Rigetti’s to push for 336 Qubit System in Future

Rigetti'S To Push For 336 Qubit System In Future

Rigetti Computing has reported progress in its technology roadmap with its next-generation 84-qubit Ankaa-1 system. The Ankaa-1 chip demonstrates improved 2-qubit gate fidelity and speed compared to its previous 80-qubit Aspen M-3 system. Rigetti plans to launch Ankaa-1 to select customers in mid-2023 and aims to achieve 98% median 2-qubit fidelity for its Ankaa-2 84-qubit system, expected to be available to external customers in late 2023. The company is also working on a 336-qubit Lyra system for the future.

Rigetti Computing Announces Q1 2023 Financial Results

Rigetti Computing, a pioneer in full-stack quantum-classical computing, announced its financial results for the first quarter ended March 31, 2023. Total revenues for the three months were $2.2 million, compared to $2.1 million in the same period of 2022. Total operating expenses for the three months were $23.7 million, compared to $27.0 million in the same period of 2022. Operating loss for the three months was $22.0 million, compared to $25.3 million in the same period of 2022. Net loss for the three months was $23.4 million or $0.19 per share, compared to $17.6 million or $0.33 per share in the same period of 2022. As of March 31, 2023, cash, cash equivalents, and available-for-sale securities totaled $122.0 million.

Ankaa-1 Chip Shows Improved Performance Over Aspen M-3

Rigetti’s next-generation 84-qubit Ankaa-1 system, built using a new architecture of a square lattice and tunable couplers, was deployed internally within the company for testing in March 2023. It achieved 96-97% median 2-qubit fidelity and 65-70 nanosecond gate speeds based on the company’s internal testing. The prior generation 80-qubit Aspen M-3 system achieved 94-95% median 2-qubit fidelity and 185-190 nanosecond gate speeds. Rigetti believes these metrics demonstrate the superior performance of Ankaa-1 compared to Aspen M-3 and confirm that the chip used in the Ankaa-1 system is a leap forward in architectural design.

Ankaa-1 Launch and Future Developments

Rigetti currently anticipates launching Ankaa-1 to select customers in mid-2023, as it continues to work to improve Ankaa-1 performance with the goal of reaching median 2-qubit fidelity of 98% to support the anticipated Ankaa-2 84-qubit system. The company’s Ankaa-2 84-qubit system, with anticipated improvements in design and performance, is expected to be deployed and made available to external customers in the fourth quarter of 2023. Rigetti remains committed to achieving 2-qubit fidelity of 99% with the anticipated Ankaa-2, which it expects to be achieved in 2024, and the development of the 336-qubit Lyra system thereafter.

Quantum-Inspired Classical Simulations Show Progress

Rigetti recently released the results of application and development work that demonstrates the progress the company is making towards improving its hardware and software capabilities, which it believes reflects advancement towards potentially achieving narrow quantum advantage. Using quantum-inspired classical simulations, Rigetti was able to demonstrate the computational power of quantum methods compared to the classic alternatives. This includes recession forecasting with Moody’s and Imperial College London, as well as a new quantum algorithm for solving optimization problems with NASA.

Outlook and Future Funding

Based on its current operating plan, Rigetti expects to have cash, cash equivalents, and available-for-sale securities of between $65-$75 million at the end of 2023. At this time, based on its current operating plan, Rigetti anticipates that it will need to raise additional funding by late 2024 or early 2025 to continue its research and development efforts and achieve its business objectives.

“I’m pleased to report that we believe we are on track and progressing toward the nearer-term strategic priorities and technology roadmap we announced in February 2023. Following the implementation of our updated business strategy we announced in February 2023, which is designed to improve our focus, operating efficiency and preserve cash resources, we are starting to see positive impacts,” said Dr. Subodh Kulkarni, Rigetti Chief Executive Officer.

“We believe these metrics demonstrate the superior performance of Ankaa-1 as compared to Aspen M-3 and confirm our belief that the chip used in the Ankaa-1 system is a leap forward in architectural design,” said Dr. Kulkarni.

“At our current stage of development, we believe that executing toward our roadmap and achieving our technology milestones are key to fueling our goal of achieving quantum advantage. We remain focused on meeting our objectives,” said Dr. Kulkarni.

Summary

Rigetti Computing has reported improvements in its next-generation 84-qubit Ankaa-1 system, achieving 96-97% median 2-qubit fidelity and 65-70 nanosecond gate speeds. The company plans to launch Ankaa-1 to select customers in mid-2023 and aims to reach 98% median 2-qubit fidelity for its Ankaa-2 84-qubit system.

  • Rigetti Computing announced its financial results for Q1 2023, with total revenues of $2.2 million and a net loss of $23.4 million.
  • The company’s next-generation 84-qubit Ankaa-1 system achieved 96-97% median 2-qubit fidelity and 65-70 nanosecond gate speeds, outperforming the previous 80-qubit Aspen M-3 system.
  • Rigetti CEO Dr. Subodh Kulkarni believes the Ankaa-1 chip is a leap forward in architectural design and plans to launch it to select customers in mid-2023.
  • The company aims to reach 98% median 2-qubit fidelity for the Ankaa-2 84-qubit system, expected to be available to external customers in Q4 2023, and achieve 99% 2-qubit fidelity in 2024.
  • Rigetti is also working on the development of the 336-qubit Lyra system.
  • The company collaborated with Moody’s and Imperial College London on recession forecasting using quantum-enhanced data transformations and with NASA on a new quantum algorithm for solving optimization problems.

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