Rigetti Computing Inc Stock Price, News & Analysis

Rigetti Computing (NASDAQ: RGTI) has launched its new 84-qubit Ankaa-3 quantum computer, achieving a significant 99.5% median two-qubit gate fidelity. The system features comprehensive hardware improvements, including a new cryogenic design, redesigned qubit circuit layout, and precise qubit frequency targeting using Alternating-Bias Assisted Annealing (ABAA).

The Ankaa-3 will be available via Rigetti Quantum Cloud Services and will launch on Amazon Braket and Microsoft Azure in Q1 2025. The system operates with median gate times of 72 nanoseconds for iSWAP gates and 56 nanoseconds for fSim gates. With approximately $225 million in cash and investments, Rigetti plans to release a 36-qubit system by mid-2025 and a 100+ qubit system by end-2025, both targeting 2x reduction in error rates.

Quantum Machines and Rigetti Computing (RGTI) have announced successful AI-powered automated calibration of a quantum computer. The achievement was part of the 'AI for Quantum Calibration Challenge' at the Israeli Quantum Computing Center, where two companies, Quantum Elements and Qruise, calibrated a 9-qubit Rigetti Novera™ QPU integrated with Quantum Machines' OPX1000 control system.

Quantum Elements achieved 99.9% single-qubit gate fidelity and 98.5% two-qubit gate fidelity, while Qruise successfully fine-tuned all nine qubits simultaneously. The breakthrough addresses a major bottleneck in quantum computing scaling, as traditional manual calibration by quantum physicists becomes impractical with larger systems. Both companies have joined the Novera QPU Partner Program, expanding the ecosystem of quantum computing technology providers.

Rigetti Computing (RGTI) has announced a registered direct offering of 50 million shares of common stock priced at $2.00 per share, aiming to raise approximately $100 million in gross proceeds. The offering, priced at-the-market under Nasdaq rules, is expected to close around November 27, 2024. The company plans to use the proceeds for working capital and general corporate purposes. With these funds and existing cash, Rigetti believes it will be adequately funded to continue its technology development and quantum computer business strategy without needing additional capital raises.

Rigetti Computing (NASDAQ: RGTI) has completed a $100 million at-the-market equity offering initiated in March 2024. The funds will be used for working capital, capital expenditures, and advancing their superconducting quantum computing technology. The company aims to improve 2-qubit gate fidelity and develop higher qubit count systems. CEO Dr. Subodh Kulkarni highlighted strong interest from national labs and academic institutions for on-premises quantum computers. Rigetti's system gate speeds achieve 60-80ns active duration, significantly faster than competing technologies. The company projects their current cash position will support operations through 2026.

Rigetti Computing (RGTI) announced that CEO Dr. Subodh Kulkarni will deliver a keynote presentation at SEMICON Europa 2024 in Munich on November 13, 2024. The presentation, titled 'Superconducting Quantum Computing: Building on Decades of Semiconductor Innovation for Transformative Computational Power,' will discuss quantum computing advancements and Rigetti's contributions to the field.

The company recently unveiled its 2025 roadmap, featuring plans for a 36-qubit system by mid-2025 with 99.5% median 2-qubit fidelity, followed by a 100+ qubit system by year-end. These systems will utilize Rigetti's Alternating-Bias Assisted Annealing (ABAA) chip fabrication technique and modular system architecture, achieving gate speeds of 60-80ns.

Rigetti Computing (NASDAQ: RGTI) reported Q3 2024 financial results with revenues of $2.4 million and a net loss of $14.8 million. The company announced technology roadmap updates, including plans to introduce a new modular system architecture in 2025, featuring a 36-qubit system by mid-year and a 100+ qubit system by year-end, both targeting 99.5% median 2-qubit fidelity. The company remains on track to deploy its 84-qubit Ankaa-3 system by end of 2024. Cash position stands at $92.6 million as of September 30, 2024.

Rigetti (RGTI) and Riverlane have successfully demonstrated real-time, low latency quantum error correction on Rigetti's 84-qubit Ankaa™-2 system. The breakthrough addresses the challenge of computational backlog in quantum error correction by achieving decoding times faster than the 1 microsecond threshold for generating measurement data on superconducting qubit devices. Rigetti's system gate speeds achieve an active duration of 60-8ns, four orders of magnitude faster than ion traps and pure atoms systems. This collaboration marks a significant step toward fault tolerant quantum computing, where lengthy operations can execute without errors.

Rigetti Computing announced that its fully operational 24-qubit Ankaa™-class quantum computer is now part of the UK's National Quantum Computing Centre (NQCC), which officially opened on October 25 at Harwell Campus. The system, awarded through a Small Business Research Initiative grant in February 2024, features tunable couplers and a square lattice for enhanced performance. The quantum computer will be available to NQCC researchers for testing, benchmarking, and applications development. Rigetti is also integrating Riverlane's technology with the aim of achieving large-scale error correction.

Rigetti Computing (NASDAQ: RGTI) has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024, before market open. The quantum computing company will host a conference call at 8:30 a.m. ET/5:30 a.m. PT to discuss financial results and provide business updates. Investors can access the live webcast through the company's investor relations website, with replays available for one year. Pre-registration is required for live call participation.