Rigetti Computing, led by CEO Dr. Subodh Kulkarni, has announced the general availability of Cepheus-1-36Q, a 36-qubit multi-chip quantum computer deployed on the Rigetti Quantum Cloud Services (QCS) platform and with future availability on Microsoft Azure. This system demonstrates a two-fold reduction in two-qubit gate error rate compared to the preceding Ankaa-3 system, achieving a median two-qubit gate fidelity of 99%. Cepheus-1-36Q represents the first multi-chip quantum computer to reach this performance level, utilizing a chiplet-based architecture \u2013 initially demonstrated in 2021 with interchiplet entanglement \u2013 incorporating faster two-qubit gates and an enhanced intermodule coupler design to improve fidelity and coherent error reduction. Rigetti anticipates releasing a 100+ qubit system, also chiplet-based, with a target median two-qubit gate fidelity of 99. 5% before the end of 2025, leveraging superconducting qubits-considered superior to ion traps and pure atoms in scalability and gate speeds by a factor of 1,000-and supported by $571. 6 million in cash, cash equivalents, and available-for-sale investments following a $350 million equity raise in Q2 2025.<\/p>\n
Financial Performance<\/p>\n
reported total revenues of $1 million for the second quarter ended June 30, 2025, alongside operating expenses of $20. 4 million, resulting in an operating loss of $19 million. The net loss for the quarter reached $39. 7 million, significantly impacted by $22. 8 million in non-cash losses stemming from derivative warrant and earn-out liabilities; these liabilities represent future obligations contingent on performance or equity value, and their non-cash impact highlights the complex financial instruments often employed in high-growth technology ventures.<\/p>\n
As of June 30, 2025, the company maintains a robust liquidity position with $571. 6 million in cash, cash equivalents, and available-for-sale investments, providing a substantial buffer for continued research, development, and commercialisation efforts. The company\u2019s financial position was further strengthened by a $350 million equity raise completed during the second quarter, providing capital allocated towards working capital, capital expenditures, and general corporate purposes.<\/p>\n
This influx of capital is strategically intended to support the commercial scale-up of Rigetti\u2019s superconducting gate-based quantum computers<\/a>, reflecting a commitment to translating technological advancements into viable commercial products. Potential future allocations include strategic collaborations, acquisitions, or partnerships, signalling an intention to expand its ecosystem and accelerate innovation within the quantum computing<\/a> landscape.<\/p>\n Subodh Kulkarni, Rigetti CEO, emphasized the company\u2019s progress in achieving its technology roadmap, particularly the development of Cepheus-1-36Q, a 36-qubit multi-chip quantum computer. Rigetti\u2019s approach to scaling, leveraging a proprietary chiplet architecture, is validated by the successful deployment of Cepheus-1-36Q, which currently boasts the largest number of chiplets integrated into a single quantum computer.<\/p>\n Technology Advancement<\/p>\n This achievement builds upon Rigetti\u2019s pioneering work, having introduced the world\u2019s first multi-chip quantum processor in 2021, establishing entanglement across interchiplet boundaries and laying the foundation for the more recent Cepheus-1-36Q system. The Cepheus-1-36Q represents a substantial advancement in scalability, currently possessing the largest number of chiplets integrated within a single quantum computer, validating Rigetti\u2019s modular approach to quantum processor design.<\/p>\n Cepheus-1-36Q exhibits a marked improvement in performance over its predecessor, the Ankaa-3 system, achieving a 2x reduction in two-qubit gate error rate and a median two-qubit gate fidelity of 99%. This fidelity level represents a key milestone, establishing Cepheus-1-36Q as the first multi-chip quantum computer in the industry to attain this performance benchmark.<\/p>\n The architecture underpinning Cepheus-1-36Q incorporates several key features designed to enhance performance, including a proprietary chiplet-based architecture facilitating improved control over chip uniformity and fabrication yield, faster two-qubit gates to minimise coherent errors, and an enhanced intermodule coupler design to optimise performance. Rigetti\u2019s commitment to superconducting qubits stems from their superior scalability and gate speeds compared to alternative modalities such as ion traps and neutral atoms \u2013 exceeding their performance by a factor of 1,000.<\/p>\n Leveraging established semiconductor technologies, particularly chiplets, allows Rigetti to address the challenges associated with scaling quantum systems while maintaining performance characteristics. The company anticipates releasing a 100+ qubit chiplet-based system before the end of 2025, targeting a median two-qubit gate fidelity of 99. 5%, further solidifying its position at the forefront of quantum hardware development.<\/p>\n Subodh Kulkarni, Rigetti CEO, stated that \u201cquadrupling our chiplet count and significantly decreasing error rates is the clear path towards quantum advantage and fault tolerance. \u201d<\/p>\n Rigetti Computing\u2019s second quarter 2025 financial results demonstrate a strong financial foundation, bolstered by a recent $350 million equity raise. As of June 30, 2025, the company reported cash, cash equivalents, and available-for-sale investments totalling $571. 6 million, with no reported debt obligations.<\/p>\n