Rigetti Computing FY Conference Summary Company Overview - **Company**: Rigetti Computing (NasdaqCM:RGTI) - **Founded**: 2013 - **Headquarters**: Berkeley, California - **Industry**: Quantum Computing - **Technology**: Focus on superconducting qubits, which are considered the leading modality in quantum computing due to scalability and speed [1][4] Key Points and Arguments Quantum Computing Technology - Rigetti's quantum computers utilize superconducting qubits, achieving gate speeds of 50-70 nanoseconds, significantly faster than other modalities like ion traps [1][5] - The company has developed the first multi-chip quantum processor for scalable systems, manufacturing QPUs in-house at Fab 1, the first dedicated quantum device manufacturing facility [1][4] - Over 90% of current investments in quantum computing are in superconducting gate technology, with major players including IBM, Google, and the Chinese government [5] Scalability and Speed - Scalability and gate speed are critical advantages of superconducting technology, with Rigetti's systems operating at speeds comparable to CPUs and GPUs [5][6] - Historical challenges in fidelity for superconducting qubits have improved, with recent advancements showing fidelity rates of 99.5%-99.7% [8] Go-to-Market Strategy - Rigetti has chosen a hybrid approach, selling both physical quantum computers and offering quantum computing as a service [10] - The company tailors its offerings based on customer needs, providing either complete systems or just QPUs depending on existing infrastructure [13][14] Quantum Advantage - Rigetti is conservative in its estimates, projecting that quantum advantage could be achieved in about three years, requiring at least 1,000 qubits, 99.9% fidelity, and 50 nanosecond gate speeds [18][19] - The company emphasizes the importance of demonstrating clear superiority over classical computing in practical applications [19][21] Roadmap and Future Goals - Immediate goal is to deploy a 108-qubit system with 99.5% fidelity and 60-nanosecond gate speed by the end of Q1 2026 [33] - Plans to exceed 150 qubits at 99.7% fidelity within the year, with a long-term goal of reaching 1,000 qubits at 99.8% fidelity by 2027 [35] Partnerships and Collaborations - Rigetti has partnered with various companies for different aspects of its technology stack, including Riverlane for error correction and NVIDIA for distribution layer software [40][41] - The company believes in an open and modular architecture, allowing for integration of innovative solutions from other firms [39] Government Funding and Market Outlook - The U.S. government is expected to increase funding for quantum computing significantly, with recent initiatives indicating a commitment to maintaining leadership in the field [69][70] - Rigetti anticipates that the market for quantum computing will grow to approximately $3 billion by 2030 and $15-$20 billion by 2035 [17] Customer Base and Applications - Current customers include Fermilab, Air Force Research Laboratory, and Montana State University, primarily using systems for research applications [60] - The company does not foresee practical workloads being handled by quantum computers until quantum advantage is achieved [60] Additional Important Insights - Rigetti's balance sheet is strong, with $600 million in cash and no debt, allowing for a focus on organic growth and technology milestones [70] - The company stresses the need for patience in the quantum computing sector, indicating that significant advancements will take time [72]

Core Viewpoint - Quantum computing is transitioning from being perceived as a distant technology to an integral part of the long-term evolution of computing power, driven by the limitations of classical computing and the need for advanced computational capabilities [2][19]. Group 1: Quantum and Classical Computing Integration - The collaboration between Turing Quantum and Mohr Thread marks a significant step towards integrating quantum and classical computing, creating a hybrid computing platform that leverages the strengths of both QPU and GPU [15][22]. - Quantum Processing Units (QPU) and Graphics Processing Units (GPU) serve complementary roles, with GPUs excelling in large-scale parallel processing and QPUs handling complex NP-complete problems [3][5]. - The engineering bottleneck in quantum computing lies in error correction and control, necessitating rapid feedback and scheduling, which GPUs can effectively support [5][7]. Group 2: Technological Advancements - Turing Quantum has adopted a photonic quantum computing path, which offers advantages in supply chain control, computational scale, and system-level integration compared to other quantum technologies [9][10]. - The company has developed a large-scale, high-speed programmable photonic quantum chip, achieving over 1000 integrated photon devices and a modulation bandwidth of 110 GHz [13][14]. - The TuringQ Gen2 system represents a significant advancement, capable of solving complex problems with over 100 quantum bits and supporting multi-node deployment in standard data center environments [14][15]. Group 3: Software and Ecosystem Development - The DeepQuantum framework facilitates the integration of quantum and classical computing, providing a unified software environment for developers to build and optimize hybrid models [16][17]. - The "量擎云平台" (Quantum Cloud Platform) enables the scheduling and management of quantum computing resources alongside classical computing, making quantum power accessible for practical applications [18][20]. - Turing Quantum's business model has shown significant growth, with revenue projections indicating a clear path towards commercialization, driven by sectors such as quantum security and computational delivery [20][21].

Core Insights - The quantum computing sector has gained significant attention in 2025, driven by the increasing demand from AI, with a combined market cap of over $50 billion for key players like IonQ, Rigetti, D-Wave, and Quantum Computing Inc. [1] - Stock performance for quantum computing companies has been remarkable, with IonQ rising by 92%, Rigetti by 274%, and D-Wave by 400%, largely due to the strong connection between AI and quantum technologies [2] - AI and computing expenditures are expected to remain high through 2026, with quantum revenues projected to transition into actual bookings, and McKinsey estimates the quantum industry sales to reach around $1 billion by 2025, with a long-term market potential of $198 billion by 2040 [3] Company Insights - IonQ's CEO, Niccolò De Masi, has made bold claims about quantum computing potentially replacing current AI engines, challenging Nvidia's dominance in the AI space [4][5] - De Masi emphasizes the transformative potential of quantum processors (QPUs), suggesting they could eventually supplant GPUs, which currently dominate the market [6][7] - IonQ's latest hardware, Tempo, reportedly offers a computational capacity 36 quadrillion times larger than IBM's equivalent, outperforming nearly a billion GPUs, and has demonstrated significant efficiency in specific benchmarks [8]

Core Viewpoint - Quantum computing is reaching a turning point, and NVIDIA plans to collaborate with quantum computing companies worldwide [1] Group 1: Quantum Computing Developments - NVIDIA CEO Jensen Huang announced that future supercomputers will include QPUs connected to GPUs for enhanced computing capabilities [1] - QPUs will handle quantum calculations, while GPUs will be responsible for preprocessing, control, error correction, and post-processing [1] - The current quantum algorithm stack can be accelerated on the Blackwell200 platform [1]