Rigetti Computing, Inc. (RGTI): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de l'informatique quantique, l'informatique rigetti émerge comme une force pionnière, transformant des défis de calcul complexes en solutions technologiques révolutionnaires. En intégrant de manière transparente des processeurs quantiques avancés, des plates-formes logicielles innovantes et des partenariats stratégiques, Rigetti ne développe pas seulement la technologie quantique - ils remodèlent l'avenir des possibilités de calcul entre la recherche, les soins de santé, les finances et les domaines informatiques de haute performance. Leur toile de modèle commercial unique révèle une approche complète qui les positionne à la pointe de l'innovation quantique, promettant de débloquer une puissance de calcul sans précédent et de résoudre des problèmes une fois jugés insurmontables.

Rigetti Computing, Inc. (RGTI) - Modèle commercial: partenariats clés

Collaboration avec les laboratoires nationaux

Rigetti Computing a établi des partenariats avec les laboratoires nationaux suivants:

Laboratoire	Détails de collaboration	Année établie
Centre de recherche sur la NASA Ames	Recherche et développement de l'informatique quantique	2018
Laboratoires nationaux du Département de l'énergie	Développement d'infrastructures informatiques quantiques	2020

Partenariats de recherche universitaire

Rigetti maintient des partenariats académiques stratégiques avec:

• Université de Californie, Berkeley
• Université de Stanford
• Institut de technologie du Massachusetts (MIT)

Alliances stratégiques avec des développeurs de logiciels quantiques

Les partenariats clés de développement de logiciels comprennent:

Partenaire	Focus de la collaboration	Valeur de partenariat
QC Ware	Développement d'algorithmes quantiques	2,5 millions de dollars
Zapata Computing	Intégration logicielle quantique	1,8 million de dollars

Fournisseurs de services cloud

Partenariats sur les infrastructures informatiques quantiques:

• Plate-forme Braket des services Web Amazon (AWS)
• Microsoft Azure Quantum

Partenaires de fabrication de matériel de semi-conducteurs et quantiques

Partenaire	Capacité de fabrication	Valeur du contrat
GlobalFoundries	Fabrication de puces quantiques	15,3 millions de dollars
Tsmc	Production avancée de semi-conducteurs	12,7 millions de dollars

Rigetti Computing, Inc. (RGTI) - Modèle d'entreprise: Activités clés

Conception et développement du processeur quantique

Depuis le quatrième trimestre 2023, Rigetti a développé des processeurs quantiques de 9 qubit et 80 qubit. La société a investi 24,3 millions de dollars en R&D pour le développement de processeurs quantiques en 2023.

Type de processeur	Comptage de qubit	Statut de développement
Série Aspen	9-80 Qubits	Développement actif
Processeur quantum ankaa	80 Qubits	Dernière génération

Ingénierie de plate-forme logicielle quantique

Le kit de développement de logiciel quantique Forest de Rigetti prend en charge plusieurs langages de programmation et services informatiques quantiques basés sur le cloud.

• Plateformes logicielles: Forest SDK
• Langages de programmation pris en charge: Python, Quil
• Capacités d'intégration du cloud

Recherche et optimisation de l'algorithme quantique

L'entreprise a consacré 15 chercheurs aux chercheurs au développement des algorithmes quantiques, en mettant l'accent sur l'optimisation des applications de modélisation financière et d'apprentissage automatique.

Les domaines de recherche sur la recherche	Nombre de chercheurs
Algorithmes de modélisation financière	5 chercheurs
Algorithmes quantiques d'apprentissage automatique	6 chercheurs
Algorithmes scientifiques des matériaux	4 chercheurs

Services informatiques quantiques basés sur le cloud

Rigetti offre un accès quantique à calcul via Quantum Cloud Services (QCS), avec plus de 250 clients d'entreprise et de recherche en 2023.

• Plateforme cloud: services cloud quantiques (QC)
• Base de clients: 250+ organisations
• Revenus de services cloud annuels: 3,7 millions de dollars en 2023

Fabrication et test de matériel quantique

Rigetti exploite une usine de fabrication quantique en Californie avec une capacité de production de 50 processeurs quantiques par an.

Métrique manufacturière	Valeur
Production annuelle du processeur	50 processeurs quantiques
Emplacement de fabrication	Mountain View, Californie
Tests de contrôle de la qualité par processeur	120 tests individuels

Rigetti Computing, Inc. (RGTI) - Modèle commercial: Ressources clés

Technologie de puce quantique propriétaire

Depuis le quatrième trimestre 2023, Rigetti fonctionne avec 9 processeurs quantiques avec jusqu'à 80 qubits. La technologie des puces quantiques de l'entreprise implique des circuits quantiques supraconducteurs avec les spécifications suivantes:

Métrique du processeur quantique	Spécification
Plage de comptes de qubit	24-80 Qubits
Taux d'erreur quantique	0.5% - 1.2%
Temps de cohérence	50-80 microsecondes

Équipe avancée de recherche sur l'informatique quantique

Rigetti maintient une main-d'œuvre informatique quantique spécialisée:

• Personnel de recherche total: 87 chercheurs quantiques
• THAPORTS: 62% de l'équipe de recherche
• Expérience de recherche moyenne: 7,3 ans

Infrastructure de développement de logiciels quantique

Les ressources de développement logiciel de Rigetti comprennent:

Ressource logicielle	Détails
Plate-forme informatique quantique cloud	Kit de développement logiciel quantique Forest 2.0
Langages de programmation pris en charge	Python, Quil
Infrastructure de cloud computing	AWS et Google Cloud Intégration

Installations matérielles quantiques spécialisées

Détails des infrastructures physiques:

• Lieu de recherche primaire: Mountain View, Californie
• Espace total de laboratoire: 3 200 mètres carrés
• Salles blanches quantiques: 2 installations spécialisées

Propriété intellectuelle et brevets informatiques quantiques

Répartition du portefeuille de brevets:

Catégorie de brevet	Nombre de brevets
Brevets matériels quantiques	23
Brevets logiciels quantiques	17
Brevets d'algorithme quantique	11

Rigetti Computing, Inc. (RGTI) - Modèle d'entreprise: propositions de valeur

Solutions de calcul quantique avancées pour des problèmes de calcul complexes

Rigetti propose des solutions informatiques quantiques avec les spécifications suivantes:

Processeur quantique	Comptage de qubit	Métrique de performance
Aspen-M-3	80 Qubits	Volume quantique 32

Infrastructure informatique quantique évolutive

Les capacités d'infrastructure comprennent:

• Plate-forme informatique quantique basée sur le cloud
• Unités de traitement quantique avec architecture évolutive
• Services cloud quantiques prenant en charge plusieurs langages de programmation

Plates-formes informatiques hybrides quantum-classiques

Plate-forme	Type d'intégration	Capacité de calcul
SDK forestier	Hybride quantique-classique	Développement d'algorithmes quantiques en temps réel

Processeurs quantiques hautes performances

Spécifications du processeur quantique:

• Temps de cohérence: 100 microsecondes
• Taux d'erreur de porte: moins de 1%
• Technologie de qubit supraconductrice

Accès à la technologie quantique pour la recherche et les applications commerciales

Segment de clientèle	Méthode d'accès	Modèle de tarification
Recherche académique	Accès cloud quantique	Sous-marin
Entreprises commerciales	Intégration API	Prix ​​basés sur l'utilisation

Rigetti Computing, Inc. (RGTI) - Modèle d'entreprise: Relations clients

Plates-formes informatiques quantiques en libre-service

Rigetti propose un accès quantique basé sur le cloud via la plate-forme Quantum Cloud Services (QCS). Depuis le quatrième trimestre 2023, la plate-forme prend en charge les processeurs quantiques de 9 qubit et 80 qubit.

Fonctionnalité de plate-forme	Spécification
Niveaux de niveau des services cloud quantum	3 niveaux d'accès distincts
Utilisateurs actifs mensuels	Environ 250 institutions de recherche
Coût moyen d'accès à la plate-forme	5 000 $ - 25 000 $ par mois

Support technique dédié aux chercheurs quantiques

Rigetti fournit un support technique spécialisé en informatique quantique.

• Prise en charge de l'ingénierie quantique dédiée 24/7
• Temps de réponse: moyenne 4 heures pour les problèmes critiques
• Accès direct aux experts en informatique quantique

Programmes de recherche et développement collaboratif

Rigetti maintient des partenariats de recherche stratégiques avec plusieurs organisations.

Partenaire de recherche	Focus de la collaboration
NASA	Développement d'algorithmes quantiques
Université de Stanford	Recherche de correction d'erreur quantique
Laboratoire national de Lawrence Berkeley	Science des matériaux informatiques quantiques

Conseil informatique quantique personnalisé

Services de conseil informatique quantique au niveau de l'entreprise offerts.

• Taux de conseil: 250 $ à 500 $ l'heure
• Développement d'algorithmes quantiques personnalisés
• Conception d'infrastructure quantique

Ressources de partage de la communauté et des connaissances en ligne

Rigetti maintient des ressources informatiques quantiques en ligne complètes.

Type de ressource	Métrique
Documentation en ligne	Plus de 500 documents techniques
Communauté de développeurs	3 200 développeurs enregistrés
Référentiels GitHub	17 référentiels publics sur l'informatique quantique

Rigetti Computing, Inc. (RGTI) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Rigetti Computing maintient une équipe de vente directe de 12 spécialistes de l'informatique quantique ciblant les entreprises et les clients gouvernementaux.

Type de canal de vente	Nombre de personnel	Segment du marché cible
Ventes d'entreprise	7	Services financiers, soins de santé
Ventes gouvernementales	5	Défense, institutions de recherche

Marché de l'informatique quantique en ligne

Rigetti exploite une plate-forme numérique avec les mesures suivantes:

• Date de lancement de la plate-forme: septembre 2022
• Utilisateurs actifs mensuels: 487
• Revenus récurrents annuels de la plateforme en ligne: 3,2 millions de dollars

Plate-forme informatique quantique basée sur le cloud

Fonctionnalités du service informatique quantique Cloud de Rigetti:

Métrique de la plate-forme	2023 données
Circuits quantiques totaux traités	1,246,000
Temps de calcul moyen par circuit	42,7 millisecondes
Revenus de plate-forme cloud	5,7 millions de dollars

Conférences scientifiques et expositions technologiques

Rigetti participe à des événements informatiques quantiques avec l'engagement suivant:

• Conférences assistées en 2023: 14
• Speaking Engagements: 6
• Leads potentiels générés: 203

Partenariats du réseau académique et de recherche

Type de partenariat	Nombre de partenariats	Financement total de la recherche
Collaborations universitaires	9	4,3 millions de dollars
Laboratoires de recherche nationaux	3	2,1 millions de dollars

Rigetti Computing, Inc. (RGTI) - Modèle d'entreprise: segments de clientèle

Institutions de recherche et universités

L'informatique Rigetti cible les départements de recherche en informatique quantique avec des mesures d'engagement client spécifiques:

Type d'institution	Budget de recherche quantique estimé	Adoption potentielle de l'informatique quantique
Universités de recherche de haut niveau	3,2 millions de dollars par an	87% d'intérêt pour les plates-formes informatiques quantiques
Centres de recherche universitaires	1,7 million de dollars par an	64% d'exploration des ressources de calcul quantum

Agences de recherche gouvernementales

Réflexion du segment du gouvernement de l'informatique quantique:

• Investissement informatique quantique du ministère de l'énergie: 412 millions de dollars en 2023
• Budget de recherche quantique des laboratoires nationaux: 276 millions de dollars
• Defense Advanced Research Projects Agency (DARPA) Attribution de l'informatique quantique: 189 millions de dollars

Organisations pharmaceutiques et de soins de santé

Secteur	Investissement informatique quantique	Focus de recherche
Top 20 des sociétés pharmaceutiques	623 millions de dollars R&D quantiques	Découverte de médicaments et simulation moléculaire
Institutions de recherche sur les soins de santé	Budget informatique quantique de 214 millions de dollars	Analyse génomique et modélisation complexe

Services financiers et banque

Engagement du secteur financier de l'informatique quantique:

• Institutions financières mondiales Investissement informatique quantique: 1,4 milliard de dollars
• Modélisation des risques Attribution de l'informatique quantique: 327 millions de dollars
• Cryptographie et sécurité de la recherche quantique: 246 millions de dollars

Entreprises informatiques hautes performances

Catégorie d'entreprise	Budget informatique quantique	Besoins informatiques
Entreprises technologiques	892 millions de dollars	Développement algorithmique avancé
Centres de supercalculation	534 millions de dollars	Simulations scientifiques complexes

Rigetti Computing, Inc. (RGTI) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Rigetti Computing a déclaré des frais de recherche et de développement de 43,3 millions de dollars, ce qui représente une partie importante de leurs coûts d'exploitation totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	43,3 millions de dollars	62.4%
2022	37,8 millions de dollars	58.9%

Fabrication de matériel quantique

Les coûts de fabrication pour le matériel informatique quantique sont estimés à 12,5 millions de dollars par an, avec des équipements et des matériaux spécialisés contribuant de manière significative aux dépenses.

• Coûts de production de puces quantiques: 5,2 millions de dollars
• Équipement de fabrication spécialisé: 3,7 millions de dollars
• Matières premières et composants: 3,6 millions de dollars

Acquisition et rétention de talents

Les dépenses de personnel de Rigetti pour les spécialistes de l'informatique quantique et les ingénieurs totalisent environ 28,6 millions de dollars en 2023.

Catégorie des employés	Salaire annuel moyen	Total des dépenses du personnel
Chercheurs quantiques	$220,000	11,2 millions de dollars
Ingénieurs logiciels	$180,000	9,4 millions de dollars
Ingénieurs matériels	$195,000	8,0 millions de dollars

Infrastructure et maintenance des installations

Les coûts de maintenance des installations et des infrastructures pour les centres de recherche et laboratoires de Rigetti s'élèvent à 6,8 millions de dollars par an.

• Entretien spécialisé en laboratoire: 3,2 millions de dollars
• Coûts opérationnels de l'installation: 2,1 millions de dollars
• Entretien de l'équipement: 1,5 million de dollars

Cloud Computing et Infrastructure technologique

Infrastructure technologique et dépenses de cloud computing pour Rigetti total 7,9 millions de dollars en 2023.

Composant d'infrastructure	Coût annuel
Ressources de cloud computing	4,3 millions de dollars
Systèmes informatiques hautes performances	2,6 millions de dollars
Infrastructure de réseau et de cybersécurité	1,0 million de dollars

Rigetti Computing, Inc. (RGTI) - Modèle commercial: Strots de revenus

Abonnements à la plate-forme informatique quantique

La plate-forme Quantum Cloud Services de Rigetti, Rigetti Quantum Cloud Services (QCS), génère des revenus grâce à l'accès basé sur l'abonnement aux ressources informatiques quantiques.

Niveau d'abonnement	Coût mensuel	Ressources quantiques
Accès quantique de base	$3,500	Processeur de 8 points
Accès quantique avancé	$12,000	Processeur de 32 qubit

Ventes et licences de matériel

Rigetti génère des revenus en vendant du matériel informatique quantique et en licence la technologie quantique.

• Ventes de processeurs quantiques aux institutions de recherche
• Accords de licence de technologie avec des clients d'entreprise

Matériel de matériel	Fourchette
Processeur quantique	$250,000 - $750,000
Système informatique quantique	1,2 million de dollars - 3,5 millions de dollars

Services de conseil et professionnels

Rigetti propose des services de conseil en informatique quantique et professionnels aux entreprises et aux organisations de recherche.

Type de service	Taux horaire
Conseil de stratégie quantique	450 $ - 750 $ l'heure
Développement d'algorithmes quantiques	600 $ - 1 200 $ l'heure

Subventions de recherche et contrats gouvernementaux

Rigetti obtient un financement par le biais de subventions de recherche et de contrats gouvernementaux en informatique quantique.

Source de financement	Valeur annuelle approximative
Darpa Quantum Research Grants	5,2 millions de dollars
Contrats du ministère de l'énergie	3,8 millions de dollars

Développement d'algorithmes quantiques

Rigetti génère des revenus en développant et en vendant des algorithmes quantiques pour des applications spécifiques de l'industrie.

• Algorithmes de modélisation financière
• Algorithmes de recherche pharmaceutique
• Algorithmes quantiques d'apprentissage automatique

Catégorie d'algorithme	Frais de licence
Algorithme de modélisation financière	$250,000 - $500,000
Algorithme de découverte de médicaments	$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.