BERKELEY, Calif., December 20, 2021 – Rigetti Computing (“Rigetti” or the “Company”), a pioneer and leader in hybrid quantum classical computing, today announced business highlights for the year to date and financial highlights for the nineteen-year months ended October 31, 2021 These highlights include revenue of approximately $ 6.9 million for the nine months ended October 31, 2021 and the availability of the world’s first scalable, multi-chip quantum processor.
Rigetti, currently a privately held company, announced in October 2021 that it has entered into an agreement and merger plan with Supernova Partners Acquisition Company II (NYSE: SNII) (“Supernova”), a publicly traded special purpose vehicle for acquisitions. The proposed transaction is subject to the approval of Supernova shareholders and other closing conditions. Upon completion of the proposed transaction, the surviving merged company will be called Rigetti Computing, Inc.
GAAP financial metrics for the nine months ended October 31, 2021 *
- Revenue increased 68% to $ 6.9 million for the nine months ended October 31, 2021, compared to $ 4.1 million for the same period in 2020. The increase in revenue was primarily driven by new customer relationships and the expansion of existing development contracts driven.
- Total cost of ownership increased 7% to $ 32.0 million for the nine months ended October 31, 2021, compared to $ 29.8 million for the same period in 2020.
- R&D expenses increased 14% to $ 21.2 million for the nine months ended October 31, 2021 versus $ 18.6 million committed to advancing its technology and product roadmap.
- Net operating loss for the nine months ended October 31, 2021 decreased 3% to ($ 26.2 million) compared to $ (26.9) million for the same period in 2020.
“We believe the time has come for quantum computing,” said Chad Rigetti, Rigetti founder and chief executive officer. âCustomer demand increases as Rigetti quantum computers begin to deal with major computational problems.
âIn line with our mission to build the most powerful computers in the world to help solve mankind’s most important and pressing problems, Rigetti achieved many key milestones in 2021. We presented the 80-qubit Aspen-M system, the world’s first multi-chip quantum processor, expanded our customer and partner presence and achieved significant sales growth compared to the previous year, âRigetti continued. “We look forward to the sustained momentum as we expect customers to take advantage of the increasing speed and size of Rigetti hardware and quantum solutions to solve important problems that go beyond the capabilities of today’s classic computers.”
Rigetti is fully vertically integrated, from chip design to production to cloud deployment. Rigetti’s primary business model is Quantum Computing as a Service (âQCaaSâ). In 2021, Rigetti presented the world’s first scalable multi-chip quantum processor, which Rigetti considers to be an important advance in the scalability of quantum processors. Industry researchers estimate that fully fault tolerant quantum computers could ultimately generate up to $ 850 billion in annual value for end users and technology companies. Rigetti believes its scalable chip technology has the potential to unlock this transformative opportunity in the future.
Business highlights in 2021 YTD
The world’s first scalable multi-chip quantum processor
- Rigetti launched the world’s first multi-chip quantum processor in June 2021. The processor has a proprietary modular architecture that accelerates the path to commercialization and solves important scaling challenges for fault tolerant quantum computers.
40 qubit system
- Rigetti made its next-generation 40-qubit system available on Rigetti Quantum Cloud Services, Amazon Braket and Strangeworks Ecosystem with a 2.5-fold acceleration in quantum processing time in December 2021.
80 qubit system
- Rigetti made Aspen-M, its 80-qubit system based on its proprietary multi-chip technology, available to customers in a private beta phase on its Quantum Cloud Services platform in December 2021.
Industry Cooperation Developments
Inclusion in Microsoft’s Azure Quantum Service
- Rigetti announced in December 2021 that it would work with Microsoft to make Rigetti quantum computers available to users of Microsoft’s Azure Quantum service via the cloud. When the Rigetti system is available, it is expected to be the largest quantum computer available on Azure Quantum. The two companies assume that the integration will be completed in the first quarter of 2022 and will be available to users of the service.
Collaboration with Deloitte and Strangeworks
- Rigetti detailed its plans to partner with Deloitte and Strangeworks to explore quantum applications in materials simulation, optimization and machine learning in an announcement made in December 2021.
Customer and quantum application developments
Predictive weather modeling with quantum machine learning
- Rigetti used quantum computers to develop an effective solution to a weather modeling problem and published the results in November 2021. Building on existing machine learning workflows, Rigetti used a combination of classic quantum machine learning techniques to generate high-quality synthetic weather radar data and classic models for storm forecast. The work was carried out on Rigetti’s 32 qubit system and shows that practical applications for short-term quantum hardware are within reach.
Fusion energy through quantum computers for Department of Energy
- Rigetti announced in November 2021 that it had been selected to lead a quantum simulation project for fusion energy awarded by the Ministry of Energy. Rigetti is working with Lawrence Livermore National Laboratory and the University of Southern California on a three-year, $ 3.1 million project to simulate plasma dynamics on Rigetti’s cloud-based quantum computers.
Drug discovery with quantum computing through partnerships with Riverlane and Astex Pharmaceuticals
- Rigetti UK Limited, a wholly owned subsidiary of Rigetti, announced in July 2021 that it is partnering with Riverlane and Astex Pharmaceuticals to develop an integrated application to simulate molecular systems using Rigetti Quantum Cloud Services. This collaboration paves the way for new commercial applications of Rigetti’s quantum computing solutions with the potential to transform drug research into pharmaceutical research and development.
Key forces strengthen Rigetti’s talent
- Rigetti named Brian Sereda as the company’s chief financial officer in August 2021. Sereda has over 25 years of senior finance experience, most recently as Chief Financial Officer at Energous Corporation (NASDAQ: WATT) where he led the raise of substantial working capital and oversaw finance, legal, investor relations, human resources and IT.
- Rigetti appointed Jackie Kaweck as Senior Vice President, Human Resources in July 2021. Kaweck has more than 20 years of experience in human resources and management, most recently as SVP, People at Vivid Seats.
- Rigetti named David Pappas Senior Principal Scientist in September 2021. Pappas joined the company after 25 years at the National Institute of Standards and Technology, where he most recently headed the Quantum Processing Group. Rigetti also added Josh Mutus, a former Google quantum researcher, to its hardware development team as Director, Quantum Materials, in April 2021.
* The company changed its fiscal year end from January 31 to December 31 with effect from December 31, 2021 and will initially take into account the change in fiscal years for interim and annual registrations for fiscal years beginning on January 1, 2022.
About Rigetti Computing
Rigetti Computing is a pioneer in full-stack quantum computing. The company has been operating quantum computers via the cloud since 2017 and serves global companies, authorities and research customers via its Rigetti Quantum Cloud Services platform. Proprietary Quantum Classical Infrastructure provides ultra-low latency integration with public and private clouds for high-performance, hands-on quantum computing. Rigetti has developed the industry’s first multichip quantum processor for scalable quantum computer systems. The company develops and manufactures its chips in-house in Fab-1, the industry’s first dedicated and integrated production facility for quantum devices. Rigetti was founded in 2013 by Chad Rigetti and today employs more than 140 people with offices in the USA, Great Britain and Australia. Learn more at www.rigetti.com.
About Supernova Partners Acquisition Company II
Supernova II is led by Michael Clifton, who most recently was a technology investor in The Carlyle Group; Robert Reid, a longtime Senior Partner at Blackstone; Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA, and Pacaso and who led Zillow as CEO for nearly a decade; and Alexander Klabin, Founder and CEO of Ancient and former Managing Partner, Co-CIO and Co-Founder of the Senator Investment Group.
Source: Rigetti Computing