Release Date: March 05, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you explain the genesis and exclusivity of the strategic collaboration with Quanta Computer Inc.? A: Subodh Kulkarni, President and CEO, explained that Quanta, a leader in GPU servers, sought a partner in quantum computing and chose Rigetti for its superconducting gate-based technology. The partnership, which began discussions a year ago, involves Quanta investing $35 million in Rigetti shares and committing over $250 million to non-QPU hardware development over five years. This collaboration aims to leverage Quanta's manufacturing capabilities and Rigetti's technology to advance quantum computing development.
Q: What is the status of government funding for quantum computing, and how does it impact Rigetti? A: Subodh Kulkarni noted that a bipartisan bill proposing $2.5 billion over five years for DOE labs is pending approval. The funding is expected to be allocated in the second quarter of 2025. Additionally, the DoD's DARPA Quantum Benchmark initiative is anticipated to announce selected companies soon, with significant funding available for developing utility-scale quantum computing.
Q: How does Rigetti plan to scale its quantum computing technology, and what are the expected milestones? A: Subodh Kulkarni outlined Rigetti's plan to scale using a chiplet approach, aiming to demonstrate a 36-qubit chip by mid-2025 and over 100 qubits by year-end. The company targets a 2x reduction in error rates, aiming for 99.5% median 2-qubit gate fidelity. This approach is expected to facilitate scaling to several hundred thousand qubits in the future.
Q: How does Rigetti's open modular architecture benefit its position in the quantum computing industry? A: Subodh Kulkarni emphasized that Rigetti's open modular architecture allows for the integration of innovative third-party solutions, which is appealing to national labs and government agencies. This flexibility differentiates Rigetti from competitors with more closed, mainframe-like approaches, enabling faster adoption of new technologies and solutions.
Q: What are the financial implications of the collaboration with Quanta, and how will it affect Rigetti's R&D spending? A: Jeffrey Bertelsen, CFO, stated that the collaboration with Quanta will continue Rigetti's R&D efforts, with expenditures flowing through operating expenses. The $100 million commitment from Rigetti over five years will support ongoing R&D without a significant step-up in spending, while Quanta's $250 million investment will further enhance Rigetti's roadmap.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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