Rigetti Computing Secures $350 Million Funding to Accelerate Quantum Computing Scale-Up

Rigetti Computing, a developer of full-stack quantum-classical computing systems, has completed a $350 million at-the-market equity offering, bolstering its financial position for commercial expansion. The Californian company, which has operated quantum computers via cloud access since 2017, now possesses approximately $575 million in cash and investments with no debt. These funds will primarily support working capital, capital expenditure, and potential strategic collaborations or acquisitions, as Rigetti aims to scale up its superconducting gate-based quantum computers and solidify its position within the rapidly evolving quantum technology landscape.

Rigetti Computing has secured $350 million in gross proceeds through an at-the-market equity offering, bolstering its capacity to advance superconducting gate-based quantum computers. These funds will support the company’s overall business strategy and accelerate the development of scalable quantum computing systems. Rigetti is committed to both expanding qubit counts and enhancing the performance and accessibility of its quantum computing infrastructure.

Rigetti Computing has developed the industry’s first multi-chip quantum processor, a significant advancement intended to facilitate the construction of scalable quantum computing systems. This architecture overcomes the limitations of single-chip designs, enabling increased qubit counts and improved connectivity – crucial factors for tackling increasingly complex computational problems. By distributing qubits across multiple chips, Rigetti aims to overcome the physical constraints inherent in fabricating large, monolithic quantum processors.

The implementation of a multi-chip approach necessitates sophisticated control and communication infrastructure. Rigetti addresses this through its proprietary quantum-classical infrastructure, which provides high-performance integration with both public and private cloud environments. This integration is vital for managing the complex data flow and control signals required to operate a distributed quantum processor effectively, and for enabling remote access and collaboration.

Crucially, Rigetti designs and manufactures these chips in-house at Fab-1, a dedicated and integrated quantum device manufacturing facility. This vertical integration allows for greater control over the entire production process, from design and fabrication to testing and integration, and facilitates rapid iteration and optimisation of the multi-chip architecture. The ability to control the manufacturing process is expected to be a key differentiator as the company scales its quantum computing systems.

Rigetti currently offers on-premises quantum computing systems, ranging from 24 to 84 qubits, alongside cloud access via the Rigetti Quantum Cloud Services platform, serving a diverse clientele including enterprise, government, and research institutions. Beyond larger systems, Rigetti also supports research and development through the Novera QPU, a 9-qubit processor designed for integration into existing cryogenic and control systems. This offering broadens access to quantum computing technology, enabling a wider community to explore and advance the field.