Rigetti, Quanta Partner on Superconducting Quantum Computing

Rigetti Computing, a California-based developer of quantum integrated circuits, and Quanta Computer, a Taiwan-based notebook computer manufacturer, have entered a strategic collaboration to accelerate the development and commercialisation of superconducting quantum computing. 

The agreement involves investing more than $100 million by each company over the next five years, leveraging their complementary strengths. Quanta proposes to invest $35 million in Rigetti and acquire a stake in the company. However, the company is awaiting approval on this. 

The partnership aims to capitalise on the growing quantum computing market, which is expected to reach $1-2 billion annually by 2030. 

Superconducting qubits offer advantages such as fast gate speeds and established manufacturing techniques from the semiconductor industry.

Subodh Kulkarni, CEO of Rigetti, highlighted both companies’ complementary strengths, noting Rigetti’s pioneering position in superconducting quantum technology and Quanta’s expertise as a leading notebook/server manufacturer with annual sales of $43 billion. 

This collaboration positions them to benefit from the rapid growth anticipated in the quantum computing sector over the next five years.

In recent months, the quantum computing sector has faced significant market fluctuations. 

A notable example was when NVIDIA CEO Jensen Huang suggested that “very useful quantum computers” could be 15 to 30 years away, leading to a sharp decline in quantum computing stocks. 

This statement erased approximately $8 billion in market value, causing substantial stock drops in companies like IonQ, Rigetti, and D-Wave. 

Despite this, industry leaders resisted, arguing that quantum computing already delivers tangible results, particularly in areas like annealing quantum computers and hybrid systems.

Google, Microsoft, and AWS’s recent developments also highlighted progress in quantum computing, showcasing the potential for quantum systems to solve complex problems much faster than classical computers.