US QC Supplier Rigetti’s Recent Realignment: Positing Its Larger Implications

In early February 2023, pure-play quantum computing (QC) firm Rigetti Computing Inc announced the layoff of 50 employees, 28% of its staff, fueled in part by an effort to stave off a delisting of its stock from the Nasdaq exchange. To avoid that, Rigetti must maintain a per share price of above $1 for ten consecutive days before a July 24th deadline. The announcement, coupled with a reshuffling of both CFO and CTO positions, also highlighted a revised technology roadmap for Rigetti that concentrates on the delivery of its Ankaa 84 qubit system in the first quarter of 2023, with increased 2-qubit gate fidelity, capable of demonstrating quantum advantage on a practical, operationally relevant problem over counterpart classical solutions.