Rigetti Computing

{{Infobox company

| name = Rigetti Computing, Inc.

| logo = File:Rigetti Computing logo.svg{{!}}class=skin-invert-image

| type = Public

| traded_as = {{NASDAQ|RGTI}}

| location = Berkeley, California, United States

| foundation = {{start date and age|2013}}

| founder = Chad Rigetti

| key_people = Subodh Kulkarni (CEO)

| industry = Quantum computing

| products = Quantum integrated circuits
Forest quantum computing software

| revenue = {{decrease}} {{US$|10.8|link=yes}} million

| revenue_year = 2024

| operating_income = {{increasenegative}} {{US$|-69}} million

| income_year = 2024

| net_income = {{decrease}} {{US$|-201}} million

| net_income_year = 2024

| assets = {{increase}} {{US$|285}} million

| assets_year = 2024

| equity = {{increase}} {{US$|127}} million

| equity_year = 2024

| num_employees = 140 (2025)

| parent =

| homepage = {{URL|rigetti.com}}

| footnotes = {{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1838359/000155837025002499/rgti-20241231x10k.htm |title=Rigetti Computing Inc. 2024 Annual Report (Form 10-K) |date=March 7, 2025 |publisher=U.S. Securities and Exchange Commission|website=EDGAR|author=Rigetti Computing Inc.|access-date=2025-03-08}}

}}

Rigetti Computing, Inc. is a Berkeley, California-based developer of Superconducting quantum integrated circuits used for quantum computers. Rigetti also develops a cloud platform called Forest that enables programmers to write quantum algorithms.{{cite web|url=https://www.wired.com/story/quantum-computing-factory-taking-on-google-ibm/ |title=The Quantum Computer Factory That's Taking on Google and IBM|website=wired.com |date=2017-06-20 |accessdate=2017-07-20}}

History

Rigetti Computing was founded in 2013 by Chad Rigetti, a physicist with a background in quantum computers from IBM, and studied under Michel Devoret.{{cite web|url=https://www.uregina.ca/external/communications/assets/docs/pdf/degrees-magazine/dm-ss2017.pdf#page=22 |title=A quantum leap of faith|website=uregina.com |date=2017-06-20 |accessdate=2017-07-20}} The company emerged from startup incubator Y Combinator in 2014 as a so-called "spaceshot" company.{{cite web|url=http://www.bizjournals.com/sanjose/news/2014/08/20/11-startups-to-watch-from-y-combinators-demo-day.html |publisher=Silicon Valley Business Journal|title=11 startups to watch from Y Combinator's Demo Day|website=bizjournals.com |date=2014-08-20 |accessdate=2017-07-20}}{{cite web|url=http://www.bizjournals.com/sanjose/news/2017/03/28/rigetti-quantum-computing-y-combinator-a16z.html |publisher=Silicon Valley Business Journal|title=Y Combinator's quantum computing 'spaceshot' scores $64M from A16Z, others|website=bizjournals.com |date=2017-03-29 |accessdate=2017-07-20}} Later that year, Rigetti also participated in The Alchemist Accelerator, a venture capital programme.

By February 2016, Rigetti created its first quantum processor, a three-qubit chip made using aluminum circuits on a silicon wafer.{{cite web|url=https://www.technologyreview.com/s/600711/the-tiny-startup-racing-google-to-build-a-quantum-computing-chip/|title=The Tiny Startup Racing Google to Build a Quantum Computing Chip|website=technologyreview.com |date=2016-02-08 |accessdate=2017-07-20}} That same year, Rigetti raised Series A funding of US$24 million in a round led by Andreessen Horowitz. In November, the company secured Series B funding of $40 million in a round led by investment firm Vy Capital, along with additional funding from Andreessen Horowitz and other investors. Y Combinator also participated in both rounds.

By Spring of 2017, Rigetti had advanced to testing eight-qubit quantum computers. In June, the company announced the release of Forest 1.0, a quantum computing platform designed to enable developers to create quantum algorithms. This was a major milestone.

In October 2021, Rigetti announced plans to go public via a SPAC merger, with estimated valuation of around US$1.5 billion.{{Cite web|title=Rigetti Announces SPAC Deal with Supernova II|url=https://www.rigetti.com/merger-announcement|access-date=2021-10-11|website=Rigetti|language=en}}{{Cite news|last=Lee|first=Jane Lanhee|date=2021-10-06|title=Quantum computer maker Rigetti to go public via $1.5 bln SPAC deal|language=en|work=Reuters|url=https://www.reuters.com/technology/quantum-computer-maker-rigetti-go-public-via-15-bln-spac-deal-2021-10-06/|access-date=2021-10-11}} This deal was expected to raise an additional US$458 million, bringing the total funding to US$658 million. The fund will be used to accelerate the company's growth, including scaling its quantum processors from 80 qubits to 1,000 qubits by 2024, and to 4,000 by 2026.{{Cite web|title=Quantum-Computing Company Rigetti to Go Public Through SPAC Deal|url=https://www.marketwatch.com/story/quantum-computing-company-rigetti-to-go-public-through-spac-deal-271633523304|access-date=2021-10-11|website=MarketWatch|language=EN-US}} The SPAC deal closed on 2 March 2022, and Rigetti began trading on the NASDAQ under the ticker symbol RGTI.{{cite press release| url=https://www.globenewswire.com/news-release/2022/03/02/2395179/0/en/Rigetti-Computing-Announces-Closing-of-Business-Combination-with-Supernova-Partners-Acquisition-Company-II-Ltd-Begins-Trading-on-Nasdaq-Capital-Market-Today.html| title=Rigetti Computing Announces Closing of Business Combination with Supernova Partners Acquisition Company II, Ltd.; Begins Trading on Nasdaq Capital Market Today| date=2 March 2022| website=globenewswire.com| language=EN-US}}

In December 2022, Subodh Kulkarni became president and CEO of the company.{{cite web |title=Dr. Subodh Kulkarni | Rigetti Computing |url=https://www.rigetti.com/leadership-team/dr-subodh-kulkarni |access-date=2023-07-11 |website=Rigetti |language=en}}

In July 2023 Rigetti launched a single-chip 84 qubit quantum processor that can scale to even larger systems.{{cite web|url=https://www.eenewseurope.com/en/rigetti-launches-84qubit-single-chip-quantum-processor/|title=Rigetti launches 84qubit single chip quantum processor|date=August 11, 2023}}

Products and technology

Rigetti Computing is a full-stack quantum computing company, a term that indicates that the company designs and fabricates quantum chips, integrates them with a controlling architecture, and develops software for programmers to use to build algorithms for the chips.{{cite web|url=https://spectrum.ieee.org/rigetti-launches-fullstack-quantum-computing-service-and-quantum-ic-fab |title=Rigetti Launches Full-Stack Quantum Computing Service and Quantum IC Fab |website=IEEE |date=2017-06-26 |access-date=2017-07-20}}

=Forest cloud computing platform=

The company hosts a cloud computing platform called Forest, which gives developers access to quantum processors so they can write quantum algorithms for testing purposes. The computing platform is based on a custom instruction language the company developed called Quil, which stands for Quantum Instruction Language. Quil facilitates hybrid quantum/classical computing, and programs can be built and executed using open source Python tools.{{cite web|url=https://pyquil.readthedocs.io|title=Welcome to pyQuil! |website=readthedocs.io |date=|access-date=2017-07-20}} As of June 2017, the platform allows coders to write quantum algorithms for a simulation of a quantum chip with 36 qubits.

=Fab-1=

The company operates a rapid prototyping fabrication ("fab") lab called Fab-1, designed to quickly create integrated circuits. Lab engineers design and generate experimental designs for 3D-integrated quantum circuits for qubit-based quantum hardware.

Recognition

The company was recognized in 2016 by X-Prize founder Peter Diamandis as being one of the three leaders in the quantum computing space, along with IBM and Google.{{cite news|url=https://singularityhub.com/2016/10/10/massive-disruption-quantum-computing/ |title=Massive Disruption Is Coming With Quantum Computing |newspaper=Singularity Hub |date=2010-10-16 |access-date=2017-07-20 |last1=Md |first1=Peter H. Diamandis }} MIT Technology Review named the company one of the 50 smartest companies of 2017.{{cite web|url=https://www.technologyreview.com/lists/companies/2017/#rigetti-computing |title=50 Smartest Companies 2017 |website=technologyreview.com |date= |access-date=2017-07-20}}

Locations

Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment. The company also operates its Fab-1 manufacturing facility in nearby Fremont.