Rigetti Computing (RGTI) 12 Nov 242024 Q3 Earnings call transcript

Good day. Thank you for standing by. Welcome to Rigetti's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that today's conference is being recorded. I will now hand the conference over to your speaker, Dr. CEO. and President Kulkarni, Subodh Please go sir. ahead,

Good conference call and XXXX. thank ended you earnings Rigetti's in participating covering XX, for September morning, the quarter third

me who our in Joining detail Jeff our some overview. review results CFO, my following is today will Bertelsen,

a and outlook risks answer to future contains expectations, results. objectives point of September of could to we together and are of questions at XX.X% that our Rigetti. on our underlying other provide XXXX, targeted an median new plan I'm X XX, expect quarter a remains to the a percent a to months on gate forward-looking thereafter. ended track the the median XX-qubit and filed this X plan fidelity current December Exchange call with detail achieving deploy to XXXX, with qubits pleased materially gate X-qubit its By a of our regarding be statements discussed anticipated forward-looking number cause differ subject and X-qubit year from and for XXX-qubit that to a the would and pleased release Form techniques. advantages operating with materially are system release modalities, system Computing. and XXXX, those Form we to believe X at excited progress gate could than we to end remarks. We release discussions the Securities events to company our time to also Ankaa-X manufacturing are fidelity. By urge including system uncertainties I'm more factors. Today, that assumptions Rigetti time semiconductor for risks These with architecture XX-plus XXXX, We Lyra and Superconducting ended that XXX the documents statements XXXX. We and XX-Q will described from median XX.X% regarding the other your We qubits other XX, midyear in qubit statements. differ modular third have actual develop press faster to of the like actual out over fabricated to qubits over gate system on a develop using results Rigetti XX-K We that conclusion announce design X-qubit risk system chips update by targeted with XXXX, XX, to the operations perform X-qubit report of modalities. Commission. These qubit superconducting and Rigetti's important fidelity. our from based by goal tiled address and to ended at September these forward-looking results you introduce and the contained end expect cause and well-established they in those review XX-qubit many and identify filings in uncertainties

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learning The IQCC, learning single was on operations NVIDIA's to the qubit and QPU system at was We setup entailed Machines' excited XXXX IEEE Novera QPU demonstration for Quantum using servers, a development. for reinforcement with are experimentation. The Center, Novera presented QPU been for control exciting quantum Week share project, case co-located is optimizing a for leveraged use and Novera Quantum Grace-Hopper to Israeli which machine OPXXXXX in that Computing an has September. at recently made was which available Quantum the and partners a research superchip

to summary, and benchmarking remarks we provide and regarding a of that made computers. serve quantum fully excited and about October Computing progress for our laboratories financial developing landmark Center, facility our road available multichip Ankaa-class few higher U.K.'s cornerstone The state-of-the-art be facility a world-class its testing, on We system technology our Quantum testing support fidelities. Thank the on computing or building quantum performance. strategy will qubit on research and Campus believe the designing, will as development. In scaling now with map will our count improved applications XX-qubit into recent facility as make researchers the NQCC, Finally, of includes state-of-the-art move Jeff front. you. exploratory officially architecture opened The the NQCC systems XX, our of XXXX. I'm for Harwell National XXXX and technique will combination ABAA doors operational the

Thanks, Subodh. quarter the million strategy important in were quarter XXXX. fund our in ongoing third is research to $X.X part Revenues of of our XXXX third an to of million $X.X Revenue the initiatives. compared

of at We quarter our timing XX% have third of our agencies. with to future. Gross the nature variable staff compared government added the margins XXXX grow is deliverables variability Revenue margin at to expected expanded our to in and sales contract major company's in came and evolution, and and third in the stage marketing help the given to have our quarter lobbying gross the this XXXX. efforts in be XX% of of revenue

a In a other lower margin addition, most our of quantum our system gross XX-qubit deliver recent has profile than revenue. contract to

quarter XXXX. quarter a million fair share million per to of in for On comparable the impacted to million, the and decrease negative million our side, OpEx The which $XX.X noncash of $X.X $XX.X the XXXX net XXXX. Net of net of XXXX. in or for the as quarter primarily the agreement, Stock third expense loss per $X.XX third of loss in the loss the of impact in $XX.X favorably $X.X third third compensation by $X.X $X.X change available-for-sale the of of expense of expense OpEx $XX.X year-over-year earn-out derivative of Forward to XXXX was for compared quarter the in compared total recognized prior XXXX million the warrant Ampere to XXXX was million million third cash quarter liabilities by compared value for of the $X.XX for period The and period. Cash, a third compared share same or prior quarter the in equivalents XX, expired quarter $X XXXX was total totaled for in September million XXXX. third October million of investments million the $XX.X of year year. driven was

During the program. million our million XXXX, raised $XX shares of under current common of the third ATM from XX.X quarter sale we

September to XX, million current of XX.X stock ATM for available sale up under of XXXX, program. our common As remains

cash believe business based we current existing considering and of would you. and current plan your As to first assumptions conditions. Thank our macroeconomic quarter that securities anticipated our to sufficient cash, the questions. operating balances be until answer through XXXX disclosed We cash XX-Q should meet expectations needs our and equivalents in now happy today's on marketable of filing, midway be

our And first with Williams the question Instructions] coming line [Operator of David from Benchmark Company. The

just to here in fidelities and First, Subodh, have the while I road scale you progress. team achieve ability guess, that qubit just map it targeted continuing like confidence to continued the increased on is road I'm congratulations curious. to the like maybe and all drive count. that Has sounds And the the the progress, you're you on a way the clip And anything guess of maybe at changed here. it I in the the really and feels strategy? map about But nice some tiling, moving especially the thinking

So think that just that anything thought maybe is that outpacing the earlier? you you you anticipated you -- cadence

you disclosed. is as indeed, confidence we our correctly our Yes, as in road increasing said, map

high-quality X-qubit median with of fidelity X-qubit very making gate are fidelity chips gate We XX.X%, X-qubit of XX.X%.

without we confidence And tile drive chips we as high any numbers be XX will deterioration performance. have at demonstrated continues high nanoseconds. to saw, forward. to now X-qubit extremely have in speeds, that We can And XX you we that gate those going up

and X-qubit that's why we XXX-qubit. that get middle to in of we tiling we along pretty us chips year. qubit plan deliver the incredible qubits. continue next So the tile can we And then with fidelities to said with X we'll high gate by and mid-XXs the eventually will Lyra, XXX-qubit confidence X have the speeds tiling And XX start to end the X-qubit thereafter

confidence road we is map. this that be will execute able our overall, So good to pretty

high, way with superconducting computing and modalities think other speeds particularly GPUs the that detriment. real superconducting can where the really of a be CPUs in is become still to high coexist Our continues confidence We very to only compared the speeds. to have gate because hybrid

our about So overall, map good that pretty we line. execution and road feel along

mentioned, were or the improvement tiling were X-qubit side, other perhaps no to Great that is hear. needed again, further I see areas where of you there other any But had performance chips than the and Fantastic. metrics on the other expected better guess you perhaps? deterioration.

are Well, certainly, we tiling learning chips.

work ago with XX-qubit time, chips. just our did of lower. tiling years couple much indeed at first But have were fidelities the We a we that --

with chips. the for dealing with X-qubit are fidelity we mid-XXs Now

So signals levels you as me We secondary we that that interposers and other fidelity, demonstrated and and it have high-fidelity can we metrics well. that fascinating and metrics is again without can chips maintain the speeds at across tile fidelity. What gate entanglement, tile across losing critical chips about, was all any care communicate important. is to this still

of advantage So overall, chips that about taking right is of way to pioneered industry. the feel pretty the fundamentally, has technology the it CMOS indeed that's chiplet tiling good we by been beauty does work, we -- go and scaling. The are

So Certainly, the huge tiling we done definitely on done the all from work packaging the CMOS CMOS higher they get already that by has a puts it testing leverage in measurement, chips. and and industry pressure work that but industry. some have been and CMOS

that very leverage work nicely. can all we So

really So good we chips. feel about tiling

Great. you think anything spending had got talked And funding? any mind. anything I just wanted maybe that that has the opportunity. shot how we Or government you you money of efforts of peers there lobbying -- funding. government the maybe just it your more around one on opportunity about funding for today But a But about at? don't if know maybe more, updates little one out interesting I areas you good ask the a thought see do there just maybe you there on as to Is was done.

Sure.

the and soon is are QX until administration NQI our at be is there's as signed bipartisan place. work. as we U.S. the certainly that we But reauthorization confident and signed, government new our in in signed has look to original NQI signed NQI the XXXX fund has financials, and the to for get the hasn't next near-term signed. including quarter reauthorization main been certainly, the expired. as impacted or NQI So the pretty NQI support -- reauthorization Act for yet, X will place it

And part DoD DARPA the award. fairly special There's other of over projects. almost that $XXX we are other Regarding X a and opportunities, including that years get spending we some lobbying there sizable, some million are But multiple are between get opportunities there are try DOE to some and to time effort DoD. you too. effort, of money. has -- And to that are project, trying more right,

from question the And our Bolton next line with Company. of Needham Quinn coming &

you might more road I wanted you've map become now important? Subodh could a on do on and XXX-qubit processors I David's to system the near you and look you -- larger way to between based on see tiling qubit just XX sort the systems, might follow done? as ultimately speed think Jeff, to change X,XXX-plus I to single-chip in larger focus that the you XX tiles to balance processors what's of of in of than work you where forward you'll Or guess, sort think Do moving will these of do term you more now guess qubit tiles count? that as efficient be the, qubit number and on a tile fidelity question up single-chip of processors. scale -- you lower put or maintain gate qubit and to kind

That's good a question.

high-fidelity We'll right tile. reason X-qubit other I over right the now what now, chip we certainly explore size we of But at exactly good counts count have tiling at the are should which because chips. a certainly is qubit to optimal sure tile well choosing you qubit mean completely there's not are no very ready. as look time. X-qubit X-qubit to not We

X-qubit We X good millimeter are chip results. And seeing basically by is millimeter. X our

say of fairly thousands centimeter centimeter. qubits into we math get dimension of of areal and qubits, of even XX even the density, And can easily. density, hundreds XX like that So do at that of fit practical refrigerator you can can tens thousands a the dilution a by in current

that by to good pretty do, high. lot factor which Certainly, we X, take can difficult X-qubit feel increase areal us the is we of not squeeze a even density So we in if quite can tiling more. that a

to take we a if we better qubits, start a that's X. at decided that we find will where look number tiling over So can why But time, there's that. optimal tile certainly we

higher we mentioned I I As count tile when the certainly get chips. earlier, mean, qubit we the

of secondary seen any tertiary of the any or metrics, that really fidelity haven't critical any we monitor. We metrics in kind loss or

It's is right bigger we a chip. the to certainly, scalable way no the I it. do So truly qubit the reason not mean, on increasing are tile to way. it. This only ourselves count

chips advantage, CMOS yield Some them are what's best chip the chip. The and doing a around bigger small it's and you to across has qubit make chiplet chips of going on a and of whole literally maintain is the technology, the standardized and huge not and thousands thousands and well. the can day tile you our competitors and trivial the together. bigger keep that's exactly CMOS at quality the And industry building that can in tens as pick of these then choose high in That's of out. those industry and day why

same and why which CMOS exactly to choosing a harder smaller for are are X-qubit. size the So X-nanometer they make, tile nodes the reason X-nanometer choose we

answers the So to of are years essentially plan the we Hopefully, learned industry we what over and CMOS take leveraging has advantage that question. that. your

like tiling forward. looking your It in Yes. map No, its certainly I the in sounds color. has importance increased of road terms appreciate

fidelity? set much is, question above second the guess fidelity higher comments. I qubit had How more you've importantly, you error correction? think get quantum on do qubit those some had this the now error XX.X% for on quantum perhaps, with you need appreciate time. start I do Riverlane Or you a to pivot to So XX.X% correction announcement when quarter. your to sight You

role attention multi-tile your start bigger quantum to you up starts road quantum Or do when you to as on focus you qubit map? once correction a your get the then counts correction? error approach? so on go And in start you to do pivot, play XX.X%, especially error Do think more

even at for is time start X with error X-qubit doing already how concept starting the of good proof as X There's what the that's improve with the we right are mean, continue now, showing we Xs, real announced becoming X we why the which to at will I right gate superconducting will up correction, to Reverlane Xs. And But the is mean, Xs, now Xs beginning go we of your are that's know, I limit question, fidelity. pretty now. it. error say, industry is speeds not we go I industry in to mean, continue to in to is right same that's we fidelity. they stop. collectively X is. CMOS push working sometimes will X correction going effectively error I to we X Reverlane. Xs at. Certainly, never Xs, in the side. end so the now, are X But next we to are the That's a as higher running right good approach an we semiconductor And And route. you for XX.X% show place is starts to way mid-X which correction where between to on. But Xs once and works X reasonable. and XX.X%, our years, to fidelity. Well, mean, let's it's we some reach in answer are

And getting think can and practical X applications in demonstrating that's define fidelity narrow with of practical superiority the error we couple taking we hundred think is in You as of we year type next which out years mid-XXs from value qubits your standpoint. correction. achievable advantage, system and or -- with performance the start why or a a cost quantum

a increase fidelity, is bottom correction important. more correction and more as error error So the play becomes certainly, -- role is mid-XXs. And it line, starting already in to we

already here it's and now. So

for Jeff. And it. Got quick then a one

for the being NQCC you. a mentioned margin contract lower contract You

collected as that next be we be installed just of XX-bit should revenue in and thinking that mirror? at couple still now quarters? overhang under the contract about that rearview Or margin model contract gross are the that over the kind QPU margin we largely gross the of been that there to over has NQCC Now is NQCC,

to I the is through the problem his your point, And with of quarter to question? NQCC XXXX. end. answer expect stream. answer contract But question, the audio you will first know Jeff, why don't current contract having want we to Jeff NQCC a that at continue

terms We them, yet. been new decided but are the with a contract have that not working on of

So NQCC. the current will gross with through challenge continue margin QX XXXX

from question Cowen. our Krish Sankar And with line next coming of the TD

of front. calling questions if of correction error maybe [ I ] Krish. behalf a could This more is couple on ask quantum on the Stephen Subodh,

now milestones feeding tie to also what's work, the repeatable NVIDIA showcasing system development Riverlane? Center, error with in doing of In at, curious is more terms ties quarter, of with is Quantum work work to that fidelity some that that the to installed get published how the Israeli of more related And system Quantum kind collaboration just your devices? quantum that's at kind fundamental with of like of better Riverlane? And is terms back correction, the the progress the are with I during announced major and Or be that Riverlane rates? next in in they Compute curious related kind Machines to of that also the research and you're might think, effort with that does that tuning the just for like tightly parallel -- and performed your

Sure.

separate X yes, here. questions So

take NVIDIA First, the me let question.

modern-day as really, and where data Because that than GPU. where and to computing. talk the CPU of now, modalities quantum Israeli And with have So the from with -- Center. atoms, work we is are our interfaces press magnitude, of saw are as up Quantum keep understand fundamental collaborating superconducting well right with is QPU whole importance highlights that's the the they are industry, extremely as dealing slightly trapped-ion release, a the and nanoseconds fidelity although in reason really we speed, pure important and And benefit NVIDIA XX,XXXx for a orders at we can are. of higher of and us you CPU that the how than actually a the like gate GPU to standpoint flow. Other X they are tens with goal Computing we we slower

doing GPU. really communication it versus not NVIDIA to CPU stay important and that practical of or a in that's trapped-ion why our is IQCC GPU pros how is a QPU is should for the atom active Grace-Hopper along understand loop work computer so And standpoint, from the and with GPU GPUs, pure be done. cons bifurcation for the and everyone with possible quantum the data a So a or a QPU to

computing hybrid is So what fits to term. that hybrid is broader we the about, center computing absolutely ecosystem. work work all are long doing kind of committed understand to That's critical and quantum that data into computing how

that's one. So

of correction, Regarding mean, to lot error do. I a work there's

are started. getting just We

industry industry eighth don't are -- that last the there error sentences correction work order to and the with or just happen lot because really it decades. of If of there's classical there the of into talking error there's details we -- qubits. you in need at to the seventh a couple yet semiconductor to that about -- are computing, are are here we the the to of simply quantum I over complication look been CMOS CMOS coupling get couple a level. And because now, industry, right you I of the in another go put in dealing us steps various expect core, and correction want

try a there's transistor, simple So situation again. a it you if faulty CMOS and not again it's where

multiple coupling other same bad, qubits may doesn't it it with be And qubit couplings. do to coupling have We mean if is bad. one with the

Riverlane, it a expert who's quantum how So to these do more as why little areas. And an you with are gets complicated of in we error partnering that's many correction.

how work need at website the already is we faster better-quality and speeds certainly, correction have we You our they differs worried which map error of take But be lot from make, that the metrics, a it how other a on classical now in fidelity, and can road about the higher certainly road evolve. From there's industry and in correction their gate hardware helps. will what map. to error can standpoint, only right in and of terms disclosed going look quantum what and

quantum certainly our part question. the correctly. full take do. answers and correction, the that hope to of I they the they take capabilities do to But advantage to need need layers on hardware of software error that we So your

for my I Jeff operating Yes, does. just follow-up, of for And I on the P&L in expenses. a had that question terms guess

on and per X-Q modular on lobbying Just the then for comments efforts year, XX-Q on sales higher thoughts development and and spending, given marketing system looking to the also next ahead any efforts the we Or OpEx? be that modeling OpEx be higher closer whether should quarter to million million $XX quarterly $XX it range? for for the than to million $XX could to be

I increase think a we'll mean, don't I see significant in OpEx.

forward, don't planning had of more new and a we hires handful Going next the are year. But material. significant it over as spend starting of on we the marketing. be or are for we I And will course sales think to noted, some

or higher remain So the most we've recent than expect I line OpEx seen in quarters. slightly would our to what in

And the of question Brian from our Alliance line next coming Kinstlinger Global with Partners.

might in lead initiative Subodh, government does passed, this guess in short to does how term getting this incoming benefit I procurements? quantum I'm if if is more administration R&D the Righetti the the medium reauthorization successful pass. curious to

is $XXX quantum million higher. original right being least least almost that number a in now, right significant is debated our are X the few at mean, The NQI the The I in discussed NQI is critical The at the funding Act next NQI there version, Senate, Xx latest years. in versions. Reauthorization in is funding. XXXX reauthorization, our that was absolutely, over now, years. Congress increase multiple and being has for now the Right

over $X.X talking billion years. are X we So

that So Lab Fermilab it help And NQI places from we Ridge computing like level, assuming Oak in substantially. companies funding based we is will the all reauthorization receive will certainly, quantum U.S. at and expect the National passed certainly, increase that

earlier, Defense is call this benchmarking of order fund computing sizable does That's And initiative. years. mentioned different a through I for also on there Department initiatives. million and program of several they what X program $XXX the quantum DARPA over addition, In the a

hope So can some that. we of certainly we get

to So quantum the slated on is that U.S. in computing the dollars is of planning significantly. investing government increase amount

we increase benefiting are starting getting Xx, done talking we authorized certainly XXXX. from Xx those to forward and start that. are so We And appropriations bills looking can

any making past, RFPs your have a then on on there? improve the rates and that tiling, And some countries, what fidelity of the you've continue but you've potential news mentioned in RFPs you as the goals Great. which of are not are handful map And discussed they new road progress maybe specifically you and How government are on to out customers? you reacting? meet with

mean, believe Yes. we and governments annealing. the industry lot so it we practical. on, right the other tiling bring to like government it's like U.K. believe That's I we the it's the and to in. approach why monolithic qubit not easy that's and of DoD but why a does to customers the to chip, say trivial size I more I DOE, talk they -- ABA up the the tiling you that's and we can time it's mean, and the way scale mean, build count. like our that, keep increasing is some CMOS and think hundreds they certainly thousands of right tiling qubits of chip, whereas to

doing it. confident So about go way certainly feel right we to the that's

competitors but with tiling area, to and years, area. lot thousands so certainly few also be a the have other Could is the and have in the think right maybe in scale to this ventured count next we to Assisted-Bias Annealing this because qubit IP the are our we of not qubits factors. Some over it. We up of way hundreds far committed of

lot negative up. terms in benefits see any obviously, a in we And seen not tiling have we far, impact. of scale of So

one. So continue that push we to

all, technology other purposes? QPU adoption road from map Is reach do labs? if it how, does Great. unimpactful? XX.X% think XXX And my more you last R&D in you at see for to continue start and bit at question purchases stay is, little can to assuming qubits median fidelity, a you this change Or your government

road -- quantum a gate execute this earlier say, that mean, correction year, we of median advantage at next map, that computer fidelity and we we qubit quantum so applications. nano capable along by we X-qubit will our time Well, talked XXX-plus feel we with XX.X% assuming type doing at pretty confident suddenly about, we what effectively having let's I start error you call is are

superiority on So certainly taking more cost. And countries or other to computing. that at practical superiority, has funding quantum for and maybe a of of with real-life more the becoming government, see list will or plans take have in quantum the government various mission the applications research and applications I in demonstrate doing the XX on some terms and even they and governments Already be when that, performance increase to is are quantum getting start believe the order but to to situation countries computing of more demonstrate that terms we that invest will that the levels. U.S. of increase in XX now. And some practical appetite

certainly $X.X next for increase. I we billion. labs, market these with government, to the execute that we quantified continue think kind years we X of in So customers, these IDC continue our along report to sales university, mean, national opportunity research the map, academic opportunities our is for road as already applications presentation investor to research researchers, will the primarily in have roughly

X quantum in what those sizable research billion still talking pretty now, market. applications, this a $X.X So research capable and foothold in applications, it's right are And it's point, a years. really at our we a focused to on still about -- that even marketplace get on getting that's that's very of and if take kinds computing

[Operator our of question B. the Instructions] from with Riley. next And Ellis Craig line coming

more with months Center most internationally the David just the The technology by his on given to Israeli the the XX recent Quantum is, at you're But development congratulations Computing the changed engagement with its the quarter inquiry I on progress opening prior U.S.-based U.K.'s Williams NQCC system. wanted and road and how last back as question's you activity. start and given an has in question with so Subodh, with months X going that making? question look progress angle the progress. or view engagements, the international your map focused nice the Ankaa-class in on Guys, where next was to

with governments. have XX other more I close mean, earlier, national I Center. are seeing quality countries that we and the in there's the to program, with Quantum XX getting are countries, active Craig, opportunities we of just Certainly, or an Dhabi. making, practical now, Asia, demonstration along are quantum as with Computing only more what a we work progress Riverlane, mentioned Like quantum more done opportunities Standard probably as most along certainly, with help Israeli is the computing on U.K. doing we error getting with involved with the we But capable start quantum we select one in you have country. And particular how Abu also go along type HSBC as Europe of definitely some hardware gets type terms some we are said, countries in and the have demonstrations Chartered ADIA better application some did like Moody's with mission focus will increasing of the you more But U.S. goal financial done. the customers, that that we and but hardware, as not corrections that and Western with

kinds of as research-oriented the those publish we applications that with appetite show of commercial well. computing, papers practical customers potential and increases quantum some when with So

as continues customers, So opportunities think type better some better on, will with to customers. research-oriented commercial hardware continue also but goes improve as we government the certainly and year get to we next

then on And help comments $X.X And years. I circling earlier about X where question company's qubit next the over this calibrate scaling approach? cloud-based we making in That's there and up were Can focused as it's like all the with that us X the Rigetti's the think billion a should the then with think of progress years very the reasonable is with over the follow-up about by few TAM road TAM and we map outlook helpful. just back the have next decade things you or the just that end view.

Sure.

So years, billion cite believe has smaller on-premise if that computers a $X.X and we next part sizable IDC time a least a At our is years at primarily X national quantum X presentation, you part in be quantum-computing-as-a-service. be that to period, we number again, investor going take government in look the of customers. will market research-oriented the and labs about

that. run, what and and the that's IDC number years, Over the think on-premise quantum for we QCaaS the majority to next expect with other we -- concur -- dwarf of also reports long computing. But X certainly

most the they as be on-premise of years, going to like to the just few have research Next computers to opposed through customers cloud. market is on-premise because for

are because study and So now, gate capability. that's of done the expect qubit I'm have count high that I atoms for which magnitude number, do next in years they that applications qubit and on you will broken lend other to job are CPUs $X.X to any and slower that. billion, few a it trapped-ion the fidelity, data mean, obviously, dominating over in great haven't have market of the sure of it by right they count continue organizations superconducting focused and are cannot certainly demonstrating modalities. really computing the orders computers number superconducting, dominated, and the we X speed the to quantum will for and on-premise than pure research GPUs. low when they customers. Out the systems. But demonstrate hybrid to mainly by be the centers, itself do clearly practical done, that We higher -- it's nice IDC down what

modalities part All a a going with I in kind is those but key are will that Amazon. think along we quite So they interested I is a big are company Finnish us, be mean, called superconducting. mean, competitors, and IQM Google other that Dutch -- not marketplace. think billion company there, QuantWare. to is a There called play $X.X There's too. nor market, really, of superconducting, role. And is that within in IBM other a a player we of

position, to we our and we definitely space. have few leader a think expect the besides we there's in us So a in be IBM. But given superconducting that competitors

share expect the we So market portion. superconducting sizable of

do math, in you X a go about Does the when So we multibillion-dollar after answer that years. question? your us think opportunity for that's sizable to

you that's helpful. push as Good Yeah, extremely luck ahead.

this Subodh over Dr. back turn no to now queue the call further showing remarks. at I the will time. I'm questions And in Kulkarni for closing any

you new your Thank you We Thank year to the quarter for you results. the after look and and again. with results updating our questions. of interest year fourth XXXX full beginning forward

and conference your now Ladies does that disconnect. participation, today. our you conclude may for for and you Thank gentlemen,