Rigetti Computing partners with Quanta for $100M investment

By Tamara Parker • Friday, February 28 10:05 • Permanent Link

Rigetti Computing, Inc. (NASDAQ: RGTI) has just announced a strategic collaboration agreement with Quanta Computer Inc., a Taiwan-based global Fortune 500 company, to accelerate the development and commercialization of superconducting quantum computing. This collaboration involves a commitment from both companies to invest over $100 million each over the next five years. Additionally, Quanta will invest $35 million and purchase shares of Rigetti, subject to regulatory clearance.

The press release indicates that the quantum computing industry is expected to experience rapid growth, with the market projected to reach $1-2 billion per year by 2030. Rigetti's CEO, Dr. Subodh Kulkarni, stated that Quanta's investment will strengthen their leadership in this flourishing market. He emphasized the complementary strengths of both companies, with Rigetti being a pioneer in superconducting quantum technology and Quanta being the world's leading notebook/server manufacturer with $43 billion in annual sales.

Rigetti, a pioneer in full-stack quantum computing, has been operating quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, the company began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, and in 2023 introduced the 9-qubit Novera QPU, designed to support a broader R&D community with high-performance, on-premises capabilities.

Quanta Computer Inc., a Fortune Global 500 company, is a leader in worldwide notebook manufacturing and a leading solution provider in cloud computing. In FY2024, the company's consolidated revenues amounted to US$43 billion with a workforce of approximately 60,000 employees worldwide.

The collaboration between Rigetti and Quanta comes at a time when the quantum computing industry is poised for significant expansion, and both companies are strategically positioned to capitalize on the opportunities in this growing market. The market has reacted to these announcements by moving the company's shares 3.6% to a price of $8.32. For more information, read the company's full 8-K submission here.

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