Here are a few brief analogies for Rigetti Computing:

• The IBM of quantum computing.

• Like Intel building processors and AWS providing cloud access, but all for quantum computers.

• Quantum Computers: Rigetti designs and builds complete quantum computing systems.
• Superconducting Quantum Processors: These are the advanced hardware chips that serve as the core computational engine for their quantum computers.
• Quantum Cloud Services (QCS) platform: This platform provides access to Rigetti's quantum machines via public, private, or hybrid cloud environments.

Rigetti Computing (RGTI) primarily sells its quantum computing hardware, software, and services to other organizations rather than individuals. Its major customers include a mix of government agencies, national laboratories, and large enterprises seeking to leverage quantum computing capabilities.

• Government Agencies and National Laboratories: These are significant customers for Rigetti, often engaging in contracts for research and development in quantum computing. Key entities include:
  • Defense Advanced Research Projects Agency (DARPA)
  • Air Force Research Laboratory (AFRL)
  • U.S. Department of Energy (DOE) and its associated National Laboratories, such as Lawrence Berkeley National Laboratory
• Large Enterprises: Companies exploring quantum computing applications in various industries. A notable public company customer is:
  • Standard Chartered PLC (STAN.L)

• BlueFors

Subodh Kulkarni, President and Chief Executive Officer

Dr. Subodh Kulkarni was appointed President and Chief Executive Officer of Rigetti Computing in December 2022. He is a seasoned public company CEO with over thirty years of experience in the semiconductor industry. Prior to joining Rigetti, he served as President, CEO, and a board member of CyberOptics Corporation from 2014 until its acquisition by Nordson Corporation in November 2022. He also held the role of CEO at Prism Computational Sciences. Earlier in his career, he held leadership positions at Imation, 3M Corporation, and IBM. Dr. Kulkarni currently serves on the Board of KeyTronic Corporation, a publicly traded electronics manufacturing services company, and as Chairman of the Board for Prism Computational Sciences.

Jeffrey Bertelsen, Chief Financial Officer

Jeffrey Bertelsen was appointed Chief Financial Officer of Rigetti Computing in February 2023. He has more than twenty-five years of executive experience in the high-tech industry. Previously, Mr. Bertelsen served as CFO and COO of CyberOptics Corporation from 2005 until November 2022. He also held finance leadership roles at Computer Network Technology Corporation (CNT) and began his career as a Certified Public Accountant with KPMG LLP.

David Rivas, Chief Technology Officer

David Rivas was appointed Chief Technology Officer of Rigetti Computing in February 2023. Prior to this role, he was Rigetti's Senior Vice President, Systems and Services since March 2019, where he oversaw the engineering and operations of the Quantum Cloud Services platform. His previous executive roles include positions at Sun Microsystems, Nokia, Bolt Threads, and Stage 3 Systems.

Jackie Kaweck, Senior Vice President of Human Resources

Jackie Kaweck serves as the Senior Vice President of Human Resources at Rigetti Computing.

Andrew Bestwick, Senior Vice President of Quantum Systems

Andrew Bestwick serves as the Senior Vice President of Quantum Systems at Rigetti Computing.

The key risks to Rigetti Computing (RGTI) are primarily centered around the nascent and speculative nature of the quantum computing industry, compounded by the company's financial performance and competitive landscape.

1. Commercialization Uncertainty and Long Timelines: Quantum computing remains a highly speculative technology with limited current real-world applications, and Rigetti's products are projected to take several years to achieve widespread commercial viability. Any indications that quantum commercialization is taking longer than anticipated could significantly undermine investor confidence and trigger substantial sell-offs. The technology's future is still years away from broad commercial application, requiring considerable investor patience and tolerance for uncertainty.
2. Financial Instability and Dilution Concerns: Rigetti Computing faces significant financial challenges, including consistently trivial and declining revenue, massive operating losses, and substantial cash burn. For instance, in the last twelve months, the company's revenue was $7.9 million, a 27% decrease from the previous year, with operating losses reaching -$77 million. The company's severe lack of profitability, as evidenced by a net income margin of approximately -2,100% and an operating cash flow margin of -680%, highlights its precarious financial health. To fund its operations, Rigetti has engaged in significant share offerings, raising concerns about further dilution for existing shareholders.
3. Intense Competition and Technical Hurdles: Rigetti operates in a highly competitive and rapidly evolving quantum computing market, where it faces competition from well-capitalized big tech companies like Microsoft and Google. The company must continuously innovate to maintain its market position, and any major technical hurdles or regulatory challenges could severely impact sentiment and its competitive edge. While Rigetti has made technical progress, its two-qubit gate fidelity, at 99.5%, still lags behind some competitors, potentially limiting its competitive standing in the market.

The rapid advancement and increasing commercialization of alternative quantum computing architectures, particularly trapped-ion technology, by well-funded competitors such as Quantinuum and IonQ. These alternative approaches are demonstrating competitive or potentially superior performance characteristics in key areas like qubit fidelity, coherence times, and connectivity, which could pose a significant long-term threat to the market position and viability of Rigetti Computing's primary focus on superconducting qubit-based systems.

The global quantum computing market was valued at USD 1.53 billion in 2025. It is projected to grow to USD 18.33 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 31.60% from 2026 to 2034. Other estimates for the global market include a valuation of USD 1.2 billion in 2024, projected to reach USD 27.6 billion by 2035 with a CAGR of 32.2% from 2025 to 2035. Another report estimated the market at USD 1.6 billion in 2025, growing to USD 7.3 billion by 2030, at a CAGR of 34.6%. By 2040, quantum computing is anticipated to create up to $850 billion of economic value globally, sustaining a market of $90 billion to $170 billion for hardware and software providers.

Focusing on the U.S. market, which is a significant region for Rigetti Computing, the U.S. quantum computing market was valued at USD 354.8 million in 2024 and is expected to reach USD 964.6 million by 2030, growing at a CAGR of 18.6% from 2025 to 2030. Another estimate places the U.S. market at approximately USD 0.7 billion in 2024, predicted to increase to approximately USD 5.5 billion by 2034, with a CAGR of 23.5% from 2025 to 2034. North America, which includes the U.S., held a dominant market position in 2024, capturing more than a 37.6% share of the global market.

tags as appropriate. The information provided is about the quantum computing market, which aligns with Rigetti Computing's operations. The regions (global and U.S.) are clarified. I have cited all factual statements.

Share Issuance

• Rigetti Computing completed a $350 million at-the-market (ATM) equity offering in June 2025, bolstering its cash position to approximately $575 million with no debt.
• The company's stock was diluted by 30% in the first nine months of fiscal year 2024, with an additional sale occurring in the fourth quarter.
• Subsequent to September 30, 2025, and through November 6, 2025, the exercise of warrants generated $46.5 million in proceeds.

Inbound Investments

• Quanta Computer Inc. invested approximately $35 million in Rigetti common stock, purchasing shares at about $11.59 per share on April 29, 2025, as part of a strategic collaboration.
• Vanguard increased its stake in Rigetti Computing by 40.4% in the third quarter of 2025, bringing its total holdings to approximately 9.89% of the company.

Capital Expenditures

• Proceeds from the $350 million equity offering are intended primarily for working capital, capital expenditures, and other general corporate purposes, including potential strategic collaborations or acquisitions.
• The company's negative operating and net profit margins reflect the substantial capital expenditure and research and development required for building quantum computers.
• Rigetti designs and manufactures its chips in-house at Fab-1, which is noted as the industry's first dedicated and integrated quantum device manufacturing facility.