Rigetti Computing, Inc. (RGTI)

Rigetti Computing, Inc. builds and operates superconducting quantum computers, with a stated mission of building the world's most powerful computers to address difficult computational problems. The company is vertically integrated and takes a full-stack approach, covering quantum chip design and manufacturing, quantum software, and cloud delivery. It owns and operates Fab-1, a wafer fabrication facility dedicated to prototyping and producing its quantum processors. It holds 121 issued patents and 160 pending patents as of December 31, 2025, and has developed a patented modular multi-chip processor architecture intended to be the building block for larger systems.

Its products are quantum processing units (QPUs) and full quantum computing systems. The Novera QPU, launched in December 2023, is its first commercially available QPU and is based on the Ankaa-class architecture, with a 9-qubit chip and a 5-qubit test chip. The 84-qubit single-chip Ankaa-3 system launched in late 2024. The 36-qubit Cepheus-1-36Q, launched in the second quarter of 2025, is built from four 9-qubit chiplets. The company reported 99.6% median two-qubit gate fidelity on it, based on internal testing. It also announced a 108-qubit system, Cepheus-1-108Q, made of twelve chiplets. Systems are offered through the Rigetti Quantum Cloud Services (QCS) platform, which the company has run since 2017, and through public cloud providers such as Amazon Braket. The company has sold full-scale systems since 2021 and QPUs since 2023. Most revenue currently comes from technology development contracts with partners. Management expects the longer-term model to weigh more heavily toward QPU sales and recurring cloud revenue (QCaaS and QCS).

Customers and partners include commercial enterprises such as Amazon Web Services, Standard Chartered Bank and Moody's. U.S. government customers include DARPA, the Department of Energy (including Fermilab) and the Air Force Research Laboratory. International government customers include India's C-DAC, which placed an $8.4 million order for a 108-qubit on-premises system. Montana State University bought a Novera QPU, and in 2025 the company received orders for two Novera systems totaling about $5.7 million. Its UK subsidiary won an Innovate UK Quantum Missions Pilot award to upgrade a system at the UK's National Quantum Computing Centre. The company targets applications in areas such as drug discovery, materials science, quantitative finance, machine learning, and fusion energy and climate research. It positions quantum computing against high-performance and cloud computing markets.

Operationally, the company manufactures its silicon-based superconducting chips in-house at Fab-1. In February 2025 it signed a collaboration agreement with Quanta, under which Quanta may develop components such as control systems, dilution refrigerators and flexible cables. Each party committed to invest at least $250 million in quantum computing over five years, and Quanta bought about $35 million of company stock in April 2025. The company uses an open modular architecture that allows third-party integration, and it distinguishes itself from competitors that use closed architectures or other qubit modalities such as trapped ions and neutral atoms. It has subsidiaries in the UK and India.