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Here are 1-3 brief analogies for Rigetti Computing:

• NVIDIA for quantum computing

• Intel for quantum chips

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• Quantum Processors (QPUs): Rigetti designs and builds superconducting quantum processing units, which are the core hardware for their quantum computers.
• Quantum Cloud Services (QCS): A cloud platform providing programmatic access to Rigetti's quantum computers and hybrid classical-quantum computing resources for users and developers.
• Quantum Software Development Kit (SDK): A comprehensive suite of software tools that allows users to develop, simulate, and execute quantum programs on Rigetti's quantum computing systems.

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Major Customers of Rigetti Computing (RGTI)

Rigetti Computing (RGTI) primarily sells its quantum computing systems and services to other companies and government organizations, operating on a business-to-business (B2B) model.

Based on public disclosures and financial filings, its major customers and customer categories include:

• U.S. Government Agencies: These agencies represent a significant portion of Rigetti's revenue, often contracting the company for quantum computing research, development, and benchmarking initiatives. Specific examples of entities frequently mentioned in connection with contracts and partnerships include:
  • Defense Advanced Research Projects Agency (DARPA)
  • Air Force Research Laboratory (AFRL)
• National Laboratories and Research Institutions: Academic and governmental research entities utilize Rigetti's quantum computing platforms for scientific discovery and technological advancement, often funded through government grants or direct contracts.
• Large Enterprises and Telecommunications Providers: While specific enterprise customers are often confidential, Rigetti engages with large corporations, sometimes through strategic partnerships, to develop and deploy quantum solutions for various industry applications. An example of a public company with whom Rigetti has a significant partnership that involves providing access to its quantum services is:
  • BT Group plc (LSE: BT.A, NYSE: BT)

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Subodh Kulkarni, President and CEO

Dr. Subodh Kulkarni assumed the roles of President and Chief Executive Officer at Rigetti Computing in December 2022. He brings over three decades of experience in the semiconductor industry. Prior to joining Rigetti, Dr. Kulkarni served as President, CEO, and a board member of CyberOptics Corporation, a company specializing in high-precision sensors and inspection systems, from 2014 until its acquisition by Nordson Corporation in November 2022. He also held the position of CEO at Prism Computational Sciences, a developer of software tools for scientific applications in the semiconductor industry. Earlier in his career, Dr. Kulkarni held leadership roles at Imation, 3M Corporation, and IBM. He currently serves on the Board of KeyTronic Corporation 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 25 years of executive experience in the high-tech industry. Before joining Rigetti, Mr. Bertelsen was the Chief Financial Officer and Chief Operating Officer for CyberOptics Corporation from 2005 until 2022. CyberOptics was acquired by Nordson Corporation in November 2022. Prior to CyberOptics, he spent 10 years at Computer Network Technology Corporation (CNT), where he held various finance positions, including Vice President, Finance, Corporate Controller, Treasurer, and Assistant Secretary. He began his career as a CPA with KPMG, LLP.

David Rivas, Chief Technology Officer

David Rivas was appointed Chief Technology Officer of Rigetti in February 2023. He previously served as Rigetti's Senior Vice President, Systems and Services, since March 2019, where he oversaw the engineering and operations of the company's Quantum Cloud Services platform. His prior executive experience includes roles at companies such as Sun Microsystems, Nokia, Bolt Threads, and Stage 3 Systems. Mr. Rivas holds a B.S. in electrical engineering and an M.S. in computer engineering from the University of California, San Diego.

Rick Danis, General Counsel

Rick Danis serves as the General Counsel of Rigetti Computing. No additional background information is readily available from the provided search results.

Andrew Bestwick, SVP of Quantum Systems

Andrew Bestwick holds the position of Senior Vice President of Quantum Systems at Rigetti Computing. No additional background information is readily available from the provided search results.

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The key risks to Rigetti Computing's business include the uncertainty of commercialization and associated financial risks, intense competition and the potential for technological obsolescence, and reliance on government contracts leading to revenue volatility.

1. Uncertainty of Commercialization and Financial Risks

   Rigetti Computing operates as an early-stage company characterized by substantial ongoing losses, minimal revenue, and a high cash burn rate. The company requires significant capital for research and development and ongoing operations, necessitating additional financing in the future, which could lead to shareholder dilution. Rigetti's market valuation is primarily based on the future potential of quantum computing rather than its current financial performance. There is significant uncertainty regarding when the company will achieve profitability or when its quantum technology will gain widespread commercial application, known as "quantum advantage." Delays in commercializing its technology could result in substantial sell-offs of its stock.

2. Intense Competition and Technological Obsolescence

   The quantum computing industry is highly competitive, with major technology companies making substantial investments in the sector. A significant risk for Rigetti is the potential for competitors to achieve technological breakthroughs that could render Rigetti's quantum computing systems obsolete.

3. Reliance on Government Contracts and Revenue Volatility

   A considerable portion of Rigetti Computing's current revenue is derived from government customers, which introduces unpredictability and limits visibility into near-term growth. Government contracts are subject to termination rights and changes in government policies. Furthermore, the expiration of National Quantum Initiative funding and the inconsistent timing of government contracts have contributed to declines in the company's revenue.

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Rigetti Computing (RGTI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily centered around technological advancements, strategic market expansion, and robust partnerships.

1. Advancements in Quantum Computing Technology: Rigetti's roadmap includes significant improvements in quantum system capabilities, focusing on increasing qubit counts and enhancing gate fidelity. The company plans to deploy an 84-qubit Ankaa-3 system with over 99% median two-qubit gate fidelity by the end of 2024, followed by a system with over 100 qubits and 99.5% fidelity by the end of 2025. Looking further ahead, Rigetti anticipates releasing a 150+ qubit system with 99.7% fidelity by late 2026 and a 1,000+ qubit system with 99.8% fidelity by late 2027. These advancements are crucial for enabling more complex computations and attracting a broader range of enterprise and government clients seeking higher-performance quantum solutions.
2. Growth in On-Premises Quantum Computer Sales: Rigetti has observed strong momentum in the demand for its on-premises quantum computers, particularly with its 9-qubit Novera Quantum Processing Unit (QPU). Recent successes include the sale of Novera QPUs to Montana State University and the UK government, and securing purchase orders totaling approximately $5.7 million for two upgradeable 9-qubit Novera systems to be delivered in the first half of 2026. One of these systems is for an Asian technology manufacturing company, and the other for a California-based applied physics and artificial intelligence startup, indicating an expanding customer base beyond traditional government and academic research.
3. Strategic Collaborations and Ecosystem Expansion: Rigetti is actively pursuing strategic partnerships to broaden its market reach and integrate its technology within the wider quantum and AI ecosystems. Notable collaborations include a strategic partnership with Quanta Computer, Inc., which involves significant investment to accelerate superconducting quantum computing development and commercialization. Additionally, Rigetti is partnering with NVIDIA to support NVQLink, an open platform for AI supercomputer-quantum integration, aimed at accelerating hybrid computation development. The company is also engaged in collaborations with institutions like Riverlane to advance quantum error correction technology and has secured a $5.8 million contract with the Air Force Research Laboratory (AFRL) and QphoX to advance superconducting quantum networking.
4. Securing Government Contracts and Funding: Government contracts and grants remain a significant driver of revenue for Rigetti, especially within the U.S. and U.K. public sectors. The company's systems are included in the UK National Quantum Computing Centre (NQCC), and Rigetti continues to secure contracts such as the $5.8 million Air Force contract. While U.S. public-sector funding has faced some uncertainty, there is ongoing bipartisan support for quantum computing initiatives, suggesting potential for substantial government funding in the long term, which could further fuel Rigetti's research and development efforts and directly contribute to revenue.

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Share Issuance

• Rigetti Computing completed a $350 million at-the-market (ATM) equity offering in recent months, bringing the company's total cash reserves to approximately $575 million with no outstanding debt as of June 2025.
• The company experienced dilution, including a 30% dilution in its stock during the first nine months of fiscal year 2024, with an additional sale in Q4.
• Basic and diluted shares outstanding increased from approximately 102 million in 2022 to around 184 million.

Inbound Investments

• Quanta Computer Inc. has committed to invest over $100 million over the next five years to accelerate quantum computing development, and will also purchase $35 million of Rigetti common stock.
• Rigetti secured a $5.8 million contract from the Air Force Research Laboratory (AFRL) to advance superconducting quantum networking.

Capital Expenditures

• Rigetti intends to use the proceeds from its $350 million ATM offering primarily for working capital, capital expenditures, and general corporate purposes.
• Capital expenditures are focused on its quantum chip fabrication facility (Fab-1), quantum computing refrigerators, and investments in internal manufacturing.
• As of March 2025, management believed their cash position, which was approximately $217.2 million at the end of Q4 2024 and approximately $575 million after the ATM offering in June 2025, would be sufficient to meet anticipated operating needs, including capital expenditures, for at least the next three years.