Rigetti Computing, a pioneer in quantum computing, has reported significant advancements in its technology. The company deployed the 84-qubit Ankaa-2 quantum computer, which showed a 2.5X improvement in error performance compared to previous models. Rigetti also won a competition to develop a 24-qubit quantum computing system for the UK’s National Quantum Computing Centre. Additionally, the company launched the Novera QPU, a 9-qubit quantum processor unit, and announced its second sale to the Air Force Research Lab. Rigetti’s CEO, Dr. Subodh Kulkarni, and CTO, David Rivas, expressed confidence in the company’s ability to continue improving quantum computing technology.
Rigetti Computing’s 2023 Performance and Developments
Rigetti Computing, a company specializing in quantum-classical computing, has reported its financial results for the fourth quarter and the full year of 2023. The company’s total revenues for the last quarter of 2023 were $3.4 million, while its operating expenses were $19.7 million, resulting in an operating loss of $17.2 million. The net loss for the same period was $12.6 million. As of December 31, 2023, the company had cash, cash equivalents, and available-for-sale securities totaling $99.9 million. For the full year, the total revenues were $12.0 million, total operating expenses were $81.5 million, operating loss was $72.3 million, and net loss was $75.1 million.
Quantum Computing Developments and Achievements
Rigetti Computing has made significant strides in the field of quantum computing. The company deployed the 84-qubit Ankaa-2 quantum computer, which showed a 2.5X improvement in error performance compared to the company’s previous Quantum Processing Units (QPUs) and achieved a 98% median 2-qubit fidelity. The company also won a competition to develop and deliver a 24-qubit quantum computing system to the UK’s National Quantum Computing Centre (NQCC).
In addition, Rigetti launched the Novera QPU, a 9-qubit quantum processor unit available for integration into customers’ on-premise systems. The company also announced its second Novera QPU sale to the Air Force Research Lab (AFRL).
Collaborations and Partnerships
Rigetti has been actively collaborating with various institutions and organizations. In February 2024, the company was awarded a Small Business Research Initiative (SBRI) grant from Innovate UK and funded by the NQCC to develop and deliver a quantum computer to the NQCC. The proposed system is planned to be deployed at NQCC’s Harwell Campus, which is expected to open later this year and will serve as NQCC’s landmark facility to support quantum computing research in the UK.
Rigetti also partnered with Amazon Web Services (AWS), Imperial College London, and Standard Chartered to develop quantum machine learning techniques to enable financial institutions to more effectively process, interpret, and make decisions with complex data streams.
Future Plans and Roadmap
Rigetti has outlined its future plans and roadmap for quantum computing. The company plans to develop and deploy its anticipated 84-qubit Ankaa-3 system with the goal of achieving a 99% median 2-qubit gate fidelity by the end of 2024, and to develop the 336-qubit Lyra system thereafter.
The company believes that its leadership and expertise in full-stack quantum systems, paired with its strong collaborations with researchers around the world across academia, industry, and government, puts it in a unique position to tackle the challenges of building a quantum computer capable of addressing real-world problems.
Rigetti Computing is a pioneer in full-stack quantum computing. The company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility.
Disclaimer
Quantum Zeitgeist does not provide personal investment or financial advice, or act as personal financial, legal, or institutional investment advisors, or individually advocate the purchase or sale of any security or investment or the use of any particular financial strategy. All investment strategies include the risk of loss for some or even all of your capital. Before pursuing any financial strategies discussed or relying on information within this website, you should always consult with a licensed financial advisor. Any analysis we provide is for informational purposes only and does not take into consideration your circumstances or other factors that may be important in making decisions. It should not be considered an individualized recommendation or personalized investment advice. Any investment vehicles, stocks, or securities mentioned may not be suitable for all investors.
External Link: Click Here For More