$100M in New Funding and a Quantum Revolution—What’s Next for Rigetti Computing?

BERKELEY, Calif. – Rigetti Computing (NASDAQ: RGTI), a key player in the race for quantum supremacy, has reported its fourth-quarter and full-year 2024 financial results while also announcing significant strides in quantum computing technology. The company’s earnings reveal financial struggles, but its groundbreaking technological advancements have investors paying close attention.

Earnings Report: A Mixed Picture

Rigetti reported Q4 2024 revenue of $2.3 million, a drop from $3.4 million the previous year. Gross margins also declined, falling from 75% to 44%, while operating expenses surged to $19.5 million. This led to a quarterly net loss of $153 million, contributing to a full-year net loss of $201 million.

While the financials paint a challenging picture, Rigetti continues to invest heavily in its quantum computing technology, signaling that the company is focused on the long game rather than short-term profitability.

Breakthroughs in Quantum Technology

Even as Rigetti works to stabilize its financial position, the company is making huge leaps in quantum computing advancements:

• Launch of Ankaa™-3: Rigetti introduced its new 84-qubit Ankaa-3 system, which boasts a complete hardware redesign aimed at improving performance and scalability.
• AI-Powered Quantum Calibration: In collaboration with Quantum Machines, Rigetti successfully implemented AI-driven calibration tools, a milestone that enhances quantum computing efficiency and reliability.

These advancements mark a significant step forward in Rigetti’s mission to make quantum computing more accessible and commercially viable.

$100 Million in New Funding Fuels Future Growth

To support its ambitious goals, Rigetti secured $100 million through an equity offering, ensuring it has the financial resources to continue developing its superconducting quantum computing technology.

The funding will help Rigetti improve qubit gate fidelity, scale its systems, and accelerate commercial applications of its quantum technology. Investors see this as a strong vote of confidence in Rigetti’s ability to stay competitive in the rapidly evolving quantum industry.

Stock Surges as Investors Take Notice

Following the earnings report and announcement of new quantum advancements, Rigetti’s stock soared by 32%, signaling renewed investor optimism.

While the company faces significant financial hurdles, its ongoing technological progress and strategic partnerships suggest it could play a key role in the future of quantum computing.

What’s Next for Rigetti?

With cutting-edge quantum technology, fresh funding, and increasing investor interest, Rigetti appears poised to continue pushing the boundaries of what’s possible in computing.

However, the company must prove it can turn innovation into profitability. As the quantum computing industry heats up, Rigetti will need to deliver real-world applications and business value to maintain investor confidence and secure its place among the industry’s top players.

For now, all eyes are on Rigetti’s next move, as the company continues its quest to bring quantum computing from the lab to the mainstream.