Rigetti Computing (RGTI) – Investment Thesis: Innovation Amid Financial Headwinds

Company Overview

Founded in 2013 and publicly listed in 2022,  Rigetti Computing  is a pioneer in superconducting quantum computing. The company designs and manufactures quantum processing units (QPUs) based on Josephson Junctions (JJs), which enable precise control of qubit frequencies through quantum tunneling. Despite known challenges such as energy loss and reproducibility, superconducting qubits remain a leading architecture due to their scalability and manufacturability.



Rigetti’s fabrication process leverages Alternating-Bias Assisted Annealing (ABAA) to enhance qubit frequency precision and gate execution. This technique underpins the performance of its flagship systems, including the Novera™ QPU and the newly launched Ankaa™-3.

Product Milestones

  • Novera QPU (Dec 2023): Rigetti’s first commercial quantum processor, featuring a 9-qubit chip with tunable couplers and a 5-qubit chip for single-qubit gate testing.

  • Ankaa™-3 System (Launched Dec 2024): An 84-qubit quantum computer with a redesigned architecture, 99.5% median two-qubit gate fidelity, and enhanced cryogenic hardware.

    • Accessible via Rigetti’s Quantum Cloud Services (QCS), with planned integration into Amazon Braket and Microsoft Azure.

  • Roadmap (2025–2027): Rigetti aims to tile 300+ and 1,000+ qubit systems, targeting <50 ns gate speeds and 99.9% fidelity.

Financial Performance (Q3 2025)

  • Revenue: $1.9 million

  • Operating Loss: $20.5 million

  • GAAP Net Loss: $201 million

  • Non-GAAP Net Loss: $10.7 million

  • EPS (GAAP): –$0.62

Despite technological progress, Rigetti’s financials reflect the broader challenge of monetizing quantum innovation. The company’s stock declined in early 2025 following remarks from Nvidia’s CEO suggesting quantum computing’s practical applications remain distant, triggering investor skepticism.

Strategic Positioning

Rigetti continues to position itself as a full-stack quantum-classical computing provider, offering both hardware and cloud-accessible solutions. Its emphasis on multi-chip scalability, gate fidelity, and modular design aligns with industry goals for error-corrected quantum systems. However, competition from better-capitalized peers (IBM, Google, IonQ) and persistent losses raise concerns about long-term viability.

Investment Outlook

Rigetti’s value proposition lies in its technical innovation and roadmap clarity, but its financial trajectory remains uncertain. Investors must weigh the company’s cutting-edge hardware and cloud integration strategy against its mounting losses and slow revenue growth. The next two years will be critical as Rigetti seeks to scale its systems and attract commercial and government partnerships.

Conclusion: Rigetti Computing is a bold innovator in quantum hardware, with credible advancements like Ankaa™-3 and a clear path to scalable systems. Yet, its financial fragility and market skepticism temper the investment thesis. Rigetti remains a speculative but potentially transformative player in the quantum computing race.

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