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Rigetti Computing

Topic: Company

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Rigetti Computing, Inc.
TypePublic
NASDAQ: RGTI
IndustryQuantum computing
Founded2013; 13 years ago (2013)
FounderChad Rigetti
HeadquartersBerkeley, California, United States
Key people
Subodh Kulkarni (CEO)
ProductsQuantum integrated circuits
Forest quantum computing software
RevenueDecrease US$10.8 million (2024)
Negative increase US$−69 million (2024)
Decrease US$−201 million (2024)
Total assetsIncrease US$285 million (2024)
Total equityIncrease US$127 million (2024)
Number of employees
140 (2025)
Websiterigetti.com
Footnotes / references
[1]

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

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]

In October 2025, Rigetti was one of several quantum-computing companies reported to be involved in discussions with the Trump administration to secure federal funding in exchange for equity stakes.[13]

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.[14]

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.[14][15] 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.[14]

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.[16] MIT Technology Review named the company one of the 50 smartest companies of 2017.[17]

Locations

Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment.[16] The company also operates its Fab-1 manufacturing facility in nearby Fremont.[2]

See also

References

  1. ↑ Rigetti Computing Inc. (March 7, 2025). "Rigetti Computing Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/1838359/000155837025002499/rgti-20241231x10k.htm. 
  2. ↑ 2.0 2.1 2.2 2.3 2.4 "The Quantum Computer Factory That's Taking on Google and IBM". 2017-06-20. https://www.wired.com/story/quantum-computing-factory-taking-on-google-ibm/. Retrieved 2017-07-20. 
  3. ↑ 3.0 3.1 "A quantum leap of faith". 2017-06-20. https://www.uregina.ca/external/communications/assets/docs/pdf/degrees-magazine/dm-ss2017.pdf#page=22. Retrieved 2017-07-20. 
  4. ↑ "11 startups to watch from Y Combinator's Demo Day". Silicon Valley Business Journal. 2014-08-20. http://www.bizjournals.com/sanjose/news/2014/08/20/11-startups-to-watch-from-y-combinators-demo-day.html. Retrieved 2017-07-20. 
  5. ↑ 5.0 5.1 5.2 "Y Combinator's quantum computing 'spaceshot' scores $64M from A16Z, others". Silicon Valley Business Journal. 2017-03-29. http://www.bizjournals.com/sanjose/news/2017/03/28/rigetti-quantum-computing-y-combinator-a16z.html. Retrieved 2017-07-20. 
  6. ↑ "The Tiny Startup Racing Google to Build a Quantum Computing Chip". 2016-02-08. https://www.technologyreview.com/s/600711/the-tiny-startup-racing-google-to-build-a-quantum-computing-chip/. Retrieved 2017-07-20. 
  7. ↑ 7.0 7.1 "Rigetti Announces SPAC Deal with Supernova II" (in en). https://www.rigetti.com/merger-announcement. 
  8. ↑ Lee, Jane Lanhee (2021-10-06). "Quantum computer maker Rigetti to go public via $1.5 bln SPAC deal" (in en). Reuters. https://www.reuters.com/technology/quantum-computer-maker-rigetti-go-public-via-15-bln-spac-deal-2021-10-06/. 
  9. ↑ "Quantum-Computing Company Rigetti to Go Public Through SPAC Deal" (in EN-US). https://www.marketwatch.com/story/quantum-computing-company-rigetti-to-go-public-through-spac-deal-271633523304. 
  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" (in en). https://www.rigetti.com/leadership-team/dr-subodh-kulkarni. 
  12. ↑ "Rigetti launches 84qubit single chip quantum processor". August 11, 2023. https://www.eenewseurope.com/en/rigetti-launches-84qubit-single-chip-quantum-processor/. 
  13. ↑ Ramkumar, Amrith (2025-10-23). "Exclusive | Trump Administration in Talks to Take Equity Stakes in Quantum-Computing Firms" (in en-US). https://www.wsj.com/business/entrepreneurship/trump-administration-in-talks-to-take-equity-stakes-in-quantum-computing-firms-60ee5143. 
  14. ↑ 14.0 14.1 14.2 "Rigetti Launches Full-Stack Quantum Computing Service and Quantum IC Fab". 2017-06-26. https://spectrum.ieee.org/rigetti-launches-fullstack-quantum-computing-service-and-quantum-ic-fab. 
  15. ↑ "Welcome to pyQuil!". https://pyquil.readthedocs.io. 
  16. ↑ 16.0 16.1 Md, Peter H. Diamandis (2010-10-16). "Massive Disruption Is Coming With Quantum Computing". Singularity Hub. https://singularityhub.com/2016/10/10/massive-disruption-quantum-computing/. 
  17. ↑ "50 Smartest Companies 2017". https://www.technologyreview.com/lists/companies/2017/#rigetti-computing. 



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