| Type | Public |
|---|---|
| Nasdaq: RGTI | |
| Industry | Quantum computing |
| Founded | 2013  |
| Founder | Chad Rigetti |
| Headquarters | Berkeley, California, United States |
Key people | Chad Rigetti, CEO |
| Products | Quantum integrated circuits Forest quantum computing software |
| Website | rigetti.com |
Rigetti Computing is a Berkeley, California-based developer of quantum integrated circuits used for quantum computers. The company also develops a cloud platform called Forest that enables programmers to write quantum algorithms.[1]
Rigetti Computing was founded in 2013 by Chad Rigetti, a physicist who previously worked on quantum computers at IBM, and studied under noted Yale quantum scientist Michel Devoret.[1][2] The company emerged from startup incubator Y Combinator in 2014 as a so-called "spaceshot" company.[3][4] The company also went through enterprise revenue-focused The Alchemist Accelerator in 2014.[4]
By February 2016, the company had begun testing a three-qubit (quantum bit) chip made using aluminum circuits on a silicon wafer.[5] In March, the company raised Series A funding of US$24 million in a round led by Andreessen Horowitz. In November, the company raised Series B funding of $40 million in a round led by investment firm Vy Capital, along with additional funding from Andreessen Horowitz and other investors. Y Combinator was a smaller investor in both rounds.[4]
By Spring of 2017, the company was testing eight-qubit computers,[2] and in June, the company announced the public beta availability of a quantum cloud computing platform called Forest 1.0, which allows developers to write quantum algorithms.[1]
In October of 2021, it was announced that the company plans to go public via a SPAC merger, with estimated valuation around $1.5 billion.[6][7] This process will allow the company to raise an addition $458 million in funding, in addition to the $200 million raised previously.[6] With this funding, Rigetti plans to scale its systems from 80 qubits to 1,000 qubits by 2024, and to 4,000 by 2026.[8] The SPAC deal closed on 2 March, 2022, and the company began trading on the NASDAQ.[9]
Rigetti Computing is a full-stack quantum computing company, a term that indicates that the company designs and fabricates quantum chips, integrates them with a controlling architecture, and develops software for programmers to use to build algorithms for the chips.[10]
The company hosts a cloud computing platform called Forest, which gives developers access to quantum processors so they can write quantum algorithms for testing purposes. The computing platform is based on a custom instruction language the company developed called Quil, which stands for Quantum Instruction Language. Quil facilitates hybrid quantum/classical computing, and programs can be built and executed using open source Python tools.[10][11] As of June 2017, the platform allows coders to write quantum algorithms for a simulation of a quantum chip with 36 qubits.[1]
The company operates a rapid prototyping fabrication ("fab") lab called Fab-1, designed to quickly create integrated circuits. Lab engineers design and generate experimental designs for 3D-integrated quantum circuits for qubit-based quantum hardware.[10]
The company was recognized by X-Prize founder Peter Diamandis as being one of the three leaders in the quantum computing space, along with IBM and Google.[12] MIT Technology Review named the company one of the 50 smartest companies of 2017.[13]
Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment.[12] The company also operates its Fab-1 manufacturing facility in nearby Fremont.[1]
