Rigetti Computing, Inc.

Rigetti Signs Definitive Agreement for $100M with U.S. Government to Accelerate R&D for Superconducting Quantum Computing

Rigetti Computing's wholly owned subsidiary Rigetti & Co, LLC signed a definitive agreement with the U.S. Department of Commerce for a $100 million award to accelerate superconducting quantum computing R&D, funded under the CHIPS Act's Research and Development Office Broad Agency Announcement. The funding backs three projects targeting key scaling bottlenecks: compressing readout electronics into a miniaturized integrated package, a new cryostat architecture to expand cryogenic capacity by orders of magnitude, and fabrication capability for high-connectivity chip architectures. As a condition of the award, the Department of Commerce will receive a minority, non-controlling equity stake in Rigetti, which the company acknowledges will dilute existing stockholders under terms not disclosed in the release. CEO Dr. Subodh Kulkarni framed the selection as validation of Rigetti's roadmap to utility-scale quantum computing, arguing that shortening build timelines and cutting system costs will broaden adoption across the domestic quantum ecosystem.

•2mo ago

Rigetti Computing Establishes Dedicated Systems Delivery Organization to Scale Customer Deployments and Advance Quantum Processor Roadmap

Rigetti Computing announced a new operating structure to scale the deployment of its on-premises quantum systems, creating a dedicated Systems Delivery organization and the role of Chief Operating Officer. David Rivas transitions from CTO to COO to lead manufacturing and commercial operations, while Andrew Bestwick is appointed CTO to focus on advancing the processor roadmap toward 99.5% median two-qubit gate fidelity. The restructuring addresses increased demand for systems ranging from 9-qubit Novera units to large-scale 108-qubit Cepheus-class systems, separating customer delivery execution from core hardware engineering.

•2mo ago

Rigetti Computing Reports Second Quarter 2026 Financial Results

Rigetti Computing reported Q2 2026 revenue of $5.1 million, more than doubling the prior year period, backed by a strong cash position of $541.3 million and no debt. The company announced significant strategic progress, including a letter of intent with the U.S. Department of Commerce for up to $100 million in potential funding under the CHIPS Act and an expanded collaboration with HPE. Technologically, the Cepheus-1-108Q system achieved 99.1% median two-qubit gate fidelity, supporting a roadmap toward 1,000-qubit systems within roughly three years.

•3mo ago

Rigetti Expands Collaboration with HPE and Pittsburgh Supercomputing Center to Build New Hybrid Quantum-Classical Supercomputer

Rigetti Computing is partnering with HPE and the Pittsburgh Supercomputing Center to build TangleLab, a hybrid quantum-classical supercomputing testbed funded by a $5 million NSF grant. The project will feature a 9-qubit Novera quantum processing unit integrated with classical HPC infrastructure to advance research workflows. Construction is scheduled to begin in September 2026 with full operations expected in 2027, deepening the strategic relationship between Rigetti and HPE.

•3mo ago

Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research

Rigetti Computing signed a Letter of Intent with the U.S. Department of Commerce for up to $100 million in funding over three years to accelerate superconducting quantum computing R&D. The funding is allocated under the CHIPS Act, and the LOI contemplates that the Department will receive an equity stake in Rigetti consistent with the total funding amount, signaling significant dilution to existing shareholders. The deal aims to address technical challenges in scaling quantum systems, with Rigetti highlighting its proprietary chiplet-based technology and recent deployment of the industry’s largest multi-chip quantum computer.

•5mo ago

The Post-Quantum Migration Window Just Got a Lot More Practical: QPA v2 Lands at the Enterprise Tier

Quantum Secure Encryption Corp. (QSE) launched QPA v2, an enterprise post-quantum cryptographic migration platform, on March 31, 2026. The platform is designed to support organizations in transitioning to quantum-resilient security architectures. QPA v2 introduces several capabilities, including a PQC Planning Wizard, AI-enhanced assessment modules, integrated inventory analysis, and a centralized executive dashboard. These features aim to streamline the complex process of post-quantum migration. QSE has expanded its global footprint to 13 countries and is engaged in pilot programs with municipal governments, such as MISA. The company also granted stock options to purchase up to 2.6 million common shares at $0.40 per share, aligning with the multi-year migration timeline. The market opportunity for post-quantum cryptography is significant, with the global market projected to reach US$17.69 billion by 2034 and annual global cybercrime costs expected to hit US$10.5 trillion by 2026. QSE’s QPA v2 launch positions the company to capitalize on this growing demand.

•5mo ago

Rigetti Computing Reports First Quarter 2026 Financial Results

Rigetti reported Q1 2026 revenue of $4.4 million, a significant increase from the prior year, driven by on-premises Novera QPU sales and cloud adoption. The company launched the general availability of its 108-qubit Cepheus-1-108Q system, accessible via Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid. Rigetti also announced plans to invest up to $100 million in the UK to deploy a 1,000+ qubit system, ending the quarter with $569 million in cash and investments.

•5mo ago