Core Insights - Rigetti Computing (RGTI) is making significant strides in bridging the gap between advanced quantum hardware and practical applications, with the Ankaa system being pivotal to this progress [1][6] - The company has introduced a 36-qubit chiplet-based architecture achieving 99.5% median two-qubit gate fidelity, effectively reducing error rates by half compared to previous generations [1][6] - Rigetti plans to scale this architecture to over 100 qubits by the end of 2025, indicating a feasible roadmap for commercial-grade quantum workloads [1] Product Developments - The Ankaa-2 system, featuring 84 qubits and 98% median two-qubit fidelity, was made publicly available on Amazon Braket in mid-2024, marking a transition from lab testing to real-world application [2] - Rigetti, in collaboration with Riverlane, demonstrated real-time quantum error correction on Ankaa-2 with decoding speeds under one microsecond, a crucial advancement towards fault-tolerance [2] Competitive Landscape - IBM's Quantum System Two, launched in December 2023, represents a significant advancement in modularity and scalability, with its first international deployment at RIKEN in Japan in mid-2025 [3] - IonQ has launched its Forte Enterprise system, now available through AWS Braket, focusing on algorithmic performance and strong coherence, providing a clearer path to scaling compared to peers still in pilot stages [4] Financial Performance - RGTI shares have declined by 3.7% year-to-date, contrasting with the industry growth of 15.6% [5] - The company has a price-to-book ratio of 20.32, which is above the industry average, and carries a Value Score of F [8] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests a substantial increase of 86.1% compared to the previous year [10]