Quantum Computing Could Have a Greater Impact Than You Think

Rigetti is not a household name but it does have a lot of weight. Rigetti, which raised $262 million in February, became one of the few publicly traded quantum computing companies. Investors have grown more skeptical of the company’s long-term plans for quantum computing. The stock price of the company has fallen by around three quarters since it went public. This was exacerbated when Rigetti announced that a $4 million US government contract had been delayed. This would have contributed to a large portion of the company’s annual revenues of between $12 million and $13 million.

However, the company claims it has the right approach to the long-term. It begins in 2023 with Ankaa. This processor includes 84 qubits. They are the fundamental data processing element of a quantum computer. Lyra is a 336-qubit computer that was built from four of these qubits. Names are astronomical. Ankaa refers to a star and Lyra to a constellation.

Rigetti does not promise quantum advantage with the 336 qubit machines, but it is the company’s hope. Rigetti stated that “we believe it’s absolutely within our realm of possibility.”

Quantum advantage requires more qubits to enable more advanced algorithms. Rigetti believes customers in finance, government and automotive will be willing to pay for quantum computing power. Rigetti stated that auto companies could use new battery technology to optimize complex manufacturing processes. Financial services companies are constantly looking for new ways to spot trends, and make trading decisions, and Rigetti suggested that financial service companies could also research new battery technologies.

Rigetti plans on linking its Ankaa modules to larger machines: a 1,000-qubit machine in 2025, and a model with 4,000 qubits in 2027.

Rigetti isn’t the only company that wants to build a rocket. IBM currently has a 127-qubit quantum computing machine. They also plan to build a 433-qubit model by 2023, and more than 4,000 qubits by 2025. Qubit count is not the only measure of quantum computers’ utility. However, it is an important factor.

“What Rigetti’s doing in terms of qubits pales in contrast to IBM,” stated Moor Insights & Strategy Paul Smith Smith-Goodson.

Rigetti also expects improvements in manufacturing. This includes a Fremont, California expansion of its chip fabrication plant that is presently underway. Rigetti also anticipates improvements in error correction technology to allow for more accurate quantum computing calculations. Additionally, Rigetti plans to offer better software and services so customers are able to use its machines.

Rigetti announced four new deals to help it reach its goals at its investor event.

Nvidia, the giant of graphics and AI chips, has formed a partnership to combine quantum and traditional computing in order to improve climate modeling

Microsoft’s Azure cloud computing will allow Rigetti machines to be accessed through Microsoft’s Azure cloud computing.

Bluefors will construct new refrigerators for the 1,000- and 4,000-qubit systems. This is a crucial technology partnership as its machines must be cooled to near absolute zero.
Keysight Technologies will provide its technology to reduce quantum computing error rates. This is a crucial step in performing more complex calculations.

Qubits can be easily disturbed, so it is important to learn how to deal with errors in order for quantum computing to progress. A foundation that is more stable and less susceptible to errors will be a better foundation. Quantum computer manufacturers track this with a measure called gate fidelity. Rigetti currently has 95% to 97% accuracy, while prototypes of its fourth-generation Ankaa-based systems show 99%.

Analyst Smith-Goodson believes quantum computing will eventually become practical, but it’s uncertain when and how.

He said, “Everybody’s working towards a million qubit machines.” “We don’t know which technology will make it.