Rigetti Computing, Inc. (RGTI): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la computación cuántica, la computación rigetti surge como una fuerza pionera, transformando desafíos computacionales complejos en soluciones tecnológicas innovadoras. Al integrar a la perfección procesadores cuánticos avanzados, plataformas de software innovadoras y asociaciones estratégicas, Rigetti no solo está desarrollando tecnología cuántica, ya que están reestructurando el futuro de las posibilidades computacionales entre la investigación, la atención médica, las finanzas y los dominios de computación de alto rendimiento. Su lienzo de modelo de negocio único revela un enfoque integral que los posiciona a la vanguardia de la innovación cuántica, prometiendo desbloquear la potencia computacional sin precedentes y resolver problemas una vez que se consideren insuperable.

Rigetti Computing, Inc. (RGTI) - Modelo de negocios: asociaciones clave

Colaboración con Laboratorios Nacionales

Rigetti Computing ha establecido asociaciones con los siguientes Laboratorios Nacionales:

Laboratorio	Detalles de colaboración	Año establecido
Centro de investigación de la NASA Ames	Investigación y desarrollo de la computación cuántica	2018
Departamento de Energía Nacional Laboratorios	Desarrollo de infraestructura de computación cuántica	2020

Asociaciones de investigación académica

Rigetti mantiene asociaciones académicas estratégicas con:

• Universidad de California, Berkeley
• Universidad de Stanford
• Instituto de Tecnología de Massachusetts (MIT)

Alianzas estratégicas con desarrolladores de software cuántico

Las asociaciones clave de desarrollo de software incluyen:

Pareja	Enfoque de colaboración	Valor de asociación
Ware QC	Desarrollo de algoritmo cuántico	$ 2.5 millones
Zapata Computing	Integración de software cuántico	$ 1.8 millones

Proveedores de servicios en la nube

Asociaciones de infraestructura de computación cuántica:

• Plataforma Braket de Amazon Web Services (AWS)
• Microsoft Azure Quantum

Socios de fabricación de semiconductores y de hardware cuántico

Pareja	Capacidad de fabricación	Valor de contrato
GlobalFoundries	Fabricación de chips cuánticos	$ 15.3 millones
TSMC	Producción avanzada de semiconductores	$ 12.7 millones

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: actividades clave

Diseño y desarrollo del procesador cuántico

A partir del cuarto trimestre de 2023, Rigetti ha desarrollado procesadores cuánticos de 9 quits y 80 qubits. La compañía invirtió $ 24.3 millones en I + D para el desarrollo de procesadores cuánticos en 2023.

Tipo de procesador	Recuento de qubit	Estado de desarrollo
Serie de Aspen	9-80 QUBITS	Desarrollo activo
Procesador cuántico ankaa	80 qubits	Última generación

Ingeniería de plataforma de software cuántico

El kit de desarrollo de software de Forest Quantum de Rigetti admite múltiples lenguajes de programación y servicios de computación cuántica basados ​​en la nube.

• Plataformas de software: Forest SDK
• Lenguajes de programación compatibles: Python, Quil
• Capacidades de integración en la nube

Investigación y optimización de algoritmo cuántico

La compañía ha dedicado 15 científicos de investigación al desarrollo de algoritmos cuánticos, con un enfoque en la optimización para el modelado financiero y las aplicaciones de aprendizaje automático.

Áreas de enfoque de investigación	Número de investigadores
Algoritmos de modelado financiero	5 investigadores
Algoritmos cuánticos de aprendizaje automático	6 investigadores
Algoritmos de ciencia de materiales	4 investigadores

Servicios de computación cuántica basados ​​en la nube

Rigetti ofrece acceso de computación cuántica a través de Quantum Cloud Services (QCS), con más de 250 empresas e clientes de investigación a partir de 2023.

• Plataforma en la nube: Quantum Cloud Services (QCS)
• Base de clientes: más de 250 organizaciones
• Ingresos anuales de servicio en la nube: $ 3.7 millones en 2023

Fabricación y prueba de hardware cuántico

Rigetti opera una instalación de fabricación de hardware cuántico en California con una capacidad de producción de 50 procesadores cuánticos anualmente.

Métrico de fabricación	Valor
Producción anual de procesadores	50 procesadores cuánticos
Ubicación de fabricación	Mountain View, California
Pruebas de control de calidad por procesador	120 pruebas individuales

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: recursos clave

Tecnología de chips cuántico patentado

A partir del cuarto trimestre de 2023, Rigetti opera con 9 procesadores cuánticos con hasta 80 qubits. La tecnología de chips cuántico de la compañía implica superconducir circuitos cuánticos con las siguientes especificaciones:

Métrica de procesador cuántico	Especificación
Rango de conteo de qubit	24-80 QUBITS
Tasa de error cuántica	0.5% - 1.2%
Tiempo de coherencia	50-80 microsegundos

Equipo de investigación de computación cuántica avanzada

Rigetti mantiene una fuerza laboral especializada de computación cuántica:

• Personal de investigación total: 87 investigadores cuánticos
• Titulares de doctorado: 62% del equipo de investigación
• Experiencia de investigación promedio: 7.3 años

Infraestructura de desarrollo de software cuántico

Los recursos de desarrollo de software de Rigetti incluyen:

Recurso de software	Detalles
Plataforma de computación cuántica en la nube	Kit de desarrollo de software de Forest 2.0 Quantum
Lenguajes de programación compatibles	Python, quil
Infraestructura de computación en la nube	La integración de AWS y Google Cloud

Instalaciones de hardware cuánticas especializadas

Detalles de la infraestructura física:

• Ubicación de la investigación principal: Mountain View, California
• Espacio de laboratorio total: 3,200 metros cuadrados
• Hardware Quantum Hardware Limpio: 2 instalaciones especializadas

Propiedad intelectual y patentes de computación cuántica

Desglose de la cartera de patentes:

Categoría de patente	Número de patentes
Patentes de hardware cuántico	23
Patentes de software cuántico	17
Patentes de algoritmo cuántico	11

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: propuestas de valor

Soluciones de computación cuántica avanzadas para problemas computacionales complejos

Rigetti ofrece soluciones de computación cuántica con las siguientes especificaciones:

Procesador cuántico	Recuento de qubit	Métrico de rendimiento
Aspen-M-3	80 qubits	Volumen cuántico 32

Infraestructura de computación cuántica escalable

Las capacidades de infraestructura incluyen:

• Plataforma de computación cuántica basada en la nube
• Unidades de procesamiento cuántico con arquitectura escalable
• Servicios en la nube cuántica que admiten múltiples lenguajes de programación

Plataformas de computación clásica cuántica híbrida

Plataforma	Tipo de integración	Capacidad computacional
Bosque sdk	Híbrido de clásico cuántico	Desarrollo de algoritmo cuántico en tiempo real

Procesadores cuánticos de alto rendimiento

Especificaciones de procesador cuántico:

• Tiempo de coherencia: 100 microsegundos
• Tasas de error de puerta: menos del 1%
• Tecnología de qubit superconductor

Acceso a la tecnología cuántica para la investigación y las aplicaciones comerciales

Segmento de clientes	Método de acceso	Modelo de precios
Investigación académica	Acceso a la nube cuántica	Basado en suscripción
Empresas comerciales	Integración de API	Precios basados ​​en el uso

Rigetti Computing, Inc. (RGTI) - Modelo de negocios: relaciones con los clientes

Plataformas de computación cuántica de autoservicio

Rigetti ofrece acceso de computación cuántica basada en la nube a través de la plataforma Quantum Cloud Services (QCS). A partir del cuarto trimestre de 2023, la plataforma admite procesadores cuánticos de 9 quits y 80 quits.

Característica de la plataforma	Especificación
Niveles de nivel de servicios en la nube cuántica	3 niveles de acceso distintos
Usuarios activos mensuales	Aproximadamente 250 instituciones de investigación
Costo promedio de acceso a la plataforma	$ 5,000 - $ 25,000 por mes

Soporte técnico dedicado para investigadores cuánticos

Rigetti proporciona soporte técnico especializado de computación cuántica.

• Soporte de ingeniería cuántica dedicada 24/7
• Tiempo de respuesta: promedio de 4 horas para problemas críticos
• Acceso directo a expertos en computación cuántica

Programas de investigación y desarrollo de colaboración

Rigetti mantiene asociaciones de investigación estratégica con múltiples organizaciones.

Socio de investigación	Enfoque de colaboración
NASA	Desarrollo de algoritmo cuántico
Universidad de Stanford	Investigación de corrección de errores cuánticos
Laboratorio Nacional de Lawrence Berkeley	Ciencia de materiales computacionales cuánticos

Consultoría de computación cuántica personalizada

Servicios de consultoría de computación cuántica de nivel empresarial ofrecidos.

• Tasas de consultoría: $ 250- $ 500 por hora
• Desarrollo de algoritmo cuántico personalizado
• Diseño de infraestructura cuántica

Recursos de intercambio de conocimientos y comunicación en línea

Rigetti mantiene recursos integrales de computación cuántica en línea.

Tipo de recurso	Métrica
Documentación en línea	Más de 500 documentos técnicos
Comunidad de desarrolladores	3.200 desarrolladores registrados
Repositorios de Github	17 repositorios de computación cuántica pública

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Rigetti Computing mantiene un equipo de ventas directo de 12 especialistas en computación cuántica dirigida a clientes empresariales y gubernamentales.

Tipo de canal de ventas	Número de personal	Segmento del mercado objetivo
Ventas empresariales	7	Servicios financieros, atención médica
Ventas gubernamentales	5	Defensa, instituciones de investigación

Mercado de computación cuántica en línea

Rigetti opera una plataforma digital con las siguientes métricas:

• Fecha de lanzamiento de la plataforma: septiembre de 2022
• Usuarios activos mensuales: 487
• Ingresos recurrentes anuales de la plataforma en línea: $ 3.2 millones

Plataforma de computación cuántica basada en la nube

Características del servicio de computación cuántica en la nube de Rigetti:

Métrica de plataforma	2023 datos
Circuitos cuánticos totales procesados	1,246,000
Tiempo de cómputo promedio por circuito	42.7 milisegundos
Ingresos de la plataforma en la nube	$ 5.7 millones

Conferencias científicas y exposiciones de tecnología

Rigetti participa en eventos de computación cuántica con el siguiente compromiso:

• Conferencias asistidas en 2023: 14
• Compromisos de habla: 6
• Posibles cables generados: 203

Asociaciones de redes académicas y de investigación

Tipo de asociación	Número de asociaciones	Financiación total de la investigación
Colaboraciones universitarias	9	$ 4.3 millones
Laboratorios nacionales de investigación	3	$ 2.1 millones

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: segmentos de clientes

Investigaciones de instituciones y universidades

Rigetti Computing se dirige a los departamentos de investigación de computación cuántica con métricas específicas de participación del cliente:

Tipo de institución	Presupuesto estimado de investigación cuántica	Adopción de computación cuántica potencial
Universidades de investigación de primer nivel	$ 3.2 millones anualmente	87% de interés en plataformas de computación cuántica
Centros de investigación académicos	$ 1.7 millones anuales	64% explorando recursos computacionales cuánticos

Agencias de investigación gubernamentales

Desglose de segmento del gobierno de computación cuántica:

• Departamento de Inversión de Computación Quantum de Energía: $ 412 millones en 2023
• Presupuesto sobre la investigación cuántica de los laboratorios nacionales: $ 276 millones
• Defensa Avanzada de la Agencia de Proyectos de Investigación Avanzada (DARPA) Asignación de computación cuántica: $ 189 millones

Organizaciones farmacéuticas y de atención médica

Sector	Inversión de computación cuántica	Enfoque de investigación
Top 20 compañías farmacéuticas	$ 623 millones en R&D cuántica	Descubrimiento de fármacos y simulación molecular
Instituciones de investigación de atención médica	Presupuesto de Computación cuántica de $ 214 millones	Análisis genómico y modelado complejo

Servicios financieros y banca

Computación de computación cuántica Compromiso del sector financiero:

• Inversión de computación cuántica de instituciones financieras globales: $ 1.4 mil millones
• Riesgo de modelado de asignación de computación cuántica: $ 327 millones
• Investigación cuántica de criptografía y seguridad: $ 246 millones

Empresas informáticas de alto rendimiento

Categoría empresarial	Presupuesto de computación cuántica	Necesidades computacionales
Empresas tecnológicas	$ 892 millones	Desarrollo algorítmico avanzado
Centros de supercomputación	$ 534 millones	Simulaciones científicas complejas

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Rigetti Computing reportó gastos de investigación y desarrollo de $ 43.3 millones, lo que representa una parte significativa de sus costos operativos totales.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 43.3 millones	62.4%
2022	$ 37.8 millones	58.9%

Fabricación de hardware cuántico

Los costos de fabricación para el hardware de computación cuántica se estiman en $ 12.5 millones anuales, con equipos y materiales especializados que contribuyen significativamente a los gastos.

• Costos de producción de chips cuánticos: $ 5.2 millones
• Equipo de fabricación especializado: $ 3.7 millones
• Materias primas y componentes: $ 3.6 millones

Adquisición y retención de talentos

Los gastos de personal de Rigetti para especialistas e ingenieros de computación cuántica totalizan aproximadamente $ 28.6 millones en 2023.

Categoría de empleado	Salario anual promedio	Gastos totales de personal
Científicos de investigación cuántica	$220,000	$ 11.2 millones
Ingenieros de software	$180,000	$ 9.4 millones
Ingenieros de hardware	$195,000	$ 8.0 millones

Infraestructura y mantenimiento de las instalaciones

Los costos de mantenimiento de la instalación e infraestructura para los centros y laboratorios de investigación de Rigetti ascienden a $ 6.8 millones anuales.

• Mantenimiento de laboratorio especializado: $ 3.2 millones
• Costos operativos de la instalación: $ 2.1 millones
• Mantenimiento del equipo: $ 1.5 millones

Infraestructura de tecnología y computación en la nube

Los gastos de infraestructura tecnológica y computación en la nube para Rigetti totalizan $ 7.9 millones en 2023.

Componente de infraestructura	Costo anual
Recursos de computación en la nube	$ 4.3 millones
Sistemas informáticos de alto rendimiento	$ 2.6 millones
Infraestructura de red y ciberseguridad	$ 1.0 millones

Rigetti Computing, Inc. (RGTI) - Modelo de negocio: flujos de ingresos

Suscripciones de plataforma de computación cuántica

La plataforma de servicios en la nube Quantum de Rigetti, Rigetti Quantum Cloud Services (QCS), genera ingresos a través del acceso basado en suscripción a los recursos de computación cuántica.

Nivel de suscripción	Costo mensual	Recursos cuánticos
Acceso cuántico básico	$3,500	Procesador de 8 qubit
Acceso cuántico avanzado	$12,000	Procesador de 32 qubit

Ventas y licencias de hardware

Rigetti genera ingresos vendiendo hardware de computación cuántica y licencia de tecnología cuántica.

• Ventas de procesadores cuánticos a instituciones de investigación
• Acuerdos de licencia de tecnología con clientes empresariales

Producto de hardware	Gama de precios
Procesador cuántico	$250,000 - $750,000
Sistema de computación cuántica	$ 1.2 millones - $ 3.5 millones

Consultoría y servicios profesionales

Rigetti ofrece consultoría de computación cuántica y servicios profesionales a empresas y organizaciones de investigación.

Tipo de servicio	Tarifa por hora
Consultoría de estrategia cuántica	$ 450 - $ 750 por hora
Desarrollo de algoritmo cuántico	$ 600 - $ 1,200 por hora

Subvenciones de investigación y contratos gubernamentales

Rigetti asegura fondos a través de subvenciones de investigación y contratos gubernamentales en computación cuántica.

Fuente de financiación	Valor anual aproximado
Darpa Quantum Research otorgue	$ 5.2 millones
Contratos de Departamento de Energía	$ 3.8 millones

Desarrollo de algoritmo cuántico

Rigetti genera ingresos desarrollando y vendiendo algoritmos cuánticos para aplicaciones de la industria específicas.

• Algoritmos de modelado financiero
• Algoritmos de investigación farmacéutica
• Algoritmos cuánticos de aprendizaje automático

Categoría de algoritmo	Tarifa de licencia
Algoritmo de modelado financiero	$250,000 - $500,000
Algoritmo de descubrimiento de drogas	$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.