Rigetti Computing reported a Q4 2024 revenue of $2.3 million, with full-year revenue reaching $10.8 million. Operating expenses for Q4 were $19.5 million, leading to an operating loss of $18.5 million. The net loss for Q4 was $153.0 million, including $135.1 million in non-cash charges related to earn-out and derivative warrant liabilities.
For the full year, operating expenses totaled $74.2 million, with an operating loss of $68.5 million and a net loss of $201.0 million, including $133.9 million in non-cash charges. As of December 31, 2024, Rigetti held $217.2 million in cash, cash equivalents, and available-for-sale securities. The company also raised $153.3 million through stock sales and fully repaid its loan to Trinity Capital.
Rigetti entered a strategic collaboration with Quanta Computer to advance superconducting quantum computing. Both companies will invest over $100 million each in the next five years. Additionally, pending regulatory approval, Quanta will invest $35 million in Rigetti’s common stock.
Montana State University purchased a Rigetti Novera QPU, marking the first sale of this system to an academic institution. The QPU will be used for quantum education and research at MSU’s QCORE.
Rigetti launched its 84-qubit Ankaa-3 quantum processor in December 2024, achieving record-high fidelity with a 99.0% median iSWAP gate fidelity and 99.5% median fSim gate fidelity. Ankaa-3 is available via Rigetti Quantum Cloud Services, Microsoft Azure, and Amazon Braket. The company aims to scale to over 100 qubits by the end of 2025 with a twofold reduction in error rates.
Rigetti’s Novera QPU was successfully calibrated using AI-powered tools from Quantum Elements and Qruise as part of the Israeli Quantum Computing Center’s “AI for Quantum Calibration Challenge.” The experiment demonstrated the potential of AI in quantum system optimization.
Joint research with QphoX and Qblox demonstrated an optical transducer for reading superconducting qubits, potentially improving quantum computing scalability. The findings were published in Nature Physics.
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