Core Viewpoint - The report provides an in-depth analysis of the current state and future prospects of the quantum computing industry in China, highlighting significant developments, key players, and market trends. Group 1: Overview of Quantum Computing Industry - Quantum computing is defined as a computational model utilizing the fundamental properties of quantum mechanics, which significantly differs from classical computing in terms of information storage, computational power, entanglement characteristics, and computation methods [7]. - The technology framework of quantum computing consists of three main pillars: hardware, software, and algorithms, with cloud platforms serving as an integration point for user services [11]. Group 2: Global and Chinese Market Development - The global quantum computing market is rapidly expanding, with the market size projected to grow from $5 billion in 2021 to $50 billion by 2024, accounting for 63% of the total quantum information industry [16]. - North America leads the global quantum computing market, followed closely by Europe and China, with market shares of 29.8%, 28.8%, and 25.2% respectively by 2024 [18]. Group 3: Key Players in the Industry - Major companies involved in quantum computing include Google, IBM, and domestic players such as Tencent, Huawei, and China Electronics Technology Group, with significant advancements in quantum computer prototypes [1]. - Notable developments include the "Jiuzhang" quantum computing prototype in China, which achieved rapid solutions for Gaussian boson sampling tasks [1]. Group 4: Industry Trends and Policies - The quantum computing industry is entering a phase of technological breakthroughs, with significant investments and supportive policies from governments, particularly in the U.S. and Canada, aimed at maintaining global leadership in quantum technology [20][21]. - In Europe, various countries are implementing favorable policies to support quantum computing development, with Germany and the EU investing heavily in quantum technology initiatives [27][28].

CEO Satya Nadella made a bold statement on the earnings call, saying, "The next big accelerator in the cloud will be quantum, and I'm excited about progress. In fact, earlier this month, we announced the world's first operational deployment of a level two quantum computer with Atom Computing." What Microsoft is doing with quantum computing Following in the footsteps of Alphabet, Microsoft announced its new Majorana 1 quantum chip in February, saying it's powered by a new Topological Core architecture, which ...

Core Viewpoint - Rigetti Computing, Inc. reported second-quarter results with losses of 13 cents per share, missing analyst expectations of 6 cents, and revenue of $1.8 million, below the consensus estimate of $1.88 million, and down from $3.086 million year-over-year [1] Group 1: Financial Performance - Quarterly losses were reported at 13 cents per share, missing the analyst consensus estimate of 6 cents [1] - Revenue for the quarter was $1.8 million, which fell short of the analyst consensus estimate of $1.88 million and decreased from $3.086 million in the same period last year [1] Group 2: Analyst Outlook - Despite the financial miss, Wall Street analysts maintained a bullish outlook, citing progress on Rigetti's technology roadmap [2] - Analyst N. Quinn Bolton reiterated a Buy rating with a price forecast of $18, highlighting that Rigetti met its mid-year goal with a four-chiplet, 36-qubit QPU achieving 99.5% median two-qubit fidelity [3][4] - Analyst David Williams also reiterated a Buy rating, raising the price forecast to $20 from $14, noting that Rigetti is on track to deliver a 100-qubit, multi-chiplet QPU with 99.5% two-qubit gate fidelity by year-end [7][8] Group 3: Technological Advancements - Rigetti's four-chiplet, 36-qubit QPU reached a median two-qubit fidelity of 99.5%, strengthening management's confidence in delivering a >100-qubit system by year-end [4] - The company is positioned to benefit from advancements in quantum computing, with expectations to scale qubit count to the hundreds and improve fidelity to 99.9% by 2026 [6] - Rigetti's roadmap includes a target of a 1,000+-qubit system with 99.9% fidelity and built-in error correction, with a timeline of three to four years to reach that threshold [9][10] Group 4: Financial Position - Rigetti increased cash reserves by $350 million to approximately $570 million during the period, which is deemed sufficient for continued investment through commercialization [10] - The company’s long-term objective is to achieve a 1,000-qubit system targeting 99.9% fidelity, enabled by advancements in cabling, cryogenics, and chiplet density [10]

Core Insights - Rigetti Computing (RGTI) reported a second-quarter 2025 adjusted loss per share of 5 cents, an improvement from the 7 cents loss per share in the same quarter last year, and exceeded the Zacks Consensus Estimate by 16.7% [1][7] - The company's total revenues were $1.8 million, reflecting a year-over-year decline of 41.6% and missing the Zacks Consensus Estimate by 5.7% [4][7] - Rigetti launched its Cepheus-1-36Q, the largest multi-chip quantum computer, which features a median two-qubit gate fidelity of 99.5%, significantly improving upon its predecessor [6][9] Revenue and Financial Performance - The revenue decline was attributed to the expiration of the U.S. National Quantum Initiative and the pending reauthorization in Congress, with future growth dependent on the renewal of this initiative and sales to government entities [5] - Gross profit fell 71.6% year over year to $0.6 million, with gross margin contracting 3310 basis points to 31.4% due to revenue mix and pricing variability in development contracts [10] - Operating expenses increased, with selling, general and administrative expenses rising 11.6% to $6.9 million and research and development expenses increasing 13.9% to $13.5 million, leading to an operating loss of $19.9 million compared to $16.1 million in the prior-year quarter [11] Financial Position - At the end of the second quarter, Rigetti had cash, cash equivalents, and short-term investments totaling $425.7 million, up from $209.1 million at the end of the first quarter, with no debts on its balance sheet [12] - Cumulative net cash used in operating activities was $29.8 million, compared to $26.7 million a year ago [12] Technology Developments - The Cepheus-1-36Q incorporates proprietary architecture that enhances chip uniformity and reduces manufacturing complexity, with plans for a 100+ qubit chiplet-based system by the end of 2025 [9][14] - The advancements in two-qubit gates and intermodule coupler design are expected to further improve performance [9]

Rigetti Computing Today RGTI Rigetti Computing $16.23 +0.03 (+0.20%) 52-Week Range $0.66 ▼ $21.42 Price Target $17.43 Add to Watchlist Shares of Rigetti Computing Inc. NASDAQ: RGTI are down more than 2% the day after the quantum computing company delivered a mixed earnings report. Revenue of $1.8 million was roughly in line with expectations for $1.87 million. The -5 cents earnings per share (EPS) came in 1 cent better than the 6-cent loss analysts had forecast. However, the company also reported a substant ...

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

据中证报报道，中国计算机学会（CCF）携手业内企业发起"超导量子计算专项合作计划"。计划基于双 方在超导量子计算领域的合作与专项科研经费，聚焦硬件操控、软件编译、算法设计、量子经典混合等 量子计算前沿问题，围绕9个子课题和开放型选题开展研究攻关。旨在为广大创新学者提供使用量子计 算资源、探索量子计算研究与应用落地的平台。 中证报指出，量子计算作为下一代信息技术的核心驱动力，正从实验室走向产业化应用。技术突破、政 策支持与市场需求共同驱动产业快速发展，其应用场景从专用计算向通用计算拓展，推动金融、医药、 能源等领域深度变革。凭借政策支持与工程化能力，中国有望在量子通信、光量子计算等领域实现局部 突破。 公司方面，据中证报表示，A股相关概念股主要有国盾量子 、光迅科技等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 ...

On paper, they couldn't be more different. One has a billion-dollar war chest, the other, a half-billion. One favors slow, steady qubits that have been coaxed into new tricks; the other rides lightning-fast gates that could leave competitors in the dust. And yet, in the race toward quantum advantage, Rigetti Computing Inc. RGTI and IonQ Inc. IONQ are barreling toward the same finish line — from opposite ends of the track. RGTI is among today's weakest performers. See the complete data here. IonQ's trapped-i ...

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $1.8 million, down from $3.1 million in Q2 2024, impacted by the expiration of the National Quantum Initiative [10][11] - Gross margins decreased to 31% in Q2 2025 from 64% in Q2 2024, affected by revenue mix and pricing variability in development contracts [11] - Total operating expenses increased to $20.4 million in Q2 2025 from $18.1 million in Q2 2024, due to salary increases, new hires, and higher consulting costs [11][12] - The operating loss for Q2 2025 was $19.9 million, compared to $16.1 million in the prior year [12] - The net loss for Q2 2025 was $39.7 million, significantly higher than the $12.4 million net loss in Q2 2024, influenced by noncash charges related to derivative warrant liabilities [12][13] - As of June 30, 2025, the company had approximately $571.6 million in cash and no debt [13] Business Line Data and Key Metrics Changes - The company achieved a median two-qubit gate error rate of 99.5% with the CFES-136U system, marking a 2x reduction from the previous ANCA-3 system [5][7] - The CFES-136Q is the first multi-chip quantum computer to achieve this level of performance, validating the company's approach to scaling [5][6] Market Data and Key Metrics Changes - The expiration of the National Quantum Initiative and its pending reauthorization in the U.S. Congress is critical for future sales, particularly to U.S. and foreign governments [10][11] Company Strategy and Development Direction - The company aims to continue its focus on R&D and is exploring opportunities for mergers and acquisitions to accelerate its timeline [18][43] - The goal is to deliver a multi-chip 100+ qubit system with 99.5% two-qubit gate fidelity by the end of 2025, with a long-term target of achieving quantum advantage within four years [19][30] - The company believes that superconducting qubits are the leading modality for quantum computers due to their scalability and speed advantages [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving technology milestones and emphasized that technology development remains the key metric for long-term success [8][19] - The management acknowledged the challenges in achieving quantum advantage, including the need for error correction and faster gate speeds [32][36] - There is optimism regarding bipartisan support for the reauthorization of the National Quantum Initiative, which is expected to enhance funding opportunities [70][71] Other Important Information - The company has completed the sale of $350 million in common stock to strengthen its balance sheet [8] - The partnership with Quanta is viewed as strategic, focusing on control systems and hardware stack development [22][98] Q&A Session Summary Question: Use of proceeds from the recent equity raise - The company intends to focus on R&D development and will consider opportunities to accelerate timelines using its balance sheet [18] Question: Update on Quanta's involvement - Quanta is investing in the non-QPU portion of the hardware stack, focusing on control systems to work with the company's QPUs [22] Question: Confidence in achieving 100 qubit chip - The company is confident in reaching 100+ qubits with 99.5% fidelity by the end of the year, leveraging the chiplet approach for easier scaling [28] Question: Roadmap for gate speeds - The company aims to achieve gate speeds faster than 50 nanoseconds, which is critical for quantum advantage [49][50] Question: Current valuations in quantum assets and M&A - The company is open to M&A opportunities but currently sees no practical options that would significantly accelerate its timeline [44] Question: Updates on government funding and initiatives - The company continues to engage with the DOE and DOD, maintaining strong relationships despite the lack of NQI funding [106][107]

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $1.8 million, down from $3.1 million in Q2 2024, impacted by the expiration of the National Quantum Initiative [11][12] - Gross margins decreased to 31% in Q2 2025 from 64% in Q2 2024, affected by revenue mix and pricing variability in development contracts [12] - Total operating expenses increased to $20.4 million in Q2 2025 from $18.1 million in the prior year, due to salary increases, new hires, and higher consulting costs [12][13] - Operating loss for Q2 2025 was $19.9 million, compared to $16.1 million in Q2 2024, with a net loss of $39.7 million in Q2 2025 versus $12.4 million in Q2 2024 [13][14] - As of June 30, 2025, the company had approximately $571.6 million in cash and no debt [14] Business Line Data and Key Metrics Changes - The company achieved a median two-qubit gate error rate of 99.5% with the CFES-136U system, a 2x reduction from the previous ANCA-3 system [5][6] - The CFES-136Q is the first multi-chip quantum computer to achieve this level of performance, validating the company's approach to scaling quantum computers [5][7] Market Data and Key Metrics Changes - The expiration of the National Quantum Initiative and its pending reauthorization in the U.S. Congress is critical for future sales, particularly to U.S. and foreign governments [11][12] Company Strategy and Development Direction - The company aims to continue its momentum in technology development, with plans to release a 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025 [8][9] - The focus remains on R&D development, with the potential for M&A opportunities to accelerate timelines if beneficial [18][44] - The company believes that superconducting qubits are the leading modality for quantum computers due to their scalability and speed advantages [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving technology milestones and emphasized that the key metric for long-term success is the achievement of technology goals rather than revenue growth [9] - The management team is optimistic about the bipartisan support for the reauthorization of the National Quantum Initiative, which is expected to enhance funding opportunities [69][70] Other Important Information - The company completed the sale of $350 million in common stock to strengthen its balance sheet [9] - The partnership with Quanta is viewed as strategic, focusing on control systems and hardware stack development [24][100] Q&A Session Summary Question: Use of proceeds from the recent equity raise - The company intends to focus on R&D development and will consider M&A opportunities if they can accelerate timelines [18][20] Question: Update on Quanta's involvement - Quanta is focused on developing control systems and is seen as a strategic partner for hardware development [24] Question: Confidence in achieving 100 qubit chip - The company is confident in reaching 100+ qubit systems with 99.5% fidelity by year-end, leveraging the chiplet approach [30][31] Question: Roadmap for gate speeds - The company aims to achieve gate speeds below 50 nanoseconds, which is critical for quantum advantage [47][50] Question: Current status of government funding - There is bipartisan support for the National Quantum Initiative reauthorization, with ongoing discussions in Congress [69][70] Question: Feedback from QBI or NQCC - The company is actively engaged with both organizations and is optimistic about progressing to phase two of the DARPA initiative [76][77] Question: Transitioning to larger chiplet sizes - The company is evaluating the optimal chiplet size and plans to transition before reaching 1,000 qubits [59][60] Question: Implications of chiplet approach on customer interest - The chiplet approach is seen as essential for scaling to fault-tolerant quantum computing, generating interest from government customers [86][87]