Research Note: Rigetti Computing, A Pioneering Quantum Computing Company
Corporate Section
Rigetti Computing is a pioneering quantum computing company founded in 2013 by Chad Rigetti, establishing itself as one of the frontrunners in the development of full-stack quantum-classical computing systems. The Berkeley, California-based company specializes in developing integrated quantum-classical computing hardware, software, and cloud services, with an emphasis on superconducting qubit technology. Rigetti went public through a SPAC merger with Supernova Partners Acquisition Company II in late 2021, providing the company with capital to advance its quantum computing initiatives. The company operates Fab-1, the industry's first dedicated and integrated quantum device manufacturing facility, which gives it end-to-end control over its quantum processor development. Rigetti's business model includes both cloud-based quantum computing services through its Quantum Cloud Services (QCS) platform and on-premises quantum computing systems for national laboratories and quantum computing centers. The company has positioned itself as a full-stack quantum computing provider, controlling everything from chip design and fabrication to the software interfaces that allow developers to program its quantum processors. Dr. Subodh Kulkarni currently serves as the CEO of Rigetti, leading the company's mission to build powerful quantum computers capable of solving humanity's most important and pressing problems. Rigetti's strategic approach focuses on practical, commercially viable quantum computing applications that can integrate with classical computing infrastructure.
Quantum Chip Section
Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems, representing a significant innovation in addressing quantum scaling challenges. The company's latest flagship quantum computer is the 84-qubit Ankaa-3 system, launched in December 2024, which features an extensive hardware redesign enabling superior performance with a reported 99.5% median two-qubit gate fidelity. Unlike Google's monolithic approach, Rigetti employs a modular architecture with a floating tunable coupler to mediate interactions between qubits on separate chips, allowing for more flexible scaling of quantum systems. The company utilizes superconducting qubits similar to Google, IBM, and others, but differentiates itself through its multi-chip approach and in-house manufacturing capabilities at Fab-1. Rigetti's quantum processors contain fabricated silicon-based chips featuring superconducting qubits, with the company maintaining complete control over the design and fabrication process. The company's Alternating-Bias Assisted Annealing (ABAA) fabrication process allows for more precise qubit frequency targeting, enabling improved execution of 2-qubit gates and a reduction in defects, which both contribute to higher fidelity. Rigetti's processor development roadmap has progressed from earlier Aspen processors through multiple generations, with each iteration improving performance metrics and qubit counts. The company's quantum chips are accessible both through cloud-based services and on-premises installations, with systems ranging from 9 to 84 qubits supporting research laboratories and quantum computing centers.
Current Deployment and Applications
Rigetti's quantum processors are currently deployed through its Quantum Cloud Services (QCS) platform, allowing researchers and developers remote access to its quantum computing capabilities for algorithm development and testing. The company has installed on-premises quantum systems at national laboratories and quantum computing centers, with systems ranging from 9 to 84 qubits supporting advanced quantum research initiatives. Rigetti is collaborating with the US Department of Energy to develop quantum simulations for fusion energy, applying its quantum technology to one of the most challenging computational problems in clean energy research. The company is working with pharmaceutical companies to explore quantum algorithms for drug discovery, focusing on molecular simulations that could lead to breakthrough medications. Rigetti's partnership with financial institutions enables testing of quantum algorithms for portfolio optimization and risk assessment, laying groundwork for future financial applications. The company recently delivered a Novera QPU to Horizon Quantum Computing for Singapore's first quantum computing hardware testbed, expanding its international presence in the quantum ecosystem. Rigetti is partnering with Quantum Machines to advance AI-powered calibration of quantum computers, addressing one of the key technical challenges in making quantum systems more reliable and user-friendly. While not yet delivering commercial advantage over classical computers, Rigetti's systems are being used to develop and validate quantum algorithms across multiple domains in preparation for the eventual achievement of quantum advantage.
Partnerships and Benefits
Rigetti is collaborating with Oak Ridge National Laboratory to improve high-performance computing and quantum integration, gaining access to world-class supercomputing resources while helping advance national research priorities. The company's partnership with Quantum Machines has led to successful AI-powered calibration of quantum computers, combining Rigetti's quantum hardware expertise with Quantum Machines' quantum controller technology to solve key operational challenges. Rigetti works with Riverlane on real-time and low-latency quantum error correction, addressing fundamental challenges in quantum computing while benefiting from Riverlane's specialized quantum software expertise. The company has established a relationship with the Universities Space Research Association, collaborating on quantum optimization algorithms and applications that connect Rigetti to broader scientific communities. Rigetti's partnership with the UK government to build the country's first commercial quantum computer provides access to new markets and research funding while establishing strategic positioning in the European quantum landscape. The company collaborates with pharmaceutical and financial institutions on application-specific quantum algorithm development, gaining industry expertise while developing proof-of-concept demonstrations in commercially valuable domains. Rigetti's work with the US Department of Energy on quantum simulation for fusion energy provides both funding and validation of its technology while addressing problems of global significance. These strategic partnerships create a robust ecosystem around Rigetti's quantum initiatives, accelerating development through shared knowledge while positioning the company within both the scientific and commercial quantum computing communities.
Strengths
Rigetti's key strength lies in its pioneering modular multi-chip quantum processor architecture, which offers a potentially more scalable approach to quantum computing than monolithic designs. The company's vertical integration through its dedicated Fab-1 manufacturing facility gives it complete control over the quantum chip fabrication process, allowing for faster iteration and customization of its quantum processors. Rigetti has achieved impressive performance metrics, with its Ankaa-3 system demonstrating 99.5% median two-qubit gate fidelity, a critical benchmark for practical quantum computing applications. The company's full-stack approach encompasses both hardware and software, enabling it to optimize the entire quantum computing experience from chip design to user interface. Rigetti's Quantum Cloud Services platform makes its quantum processors accessible to researchers and developers worldwide, fostering a broader ecosystem of quantum applications. The company has established strategic partnerships with organizations like Oak Ridge National Laboratory, Quantum Machines, and Riverlane to accelerate development of quantum technologies and explore real-world applications. Rigetti's business model includes both cloud services and on-premises quantum systems, providing flexibility for different customer needs and creating multiple revenue streams. The company's continued innovation in quantum error correction and quantum chip fabrication processes demonstrates its commitment to advancing the field toward commercially viable quantum computing.
Weaknesses
Despite its innovations, Rigetti's quantum processors still face the fundamental challenges of quantum computing, including error rates that remain too high for many practical applications. The company's 84-qubit Ankaa-3 system, while advanced, still falls short of the thousands or millions of qubits that experts believe will be necessary for breakthrough commercial applications. Rigetti must compete with significantly larger companies like Google, IBM, and Microsoft, which have vastly greater financial resources to invest in quantum computing research and development. As a public company, Rigetti faces pressure to demonstrate commercial viability and profitability in a field that remains largely pre-commercial, potentially constraining long-term research investments. The company's stock has experienced significant volatility, driven more by speculation about quantum computing's future than by current financial performance or technological milestones. Like all current quantum computing approaches, Rigetti's superconducting qubit technology requires extreme cooling to near absolute zero temperatures, making its systems expensive to operate and challenging to integrate with conventional computing infrastructure. While Rigetti claims industry-leading performance metrics, independent verification of quantum computing claims remains challenging, and different benchmarking approaches make direct comparisons between competing technologies difficult. The company's financial resources are limited compared to tech giants in the quantum race, potentially restricting its ability to maintain competitive pace in this capital-intensive field.
Bottom Line
Rigetti Computing has established itself as a significant innovator in quantum computing with its unique multi-chip approach that addresses key scaling challenges faced by the industry. The company's vertical integration from chip design through manufacturing to software development gives it distinctive advantages in rapid iteration and optimization of its quantum systems. Rigetti's achievement of 99.5% median two-qubit gate fidelity with its Ankaa-3 system represents important progress toward the error correction thresholds necessary for practical quantum computing applications. The company's strategic partnerships with research institutions, government agencies, and other quantum technology companies create a collaborative ecosystem that enhances its technological capabilities and market opportunities. While Rigetti faces intense competition from larger companies and continues to operate in a pre-commercial market, its focus on both cloud-based and on-premises quantum computing systems provides multiple pathways to eventual commercialization. The recent surge in Rigetti's stock price following Google's Willow chip announcement demonstrates significant investor interest in quantum computing, though this creates both opportunities and challenges for the company's long-term strategy. Rigetti's continued innovation in quantum processor design, fabrication processes, and modular architectures positions it as a technology leader, albeit in a field that remains years away from widespread commercial impact. As quantum computing advances toward practical applications in fields like materials science, cryptography, and complex optimization problems, Rigetti's early positioning and full-stack expertise could translate into substantial competitive advantages if the company can maintain its innovative edge while expanding its resource base.
Appendix: Rigetti Computing Partnerships
Tier 1: Core Strategic Partners
Oak Ridge National Laboratory (February 2024)
Collaboration on High-Performance Computing (HPC) integration with quantum systems
Access to world-class supercomputing resources for hybrid classical-quantum computing
Validation of quantum algorithms against cutting-edge classical computing benchmarks
Enhanced credibility through association with premier national laboratory
Quantum Machines (December 2024)
Integration of advanced quantum control systems with Rigetti's quantum processors
Joint development of AI-powered calibration techniques for quantum computers
Complementary expertise in quantum hardware control infrastructure
Enhanced system reliability and operational efficiency through specialized controllers
Riverlane (July 2023)
Collaboration on real-time and low-latency quantum error correction
Specialized quantum software expertise complementing Rigetti's hardware focus
Development of critical fault-tolerance techniques for practical quantum computing
Joint advancement of quantum computing operating systems and middleware
US Department of Energy (October 2022)
Funding for quantum simulation development for fusion energy research
Application of quantum computing to significant clean energy challenges
Access to specialized physics expertise and validation resources
Alignment with national strategic priorities in energy and computing
Tier 2: Market Development Partners
Amazon Web Services (August 2020)
Integration with Amazon Braket quantum computing service
Expanded access to Rigetti's quantum processors through major cloud provider
Enhanced distribution channel for Rigetti's quantum computing capabilities
Connection to broader cloud computing ecosystem and enterprise customers
Deloitte (December 2021)
Partnership on practical business applications of quantum computing
Access to enterprise clients across multiple industries
Market validation of quantum computing use cases
Development of industry-specific quantum algorithms and solutions
UK Government and Innovate UK (September 2020)
Funding and support for building the UK's first commercial quantum computer
Access to European quantum computing research networks and markets
Establishment of strategic international presence
Diversification of research funding sources beyond US markets
Horizon Quantum Computing (January 2024)
Deployment of Rigetti's Novera QPU in Singapore's quantum hardware testbed
Expansion into Asian quantum computing ecosystems
Collaboration on quantum software development tools
Broadening international user base for Rigetti's quantum processors
Tier 3: Application Development Partners
Universities Space Research Association (USRA) (April 2020)
Partnership on quantum optimization algorithm development
Access to multidisciplinary scientific expertise across various fields
Collaborative research on NASA-relevant computational problems
Enhanced funding opportunities through joint research initiatives
Pharmaceutical Research Partners (Various, 2022-2024)
Application of quantum computing to molecular modeling and drug discovery
Domain expertise in computational chemistry and biology
Real-world testing grounds for quantum simulations
Development of commercially valuable intellectual property
Financial Services Partners (Various, 2021-2024)
Exploration of quantum algorithms for portfolio optimization and risk assessment
Access to complex financial data sets for algorithm testing
Industry-specific benchmarking of quantum advantages
Early development of potentially disruptive financial technology applications
Tier 4: Strategic Acquisitions
QxBranch (Acquired July 2019)
Expanded quantum computing software capabilities
Data analytics expertise integrated into Rigetti's offerings
Enhanced talent pool in quantum algorithm development
Acquisition of complementary intellectual property
Funding From US Department of Energy (October 2022)
Funding for quantum simulation development for fusion energy research
Application of quantum computing to significant clean energy challenges
Access to specialized physics expertise and validation resources
Alignment with national strategic priorities in energy and computing