Rigetti Computing

Last updated
Rigetti Computing, Inc.
Company type Public
Nasdaq:  RGTI
Industry Quantum computing
Founded2013;12 years ago (2013)
FounderChad Rigetti
Headquarters Berkeley, California, United States
Key people
Subodh Kulkarni (CEO)
ProductsQuantum integrated circuits
Forest quantum computing software
RevenueDecrease2.svg US$12 million [1]  (2023)
−72,295,000 United States dollar (2023)  OOjs UI icon edit-ltr-progressive.svg
−75,107,000 United States dollar (2023)  OOjs UI icon edit-ltr-progressive.svg
Total assets 159,913,000 United States dollar (2023)  OOjs UI icon edit-ltr-progressive.svg
Total equity Decrease2.svg US$109,588,000 [1]  (2023)
Number of employees
134 (2024)
Website rigetti.com
Footnotes /references
[1]

Rigetti Computing, Inc. is a Berkeley, California-based developer of quantum integrated circuits used for quantum computers. Rigetti also develops a cloud platform called Forest that enables programmers to write quantum algorithms. [2]

Contents

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. [2] [3] The company emerged from startup incubator Y Combinator in 2014 as a so-called "spaceshot" company. [4] [5] Later that year, Rigetti also participated in The Alchemist Accelerator, a venture capital programme. [5]

By February 2016, Rigetti created its first quantum processor, a three-qubit chip made using aluminum circuits on a silicon wafer. [6] 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. [5]

By Spring of 2017, Rigetti had advanced to testing eight-qubit quantum computers. [3] In June, the company announced the release of Forest 1.0, a quantum computing platform designed to enable developers to create quantum algorithms. [2] 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. [7] [8] This deal was expected to raise an additional US$458 million, bringing the total funding to US$658 million. [7] 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. [9] The SPAC deal closed on 2 March 2022, and Rigetti began trading on the NASDAQ under the ticker symbol RGTI. [10]

In December 2022, Subodh Kulkarni became president and CEO of the company. [11]

In July 2023 Rigetti launched a single-chip 84 qubit quantum processor that can scale to even larger systems. [12]

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. [13]

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. [13] [14] As of June 2017, the platform allows coders to write quantum algorithms for a simulation of a quantum chip with 36 qubits. [2]

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. [13]

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. [15] MIT Technology Review named the company one of the 50 smartest companies of 2017. [16]

Locations

Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment. [15] The company also operates its Fab-1 manufacturing facility in nearby Fremont. [2]

See also

References

  1. 1 2 3 Rigetti Computing Inc. (March 14, 2024). "Rigetti Computing Inc. 2023 Annual Report (Form 10-K)". EDGAR . U.S. Securities and Exchange Commission . Retrieved 2025-02-10.
  2. 1 2 3 4 5 "The Quantum Computer Factory That's Taking on Google and IBM". wired.com. 2017-06-20. Retrieved 2017-07-20.
  3. 1 2 "A quantum leap of faith" (PDF). uregina.com. 2017-06-20. Retrieved 2017-07-20.
  4. ↑ "11 startups to watch from Y Combinator's Demo Day". bizjournals.com. Silicon Valley Business Journal. 2014-08-20. Retrieved 2017-07-20.
  5. 1 2 3 "Y Combinator's quantum computing 'spaceshot' scores $64M from A16Z, others". bizjournals.com. Silicon Valley Business Journal. 2017-03-29. Retrieved 2017-07-20.
  6. ↑ "The Tiny Startup Racing Google to Build a Quantum Computing Chip". technologyreview.com. 2016-02-08. Retrieved 2017-07-20.
  7. 1 2 "Rigetti Announces SPAC Deal with Supernova II". Rigetti. Retrieved 2021-10-11.
  8. ↑ Lee, Jane Lanhee (2021-10-06). "Quantum computer maker Rigetti to go public via $1.5 bln SPAC deal". Reuters. Retrieved 2021-10-11.
  9. ↑ "Quantum-Computing Company Rigetti to Go Public Through SPAC Deal". MarketWatch. Retrieved 2021-10-11.
  10. ↑ "Rigetti Computing Announces Closing of Business Combination with Supernova Partners Acquisition Company II, Ltd.; Begins Trading on Nasdaq Capital Market Today". globenewswire.com (Press release). 2 March 2022.
  11. ↑ "Dr. Subodh Kulkarni | Rigetti Computing". Rigetti. Retrieved 2023-07-11.
  12. ↑ "Rigetti launches 84qubit single chip quantum processor". August 11, 2023.
  13. 1 2 3 "Rigetti Launches Full-Stack Quantum Computing Service and Quantum IC Fab". IEEE . 2017-06-26. Retrieved 2017-07-20.
  14. ↑ "Welcome to pyQuil!". readthedocs.io. Retrieved 2017-07-20.
  15. 1 2 Md, Peter H. Diamandis (2010-10-16). "Massive Disruption Is Coming With Quantum Computing". Singularity Hub. Retrieved 2017-07-20.
  16. ↑ "50 Smartest Companies 2017". technologyreview.com. Retrieved 2017-07-20.
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