Oleblue
3 days ago
Rigetti Reports $42.6 Million Q1 Profit Amid Operating Losses, Strategic Wins
Capital Markets, Quantum Computing Business
Matt Swayne May 14, 2025
Rigetti posted a $42.6 million net profit in Q1 2025, driven by one-time non-cash gains, despite recording a $21.6 million operating loss as it invests in scaling quantum technology.
The company generated just $1.5 million in revenue for the quarter while expanding government-backed research partnerships in the U.S. and U.K. focused on quantum error correction and chip fabrication.
Recent technical milestones include optical control of superconducting qubits and a quantum optimization algorithm that showed utility on a real-world power grid problem using Rigetti’s 84-qubit processor.
Rigetti Computing reported a net profit of $42.6 million in the first quarter of 2025, driven mainly by non-cash gains tied to financial instruments, but revealed a $21.6 million operating loss as the company ramps up development of utility-scale quantum systems.
According to the company’s earnings statement released this week, Rigetti generated $1.5 million in revenue for the three-month period ending March 31, largely unchanged from prior quarters and underscoring its early-stage position in the commercial quantum computing market. Meanwhile, total operating expenses ballooned to $22.1 million, reflecting ongoing R&D efforts and expansion activities.
The reported net income was primarily attributed to a $62.1 million non-cash gain from the revaluation of derivative warrant and earn-out liabilities. These gains are tied to changes in the company’s stock price and do not reflect core business performance.
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Despite the persistent operational losses, Rigetti ended the quarter with $209.1 million in cash and liquid investments. By the end of April, that figure rose to $237.7 million, following the completion of a $35 million equity investment by Taiwan-based Quanta Computer. Quanta paid approximately $11.59 per share under a strategic partnership agreement.
In an interview with financial outlet Asking For A Trend, Rigetti CEO Subodh Kulkarni said these “lumpy” results — gyrations in sales and earnings numbers — would be typical for the company, which is still heavily focused on promoting technical advances and absorbing research and development costs. However, he expects commercial value — and steadier financial growth — to arrive within years.
“We are four to five years from real commercial value of quantum computing,” Kulkarni told Asking For A Trend. “That’s where the market is really supposed to grow and be large enough where things like sales and EPS start becoming much more critical at that point. At this point, it’s all about technology development and how we are getting the milestones done so that we enable this large $100 plus billion market in the future.”
DARPA, Defense Funding Fuel Momentum
Rigetti’s earnings report came alongside a series of government-backed project wins and technical milestones that hint at long-term potential, the statement points out. The company advanced to Stage A of the Defense Advanced Research Projects Agency’s (DARPA) Quantum Benchmarking Initiative. This early-phase contract, worth up to $1 million, will evaluate Rigetti’s approach to building utility-scale quantum computers—machines powerful enough to outperform conventional systems on real-world problems.
Rigetti’s concept combines its proprietary multi-chip processor design with quantum error correction, or QEC, which compensates for the fragile nature of quantum bits (qubits). British partner Riverlane, a specialist in error correction stacks, will assist with validation and refinement.
Separately, the Air Force Office of Scientific Research (AFOSR) awarded Rigetti leadership of a $5.48 million research consortium to investigate its Alternating-Bias Assisted Annealing (ABAA) chip fabrication technique. The initiative, backed by several universities and a U.S. Department of Energy lab, aims to explore microscopic defects in superconducting qubits and reduce sources of noise that degrade computation.
“Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonstrates our continued leadership in superconducting quantum computing,” Kulkarni said in a statement. “We also are making great strides in developing innovative approaches to scaling to higher qubit count systems, which is possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners.”
UK Grants to Expand Qubit Count and Test Error Correction
Rigetti also won three grants under the UK’s Quantum Missions program. The largest, a £3.5 million award, will support collaboration with Riverlane and the UK’s National Quantum Computing Centre (NQCC) to demonstrate real-time quantum error correction—an essential capability for achieving fault-tolerant quantum systems.
As part of the project, Rigetti will upgrade the quantum computer it hosts at the NQCC, scaling up from a 24-qubit chip to a 36-qubit model and integrating its next-generation control system for better performance.
Two other UK awards support partnerships with SEEQC and a separate consortium of TreQ, Qruise, Q-CTRL, and Oxford Ionics. These projects focus on developing open-architecture quantum platforms and hybrid integration techniques—early steps toward a more interoperable ecosystem.
Technical Progress on Scaling and Optimization
Beyond grants, Rigetti highlighted two recent technical milestones. First, a collaboration with researchers at Harvard, MIT and the University of Chicago demonstrated optical control of superconducting qubits, a potential advance toward scaling quantum systems. The findings, published in Nature Physics, suggest that replacing bulky microwave lines with optical signals could help reduce the heat load and wiring complexity in large-scale machines.
Second, the company tested a new quantum optimization algorithm called “quantum preconditioning” using its 84-qubit Ankaa-3 processor. The method was applied to a dataset from South Carolina’s power grid, producing results that improved classical solver performance on a key energy optimization task. According to the report, the outcome showed measurable utility for hybrid quantum-classical systems on real-world problems.
Outlook: Research-Heavy, Revenue-Light
Overall, Rigetti’s financials reflect a familiar pattern in deep-tech sectors — low revenue, high spending and speculative gains from financial revaluation. The gap between its operating loss and its one-time accounting profit highlights the early-stage risk and long runway still ahead.
While the company’s quarterly revenues remain modest, its growing portfolio of government partnerships, technical collaborations and international grants points to a long-term strategy focused on quantum utility and fault-tolerance. Sales are not at the center of the bullseye just yet for the company, officials indicate.
“The technology milestones and how we are accomplishing them and the timeline for that is far more critical than sales at this point of the journey,” Kulkarni told Asking For A Trend.
https://thequantuminsider.com/2025/05/14/rigetti-reports-42-6-million-q1-profit-amid-operating-losses-strategic-wins/?_bhlid=381f4de013e005abeb3d1ad2e09ad3cc2a6d5a79
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Oleblue
2 weeks ago
Rigetti Finalizes $35 Million Investment as Quanta Partnership Moves Forward
Cierra Choucair April 30, 2025
Insider Brief:
Rigetti Computing closed a $35 million equity investment from Quanta Computer, with shares purchased at approximately $11.59 each.
The deal advances their strategic collaboration, combining Quanta’s hardware manufacturing expertise with Rigetti’s superconducting quantum computing capabilities.
As announced in a previous release, the two companies committed to jointly investing over $100 million in superconducting quantum computing technologies over the next five years.
PRESS RELEASE — Rigetti Computing, Inc., a pioneer in full-stack quantum-classical computing, announced today that it has closed the previously announced investment by Quanta Computer Inc. related to their strategic collaboration agreement. In connection with the closing, Quanta purchased approximately $35 million of shares of Rigetti common stock at approximately $11.59 per share.
“We are pleased to take this next step in our strategic collaboration with Quanta,” says Dr. Subodh Kulkarni, Rigetti CEO. “Quanta’s world-leading expertise in notebook and server manufacturing paired with Rigetti as a pioneer in superconducting quantum computing will help put us at the forefront of the quantum computing industry.”
About Rigetti
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Rigetti 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. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. 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. Learn more at https://www.rigetti.com/.
SOURCE: Rigetti
investmentQuanta Computerrigettisuperconducting quantum computing
Cierra Choucair
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Oleblue
3 weeks ago
Rigetti to Lead £3.5 Million Innovate UK’s Quantum Missions Pilot Competition to Advance Quantum Error Correction
National, Quantum Computing Business, Ukquantum
Matt Swayne April 22, 2025
Rigetti UK has been selected to lead a £3.5 million Innovate UK’s Quantum Missions project to advance quantum error correction (QEC) on its superconducting quantum computer at the NQCC.
The project includes upgrading Rigetti’s UK-based system to a 36-qubit QPU and integrating Riverlane’s QEC stack to enable real-time error correction and improved system performance.
Rigetti also received funding for two additional collaborations focused on scalable QEC and open-architecture testbeds, reinforcing its leadership in the UK quantum ecosystem.
PRESS RELEASE — Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that it has been selected as one of the winners of Innovate UK’s Quantum Missions pilot competition to benchmark and enhance quantum error correction (QEC) capabilities on superconducting quantum computers. Rigetti will lead a £3.5 million consortium alongside Riverlane and the NQCC Superconducting Circuits Team to leverage Rigetti’s superconducting quantum computer hosted at the NQCC to conduct ambitious QEC tests that advance state-of-the-art metrics and demonstrate real-time QEC capabilities — a requirement for universal, fault-tolerant quantum computing.
Fault-tolerant quantum computing has the potential to usher in a new era of computational power to solve real-world problems. Achieving fault tolerance requires QEC to be effectively integrated with quantum computing technology, and with that comes addressing critical challenges. These include processing bottlenecks in classical control systems and their integration with quantum error decoding technology, as well as the high error rates of current quantum computers. The project aims to make measurable advancements towards overcoming these challenges by developing key capabilities required for executing a large number of quantum operations on Rigetti’s UK-based quantum computer.
As part of the project, Rigetti will upgrade its existing NQCC quantum computer. The upgrades will include:
Deploying a larger 36-qubit quantum processing unit (QPU), updating from the current 24-qubit QPU
Integrating Rigetti’s latest generation control system, enabling improved qubit control and a fully programmable, low-latency interface with Riverlane’s Quantum Error Correction (QEC) Stack
Riverlane will lead the QEC experiments, identifying key improvements to enhance system performance and meet crucial QEC metrics. The NQCC Superconducting Circuits Team will support the system upgrade and provide quality assurance for the QEC experiments.
“Our NQCC testbed continues to serve as a critical resource for advancing our technology capabilities. We believe that we have a tremendous advantage on our path to fault-tolerant quantum computing with Riverlane’s QEC expertise and our modular, open architecture that lends itself to flexible and innovative solutions to scale our technology,” says Dr. Subodh Kulkarni, Rigetti CEO. “Moreover, we benefit from the strong advantages of superconducting qubits, which we believe are the winning qubit modality given their fast gate speeds and clear path to scaling.”
“Developing high-performance quantum error correction is critical to achieving fault-tolerant quantum computing, and this project provides an ideal environment to advance those capabilities,” said Steve Brierley, Riverlane CEO & Founder. “By integrating our QEC stack with Rigetti’s upgraded superconducting quantum computer, we aim to achieve measurable improvements in key performance metrics, including throughput, latency, and decoding accuracy, which are essential for real-time error correction. We look forward to making significant progress through this collaboration.”
The Quantum Missions pilot competition was established to accelerate quantum computing and quantum networking projects by increasing their capabilities and removing technological barriers to their commercialization and adoption. Rigetti was also awarded two additional Quantum Missions pilot competition projects:
Collaboration with SEEQC to integrate its digital chip-based technology with Rigetti’s 9-qubit Novera™ QPU hosted at the NQCC with the goal of identifying and understanding the key system components needed for scalable QEC. The project partners also include Cambridge Consultants, Oxford Instruments Nanotechnology Tools, NQCC, and University of Edinburgh.
Collaboration with TreQ, Qruise, Q-CTRL, and Oxford Ionics to create an open-architecture quantum computing testbed. The project will offer eight unique configurations by combining two quantum processors, two control systems, and two quantum software stacks. The project will also deliver an open specification for quantum workflows, creating a common interface between quantum software and hardware.
These projects build on Rigetti’s leadership in the UK’s quantum computing ecosystem, including launching the first fully operational quantum computer at the NQCC and leading a three-year £10 million consortium to deploy one of the first UK-based quantum computers hosted at Oxford Instruments’ Tubney Woods facility.
innovate UKquantum error correctionrigetti
Matt Swayne
https://thequantuminsider.com/2025/04/22/rigetti-to-lead-3-5-million-innovate-uks-quantum-missions-pilot-competition-to-advance-quantum-error-correction/?_bhlid=8e4e33791ad88fb0ddae430eafd9685c4e63692d
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Invest-in-America
4 months ago
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PS: And now ya know --- I'm iHub's YOUNGEST member!! (Not easy workin' Wall Street at my age, Dude!!!)
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