Rigetti Computing

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Rigetti Computing, Inc.
Company 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

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Rigetti Computing was founded in 2013 by Chad Rigetti, a physicist with a background in quantum computers from IBM who studied under Michel Devoret.[2][3] Chad Rigetti has authored more than 140 publications in the fields of quantum mechanics and quantum computing.[4] The Rigetti Computing from startup incubator Y Combinator in 2014 as a so-called "spaceshot" company.[5][6] Later that year, Rigetti also participated in The Alchemist Accelerator, a venture capital programme.[6]

By February 2016, Rigetti created its first quantum processor, a three-qubit chip made using aluminum circuits on a silicon wafer.[7] 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.[6]

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.[8][9] This deal was expected to raise an additional US$458 million, bringing the total funding to US$658 million.[8] 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.[10] The SPAC deal closed on 2 March 2022, and Rigetti began trading on the NASDAQ under the ticker symbol RGTI.[11]

In December 2022, Subodh Kulkarni became president and CEO of the company.[12]

In July 2023 Rigetti launched a single-chip 84 qubit quantum processor that can scale to even larger systems.[13]

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.[14]

Products and technology

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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.[15]

Forest cloud computing platform

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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.[15][16] 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

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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.[15]

Recognition

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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.[17] MIT Technology Review named the company one of the 50 smartest companies of 2017.[18]

Locations

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Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment.[17] The company also operates its Fab-1 manufacturing facility in nearby Fremont, California.[2]

See also

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References

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  • Official website
  • Business data for Rigetti Computing:

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