Quantum computing firm Rigetti has partnered with Taiwanese server manufacturer Quanta to accelerate the development and commercialization of superconducting quantum computing.

According to Rigetti, both companies have agreed to invest more than $100 million over the next five years to develop the technology, with Quanta also set to invest $35 million and purchase shares of Rigetti, subject to regulatory clearance.

“Quanta’s investment in Rigetti will strengthen our leadership in this flourishing market,” said Dr. Subodh Kulkarni, CEO of Rigetti.

“Our companies’ complementary strengths - Rigetti as a pioneer in superconducting quantum technology, with open, modular architecture enabling incorporation of innovative solutions across different parts of the stack easily, and Quanta as the world’s leading notebook/server manufacturer with $43 billion in annual sales - will help to put us at the forefront of the quantum computing industry,”

Founded in 2013 to commercialize quantum computing technologies, in late December 2024, California-based Rigetti launched its 84-qubit Ankaa-3 system.

The company’s flagship system includes a new cryogenic hardware design to reduce the amount of metal at the refrigerator’s coldest stage, increasing efficiency and reducing the cost per qubit, and an improved qubit chip consisting of a new metal deposition method for qubit circuitry and an optimized circuit layout.

A month before launching the Ankaa-3, Rigetti announced it had raised $100 million through the sale of common stock, as part of its “at-the-market” equity offering program that began in March. The company has a current market cap of around $525m and in October 2024 narrowly avoided being delisted from the New York Stock Exchange after its share price briefly fell below $1.

In Q3 2024, the company posted total revenues of $2.4m, while net loss for the three months was $14.8m.