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Yahoo
03-05-2025
- Business
- Yahoo
Rigetti Computing Closes Investment by Quanta Computer
BERKELEY, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) ('Rigetti' or the 'Company'), a pioneer in full-stack quantum-classical computing, announced today that it has closed the previously announced investment by Quanta Computer Inc. ('Quanta', TWSE: 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 RigettiRigetti 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 Rigetti Media Contactpress@ Cautionary Language and Forward-Looking StatementsCertain statements in this communication may be considered 'forward-looking statements' within the meaning of the federal securities laws, including statements with respect to the Company's future success and performance, including expectations with respect to timing of the development and commercialization of superconducting quantum computing; expectations regarding the advantages and impact of the strategic collaboration agreement with Quanta on the Company's operations, technology roadmap, milestones, and the Company's position in the industry. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company's ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the success of the Company's partnerships and collaborations, including the strategic collaboration with Quanta; the Company's ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company's estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company's past and future financings or other capital; the sufficiency of the Company's cash resources; unfavorable conditions in the Company's industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its in to access your portfolio
Globe and Mail
30-04-2025
- Business
- Globe and Mail
Rigetti Computing Closes Investment by Quanta Computer
BERKELEY, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) ('Rigetti' or the 'Company'), a pioneer in full-stack quantum-classical computing, announced today that it has closed the previously announced investment by Quanta Computer Inc. ('Quanta', TWSE: 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 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 Rigetti Media Contact press@ Cautionary Language and Forward-Looking Statements Certain statements in this communication may be considered 'forward-looking statements' within the meaning of the federal securities laws, including statements with respect to the Company's future success and performance, including expectations with respect to timing of the development and commercialization of superconducting quantum computing; expectations regarding the advantages and impact of the strategic collaboration agreement with Quanta on the Company's operations, technology roadmap, milestones, and the Company's position in the industry. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company's ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the success of the Company's partnerships and collaborations, including the strategic collaboration with Quanta; the Company's ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company's estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company's past and future financings or other capital; the sufficiency of the Company's cash resources; unfavorable conditions in the Company's industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.
Globe and Mail
27-02-2025
- Business
- Globe and Mail
This Analyst Thinks Rigetti Computing Stock Can Soar 60% From Here
The realm of quantum computing seems to be the next battleground for big-tech companies. With Google (GOOG) introducing its Willow quantum chip in December 2024 and Microsoft (MSFT) coming out with its quantum computing chip in Majorana 1 earlier this month, the battle is expected to be as fierce as the ongoing one in artificial intelligence (AI). Anticipating a rise in quantum computing stocks in the future, analysts Benchmark have raised their price target on quantum computing pioneer Rigetti (RGTI). About Rigetti Computing Stock Founded in 2013 by Chad Rigetti, a former International Business Machines (IBM) researcher, Rigetti Computing is a prominent player in the quantum computing industry, focusing on developing and integrating quantum hardware and software solutions. The company specializes in building quantum computers and the superconducting quantum processors that power them. Its market capitalization currently stands at $1.78 billion. Over the past year, the RGTI share price has witnessed a quantum leap of 377%. Following a discussion with Rigetti's CEO and CFO, Benchmark analyst David Williams sounded optimistic about the company's prospects. The analyst raised his price target on shares to $14, implying 60% upside. So, what is making Williams believe that Rigetti is the right bet for the impending quantum computing megatrend? Let's find out. Exciting Tailwinds Rigetti Computing's competitive edge is rooted in its proprietary technology, key strategic alliances, and its vertically integrated fabrication facility, which allows the company to design and manufacture its own quantum chips. A defining moment in Rigetti's development was the introduction of the world's first multi-chip quantum processor. The company primarily derives its revenue from selling its quantum processing units (QPUs) and offering cloud-based quantum computing as a service (QCaaS), granting businesses and researchers remote access to its quantum computational capabilities. The regulatory climate under President Donald Trump could provide a conducive environment for Rigetti's expansion. A reduction in regulatory constraints may serve as a catalyst for innovation within the quantum computing sector, enabling Rigetti and its counterparts to push forward with technological advancements at a more rapid pace. The company's collaboration with Quantum Machines underscores a targeted approach to overcoming one of quantum computing's primary challenges —qubit calibration. By integrating AI-driven calibration methods, this partnership aims to enhance quantum system efficiency and reliability, helping mitigate a fundamental limitation in the industry. Additionally, Rigetti's alignment with major cloud providers like Amazon (AMZN) and Microsoft (MSFT) could spur wider adoption of its quantum solutions across multiple sectors. Furthermore, the integration of Rigetti's Novera QPU with Nvidia's (NVDA) Grace Hopper Superchip Servers establishes an advanced platform for applications in quantum artificial intelligence and machine learning. These partnerships not only bolster Rigetti's technological capabilities but also broaden its reach in the competitive quantum computing landscape. With more than a decade of expertise in the emerging quantum sector, Rigetti continues to drive innovation. A significant milestone was reached when the company launched its 84-qubit Ankaa-3 quantum computer, a considerable enhancement over previous iterations. Featuring vital hardware improvements, Ankaa-3 boosts computational performance, reinforcing Rigetti's position in the market and making it an attractive option for research institutions and commercial enterprises. Notably, the Ankaa-3 system achieved a median two-qubit gate fidelity of 99.5%, a substantial improvement from earlier versions. Ultimately, Rigetti's commitment to lowering error rates and refining gate fidelity strengthens its position in the quantum computing industry, helping to differentiate its products in an increasingly competitive market. Financials to Improve Rigetti Computing has yet to achieve profitability, as its most recent quarterly results reflected a shortfall in both revenue and earnings. The company reported total revenue of $2.4 million, marking a 23.4% year-over-year decline. However, losses showed some improvement, narrowing to $0.08 per share from $0.17 per share in the corresponding period last year. The company's net cash used in operating activities reached $42.1 million, compared to $38.2 million for the nine months ending Sept. 30. Despite this, Rigetti closed the quarter with a cash balance of $20.3 million, exceeding its short-term debt obligations of $13.4 million. The CEO has underscored that investors should prioritize the company's advancements in research and technology rather than short-term revenue metrics. However, looking ahead, Rigetti has set an ambitious trajectory for 2025, emphasizing high-fidelity quantum computing. By mid-year, it intends to deploy a cluster of four interconnected 9-qubit chips, aiming for a two-qubit gate fidelity surpassing 99.5%. Later in the year, the company plans to introduce a quantum system exceeding 100 qubits while maintaining a 99.5% fidelity threshold—an essential benchmark for practical quantum applications. Fidelity remains the cornerstone of quantum computing, as it dictates the accuracy of operations such as gate executions, state preparation, and error correction. Given the inherent vulnerability of quantum systems to noise, decoherence, and environmental disruptions, achieving higher fidelity is crucial for commercial viability. If Rigetti successfully meets these technological milestones, it could solidify its leadership in the quantum computing industry, unlocking substantial commercial prospects and fostering long-term financial growth. Analyst Opinions on RGTI Analysts have attributed a rating of 'Strong Buy' for the stock with a mean target price of $14.60, implying 66% upside potential. Its Street-high price target of $17 suggests that shares can more than 90% over the next 12 months. Out of five analysts covering the stock, four have a 'Strong Buy' rating and one has a 'Moderate Buy' rating.
