RIGETTI COMPUTING Business Summary

Rigetti Computing Inc. (RGTI) is a vertically integrated quantum systems company that generates revenue through three primary channels: Quantum Computing as a Service (QCaaS) via its Quantum Cloud Services (QCS) platform, the direct sale of on-premises quantum processing units (QPUs) such as the Novera system, and strategic research and development contracts with government agencies like AFRL and DARPA. The company’s business is organized into Cloud Services, Hardware Sales, and Professional Services segments, all centered on its proprietary modular chiplet architecture designed to scale superconducting quantum processors. Rigetti competes directly with diversified technology giants IBM and Alphabet (Google), as well as pure-play rivals IonQ and D-Wave Quantum. Within the market, Rigetti differentiates itself through its focus on superconducting gate-based hardware and hybrid quantum-classical infrastructure, positioning itself as a specialized provider for enterprise and national security clients requiring high-performance, on-site quantum capabilities. The company was founded in 2013 by Dr. Chad Rigetti, a Yale-educated physicist and former IBM researcher. The current leadership team is led by President and CEO Dr. Subodh Kulkarni, a semiconductor industry veteran and former CEO of CyberOptics, alongside CTO David Rivas, who previously held executive engineering roles at Sun Microsystems and Nokia. CFO Jeffrey Bertelsen, also a former CyberOptics executive, oversees the firm’s financial strategy and its substantial cash reserves, which stood at approximately $600 million entering 2026. Rigetti’s board of directors is chaired by Thomas Iannotti, a former Senior VP at Hewlett-Packard and Chairman of Applied Materials, and includes seasoned directors such as Michael Clifton of Falfurrias Management Partners. The company maintains a strong institutional investor base, including Bessemer Venture Partners, Vanguard Group, and BlackRock, supporting its roadmap toward achieving large-scale quantum advantage by 2027.