Rigetti Computing (RGTI) 20th Annual Needham Technology, Media & Consumer 1x1 Conference summary

Industry context and technology overview

• Quantum computing offers exponential computing power and lower energy consumption compared to classical computing, using qubits and entanglement for advanced calculations.

• Superconducting gate-based quantum computing is favored for scalability and gate speed, with recent advances achieving 99%-99.7% two-qubit gate fidelity, matching or surpassing other modalities.

• The modular chiplet approach enables easier scaling of qubit counts, leveraging semiconductor industry advances for packaging and integration.

• Hybrid computing is emphasized, with quantum computers envisioned to coexist with CPUs and GPUs, leveraging existing networks rather than requiring separate quantum networks.

• Error correction is a critical focus, with partnerships like Riverlane advancing real-time error correction and QLDPC codes for future commercial applications.

Roadmap, milestones, and partnerships

• Achieved 99.5% median two-qubit gate fidelity on latest systems, with targets to reach 99.8%-99.9% and demonstrate over 100 qubits using chiplet architecture in 2024.

• The chiplet approach is seen as the only practical way to scale to thousands or hundreds of thousands of qubits, with ongoing work to tile multiple chiplets in a single package.

• Optical signaling research aims to overcome physical limitations of coax and flex cables, enabling fiber optic integration for large-scale quantum systems.

• Participation in DARPA's Quantum Benchmarking Initiative targets utility-scale quantum computing by 2033, requiring high fidelity, fast gate speeds, and advanced error correction.

• Strategic partnership with Quanta Computer includes a $35M investment and a $250M commitment over five years to develop the non-quantum hardware stack, supporting commercialization.

Funding, government support, and outlook

• U.S. and allied government funding, including DARPA and Air Force Research Lab awards, are vital for ongoing R&D and technology milestones.

• The reauthorization of the National Quantum Computing Act is pending but has bipartisan support and is critical for long-term industry growth.

• Financial position has improved due to recent fundraising and strategic partnerships, allowing continued focus on technology development.

• The sector remains in the R&D phase, with commercial applications expected as fidelity and scalability targets are met in the coming years.