How Does Rigetti Computing Make its Money?
Rigetti Computing is a full-stack quantum computing company that designs, manufactures, and delivers quantum processors and quantum computing systems. Unlike IonQ’s trapped-ion approach, Rigetti uses superconducting qubit technology — the same approach used by Google and IBM — which it fabricates in its own dedicated quantum chip foundry (Fab-1) in Fremont, California. This vertical integration allows Rigetti to rapidly iterate on chip design and manufacturing. The company provides access to its quantum computers through its Quantum Cloud Services platform and through partnerships with Amazon Web Services (Amazon Braket), Microsoft Azure, and others. Rigetti has been a major beneficiary of the quantum computing hype cycle, with its stock surging over 1,000% in late 2024.
Rigetti Computing (RGTI) Business Model
Rigetti Computing operates in the technology sector. Below is a summary of Rigetti Computing’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Rigetti Computing’s 2024 fiscal year filings with the SEC.
Rigetti Computing Competitors
Rigetti Computing’s key competitors and comparable public companies in the technology sector include IonQ, IBM, Nvidia, and Microsoft. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Rigetti Computing stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Quantum Cloud Services (QCaaS) | $12 | $8 | +50.0% |
| Government & Research Contracts | $8 | $6 | +33.3% |
| Quantum Processing Unit (QPU) Sales | $5 | $3 | +66.7% |
| Total Revenue | $25 | $17 | +47.1% |
Quantum Cloud Services (QCaaS) — 48% of Revenue
Government & Research Contracts — 32% of Revenue
Quantum Processing Unit (QPU) Sales — 20% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $25 | $17 |
| Cost of Revenue | $15 | $10 |
| Gross Profit | $10 | $7 |
| Operating Expenses | $130 | $110 |
| Operating Income | $-120 | $-103 |
| Net Income | $-115 | $-100 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 40.0%
- Operating Margin: -480.0%
- Revenue Growth: 47.1%
Is Rigetti Computing Profitable?
Rigetti Computing (RGTI) profitability depends on the reporting period and business cycle. Review the income statement above for the latest figures.
What to Watch
- Ankaa-class processor performance milestones and qubit count scaling roadmap
- Enterprise and government pilot programs converting to production workloads
- Fab-1 foundry throughput and ability to fabricate next-generation quantum chips
- Cash burn rate and runway — the company is years from profitability
Rigetti Computing (RGTI) Financial Summary
Rigetti Computing (RGTI) is a technology company that generated $25 in total revenue in fiscal year 2024. Revenue grew 47.1% year-over-year. For a deeper look at Rigetti Computing’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.