Slide 1: Investor Presentation March 2022
Investor Presentation March 2022 1 Exhibit 99.2
Slide 2: Cautionary Notes
Cautionary Notes 2 Forward Looking Statements - Certain statements in this presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events and can be identified by terminology such as “pro forma”, “may”, “should”, “could”, “might”, “plan”, “pos
Slide 3: Use of Non-GAAP Financial Metrics and Other Key Financial Metrics
Use of Non-GAAP Financial Metrics and Other Key Financial Metrics – This presentation includes Adjusted EBITDA, a non-GAAP financial measure that represents the Company’s net loss adjusted to exclude: depreciation, stock compensation, interest expense (net), change in fair value of warrant liabiliti
Slide 4: Investment highlights: opportunity, technology, approach, team
World-changing opportunity Large untapped revenue opportunity expected to exceed current high performance compute and cloud hardware markets. Winning technology Superconducting quantum computers have the most qubits, the lowest error rates, and are scaling the fastest. Distinctive approach Proprieta
Slide 5: Mission: Build the world's most powerful computers
Mission: Build the world’s most powerful computers to help solve humanity’s most important and pressing problems. 6
Slide 6: World-class technical talent drives culture of innovation
World-class technical talent drives culture of innovation 160+ Employees 50+ PhDs 120+ Technical staff 1K+ Peer reviewed publications PhDs from:
Slide 7: Company history and milestones 2013-2021
2019 32-qubit system developed and launched on Amazon Web Services 2013 Rigetti & Co, Inc. founded by Chad Rigetti, PhD as the first universal pure-play quantum computing company 2015 Established facility in Berkeley, CA with leading quantum computing modality: superconducting qubits 2017 Rigetti be
Slide 8: Pioneering industry leadership and operational execution
Pioneering industry leadership and operational execution 2015 Rigetti 3Q 2018-2020 Rigetti 16Q 2021 Rigetti 80Q 2017-2018 Rigetti 4Q/8Q 2019-present Rigetti 32/40Q 8
Slide 9: Patent portfolio and protected technology areas
Protect Rigetti full-stack technology across hardware, software and services Protect the IP space for Rigetti technology roadmap Capture IP space beyond the current roadmap for future development of quantum computing in the 10–15 year time frame 1 Data as of March 5, 2022. 2 Includes patents issued
Slide 10: Quantum computing is a world-changing opportunity
1 Quantum computing is a world-changing opportunity. 9
Slide 11: Qubits vs classical bits and computing power
Computing power scales linearly with each additional bit Quantum Bits (Qubits) Both 0 and 1 at the same time Classical Bits (Binary) Either 0 or 1 Computing power doubles with each additional qubit Harnessing nature’s operating system unlocks opportunity for exponential computational power 12 Solves
Slide 12: Potential applications of quantum computing
Climate Simulation Computational Fluid Dynamics Computer Vision Cybersecurity Energy Distribution Hypersonic Simulation Artificial Intelligence In-silico Drug Discovery Investment Risk Mitigation Portfolio Optimization Supply Chain Optimization Potential to unlock solutions to the most pressing and
Slide 13: Life science applications
Certain life science partners: Application Opportunity - Human health and longevity Potential Quantum Solution Direct quantum simulations may better predict properties, enabling candidate therapies to reach market faster. Problem Developing treatments for leading causes of death requires understandi
Slide 14: Fusion energy applications
Certain partners on fusion energy: Application Opportunity - Clean energy Potential Quantum Solution Insights from quantum simulation may produce more realistic physical models of fusion, accelerating the path to clean energy. Problem Reliance on fossil fuels is accelerating climate change. Global e
Slide 15: Finance applications
Certain partners on finance applications: Application opportunity - Faster & more accurate financial market insights Potential Quantum Solution Quantum enhanced machine learning and Monte Carlo simulation1,2 may yield quantitative insights in a fraction of the time, allowing faster responses to mark
Slide 16: Classical computers have hit fundamental limits
“Moore’s Law has finished.” - Jensen Huang, 2019 CEO, NVIDIA “Moore’s Law is dead. Moore’s Law is over.” - Mike Muller, 2018 CTO, ARM RISC 2x / 1.5 yrs (52% / yr) CISC 2x / 2.5 yrs (22% / yr) End of Dennard scaling Multicore 2x / 3.5 yrs (23% / yr) Amdahl’s Law 2x / 6 yrs (12% / yr) Processor perfor
Slide 17: Large untapped opportunity for practical quantum computers
Scale: >1000 qubits Error Rates: < 0.5% Fully Programmable & Universal (run general quantum algorithms) Clock Speed: >1 MHz Manufacturable Co-processor (can be used alongside traditional computers) Delivered over the cloud Current Cloud HW Market3 Forecasted Quantum Computing Generated Operating Inc
Slide 18: Rigetti proprietary chip technology can unlock the quantum market
2 Rigetti proprietary chip technology has the potential to unlock the quantum market. 19
Slide 19: Distinctive chip design and manufacturing capabilities
Distinctive chip design & manufacturing capabilities drives innovation & value creation Leading research institutions leverage unique Rigetti quantum foundry capabilities Rapid design-fab-test iteration loops and short production cycles create compounding advantages over time 5–15 17–30 22–40 Proces
Slide 20: Rigetti technology progress towards quantum advantage
Rigetti technology progress towards quantum advantage 1 CLOPS is calculated as M × K × S × D / time taken where: M = number of templates = 100; K = number of parameter updates = 10; S = number of shots = 100 (or 1000); and D = number of QV layers = log2 QV. To Rigetti’s knowledge, CLOPS as a speed t
Slide 21: Proprietary modular chip architecture eliminates scaling roadblocks
Proprietary modular chip architecture eliminates key scaling roadblocks Typical Quantum Chip Proprietary Quantum Chip Single-chip processors Large-scale processors built from identical tiles Entire re-design with each generation Component yield requirements increase exponentially with qubit count Sc
Slide 22: Proprietary technology unlocked by 6+ years of fab-driven innovation
Superconducting caps Facilitates scaling and enhances performance2 Superconducting TSVs Isolates on-chip components and maximizes performance3 Interchip Coupling Interchip coupling enables fast gates and scaling qubit fabric across multiple chips4 Pictured: Rigetti modular, multi-chip quantum proces
Slide 23: Scale: World's first multi-chip quantum processor
Scale: World’s first multi-chip quantum processor available on Rigetti QCS and AWS Braket The 80Q Aspen-M processor leverages Rigetti’s proprietary multi-chip technology and is assembled from two 40-qubit chips. Aspen-M is currently available directly on Rigetti Quantum Cloud Services and AWS Braket
Slide 24: Speed: fast performance on CLOPS speed test
Speed: Rigetti demonstrates fast performance on CLOPS speed test CLOPS1, or circuit layer operations per second, characterizes quantum processing speeds inclusive of gate speeds, reprogrammability, and co-processing capabilities, among other factors. 1 CLOPS is calculated as M × K × S × D / time tak
Slide 25: Fidelity: gate fidelities as high as 99.5%
Fidelity: Rigetti measures gate fidelities as high as 99.5% Next-generation chip architecture demonstrated fidelities that cross what is believed to be a key threshold for commercial quantum computing. Internal measurements on next gen 9-qubit test device demonstrated two qubit gate fidelities as hi
Slide 26: Modular system architecture designed for rapid scaling
Modular system architecture designed for rapid scaling to advantage and beyond 8Q 16Q 32Q 2018 2019 2020 40Q 2021 80Q 2021 Multi-chip Processor 1,000+Q 2024 4,000+Q 2026 Advantage Scale Performance (target)1 Beyond 1,000,000+Q Large Scale Fault Tolerance multiplexed readout superconducting caps and
Slide 27: Partnerships help accelerate commercialization
3 Partnerships help accelerate commercialization
Slide 28: Growing partnerships with cloud and HPC providers for QCaaS
Rigetti plans to grow its partnerships with the existing cloud and HPC providers to deliver Quantum Computing as a Service (QCaaS) to end users. Jupyter Qiskit Cirq APIs & SDKs PyQuil Rigetti hybrid co-processing1,2 Rigetti quantum computing systems Pure Play Advantage Partner Quantum Services Partn
Slide 29: Partners and customers recognize Rigetti technology leadership
Partners & customers recognize Rigetti technology leadership Collaborations accelerate the path to advantage: Rigetti is the lead industry partner of a US Quantum Information Research Center Superconducting Quantum Materials and Systems Center: One of five national DOE QIS Research Centers Five-year
Slide 30: Rigetti partners with Ampere to target ML market
Rigetti partners with Ampere to target ML market The strategic partnership is designed to develop cloud-native hybrid quantum-classical computers with the goal of creating a hybrid computing environment intended to meet the rigorous demands of machine learning applications. “We believe that Ampere a
Slide 31: Rigetti and Zapata hybrid compilation stack
Rigetti and Zapata intend to build first commercial hybrid quantum-classical compilation stack for application development "This first-of-its-kind integration is great news for enterprises that are focused on getting to production with quantum computing. We’ve partnered with Rigetti for years and in
Slide 32: Rigetti partners with Microsoft Azure Quantum
Rigetti partners with Microsoft Azure Quantum Rigetti announced in December 2021 that it is bringing Rigetti quantum computers to Azure Quantum When the 80Q Rigetti system becomes available on Azure Quantum, it will be the largest quantum computer available on the service.
Slide 33: Rigetti collaborates with Nasdaq
Rigetti and Nasdaq are teaming up with the intent to pursue quantum advantage in the financial industry. They plan to explore applications like fraud detection, order matching, and risk management. The two companies plan to develop algorithms and software with the goal of demonstrating quantum advan
Slide 34: Rigetti partners with Deloitte and Strangeworks
Rigetti partners with Deloitte and Strangeworks “The scalability and speed of Rigetti’s new processors is impressive and opens the door to new possibilities for quantum application developers and researchers,” - William Hurley, founder and CEO of Strangeworks “As quantum computing continues to advan
Slide 35: DOE Quantum Information Science Research Center
DOE Quantum Information Science Research Center Rigetti is the lead industry partner of the Superconducting Quantum Materials and Systems Center, headed by Fermilab. SQMS brings together over 20 partner institutions, including Northwestern University, Ames Laboratory, Goldman Sachs, Lockheed Martin,
Slide 36: Rigetti selected for DARPA ONISQ program
Rigetti selected for Phase 2 of DARPA ONISQ program The full-stack collaboration focuses on solving a class of complex scheduling problems, which have important implications for national security, such as real-time strategic asset deployment, as well as commercial applications including global suppl
Slide 37: Rigetti leads consortium to deploy quantum computer to the UK
Rigetti leads consortium to deploy quantum computer to the United Kingdom “The UK is investing in quantum technologies not only to create society-changing products and services but also to grow talent and expertise, create new jobs and turn outstanding science into economic prosperity. I am delighte
Slide 38: Our business model is Quantum Computing as a Service
Our business model is Quantum Computing as a Service QCaaS revenue stream is supported by a mix of quantum computers with different capabilities. 14 production systems expected to fit in a standard size basketball court. Currently have an 80Q and 40Q system commercially available. Building from our
Slide 39: Select Financial Data Fiscal Year 2021
Select Financial Data Fiscal Year 20211 Item (millions) FY21 FY20 YoY Change Revenue $8.2M $5.5M +$2.7M Gross Margin 80% 73% +7% GAAP Operating Loss ($34.1M) ($35.1M) +$1M Net Loss2 ($38.2M) ($26.1M) -$12.1M Adjusted EBITDA3 ($27.5M) ($27.5M) - Net proceeds from Supernova combination ~$205.0M Shares
Slide 40: Reconciliation of Net Loss to Adjusted EBITDA
Rigetti Holdings, Inc. Reconciliation of Net Loss to Adjusted EBITDA (Millions) 11 Months Ended Year Ended December 31, January 31, 2021 (fiscal year 2021) 2021 (fiscal year 2020) Net loss $ (38.2) $ (26.1) Excluding: Depreciation 4.7 4.3 Stock compensation 1.7 2.5 Interest expense (net) 2.5 (0.01)
Slide 41: rigetti
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