Core Insights - Rigetti Computing reported its financial results for Q4 and the full year of 2024, highlighting significant losses and strategic collaborations aimed at advancing quantum computing technology [1][2][8]. Financial Performance - Q4 2024 revenues were $2.3 million, a decrease from $3.4 million in Q4 2023 [8] - For the full year 2024, revenues totaled $10.8 million, down from $12.0 million in 2023 [8] - Operating expenses for Q4 2024 were $19.5 million, slightly lower than $19.7 million in Q4 2023 [8] - The net loss for Q4 2024 was $153.0 million, compared to a net loss of $12.6 million in Q4 2023 [8] - The full-year net loss for 2024 was $201.0 million, significantly higher than the $75.1 million loss in 2023 [8] Strategic Collaborations - Rigetti entered a strategic collaboration with Quanta Computer, committing over $100 million each over five years to develop superconducting quantum computing technologies [3][4] - Quanta will invest $35 million in Rigetti through a securities purchase agreement, pending regulatory clearance [3] Technology Developments - Rigetti launched the 84-qubit Ankaa-3 system in December 2024, achieving a median iSWAP gate fidelity of 99.0% and 99.5% median fidelity with fSim gates [6][9] - The Ankaa-3 system is available through Rigetti Quantum Cloud Services and platforms like Microsoft Azure and Amazon Braket [7] Academic Engagement - Rigetti sold its first Novera QPU to Montana State University, aimed at educating and training in quantum computing technologies [5] Cash Position - As of December 31, 2024, Rigetti had cash, cash equivalents, and available-for-sale securities totaling $217.2 million, a significant increase from $21.4 million at the end of 2023 [8][21]