2040 [8] - The company has partnered with major cloud providers like Amazon and Microsoft, enhancing its credibility in the quantum computing market [9] - Despite a 639% increase in share price over the past year, Rigetti reported a 32% decline in sales in the fourth quarter, totaling $2.3 million, indicating challenges in establishing a foothold in a speculative market [10][11]

Industry Overview - Quantum computing is rapidly evolving and promises to solve complex problems at unprecedented speeds, far exceeding classical systems [1] - The market for quantum computing is projected to exceed $170 billion annually by 2040, indicating significant growth potential [2] IonQ Analysis - IonQ has a market capitalization of $5.4 billion, making it the largest pure-play quantum computing stock, more than double that of Rigetti's $2.3 billion valuation [4] - The company utilizes unique trapped-ion technology, leveraging electrically charged atoms as qubits, which allows for operation at room temperature, avoiding the need for subfreezing temperatures [5][6] - IonQ's Forte Enterprise system features 36 algorithmic qubits, representing its most powerful single-core quantum processor, designed for scalable solutions [7] - IonQ's net revenue for 2024 reached $43.1 million, reflecting a 96% year-over-year increase [8] - Major customers span various industries, including pharmaceuticals and logistics, and IonQ has partnerships with cloud providers like Microsoft and Amazon [9] - The company is not yet profitable but expects revenue to nearly double to $97 million in 2025, driven by strong interest in its quantum computing solutions [10] Rigetti Computing Analysis - Rigetti Computing focuses on a vertically integrated business model, controlling chip design, manufacturing, and software development, which may provide long-term advantages [11] - The company operates Fab-1, the first dedicated quantum foundry, allowing for precise control over chip fabrication, potentially leading to cost-effective strategies [12] - Rigetti's superconducting qubits achieve ultra-fast gate speeds of 60 to 80 nanoseconds, significantly faster than ion-based systems [13] - In 2024, Rigetti generated $10.8 million in revenue, but its latest 84-qubit Ankaa-3 system is expected to drive growth [14] - Rigetti's stock has seen a 700% price increase over the past year, outperforming IonQ's 250% return, and the company has a cash position of $217 million [14] Comparative Analysis - IonQ is currently viewed as the better investment option due to its compelling growth outlook and market position [16]

Core Insights - Quantum computing is approaching real-world applications, attracting investor interest in companies like Rigetti Computing (RGTI) and IonQ (IONQ) that are developing future computational power [1][2] - Both companies are in a competitive race to scale quantum systems, targeting government and enterprise contracts [2] Price Performance & Valuation - Year-to-date, shares of Rigetti and IonQ have decreased by 40.3% and 35.9%, respectively [5] - IonQ appears more attractive from a valuation perspective, with a price/book ratio of 15.56 compared to Rigetti's 20.57 [6] Core Technology - Rigetti utilizes superconducting qubits, which are silicon-based circuits, allowing for scalability and faster innovation through its fab facility [8] - IonQ employs trapped-ion technology, which offers high coherence and low error rates, operating near room temperature for enhanced precision [10] Business Model - Rigetti's vertically integrated model controls the entire quantum stack, generating revenue from QPU sales, cloud access, and R&D contracts, with total revenues of $10.8 million in 2024 [11][12] - IonQ follows a cloud-first strategy, primarily earning from quantum computing-as-a-service (QCaaS) and professional services, with total revenues of $43.1 million in 2024 [12] Roadmap & Growth Strategy - Rigetti aims to enhance its quantum systems, planning to launch a 36-qubit modular system by mid-2025 and a 100+ qubit system by year-end [13] - IonQ is focused on scaling its systems and expanding its QCaaS model across industries, leveraging exclusive tech licenses for a strong IP position [13] Market Outlook - The quantum computing market is projected to grow from $1.3 billion in 2024 to $5.3 billion by 2029, with superconducting systems expected to dominate volume deployments [14] - Both companies are positioned for growth, but Rigetti has a better growth potential reflected in its Zacks Growth score of 'D' compared to IonQ's 'F' [19] Financial Estimates - The Zacks Consensus Estimate for Rigetti's 2025 sales implies a year-over-year growth of 34.57%, while IonQ's estimate suggests a growth of 97.34% [15][17] - For 2025, Rigetti's loss per share is projected at $1.09, while IonQ's is expected to be $1.05 [12][17] Investment Appeal - Rigetti's full-stack control and technical credibility cater to government and research sectors, but it faces high valuation and modest growth [20] - IonQ, with larger cash reserves and a scalable model, presents stronger revenue growth and an aggressive roadmap for market expansion [20]

The quantum computing company still has a lot to prove.Rigetti Computing (RGTI 5.67%) is a "pure play" quantum computing company that went public by merging with a special purpose acquisition company (SPAC) three years ago. It designs and manufactures its own quantum processing units (QPUs), builds full quantum computing systems, and hosts a cloud platform for developing quantum applications.Rigetti has been a wildly unpredictable stock. It opened at $9.75 per share on the first day after closing its SPAC m ...

Core Insights - Rigetti UK Limited has been awarded £3.5 million as part of Innovate UK's Quantum Missions pilot competition to enhance quantum error correction (QEC) capabilities on superconducting quantum computers [2][3] - The project aims to address critical challenges in achieving fault-tolerant quantum computing, including high error rates and processing bottlenecks in classical control systems [3][4] - Rigetti will upgrade its existing quantum computer at the National Quantum Computing Centre (NQCC) to facilitate ambitious QEC tests [4][5] Project Details - The consortium led by Rigetti includes Riverlane and the NQCC Superconducting Circuits Team, focusing on real-time QEC capabilities [2][4] - Riverlane will spearhead the QEC experiments, while the NQCC team will provide support and quality assurance [4] - The project aims to achieve measurable improvements in key performance metrics such as throughput, latency, and decoding accuracy [5] Future Developments - Rigetti plans to deploy a larger 36-qubit quantum processing unit (QPU), upgrading from the current 24-qubit QPU [6] - Collaboration with SEEQC aims to integrate digital chip-based technology with Rigetti's 9-qubit Novera™ QPU to identify components necessary for scalable QEC [7] - Additional collaborations with TreQ, Qruise, Q-CTRL, and Oxford Ionics will create an open-architecture quantum computing testbed [7][8] Company Background - Rigetti is recognized as a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 [9] - The company has developed the industry's first multi-chip quantum processor and manufactures its chips in-house at its dedicated facility [9]

Core Insights - Rigetti, in collaboration with Riverlane and the National Quantum Computing Centre (NQCC), has won Innovate UK's Quantum Missions pilot competition to enhance quantum error correction capabilities on superconducting quantum computers [1][2][3] - The project, with a budget of £3.5 million, aims to address critical challenges in achieving fault-tolerant quantum computing by developing key capabilities for executing numerous quantum operations [3][4] - Rigetti plans to upgrade its existing quantum computer at NQCC, with Riverlane leading the quantum error correction experiments [4][5] Project Details - The consortium will leverage Rigetti's superconducting quantum computer hosted at NQCC to conduct ambitious quantum error correction tests [2][3] - The project aims to improve key performance metrics such as throughput, latency, and decoding accuracy essential for real-time error correction [5][6] - Rigetti has also been awarded two additional projects under the Quantum Missions pilot competition, including deploying a larger 36-qubit quantum processing unit and integrating a new control system [6][7] Industry Context - Fault-tolerant quantum computing is expected to revolutionize computational power for solving real-world problems, necessitating effective integration of quantum error correction with quantum technology [3] - The Quantum Missions pilot competition is designed to accelerate quantum computing and networking projects by enhancing their capabilities and facilitating commercialization [5][8] - Rigetti's leadership in the UK's quantum computing ecosystem is underscored by its initiatives, including launching the first operational quantum computer at NQCC and leading a £10 million consortium for deploying UK-based quantum computers [8][9]

Rigetti, in collaboration with Riverlane and the National Quantum Computing Centre (NQCC), has been selected as one of the winners of Innovate UK's Quantum Missions pilot competition. Leveraging Rigetti's quantum computer hosted at the NQCC, the £3.5 million Rigetti-led consortium aims to benchmark and enhance the quantum error correction capabilities of superconducting quantum computers — a requirement for achieving large-scale fault-tolerant quantum computing. "Our NQCC testbed continues to serve as a cri ...

Core Viewpoint - Rigetti Computing's stock experienced a dramatic surge of nearly 2,000% in late 2024, but subsequently lost about half its value in 2025 due to doubts about the readiness of quantum technology for commercial use [1][5]. Company Overview - Rigetti Computing operates in the quantum computing sector, utilizing qubits which allow for a broader range of values compared to traditional bits, significantly enhancing computing power [3]. - The company has a market capitalization of over $2.3 billion and is set to release a 36-qubit system in mid-2025, followed by a 100-qubit system aimed at reducing error rates by 2x by the end of the year [4]. Financial Performance - In 2024, Rigetti reported revenues of $10.8 million, a decrease of 10% from the previous year, resulting in an operating loss of $68.5 million [6]. - The company faced a total loss of $201 million in 2024, which is significantly higher than the $75 million loss recorded in 2023 [6]. - Rigetti's negative free cash flow was nearly $62 million in 2024, with current liquidity of $192 million, allowing it to operate for approximately three more years without additional funding [7]. Market Position and Challenges - The company is under pressure to issue additional shares or incur more debt to sustain operations, raising concerns about its competitive position against larger firms like Alphabet [8]. - Valuation metrics are challenging, with a price-to-sales ratio exceeding 140 and a price-to-book ratio of 18, which may deter potential investors [9]. - Despite the potential for exponential growth in quantum computing, Rigetti's prospects for commercial success appear distant, leading to skepticism about its ability to generate revenue in the near term [11][12].