Rigetti Computing

Rigetti is an end-to-end provider of general-purpose quantum computers. The company’s approach to developing computers is based on superconducting qubit technology, similar to Google and IBM. Since 2017, the company has operated a cloud-based quantum platform that allows developers to either create applications or use Rigetti’s virtual machine. 

Rigetti is well-positioned to compete with incumbents as well as startups because of its advancements in hardware, which is currently used by 14 other companies (mostly other quantum software startups). In 2018, Rigetti announced it was working on building a computer with 128 qubits, potentially the highest in the world if completed. Rigetti introduced the world’s first multi-chip quantum processor, in June 2021, that physically connects multiple chips with their own qubits in a single functional processor, which is expected to improve scalability. It also launched its first commercially available 80-qubit quantum system in February 2022, which exceeds the qubit count of any other startup, but is lower than that of IBM. 

The company expanded its geographical presence with the launch of its 32-qubit, cloud-based Aspen system in the UK market in June 2022. It also strengthened its position in the software segment via the acquisition of QxBranch (a Washington-based quantum computing software company) in 2019. 

Key customers and partnerships

Rigetti has also collaborated with AWS to ease access to its computing cloud. In July 2021, it partnered with Riverlane and Astex Pharmaceuticals to apply quantum technology to drug discovery. This partnership will also be a stepping stone for Rigetti to commercially apply quantum computing to the pharmaceutical industry. Additionally, as part of an InnovateUK grant, the company partnered with Riverlane in June 2022 to explore and develop error correction solutions. In October 2023, the company was awarded with a Defense Advanced Research Projects Agency (DARPA) contract as part of the Imagining Practical Applications for a Quantum Tomorrow (IMPAQT) program to advance quantum algorithms for solving combinatorial optimization problems. 

Funding and financials

The company went public on the Nasdaq Capital Market under the ticker “RGTI,” in March 2022 via a special purpose acquisition company (SPAC) merger. The IPO raised USD 261.8 million and made Rigetti the second publicly traded pure-play quantum computing company, following IonQ.