Core Insights - Rigetti Computing (RGTI) is advancing its superconducting quantum hardware roadmap with the Ankaa-3 system, featuring 84 qubits and a median iSWAP fidelity of 99% [1][6] - The company plans to release a 36-qubit multi-chip module by mid-2025, followed by a 100+ qubit system by year-end, aiming for 99.5% fidelity [2][6] - Rigetti's collaborations with Qruise, Riverlane, and Quanta indicate a strategic approach to building a scalable quantum ecosystem [2][6] Company Developments - The Ankaa-3 system is designed for low-latency operations with fast gate speeds of 60-80 ns and a modular architecture [1][6] - Future plans include the Lyra processor, a 336-qubit system expected in 2026, which aims to demonstrate narrow quantum advantage [2] - Rigetti's stock has underperformed, losing 18% year-to-date compared to the industry's growth of 13.1% [5] Financial Performance - Rigetti's price-to-book ratio stands at 17.35, above the industry average, indicating a potentially overvalued stock [8] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 86.1% increase from the previous year [10] - Current earnings estimates for 2025 indicate a loss of $0.05 per share, with a year-over-year growth estimate of 86.11% [11]

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]