Summary by Moomoo AI
Rigetti Computing reported Q2 2024 revenues of $3.1M with operating expenses of $18.1M, resulting in a net loss of $12.4M. The company raised $27.8M through ATM program sales between April-July, with cash and investments totaling $100.5M as of June 30.The company remains on track to deploy its 84-qubit Ankaa-3 system targeting 99+% median 2-qubit gate fidelity by end-2024. Current 24-qubit systems demonstrate 99% 2-qubit fidelity with gate speeds of 60-80ns, significantly faster than competitors. In May, Rigetti published research on multichip tunable couplers, advancing its modular chip architecture for scalable quantum processors.Rigetti continues to progress in quantum optimization algorithm development, introducing a method to solve large combinatorial problems using fewer qubits. The company also released preliminary research on resource estimation framework developed under the DARPA Benchmarking Program, aimed at understanding requirements for fault-tolerant quantum computers.
