Rigetti Computing, Inc. (RGTI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da computação quântica, a computação de Rigetti surge como uma força pioneira, transformando desafios computacionais complexos em soluções tecnológicas inovadoras. Ao integrar perfeitamente processadores quânticos avançados, plataformas inovadoras de software e parcerias estratégicas, Rigetti não está apenas desenvolvendo tecnologia quântica-eles estão remodelando o futuro dos domínios computacionais de pesquisa, saúde, finanças e altos domínios de computação. Seu modelo de modelo de negócios exclusivo revela uma abordagem abrangente que os posiciona na vanguarda da inovação quântica, prometendo desbloquear o poder computacional sem precedentes e resolver problemas, uma vez considerado intransponível.

Rigetti Computing, Inc. (RGTI) - Modelo de negócios: Parcerias -chave

Colaboração com Laboratórios Nacionais

A Rigetti Computing estabeleceu parcerias com os seguintes laboratórios nacionais:

Laboratório	Detalhes da colaboração	Ano estabelecido
Centro de Pesquisa da NASA Ames	Pesquisa e desenvolvimento de computação quântica	2018
Laboratórios Nacionais do Departamento de Energia	Desenvolvimento de infraestrutura de computação quântica	2020

Parcerias de pesquisa acadêmica

Rigetti mantém parcerias acadêmicas estratégicas com:

• Universidade da Califórnia, Berkeley
• Universidade de Stanford
• Instituto de Tecnologia de Massachusetts (MIT)

Alianças estratégicas com desenvolvedores de software quântico

As principais parcerias de desenvolvimento de software incluem:

Parceiro	Foco de colaboração	Valor da parceria
Qc ware	Desenvolvimento do algoritmo quântico	US $ 2,5 milhões
Computação Zapata	Integração quântica de software	US $ 1,8 milhão

Provedores de serviços em nuvem

Parcerias de infraestrutura de computação quântica:

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

Parceiros semicondutores e de fabricação de hardware quântico

Parceiro	Capacidade de fabricação	Valor do contrato
GlobalFoundries	Fabricação de chips quânticos	US $ 15,3 milhões
TSMC	Produção avançada de semicondutores	US $ 12,7 milhões

Rigetti Computing, Inc. (RGTI) - Modelo de negócios: Atividades -chave

Projeto e desenvolvimento de processadores quânticos

A partir do quarto trimestre 2023, Rigetti desenvolveu processadores quânticos de 9 e 80 quits. A empresa investiu US $ 24,3 milhões em P&D para desenvolvimento de processadores quânticos em 2023.

Tipo de processador	Contagem de qubits	Status de desenvolvimento
Série Aspen	9-80 qubits	Desenvolvimento ativo
Processador quântico ankaa	80 qubits	Última geração

Engenharia de plataforma quântica de software

O kit de desenvolvimento quântico de software quântico de Rigetti suporta várias linguagens de programação e serviços de computação quântica baseada em nuvem.

• Plataformas de software: Forest SDK
• Linguagens de programação suportadas: python, quil
• Recursos de integração em nuvem

Pesquisa e otimização do algoritmo quântico

A empresa dedicou 15 cientistas de pesquisa ao desenvolvimento de algoritmos quânticos, com foco na otimização para aplicativos de modelagem financeira e aprendizado de máquina.

Áreas de foco de pesquisa	Número de pesquisadores
Algoritmos de modelagem financeira	5 pesquisadores
Algoritmos quânticos de aprendizado de máquina	6 pesquisadores
Algoritmos de ciência de materiais	4 pesquisadores

Serviços de computação quântica baseada em nuvem

Rigetti oferece acesso quântico de computação por meio de serviços de nuvem Quantum (QCS), com mais de 250 clientes empresariais e de pesquisa a partir de 2023.

• Plataforma em nuvem: Serviços Quantum Cloud (QCS)
• Base de clientes: mais de 250 organizações
• Receita anual de serviço em nuvem: US $ 3,7 milhões em 2023

Fabricação e teste de hardware quântico

Rigetti opera uma instalação de fabricação de hardware quântica na Califórnia com uma capacidade de produção de 50 processadores quânticos anualmente.

Métrica de fabricação	Valor
Produção anual de processadores	50 processadores quânticos
Local de fabricação	Mountain View, Califórnia
Testes de controle de qualidade por processador	120 testes individuais

Rigetti Computing, Inc. (RGTI) - Modelo de negócios: Recursos -chave

Tecnologia de chip quântico proprietário

A partir do quarto trimestre 2023, Rigetti opera com 9 processadores quânticos com até 80 qubits. A tecnologia quântica de chips da empresa envolve circuitos quânticos supercondutores com as seguintes especificações:

Métrica do processador quântico	Especificação
Intervalo de contagem de qubits	24-80 qubits
Taxa de erro quântico	0.5% - 1.2%
Tempo de coerência	50-80 microssegundos

Equipe avançada de pesquisa de computação quântica

Rigetti mantém uma força de trabalho de computação quântica especializada:

• Pessoal de pesquisa total: 87 pesquisadores quânticos
• Titulares de doutorado: 62% da equipe de pesquisa
• Experiência média de pesquisa: 7,3 anos

Infraestrutura de desenvolvimento de software quântico

Os recursos de desenvolvimento de software de Rigetti incluem:

Recurso de software	Detalhes
Plataforma de computação quântica em nuvem	Kit de desenvolvimento de software quântico da floresta 2.0
Linguagens de programação suportadas	Python, Quil
Infraestrutura de computação em nuvem	AWS e Google Cloud Integration

Instalações de hardware quântico especializadas

Detalhes da infraestrutura física:

• Local de pesquisa primária: Mountain View, Califórnia
• Espaço total de laboratório: 3.200 metros quadrados
• Quantum Hardware Limpo Salas: 2 instalações especializadas

Propriedade intelectual e patentes de computação quântica

Patente portfólio Redução:

Categoria de patentes	Número de patentes
Patentes de hardware quântico	23
Patentes quânticas de software	17
Patentes de algoritmo quântico	11

Rigetti Computing, Inc. (RGTI) - Modelo de negócios: proposições de valor

Soluções avançadas de computação quântica para problemas computacionais complexos

Rigetti oferece soluções de computação quântica com as seguintes especificações:

Processador quântico	Contagem de qubits	Métrica de desempenho
Aspen-M-3	80 qubits	Volume quântico 32

Infraestrutura de computação quântica escalável

Os recursos de infraestrutura incluem:

• Plataforma de computação quântica baseada em nuvem
• Unidades de processamento quântico com arquitetura escalável
• Serviços em nuvem quântica que suportam várias linguagens de programação

Plataformas de computação clássica quântica híbrida

Plataforma	Tipo de integração	Capacidade computacional
SDK da floresta	Híbrido de clássico quântico	Desenvolvimento de algoritmo quântico em tempo real

Processadores quânticos de alto desempenho

Especificações do processador quântico:

• Tempo de coerência: 100 microssegundos
• Taxas de erro do portão: menos de 1%
• Tecnologia qubit supercondutiva

Acesso à tecnologia quântica para aplicações comerciais e de pesquisa

Segmento de clientes	Método de acesso	Modelo de preços
Pesquisa acadêmica	Acesso à nuvem quântica	Baseado em assinatura
Empresas comerciais	Integração da API	Preços baseados em uso

Rigetti Computing, Inc. (RGTI) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de computação quântica de autoatendência

Rigetti oferece acesso à computação quântica baseada em nuvem através da plataforma Quantum Cloud Services (QCS). A partir do quarto trimestre 2023, a plataforma suporta processadores quânticos de 9 e 80 quits.

Recurso da plataforma	Especificação
Níveis de camada de serviços em nuvem quântica	3 níveis de acesso distintos
Usuários ativos mensais	Aproximadamente 250 instituições de pesquisa
Custo médio de acesso da plataforma	US $ 5.000 - US $ 25.000 por mês

Suporte técnico dedicado para pesquisadores quânticos

Rigetti fornece suporte técnico de computação quântica especializada.

• Suporte de engenharia quântica dedicada 24/7
• Tempo de resposta: média de 4 horas para questões críticas
• Acesso direto a especialistas em computação quântica

Programas de pesquisa e desenvolvimento colaborativos

Rigetti mantém parcerias estratégicas de pesquisa com várias organizações.

Parceiro de pesquisa	Foco de colaboração
NASA	Desenvolvimento do algoritmo quântico
Universidade de Stanford	Pesquisa de correção de erro quântico
Laboratório Nacional de Lawrence Berkeley	Ciência quântica de materiais computacionais

Consultoria de computação quântica personalizada

Serviços de consultoria de computação quântica em nível corporativo oferecidos.

• Taxas de consultoria: US $ 250 a US $ 500 por hora
• Desenvolvimento de algoritmo quântico personalizado
• Design de infraestrutura quântica

Recursos on -line de compartilhamento de comunidade e conhecimento

Rigetti mantém recursos abrangentes de computação quântica on -line.

Tipo de recurso	Métricas
Documentação online	Mais de 500 documentos técnicos
Comunidade de desenvolvedores	3.200 desenvolvedores registrados
Repositórios do GitHub	17 repositórios públicos de computação quântica

Rigetti Computing, Inc. (RGTI) - Modelo de Negócios: Canais

Equipe de vendas diretas

No quarto trimestre 2023, a Computação Rigetti mantém uma equipe de vendas direta de 12 especialistas em computação quântica direcionados a clientes corporativos e governamentais.

Tipo de canal de vendas	Número de pessoal	Segmento de mercado -alvo
Vendas corporativas	7	Serviços financeiros, assistência médica
Vendas do governo	5	Defesa, instituições de pesquisa

Marketplace de computação quântica on -line

Rigetti opera uma plataforma digital com as seguintes métricas:

• Data de lançamento da plataforma: setembro de 2022
• Usuários ativos mensais: 487
• Receita recorrente anual da plataforma online: US $ 3,2 milhões

Plataforma de computação quântica baseada em nuvem

Recursos de Serviço de Computação Quântica de Rigetti:

Métrica da plataforma	2023 dados
Circuitos quânticos totais processados	1,246,000
Tempo médio de computação por circuito	42,7 milissegundos
Receita da plataforma em nuvem	US $ 5,7 milhões

Conferências científicas e exposições de tecnologia

Rigetti participa de eventos de computação quântica com o seguinte engajamento:

• Conferências comparecidas em 2023: 14
• Falando compromissos: 6
• Potenciais leads gerados: 203

Parcerias de rede acadêmica e de pesquisa

Tipo de parceria	Número de parcerias	Financiamento total da pesquisa
Colaborações da Universidade	9	US $ 4,3 milhões
Laboratórios de Pesquisa Nacional	3	US $ 2,1 milhões

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

Instituições de pesquisa e universidades

Rigetti Computing metas de departamentos de pesquisa de computação quântica com métricas específicas de engajamento de clientes:

Tipo de instituição	Orçamento de pesquisa quântica estimada	Potencial adoção de computação quântica
Universidades de pesquisa de primeira linha	US $ 3,2 milhões anualmente	87% de participação em plataformas de computação quântica
Centros de pesquisa acadêmica	US $ 1,7 milhão anualmente	64% explorando recursos computacionais quânticos

Agências de pesquisa governamentais

Quantum Computing Government Segment Breakdown:

• Departamento de Energy Quantum Computing Investment: US $ 412 milhões em 2023
• Laboratórios Nacionais Orçamento de Pesquisa Quantum: US $ 276 milhões
• Agenda de Projetos de Pesquisa Avançada de Defesa (DARPA) Alocação de computação quântica: US $ 189 milhões

Organizações farmacêuticas e de saúde

Setor	Investimento de computação quântica	Foco na pesquisa
20 principais empresas farmacêuticas	US $ 623 milhões em P&D quântica	Descoberta de medicamentos e simulação molecular
Instituições de Pesquisa em Saúde	Orçamento de computação quântica de US $ 214 milhões	Análise genômica e modelagem complexa

Serviços financeiros e bancos

Computação Quântica Engajamento do Setor Financeiro:

• Instituições financeiras globais Investimento de computação quântica: US $ 1,4 bilhão
• Alocação de computação quântica de modelagem de risco: US $ 327 milhões
• Pesquisa quântica de criptografia e segurança: US $ 246 milhões

Empresas de computação de alto desempenho

Categoria corporativa	Orçamento de computação quântica	Necessidades computacionais
Empresas de tecnologia	US $ 892 milhões	Desenvolvimento algorítmico avançado
Centros de supercomputação	US $ 534 milhões	Simulações científicas complexas

Rigetti Computing, Inc. (RGTI) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Computação Rigetti relatou despesas de pesquisa e desenvolvimento de US $ 43,3 milhões, representando uma parcela significativa de seus custos operacionais totais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 43,3 milhões	62.4%
2022	US $ 37,8 milhões	58.9%

Fabricação de hardware quântico

Os custos de fabricação para o hardware de computação quântica são estimados em US $ 12,5 milhões anualmente, com equipamentos e materiais especializados contribuindo significativamente para as despesas.

• Custos de produção de chips quânticos: US $ 5,2 milhões
• Equipamento de fabricação especializado: US $ 3,7 milhões
• Matérias -primas e componentes: US $ 3,6 milhões

Aquisição e retenção de talentos

As despesas de pessoal de Rigetti para especialistas e engenheiros de computação quântica totalizam aproximadamente US $ 28,6 milhões em 2023.

Categoria de funcionários	Salário médio anual	Total de despesas de pessoal
Cientistas de pesquisa quântica	$220,000	US $ 11,2 milhões
Engenheiros de software	$180,000	US $ 9,4 milhões
Engenheiros de hardware	$195,000	US $ 8,0 milhões

Manutenção de infraestrutura e instalação

Os custos de manutenção de instalações e infraestrutura para os centros e laboratórios de pesquisa de Rigetti equivalem a US $ 6,8 milhões anualmente.

• Manutenção de laboratório especializada: US $ 3,2 milhões
• Custos operacionais da instalação: US $ 2,1 milhões
• Manutenção do equipamento: US $ 1,5 milhão

Infraestrutura de computação em nuvem e tecnologia

Infraestrutura de tecnologia e despesas de computação em nuvem para Rigetti totalizam US $ 7,9 milhões em 2023.

Componente de infraestrutura	Custo anual
Recursos de computação em nuvem	US $ 4,3 milhões
Sistemas de computação de alto desempenho	US $ 2,6 milhões
Infraestrutura de rede e segurança cibernética	US $ 1,0 milhão

Rigetti Computing, Inc. (RGTI) - Modelo de negócios: fluxos de receita

Assinaturas de plataforma de computação quântica

A plataforma de serviços de nuvem quântica de Rigetti, Rigetti Quantum Cloud Services (QCS), gera receita por meio de acesso baseado em assinatura a recursos de computação quântica.

Camada de assinatura	Custo mensal	Recursos quânticos
Acesso quântico básico	$3,500	Processador de 8 quits
Acesso quântico avançado	$12,000	Processador de 32 quits

Vendas e licenciamento de hardware

Rigetti gera receita vendendo hardware de computação quântica e tecnologia quântica de licenciamento.

• Vendas de processadores quânticos para instituições de pesquisa
• Acordos de licenciamento de tecnologia com clientes corporativos

Produto de hardware	Faixa de preço
Processador quântico	$250,000 - $750,000
Sistema de computação quântica	US $ 1,2 milhão - US $ 3,5 milhões

Consultoria e Serviços Profissionais

Rigetti oferece consultoria quântica de computação e serviços profissionais para empresas e organizações de pesquisa.

Tipo de serviço	Taxa horária
Consultoria de estratégia quântica	$ 450 - $ 750 por hora
Desenvolvimento do algoritmo quântico	$ 600 - US $ 1.200 por hora

Subsídios de pesquisa e contratos governamentais

Rigetti garante financiamento por meio de subsídios de pesquisa e contratos governamentais em computação quântica.

Fonte de financiamento	Valor anual aproximado
Darpa Quantum Research Subsídios	US $ 5,2 milhões
Departamento de Contratos de Energia	US $ 3,8 milhões

Desenvolvimento do algoritmo quântico

Rigetti gera receita desenvolvendo e vendendo algoritmos quânticos para aplicações específicas do setor.

• Algoritmos de modelagem financeira
• Algoritmos de pesquisa farmacêutica
• Algoritmos quânticos de aprendizado de máquina

Categoria de algoritmo	Taxa de licenciamento
Algoritmo de modelagem financeira	$250,000 - $500,000
Algoritmo de descoberta de medicamentos	$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.