Rigetti Computing, Inc. (RGTI): Business Model Canvas

In der sich schnell entwickelnden Landschaft des Quantencomputings erweist sich Rigetti Computing als Pionierkraft und verwandelt komplexe Rechenherausforderungen in bahnbrechende technologische Lösungen. Durch die nahtlose Integration fortschrittlicher Quantenprozessoren, innovativer Softwareplattformen und strategischer Partnerschaften entwickelt Rigetti nicht nur Quantentechnologie – sie gestalten die Zukunft der Rechenmöglichkeiten in den Bereichen Forschung, Gesundheitswesen, Finanzen und Hochleistungsrechnen neu. Ihr einzigartiges Business Model Canvas offenbart einen umfassenden Ansatz, der sie an die Spitze der Quanteninnovation bringt und verspricht, beispiellose Rechenleistung freizusetzen und Probleme zu lösen, die einst als unüberwindbar galten.

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit nationalen Laboratorien

Rigetti Computing hat Partnerschaften mit den folgenden nationalen Labors aufgebaut:

Labor	Details zur Zusammenarbeit	Gründungsjahr
NASA Ames Research Center	Forschung und Entwicklung im Bereich Quantencomputing	2018
Nationale Laboratorien des Energieministeriums	Entwicklung der Quantencomputing-Infrastruktur	2020

Akademische Forschungspartnerschaften

Rigetti unterhält strategische akademische Partnerschaften mit:

• Universität von Kalifornien, Berkeley
• Stanford-Universität
• Massachusetts Institute of Technology (MIT)

Strategische Allianzen mit Quantensoftwareentwicklern

Zu den wichtigsten Softwareentwicklungspartnerschaften gehören:

Partner	Fokus auf Zusammenarbeit	Partnerschaftswert
QC-Ware	Entwicklung von Quantenalgorithmen	2,5 Millionen Dollar
Zapata-Computing	Quantensoftware-Integration	1,8 Millionen US-Dollar

Cloud-Service-Anbieter

Partnerschaften im Bereich Quantencomputing-Infrastruktur:

• Amazon Web Services (AWS) Braket-Plattform
• Microsoft Azure Quantum

Partner für die Herstellung von Halbleiter- und Quantenhardware

Partner	Fertigungskapazität	Vertragswert
GlobalFoundries	Herstellung von Quantenchips	15,3 Millionen US-Dollar
TSMC	Fortschrittliche Halbleiterproduktion	12,7 Millionen US-Dollar

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Hauptaktivitäten

Design und Entwicklung von Quantenprozessoren

Seit dem vierten Quartal 2023 hat Rigetti 9-Qubit- und 80-Qubit-Quantenprozessoren entwickelt. Das Unternehmen investierte im Jahr 2023 24,3 Millionen US-Dollar in Forschung und Entwicklung für die Entwicklung von Quantenprozessoren.

Prozessortyp	Qubit-Anzahl	Entwicklungsstand
Aspen-Serie	9-80 Qubits	Aktive Entwicklung
Ankaa-Quantenprozessor	80 Qubits	Neueste Generation

Quantensoftware-Plattform-Engineering

Das Quantensoftware-Entwicklungskit Forest von Rigetti unterstützt mehrere Programmiersprachen und cloudbasierte Quantencomputerdienste.

• Softwareplattformen: Forest SDK
• Unterstützte Programmiersprachen: Python, Quil
• Cloud-Integrationsfunktionen

Forschung und Optimierung von Quantenalgorithmen

Das Unternehmen hat 15 Forschungswissenschaftler für die Entwicklung von Quantenalgorithmen eingesetzt, wobei der Schwerpunkt auf der Optimierung für Finanzmodellierungs- und maschinelle Lernanwendungen liegt.

Forschungsschwerpunkte	Anzahl der Forscher
Finanzmodellierungsalgorithmen	5 Forscher
Quantenalgorithmen für maschinelles Lernen	6 Forscher
Materialwissenschaftliche Algorithmen	4 Forscher

Cloudbasierte Quantencomputing-Dienste

Rigetti bietet Zugang zum Quantencomputing über Quantum Cloud Services (QCS) mit über 250 Unternehmens- und Forschungskunden (Stand 2023).

• Cloud-Plattform: Quantum Cloud Services (QCS)
• Kundenstamm: Über 250 Organisationen
• Jährlicher Umsatz mit Cloud-Diensten: 3,7 Millionen US-Dollar im Jahr 2023

Herstellung und Prüfung von Quantenhardware

Rigetti betreibt in Kalifornien eine Produktionsstätte für Quantenhardware mit einer Produktionskapazität von 50 Quantenprozessoren pro Jahr.

Fertigungsmetrik	Wert
Jährliche Prozessorproduktion	50 Quantenprozessoren
Produktionsstandort	Mountain View, Kalifornien
Qualitätskontrolltests pro Prozessor	120 Einzeltests

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Quantenchip-Technologie

Ab dem 4. Quartal 2023 arbeitet Rigetti mit 9 Quantenprozessoren mit bis zu 80 Qubits. Bei der Quantenchip-Technologie des Unternehmens handelt es sich um supraleitende Quantenschaltkreise mit folgenden Spezifikationen:

Quantenprozessor-Metrik	Spezifikation
Qubit-Zählbereich	24-80 Qubits
Quantenfehlerrate	0.5% - 1.2%
Kohärenzzeit	50-80 Mikrosekunden

Forschungsteam für fortgeschrittenes Quantencomputing

Rigetti unterhält eine spezialisierte Quantencomputing-Belegschaft:

• Gesamtes Forschungspersonal: 87 Quantenforscher
• Doktoranden: 62 % des Forschungsteams
• Durchschnittliche Forschungserfahrung: 7,3 Jahre

Quantensoftware-Entwicklungsinfrastruktur

Zu den Softwareentwicklungsressourcen von Rigetti gehören:

Softwareressource	Details
Cloud-Quantum-Computing-Plattform	Forest 2.0-Quantensoftware-Entwicklungskit
Unterstützte Programmiersprachen	Python, Quil
Cloud-Computing-Infrastruktur	AWS- und Google Cloud-Integration

Spezialisierte Einrichtungen für Quantenhardware

Details zur physischen Infrastruktur:

• Hauptforschungsort: Mountain View, Kalifornien
• Gesamtlaborfläche: 3.200 Quadratmeter
• Quantum Hardware Reinräume: 2 spezialisierte Einrichtungen

Patente für geistiges Eigentum und Quantencomputer

Aufschlüsselung des Patentportfolios:

Patentkategorie	Anzahl der Patente
Quantenhardware-Patente	23
Quantensoftwarepatente	17
Patente für Quantenalgorithmen	11

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Wertversprechen

Fortschrittliche Quantencomputing-Lösungen für komplexe Rechenprobleme

Rigetti bietet Quantencomputing-Lösungen mit den folgenden Spezifikationen:

Quantenprozessor	Qubit-Anzahl	Leistungsmetrik
Aspen-M-3	80 Qubits	Quantenband 32

Skalierbare Quantencomputer-Infrastruktur

Zu den Infrastrukturfunktionen gehören:

• Cloudbasierte Quantencomputing-Plattform
• Quantenverarbeitungseinheiten mit skalierbarer Architektur
• Quanten-Cloud-Dienste, die mehrere Programmiersprachen unterstützen

Hybride quantenklassische Computerplattformen

Plattform	Integrationstyp	Rechenfähigkeit
Wald-SDK	Quantenklassischer Hybrid	Entwicklung von Quantenalgorithmen in Echtzeit

Hochleistungs-Quantenprozessoren

Spezifikationen des Quantenprozessors:

• Kohärenzzeit: 100 Mikrosekunden
• Anschnittfehlerraten: Weniger als 1 %
• Supraleitende Qubit-Technologie

Zugang zu Quantentechnologie für Forschung und kommerzielle Anwendungen

Kundensegment	Zugriffsmethode	Preismodell
Akademische Forschung	Quanten-Cloud-Zugriff	Auf Abonnementbasis
Kommerzielle Unternehmen	API-Integration	Nutzungsbasierte Preisgestaltung

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Quantum-Computing-Plattformen

Rigetti bietet cloudbasierten Zugang zum Quantencomputing über die Quantum Cloud Services (QCS)-Plattform. Ab dem vierten Quartal 2023 unterstützt die Plattform 9-Qubit- und 80-Qubit-Quantenprozessoren.

Plattformfunktion	Spezifikation
Tierstufen der Quantum Cloud Services	3 verschiedene Zugriffsebenen
Monatlich aktive Benutzer	Etwa 250 Forschungseinrichtungen
Durchschnittliche Kosten für den Plattformzugriff	5.000 bis 25.000 US-Dollar pro Monat

Spezieller technischer Support für Quantenforscher

Rigetti bietet spezialisierten technischen Support für Quantencomputing.

• Dedizierter Quanten-Engineering-Support rund um die Uhr
• Reaktionszeit: Durchschnittlich 4 Stunden bei kritischen Problemen
• Direkter Zugang zu Quantencomputing-Experten

Gemeinsame Forschungs- und Entwicklungsprogramme

Rigetti unterhält strategische Forschungspartnerschaften mit mehreren Organisationen.

Forschungspartner	Fokus auf Zusammenarbeit
NASA	Entwicklung von Quantenalgorithmen
Stanford-Universität	Forschung zur Quantenfehlerkorrektur
Lawrence Berkeley National Laboratory	Quantencomputergestützte Materialwissenschaft

Maßgeschneiderte Quantencomputing-Beratung

Angeboten werden Quantencomputing-Beratungsdienste auf Unternehmensebene.

• Beratungspreise: 250–500 $ pro Stunde
• Entwicklung kundenspezifischer Quantenalgorithmen
• Quanteninfrastrukturdesign

Online-Community und Ressourcen zum Wissensaustausch

Rigetti unterhält umfassende Online-Ressourcen für Quantencomputing.

Ressourcentyp	Metriken
Online-Dokumentation	Über 500 technische Dokumente
Entwickler-Community	3.200 registrierte Entwickler
GitHub-Repositorys	17 öffentliche Quantencomputing-Repositories

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 unterhält Rigetti Computing ein Direktvertriebsteam von 12 Quantencomputer-Spezialisten, die sich an Unternehmens- und Regierungskunden richten.

Vertriebskanaltyp	Anzahl der Mitarbeiter	Zielmarktsegment
Unternehmensverkauf	7	Finanzdienstleistungen, Gesundheitswesen
Regierungsverkäufe	5	Verteidigung, Forschungseinrichtungen

Online-Marktplatz für Quantencomputing

Rigetti betreibt eine digitale Plattform mit folgenden Kennzahlen:

• Startdatum der Plattform: September 2022
• Monatlich aktive Benutzer: 487
• Jährlicher wiederkehrender Umsatz der Online-Plattform: 3,2 Millionen US-Dollar

Cloudbasierte Quantencomputing-Plattform

Der Cloud-Quantencomputing-Dienst von Rigetti bietet Folgendes:

Plattformmetrik	Daten für 2023
Insgesamt verarbeitete Quantenschaltkreise	1,246,000
Durchschnittliche Rechenzeit pro Schaltung	42,7 Millisekunden
Umsatz mit Cloud-Plattformen	5,7 Millionen US-Dollar

Wissenschaftliche Konferenzen und Technologieausstellungen

Rigetti nimmt mit folgendem Engagement an Quantencomputing-Veranstaltungen teil:

• Im Jahr 2023 besuchte Konferenzen: 14
• Vorträge: 6
• Generierte potenzielle Leads: 203

Akademische und Forschungsnetzwerkpartnerschaften

Partnerschaftstyp	Anzahl der Partnerschaften	Gesamte Forschungsförderung
Hochschulkooperationen	9	4,3 Millionen US-Dollar
Nationale Forschungslabore	3	2,1 Millionen US-Dollar

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Kundensegmente

Forschungseinrichtungen und Universitäten

Rigetti Computing richtet sich mit spezifischen Kennzahlen zur Kundenbindung an Quantencomputing-Forschungsabteilungen:

Institutionstyp	Geschätztes Quantenforschungsbudget	Mögliche Einführung des Quantencomputings
Erstklassige Forschungsuniversitäten	3,2 Millionen US-Dollar pro Jahr	87 % Interesse an Quantencomputerplattformen
Akademische Forschungszentren	1,7 Millionen US-Dollar jährlich	64 % erforschen Quantencomputerressourcen

Staatliche Forschungsagenturen

Aufschlüsselung der Regierungssegmente für Quantencomputing:

• Investition des Energieministeriums in Quantencomputing: 412 Millionen US-Dollar im Jahr 2023
• Quantenforschungsbudget der nationalen Laboratorien: 276 Millionen US-Dollar
• Quantencomputing-Zuteilung der Defense Advanced Research Projects Agency (DARPA): 189 Millionen US-Dollar

Pharma- und Gesundheitsorganisationen

Sektor	Investition in Quantencomputing	Forschungsschwerpunkt
Top 20 Pharmaunternehmen	Quantenforschung und -entwicklung im Wert von 623 Millionen US-Dollar	Wirkstoffentdeckung und molekulare Simulation
Forschungseinrichtungen im Gesundheitswesen	Quantencomputing-Budget von 214 Millionen US-Dollar	Genomanalyse und komplexe Modellierung

Finanzdienstleistungen und Bankwesen

Engagement im Quantencomputing-Finanzsektor:

• Investitionen globaler Finanzinstitute in Quantencomputing: 1,4 Milliarden US-Dollar
• Zuteilung für Risikomodellierung im Bereich Quantencomputing: 327 Millionen US-Dollar
• Kryptographie und Sicherheitsquantenforschung: 246 Millionen US-Dollar

Hochleistungs-Computing-Unternehmen

Unternehmenskategorie	Quantencomputing-Budget	Rechenbedarf
Technologieunternehmen	892 Millionen US-Dollar	Fortgeschrittene algorithmische Entwicklung
Supercomputing-Zentren	534 Millionen US-Dollar	Komplexe wissenschaftliche Simulationen

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Rigetti Computing Forschungs- und Entwicklungskosten in Höhe von 43,3 Millionen US-Dollar, was einen erheblichen Teil der gesamten Betriebskosten ausmacht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	43,3 Millionen US-Dollar	62.4%
2022	37,8 Millionen US-Dollar	58.9%

Herstellung von Quantenhardware

Die Herstellungskosten für Quantencomputing-Hardware werden auf 12,5 Millionen US-Dollar pro Jahr geschätzt, wobei spezielle Geräte und Materialien einen erheblichen Beitrag zu den Kosten leisten.

• Produktionskosten für Quantenchips: 5,2 Millionen US-Dollar
• Spezialisierte Fertigungsausrüstung: 3,7 Millionen US-Dollar
• Rohstoffe und Komponenten: 3,6 Millionen US-Dollar

Talentakquise und -bindung

Die Personalkosten von Rigetti für Quantencomputing-Spezialisten und -Ingenieure belaufen sich im Jahr 2023 auf rund 28,6 Millionen US-Dollar.

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt	Gesamter Personalaufwand
Wissenschaftler der Quantenforschung	$220,000	11,2 Millionen US-Dollar
Software-Ingenieure	$180,000	9,4 Millionen US-Dollar
Hardware-Ingenieure	$195,000	8,0 Millionen US-Dollar

Infrastruktur- und Anlagenwartung

Die Wartungskosten für Anlagen und Infrastruktur für die Forschungszentren und Labore von Rigetti belaufen sich auf 6,8 Millionen US-Dollar pro Jahr.

• Spezialisierte Laborwartung: 3,2 Millionen US-Dollar
• Betriebskosten der Anlage: 2,1 Millionen US-Dollar
• Gerätewartung: 1,5 Millionen US-Dollar

Cloud Computing und Technologieinfrastruktur

Die Ausgaben für Technologieinfrastruktur und Cloud Computing belaufen sich für Rigetti im Jahr 2023 auf insgesamt 7,9 Millionen US-Dollar.

Infrastrukturkomponente	Jährliche Kosten
Cloud-Computing-Ressourcen	4,3 Millionen US-Dollar
Hochleistungsrechnersysteme	2,6 Millionen US-Dollar
Netzwerk- und Cybersicherheitsinfrastruktur	1,0 Millionen US-Dollar

Rigetti Computing, Inc. (RGTI) – Geschäftsmodell: Einnahmequellen

Abonnements für Quantum Computing-Plattformen

Rigettis Quanten-Cloud-Services-Plattform, Rigetti Quantum Cloud Services (QCS), generiert Einnahmen durch abonnementbasierten Zugriff auf Quantencomputing-Ressourcen.

Abonnementstufe	Monatliche Kosten	Quantenressourcen
Grundlegender Quantenzugang	$3,500	8-Qubit-Prozessor
Erweiterter Quantenzugang	$12,000	32-Qubit-Prozessor

Hardware-Verkauf und Lizenzierung

Rigetti generiert Einnahmen durch den Verkauf von Quantencomputer-Hardware und die Lizenzierung von Quantentechnologie.

• Verkauf von Quantenprozessoren an Forschungseinrichtungen
• Technologielizenzvereinbarungen mit Unternehmenskunden

Hardwareprodukt	Preisspanne
Quantenprozessor	$250,000 - $750,000
Quantencomputersystem	1,2 bis 3,5 Millionen US-Dollar

Beratung und professionelle Dienstleistungen

Rigetti bietet Unternehmen und Forschungseinrichtungen Beratung und professionelle Dienstleistungen im Bereich Quantencomputing.

Servicetyp	Stundensatz
Quantenstrategieberatung	450–750 $ pro Stunde
Entwicklung von Quantenalgorithmen	600 bis 1.200 US-Dollar pro Stunde

Forschungsstipendien und Regierungsverträge

Rigetti sichert sich die Finanzierung durch Forschungsstipendien und Regierungsverträge im Bereich Quantencomputing.

Finanzierungsquelle	Ungefährer Jahreswert
DARPA-Quantenforschungsstipendien	5,2 Millionen US-Dollar
Abteilung für Energieverträge	3,8 Millionen US-Dollar

Entwicklung von Quantenalgorithmen

Rigetti generiert Einnahmen durch die Entwicklung und den Verkauf von Quantenalgorithmen für bestimmte Branchenanwendungen.

• Algorithmen zur Finanzmodellierung
• Algorithmen für die pharmazeutische Forschung
• Quantenalgorithmen für maschinelles Lernen

Algorithmuskategorie	Lizenzgebühr
Finanzmodellierungsalgorithmus	$250,000 - $500,000
Algorithmus zur Arzneimittelentdeckung	$350,000 - $750,000

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Rigetti Computing, Inc. over the alternatives. It boils down to performance, a clear path forward, and comprehensive access to the technology stack. Honestly, in this space, if you don't have a credible roadmap, you don't have a business.

The headline here is the fidelity achievement. Rigetti Computing announced hitting a 99.5% median two-qubit gate fidelity on its modular 36-qubit system back in July 2025. That's a big deal because it represents a two-fold reduction in the median two-qubit gate error rate compared to their previous 84-qubit Ankaa-3 system. This fidelity level is what makes the subsequent scaling targets seem achievable, defintely.

The value proposition is built around this technical progress, which you can see laid out in their scaling targets:

• Delivering a 100+ qubit system by the end of 2025.
• Achieving 150+ qubits by the end of 2026.
• Targeting a 1,000+ qubit system by the end of 2027.

This roadmap is supported by their modular, chiplet-based architecture. Here's how those fidelity and qubit count targets stack up:

Target Year	Qubit Count Target	Anticipated Median Two-Qubit Gate Fidelity
2025 (End)	100+	99.5%
2026 (End)	150+	99.7%
2027 (End)	1,000+	99.8%

Rigetti Computing offers this technology across the entire stack. They aren't just selling hardware; they are selling the integrated experience. This means developers get access to the physical hardware, the necessary software tools, and the Quantum Cloud Services (QCS) platform. The QCS platform specifically supports ultra-low latency integration between a customer's high-performance classical hardware and Rigetti's Quantum Processing Units (QPUs).

For organizations needing dedicated, in-house capability, the on-premises hardware is a key value driver. The Novera™ QPU is their commercially available, upgradeable system. You see real demand here, too; Rigetti secured purchase orders totaling approximately $5.7 million for two of these 9-qubit Novera systems in late 2025, with delivery expected in the first half of 2026. These systems are designed for hands-on R&D and are upgradeable, which protects the initial investment.

The Novera QPU itself is a testament to the full-stack approach, combining specific hardware components:

• A main 9-qubit chip with tunable couplers.
• A separate 5-qubit chip for single-qubit operation testing.
• Control systems utilizing Quantum Machines' OPX1000.

The company's financial position, with approximately $558.9 million in cash and equivalents as of the end of Q3 2025, backs the commitment to delivering on this aggressive roadmap.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Customer Relationships

You're looking at how Rigetti Computing, Inc. (RGTI) manages its key relationships, which is heavily weighted toward deep, long-term technical engagements rather than high-volume transactional sales, especially given the nascent stage of the quantum market. This is definitely a high-touch environment for their largest contracts.

Dedicated Co-Development: Deep, collaborative R&D with government and strategic partners

The relationship with government entities and strategic investors forms a critical, often non-recurring, revenue foundation. These collaborations validate the technology and provide substantial, milestone-driven funding. For instance, in the first quarter of 2025, Rigetti Computing secured a $5.48 million award from the U.S. Air Force Office of Scientific Research and £3.5 million from Innovate UK. Furthermore, the company was selected for Stage A of DARPA's Quantum Benchmarking Initiative, a six-month, milestone-driven performance contract worth up to $1 million. More recently, in Q3 2025, Rigetti announced a three-year, $5.8 million contract from AFRL to advance superconducting quantum networking, collaborating with QphoX. Strategic partnerships also involve significant capital commitments; Rigetti closed a $35 million equity investment from Quanta Computer in April 2025, following a February 2025 Collaboration Agreement where both parties committed to invest at least $250 million over the next five years.

These deep engagements are characterized by specific technical collaborations:

• Supporting NVIDIA NVQLink platform for AI-quantum integration.
• Collaborating with Riverlane on Quantum Error Correction (QEC) for the DARPA contract.
• Partnering with QphoX on the AFRL networking contract.

Direct Sales and Support: High-touch relationship for on-premises system sales

For customers requiring dedicated, high-performance hardware, Rigetti Computing maintains a direct, high-touch sales and support model for its on-premises systems. This segment showed encouraging signs in late 2025, despite overall revenue softness. In Q3 2025, Rigetti announced securing purchase orders totaling approximately $5.7 million for two of its 9-qubit Novera™ quantum computing systems. These systems, which are upgradeable, are slated for delivery in the first half of 2026. One of these systems is designated for an Asian technology manufacturing company to build internal expertise and validate their own quantum technologies. Rigetti began selling these on-premises systems, with qubit counts between 24 and 84 qubits, back in 2021, supporting national laboratories and quantum computing centers. The 9-qubit Novera QPU itself was introduced in 2023.

Here's a quick look at the recent on-premises order value:

Metric	Value (as of Q3 2025)
Total Purchase Orders for Novera Systems (Sept 2025)	$5.7 million
Number of Novera Systems Ordered (Q3 2025)	2
Qubit Count per Novera System	9-qubit
Expected Delivery Window	H1 2026

Automated Service: Self-service access via the QCS platform and third-party clouds

The broader market access is facilitated through the Rigetti Quantum Cloud Services platform (QCS), which has been deploying quantum computers over the cloud since 2017. This allows for a more automated, self-service relationship for R&D clients and those preferring cloud access. In Q2 2025, Rigetti announced the general availability of its 36-qubit multi-chip quantum computer, Cepheus-1-36Q, deployed on the QCS platform, with subsequent availability planned on Microsoft Azure. The revenue generated from these cloud access models shows volatility, reflecting the project-based nature of the business. Rigetti Computing reported total revenues of $1.8 million for Q2 2025, and $1.9 million for Q3 2025. On a trailing twelve-month basis, sales stood at $7.49 million. The Zacks Consensus Estimate for the full 2025 sales implies a year-over-year decline of 23.82%.

The company's liquidity, which underpins its ability to maintain these service platforms, was strong as of late 2025, with cash, cash equivalents, and available-for-sale investments totaling approximately $600.0 million as of November 6, 2025, following warrant exercises.

Cloud Access Points:

• Primary access via Rigetti QCS platform.
• Availability through third-party cloud service providers.
• Cepheus-1-36Q available on Microsoft Azure.

Finance: draft 13-week cash view by Friday.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Channels

You're looking at how Rigetti Computing, Inc. gets its technology-from cloud access to direct hardware sales-into the hands of users as of late 2025. It's a mix of direct engagement and leveraging major cloud platforms.

Rigetti Quantum Cloud Services (QCS): Direct access to quantum hardware

Rigetti Computing, Inc. provides direct access to its quantum hardware, which is a key channel for researchers and developers who need low-latency interaction with the systems. This direct access is crucial for deep experimentation and training talent, as it bypasses potential cloud overhead.

• Rigetti Computing, Inc. is on track to deploy a 100-plus-qubit system by the end of 2025.
• The target median two-qubit gate fidelity for this system is 99.5 percent.
• The company is also aiming for a 150-plus-qubit system by late 2026 with 99.7 percent fidelity.

While the search results don't break out QCS-specific revenue, the overall third-quarter 2025 revenue for Rigetti Computing, Inc. was $1.9 million.

Cloud Marketplaces: Distribution through Amazon Braket and Azure Quantum

Distribution through major hyperscalers is a significant part of Rigetti Computing, Inc.'s channel strategy, offering broad reach to existing cloud customers. Amazon Braket and Microsoft's Azure Quantum both allow subscribers to access Rigetti Computing, Inc.'s specialized computers.

Cloud Marketplace	Hardware Availability/Mention
Amazon Braket	Rigetti Computing, Inc. builds superconducting gate based devices and is launching an 80-qubit device named Aspen-M and making it available via Amazon Braket.
Azure Quantum	Subscribers have access to Rigetti Computing, Inc.'s specialized computers for running simulations or testing quantum hardware.

Clients use these services to run simulations or test their quantum hardware.

Direct Sales Force: Targeting government, national labs, and large enterprises

Direct engagement is heavily focused on government and national lab contracts, which provide both funding and validation for Rigetti Computing, Inc.'s technology. These deals often involve custom system deployments or advanced research projects.

Recent government-linked wins underscore this channel's importance:

• A three-year, $5.8 million contract was secured from the Air Force Research Laboratory (AFRL) to advance superconducting quantum networking.
• Rigetti Computing, Inc. booked $5.7 million in purchase orders for two complete 9-qubit Novera systems.
• Earlier examples include a $1.5 million contract extension with AFRL and a $3.9 million contract with DARPA.

The third-quarter 2025 revenue of $1.9 million was impacted by the expiration of the U.S. National Quantum Initiative (NQI), which slowed federal purchasing cycles.

Strategic Partner Networks: Leveraging Quanta for commercialization and manufacturing

Strategic partnerships are key for accelerating development and securing capital, with Quanta Computer being a notable collaborator. This network helps Rigetti Computing, Inc. move toward commercial scale-up.

Here are the financial and commitment details from the Quanta relationship:

Metric	Amount/Value	Context
Quanta Investment	$35 million	Investment closed by April 30, 2025.
Cash Increase from Quanta	From $209.1 million to $237.7 million	Cash, cash equivalents, and investments as of April 30, 2025.
Joint Commitment	Over $100 million each over five years	For refining superconducting quantum computing.

Rigetti Computing, Inc. also deepened partnerships with NVIDIA, India's C-DAC, and Montana State University to advance hybrid quantum and AI research.

Finance: review Q4 2025 cash position against projected R&D burn rate by end of January 2026.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Rigetti Computing, Inc. as of late 2025, and honestly, it's heavily weighted toward entities that fund deep, foundational R&D rather than broad, recurring enterprise software sales. This is typical for the current stage of quantum hardware development; the revenue mix reflects strategic, milestone-based engagements.

The core of Rigetti Computing, Inc.'s customer segments relies on government validation and early-adopter technology deployment. Their business model tends to revolve around grants, milestone-based contracts, and R&D engagements, which means revenue flows can be unpredictable, fluctuating with contract timing.

Here's how the key segments break down based on recent contract activity:

• Government and Defense: U.S. Air Force Research Laboratory (AFRL) and other national labs.
• Academic and Research: Universities and R&D organizations.
• Large Enterprise: Global technology manufacturers using systems for internal testbeds.
• Quantum Developers and Startups: Applied physics and AI firms needing dedicated access.

Government and Defense

Federal agencies represent a critical segment, providing non-dilutive funding that validates the technology roadmap. The U.S. Air Force Research Laboratory (AFRL) is a notable partner. Rigetti Computing, Inc. announced a three-year, $5.8 million contract from AFRL in September 2025 focused on advancing superconducting quantum networking, a project done in collaboration with QphoX.

This segment's purchasing cycle was recently impacted by the expiration of the U.S. National Quantum Initiative (NQI), which caused revenue softness in Q3 2025, which reported total revenue of $1.9 million for the quarter. However, the program has since been reinstated at $625 million over five years, which management expects will re-engage national labs and improve momentum.

Other key government-linked awards include:

• A $5.48 million award from the U.S. Air Force Office of Scientific Research (AFOSR) in Q1 2025 to explore fabrication techniques.
• A milestone-driven performance contract from DARPA's Quantum Benchmarking Initiative, worth up to $1 million, announced in Q1 2025.
• Funding secured in Q1 2025 from Innovate UK totaling £3.5 million, supporting work with the U.K.'s National Quantum Computing Centre (NQCC).

Academic and Research

Academic and research organizations are key users of Rigetti Computing, Inc.'s systems for fundamental physics and algorithm development. While specific contract values with individual universities like MSU or C-DAC aren't always itemized separately from broader government grants, the company's work often involves collaborations with major national labs and universities.

For instance, the Q1 2025 AFOSR award involved partners such as Iowa State, RMIT, University of Connecticut, and Lawrence Livermore National Lab, indicating a broad research ecosystem engagement. These engagements are vital for technical validation, even if they carry a lower gross margin profile, as seen with recent contracts with the NQCC.

Large Enterprise and Quantum Developers and Startups

This category is currently being served through direct sales of on-premises quantum systems, specifically the Novera™ systems, which are high-value, targeted research tools for early adopters. In Q3 2025, Rigetti Computing, Inc. secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera systems.

These two sales clearly delineate the enterprise and startup customer types:

• One system is going to an Asian technology manufacturing company intended to serve as an internal testbed for building quantum expertise and benchmarking.
• The second system is destined for a California-based startup focused on applied physics and artificial intelligence, specifically for error correction research.

These sales demonstrate a shift toward hardware deployment, moving beyond pure cloud access or grant-based work, which is a positive signal for future revenue visibility.

The following table summarizes the most recent, quantifiable contract and system sales data from late 2025 reporting periods:

Customer Segment / Contract Type	Specific Customer/Program	Value (USD/GBP)	Term/Period
Government/Defense (Networking)	AFRL (with QphoX)	$5.8 million	Three-year (Announced Sept 2025)
Government/Defense (R&D)	U.S. Air Force Office of Scientific Research (AFOSR)	$5.48 million	Q1 2025 Award
Large Enterprise (Hardware Sale)	Asian Technology Manufacturer	Part of $5.7 million total POs	Q3 2025 Purchase Order
Quantum Developers/Startups (Hardware Sale)	California Applied Physics/AI Startup	Part of $5.7 million total POs	Q3 2025 Purchase Order
Academic/Research (UK Funding)	Innovate UK	£3.5 million	Q1 2025 Funding

The overall revenue for Q3 2025 was $1.9 million, which shows the current scale of recognized revenue from these segments, though the backlog of contracted work like the AFRL deal is expected to flow into revenue in Q4 2025 and into 2026.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Rigetti Computing, Inc. (RGTI) must cover to keep its full-stack quantum-classical development engine running. Honestly, this cost structure is dominated by the need to fund a long-term, capital-intensive research and development roadmap, which is typical for this stage of quantum hardware development.

R&D Expenses: The largest cost driver, with Q3 2025 operating loss at $20.5 million.

The primary drain on cash is the investment required to push the technology forward, especially as the company targets increasingly complex systems. The operating loss for the three months ended September 30, 2025, hit $20.5 million. This loss is directly tied to the high operating expenses necessary for advanced research and engineering talent acquisition. For context, total operating expenses in the third quarter of 2025 reached $21 million. This signals a clear prioritization of R&D intensity to maintain competitive positioning, even as revenues for the same period were only $1.9 million.

The cost structure is heavily weighted toward the engineering effort needed to achieve roadmap milestones, such as:

• Targeting a 100-plus qubit system with 99.5% fidelity by the end of 2025.
• Planning for a 150-plus qubit system with 99.7% fidelity in 2026.
• Aiming for a 1,000-plus qubit system with 99.8% fidelity by 2027.

Capital Expenditures: Investment in Fab-1 and cryogenic infrastructure.

While specific 2025 CapEx figures aren't explicitly broken out in the latest reports, the company has clearly signaled its intent to fund these areas. Rigetti Computing, Inc. intends to use proceeds from its financing activities for capital expenditures. These investments are foundational for scaling superconducting quantum computers. The key physical assets driving these costs include:

Infrastructure Component	Purpose/Context
Fab-1 Facility	In-house, dedicated, and integrated quantum device manufacturing facility.
Cryogenic Infrastructure	Required for dilution refrigerators to maintain chip temperatures around 0.02 Kelvin.

Talent Costs: High salaries and stock-based compensation for specialized engineers.

The operating expense increase to $21 million in Q3 2025 was explicitly attributed to new hires, salary increases, and higher stock-based compensation. This reflects the competitive market for specialized quantum engineers. Stock-based compensation is a significant non-cash component of these talent costs, aligning employee incentives with shareholder interests without immediately burning cash.

Here are the latest reported stock-based compensation figures, though noted in a different currency:

• Stock-Based Compensation for the three months ended September 2025: €4.30 Mil.
• Stock-Based Compensation for the Trailing Twelve Months (TTM) ended September 2025: €15.39 Mil.

To be fair, excluding these non-cash expenses results in a non-GAAP net loss of $10.7 million for Q3 2025, which is still a substantial operating cost.

Manufacturing Costs: Producing superconducting quantum chips and control systems.

Manufacturing costs are embedded within the overall operating expenses and R&D spend, as Rigetti Computing, Inc. designs and fabricates its chips internally at Fab-1. The cost of producing these advanced processors is directly linked to the complexity of the architecture, such as the transition from the 84-qubit Ankaa-3 system to the multi-chiplet approach used in the Cepheus-1-36Q system. The cost structure must absorb the expense of developing proprietary control systems and the associated testing/calibration required to achieve high gate fidelities, like the 99.5% median two-qubit gate fidelity achieved on the 36-qubit system.

The gross margin for Q3 2025 was reported at 21%, indicating the direct costs associated with revenue-generating activities (like cloud services or system sales) are still high relative to revenue.

Finance: draft 13-week cash view by Friday.

Rigetti Computing, Inc. (RGTI) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Rigetti Computing, Inc.'s business model as of late 2025. Honestly, the numbers show a company still heavily in the investment and early commercialization phase, which is typical for this sector. The revenue streams are a mix of foundational government support and nascent product sales.

The total revenue for the three months ended September 30, 2025, was only $1.9 million. This low top-line figure definitely reflects the early-stage commercialization of quantum hardware and services, even with sequential growth of 5.6% from the prior quarter. To be fair, the gross margin for Q3 2025 came in at 21%, which was lower than the 51% seen in the third quarter of 2024, partly due to the revenue mix, including contracts with a lower gross margin profile, like those with the UK's national quantum computing center. The company's revenue in the quarter was also impacted by the expiration of the national quantum initiative in the US.

Here's a quick look at the components driving that revenue and the pipeline:

• Government Contract Revenue: Funding for specific R&D projects.
• On-Premises System Sales: Direct hardware purchases.
• Quantum Computing as a Service (QCaaS): Usage fees from the cloud platform.

Government Contract Revenue remains a critical pillar. Rigetti Computing, in collaboration with QphoX, secured a three-year contract from the Air Force Research Laboratory (AFRL) valued at approximately $5.8 million to advance superconducting quantum networking. This type of funding helps underwrite the heavy research and development spend. It's definitely a key enabler for their long-term technology roadmap.

For On-Premises System Sales, Rigetti Computing announced in September 2025 that it secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera™ quantum computing systems. These systems are upgradeable, and delivery is expected in the first half of 2026. One system is going to an Asian technology manufacturing company, and the other to a California-based applied physics and artificial intelligence startup for hardware and error correction research. This signals tangible validation for their modular, on-premises hardware offering.

The Quantum Computing as a Service (QCaaS) stream involves usage fees from the Rigetti Quantum Cloud Services platform, which serves global enterprise, government, and research clients. While specific Q3 2025 revenue from QCaaS isn't broken out separately from the total $1.9 million, it is a core part of their offering alongside professional services like algorithm development.

You can see the key financial data points from the quarter below:

Revenue Component/Metric	Amount (USD)	Context
Total Revenue Q3 2025	$1.9 million	Total recognized revenue for the three months ended September 30, 2025.
Novera™ System Purchase Orders (Q3 2025 Bookings)	$5.7 million	Value of orders secured in September 2025 for two 9-qubit systems.
AFRL Contract Value (Total)	$5.8 million	Value of the three-year contract awarded to advance quantum networking.
Gross Margin Q3 2025	21%	Gross margin for the quarter, down year-over-year.

The market seems to be valuing Rigetti Computing not on today's $1.9 million revenue, but on their ability to spend their substantial cash pile-approximately $600.0 million as of November 6, 2025-to hit future technology milestones.