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- **Technical Milestones**: 100-qubit system launched, with 1,000-qubit target by 2027 at 99.8% fidelity.
- **Strategic Partnerships**: $5.8M AFRL contract, 9-qubit system sales, and India quantum R&D collaboration.
- **Financial Challenges**: 21% gross margin, $20.5M net loss, and reliance on government funding reauthorization.
- **Future Growth**: Exploring 200/300mm fabs for scalability, NVIDIA NVLink integration for hybrid systems.

**【CEO Opening Remarks】**
- Announced 100-plus qubit system with 99.5% 2-qubit gate fidelity, targeting 150 qubits (99.7% fidelity) by end-2026 and 1,000 qubits (99.8% fidelity) by end-2027.
- Highlighted collaborations: $5.8M AFRL contract for quantum networking, 9-qubit Novera system sales to Asian tech company and AI startup, and MoU with India's CDAC for hybrid quantum systems.
- Launched Italian subsidiary to expand European quantum ecosystem engagement.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $1.9M (down 21% YoY due to expiring National Quantum Initiative Act funding).
- Gross margin: 21% (vs. 51% YoY), driven by lower-margin government contracts.
- Net loss: $20.5M (vs. $17.3M YoY), with cash balance of $600M post-warrant exercises.

**【Q&A Highlights】**
- DARPA Phase B: Constructive feedback received; focus on error correction and long-range coupling for FTQC milestone.
- Roadmap feasibility: 1,000-qubit system achievable with 36-qubit chiplets, maintaining 99.8% fidelity.
- NVLink integration: Expected to enable hybrid quantum-classical systems in AI data centers.
- CapEx plans: Exploring 200/300mm fabs for future scalability, potentially through government partnerships.
- Risk factors: Dependence on U.S. government funding reauthorization and DARPA Phase B selection.

Rigetti Computing, Inc. (RGTI) Q3 2025 Earnings Call Transcript

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