Rigetti Computing Inc Stock Price, News & Analysis

Rigetti Computing (Nasdaq: RGTI) announced that CEO Dr. Subodh Kulkarni will speak at the Stanford Conference on Technology + National Security on October 9. The conference, hosted by Stanford DEFCON, will be held at the Hoover Institution from October 8-9. Dr. Kulkarni will participate in the 'R&D Ecosystem: Scaling Critical Technologies' panel, discussing quantum computing's role in national security and how academia and the private sector can support government efforts.

Dr. Kulkarni highlighted Rigetti's belief in quantum computing's significant impact on society, particularly in national security. He emphasized that superconducting technology is poised to lead in building large-scale, high-performance quantum systems. Rigetti's Ankaa™-class systems are achieving 99-99.5% 2-qubit fidelity, with gate speeds of 60-80ns active duration, making them faster than competitors.

Rigetti aims to deploy its 84-qubit Ankaa-3 system by the end of 2024, targeting 99+% median 2-qubit gate fidelity. The company's 9-qubit Novera™ QPU, based on the Ankaa-class architecture, is currently available for on-premises quantum computing systems.

Rigetti Computing (Nasdaq: RGTI) has introduced a novel chip fabrication process called Alternating-Bias Assisted Annealing (ABAA), recently published in Nature Communications Materials. This technique allows for more precise qubit frequency targeting, enabling improved execution of 2-qubit gates and reducing defects, contributing to higher fidelity in quantum processors.

ABAA is now being used to fabricate chips for Rigetti QPUs, including the Novera™ QPU and the upcoming 84-qubit Ankaa™-3 system, expected to be deployed by the end of 2024. The process involves applying a series of low, alternating voltages at room temperature to the oxide barrier of Josephson Junctions, allowing for precise qubit frequency control before chip packaging.

This scalable technique improves qubit addressability, speeds up interactions, and enhances overall QPU performance and scalability.

Rigetti Computing (Nasdaq: RGTI) announced its Q2 2024 financial results, reporting revenues of $3.1 million and operating expenses totaling $18.1 million. The company posted an operating loss of $16.1 million and a net loss of $12.4 million.

Rigetti raised $27.8 million from sales of 24.1 million shares, with $15.8 million raised in Q2. As of June 30, 2024, the company had $100.5 million in cash and equivalents.

On the technological front, Rigetti is making strides with its 84-qubit Ankaa™-3 system, aiming for 99+% median 2-qubit gate fidelity by year-end. Current systems show promising 2-qubit fidelity rates of 99% and gate speeds of 60-80ns.

Additional advancements include modular chip architecture for scalable quantum processors, DARPA's Benchmarking Phase 2 research, and a new quantum optimization algorithm for solving combinatorial problems using fewer qubits.

Rigetti Computing (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, has announced its plans to release second quarter 2024 financial results on Thursday, August 8, 2024 after market close. The company will host a conference call at 4:30 p.m. ET the same day to discuss the results and provide a business update.

Investors and interested parties can access the live audio webcast through the provided link or the company's Investor Relations website. For those who prefer to join via phone, a toll-free number is available. The conference call replay will be accessible for one year following the event.

Rigetti Computing (Nasdaq: RGTI) has announced that its CEO, Dr. Subodh Kulkarni, will deliver a keynote at SEMICON West 2024. The event will take place in San Francisco on July 10, 2024, at 10am PDT. Dr. Kulkarni's presentation, titled 'Superconducting Quantum Computing: Building on Decades of Semiconductor Innovation for Transformative Computational Power,' will explore the transformative potential of superconducting quantum computing. The keynote is part of SEMICON West's CEO Summit, which gathers leaders from the global electronics supply chain to discuss major opportunities and challenges in the semiconductor industry.

Rigetti Computing (NASDAQ: RGTI), a leader in hybrid quantum-classical computing, announced its upcoming inclusion in the Russell 3000® Index. This change becomes effective at the open of US equity markets on July 1, 2024. The annual Russell reconstitution captures the 4,000 largest US stocks by market capitalization. This membership will provide Rigetti increased visibility among investors and includes entry into either the Russell 1000® or Russell 2000® Index. CEO Dr. Subodh Kulkarni highlighted this as a significant milestone, underlining the company's progress in quantum technology. About $10.5 trillion in assets are benchmarked against the Russell US indexes, managed by FTSE Russell.

Rigetti Computing, Inc. reported its first quarter 2024 financial results, highlighting total revenues of $3.1 million, operating expenses of $18.1 million, and an operating loss of $16.6 million. The net loss was $20.8 million. The company raised $32.9 million in the first quarter. Rigetti achieved a 99.3% median 2-qubit gate fidelity and plans to launch a 84-qubit system by the end of the year. Novera QPU was sold to Horizon Quantum Computing, marking the company's entry into the Singapore quantum computing market. Rigetti also launched the Novera QPU Partner Program to support on-premises quantum computing ecosystem.

Rigetti Computing, Inc. will report its first quarter 2024 financial results on May 9, 2024, after market close. A conference call will be hosted to discuss the results and business operations on the same day at 5:00 p.m. ET. Details on how to access the call are provided.