Rigetti Computing Inc (RGTI) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Rigetti Computing second quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Rigetti Computing 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Dr. Subodh Kulkarni, Chief Executive Officer. Please go ahead.

現在，我想將會議交給今天的發言人、執行長 Subodh Kulkarni 博士。請繼續。

Good afternoon, and thank you for participating in Rigetti's earnings conference call covering the second quarter ended June 30, 2025. Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. Our CTO, David Rivas, is also here to participate in the Q&A session. We will be pleased to answer your questions at the conclusion of our remarks.

下午好，感謝您參加 Rigetti 截至 2025 年 6 月 30 日的第二季財報電話會議。今天與我一起的是我們的財務長 Jeff Bertelsen，他將在我的概述之後詳細回顧我們的表現。我們的技術長 David Rivas 也來參加問答環節。我們將很高興在發言結束時回答您的問題。

We would like to point out that this call and Rigetti's second quarter ended June 30, 2025, press release contain forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described and are discussed in more detail in our Form 10-K for the year-ended December 31, 2024, our Form 10-Q for the three and six months ended June 30, 2025, and other documents filed by the company from time to time with the securities and exchange commission. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. We urge you to review these discussions of risk factors.

我們想指出的是，本次電話會議和 Rigetti 截至 2025 年 6 月 30 日的第二季新聞稿包含有關當前預期、目標以及有關我們前景和未來經營業績的基本假設的前瞻性陳述。這些前瞻性陳述受多種風險和不確定因素的影響，可能導致實際結果與描述的結果存在重大差異，並在我們截至 2024 年 12 月 31 日的年度 10-K 表、截至 2025 年 6 月 30 日的三個月和六個月的 10-Q 表以及公司不時向美國證券交易委員會提交更詳細的其他文件中進行了更詳細的其他文件。這些文件識別並解決了可能導致實際事件和結果與前瞻性陳述中所述的內容存在重大差異的重要風險和不確定性。我們敦促您回顧這些有關風險因素的討論。

Today, I'm pleased to report that we continue to achieve our ambitious road map goals and maintained our momentum on the technology front, most recently by demonstrating the industry's largest multi-chip quantum computer with impressive performance. Our multi-chip quantum computer, Cepheus-1-36Q, the industry's largest multichip quantum computer, is released for general availability and deployed on the Rigetti Quantum Cloud Services platform, QCS, and will be available on Microsoft Azure thereafter.

今天，我很高興地報告，我們繼續實現雄心勃勃的路線圖目標，並在技術方面保持了發展勢頭，最近我們展示了業界最大的、性能令人印象深刻的多晶片量子電腦。我們的多晶片量子計算機 Cepheus-1-36Q，業界最大的多晶片量子計算機，已發布並部署在 Rigetti Quantum 雲端服務平台 QCS 上，之後將在 Microsoft Azure 上提供。

Just six months after our record performance with Ankaa-3, we have once again halved our error rates. With a median 2-qubit gate fidelity 99.5%. Cepheus-1-36Q has achieved a 2x reduction in 2 qubit gate error rate from our previous Ankaa-3 system. Cepheus-1-36Q is the first multichip quantum computer in the industry to achieve this level of performance. With four chips, Cepheus-1-36Q contains the largest number of chiplets in a quantum computer and further validates our approach to scaling Rigetti's quantum computers.

在 Ankaa-3 創下紀錄僅僅六個月後，我們的錯誤率再次減半。平均 2 量子位元閘保真度為 99.5%。與我們先前的 Ankaa-3 系統相比，Cepheus-1-36Q 的 2 量子位元門錯誤率降低了 2 倍。Cepheus-1-36Q是業界第一台達到此性能等級的多晶片量子電腦。Cepheus-1-36Q 擁有四顆晶片，是量子電腦中晶片數量最多的，進一步驗證了我們擴展 Rigetti 量子電腦的方法。

It's our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale and their ability to achieve gate speeds more than 1,000 times faster than other modalities like ion traps and pure atoms. Our superconducting qubits leverage technologies like chiplets that have been maturing in the semiconductor industry for decades. Use of these well-established methods enables Rigetti to scale its quantum computers to higher levels of performance and qubit counts. This legacy of technological advancement continues with the Cepheus-1 architecture and includes the following features that contribute to improved performance. Transitioning from a monolithic chip to chiplets enables greater control over chip uniformity, which in turn improves performance.

我們認為，超導量子位元是量子電腦的主要模式，因為它們具有可擴展的能力，並且能夠實現比離子阱和純原子等其他模式快 1,000 倍以上的閘速度。我們的超導量子位元利用了半導體產業數十年來成熟的晶片等技術。使用這些成熟的方法使 Rigetti 能夠將其量子電腦擴展到更高的性能和量子位元數。這項技術進步的傳統在 Cepheus-1 架構中得以延續，並包括以下有助於提升效能的功能。從單晶片過渡到小晶片可以更好地控制晶片的均勻性，從而提高性能。

Leveraging chiplets also reduces manufacturing complexity and improves fabrication yield. Optimized 2 qubit gates enable faster gate times while reducing coherent errors, which improves fidelity and is important for executing quantum error correction techniques. These improvements enable a 2x reduction in error rates. Advances in multilayer chip and tunable coupler design also enables higher performance. Our industry-leading proprietary chiplet approach to scaling makes us confident that we will hit our end of year technology goals.

利用小晶片還可以降低製造複雜性並提高製造產量。優化的 2 量子位元閘可實現更快的閘門時間，同時減少相干誤差，從而提高保真度，對於執行量子糾錯技術非常重要。這些改進使錯誤率降低了 2 倍。多層晶片和可調耦合器設計的進步也實現了更高的性能。我們業界領先的專有小晶片擴展方法使我們有信心實現年底的技術目標。

We believe quadrupling our chiplet count and significantly decreasing error rates is a clear path towards quantum advantage and fault tolerance. We intend to continue our momentum and expect to release a 100-plus qubit chiplet-based system at 99.5% median 2-qubit gate fidelity before the end of 2025. While we are pleased with our sequential growth in quarterly revenues, we believe achievement of our technology milestones remains a key metric to achieving our long-term success.

我們相信，將晶片數量增加四倍並顯著降低錯誤率是實現量子優勢和容錯的明確途徑。我們打算繼續保持這一勢頭，預計在 2025 年底之前發布基於 100 多個量子位元晶片的系統，中位數 2 量子位元閘保真度達到 99.5%。雖然我們對季度營收的連續成長感到滿意，但我們相信，實現技術里程碑仍然是長期成功的關鍵指標。

On the financing front, I'm pleased to report that Rigetti has significantly strengthened its balance sheet. During the second quarter of 2025, Rigetti completed the sales of $350 million gross proceeds of its common stock pursuant to our previously disclosed at-the-market equity offering program. We are well positioned to support commercial scale-up of our superconducting gate-based quantum computers.

在融資方面，我很高興地報告，Rigetti 已顯著加強其資產負債表。2025 年第二季度，Rigetti 根據我們先前揭露的市場股票發行計畫完成了 3.5 億美元普通股的銷售。我們已做好準備，支援基於超導門的量子電腦的商業化擴展。

Thank you. Jeff will now make a few remarks regarding our recent financial performance.

謝謝。傑夫現在將對我們最近的財務表現發表一些評論。

Thanks, Subodh. Revenues in the second quarter of 2025 were $1.8 million compared to $3.1 million in the second quarter of 2024. On a year-over-year basis, our revenue for the quarter was impacted by expiration of the National Quantum initiative and its pending reauthorization in the US Congress. Renewal of the US National Quantum initiative, sales to US and foreign governments and Novera are all important to future sales.

謝謝，Subodh。2025 年第二季的營收為 180 萬美元，而 2024 年第二季的營收為 310 萬美元。與去年同期相比，本季我們的收入受到國家量子計畫到期及其在美國國會待重新授權的影響。美國國家量子計畫的更新、對美國和外國政府以及 Novera 的銷售對於未來的銷售都至關重要。

Gross margins in the second quarter of 2025 came in at 31% compared to 64% in the second quarter of 2024. The lower gross margins on a year-over-year basis were impacted by revenue mix and variability in the pricing in terms of our development contracts, including our contracts with the UK's NQCC for Quantum Systems, which have lower gross margins than most of our other revenue.

2025 年第二季的毛利率為 31%，而 2024 年第二季的毛利率為 64%。與去年同期相比，毛利率較低受到收入結構和開發合同定價變化的影響，包括我們與英國 NQCC 簽訂的 Quantum Systems 合同，這些合同的毛利率低於我們的大部分其他收入。

On the expense side, total OpEx in the second quarter of 2025 was $20.4 million compared to $18.1 million in the same period of the prior year. The increase in total OpEx was due to annual salary increases, new hires, and higher consulting costs, mainly in research and development. Higher costs for our annual shareholder meeting due to the increase in the number of beneficial owners of our stock also contributed to the increase.

在費用方面，2025 年第二季的總營運支出為 2,040 萬美元，而去年同期為 1,810 萬美元。總營運支出的增加是由於年度薪資增加、新員工招募以及諮詢費用增加（主要在研發方面）。由於我們股票的實際持有者數量增加，導致年度股東大會的費用增加，這也導致了費用的增加。

Stock compensation expense for the second quarter of 2025 was $3.6 million compared to $3.3 million for the second quarter of 2024. Our operating loss for the second quarter of 2025 came in at $19.9 million compared to $16.1 million in the prior year period. We recorded a $39.7 million net loss for the second quarter of 2025 compared to a net loss of $12.4 million for the second quarter of 2024. Our net loss for the second quarter of 2025 includes non-cash charges for the change in the fair value of our derivative warrant and earn-out liabilities, which had a $22.8 million unfavorable impact on our net loss for the quarter.

2025 年第二季的股票薪酬費用為 360 萬美元，而 2024 年第二季為 330 萬美元。2025 年第二季的營業虧損為 1,990 萬美元，而去年同期的營業虧損為 1,610 萬美元。2025 年第二季度，我們的淨虧損為 3,970 萬美元，而 2024 年第二季的淨虧損為 1,240 萬美元。我們 2025 年第二季的淨虧損包括衍生認股權證和獲利負債的公允價值變動的非現金費用，這對我們本季的淨虧損產生了 2,280 萬美元的不利影響。

Derivative warrant and earn-out liabilities had a $3.4 million favorable impact on our net loss for the second quarter of 2024. As of June 30, 2025, we had approximately $571.6 million of cash, cash equivalents, and available-for-sale investments and no debt.

衍生認股權證和獲利負債對我們 2024 年第二季的淨虧損產生了 340 萬美元的有利影響。截至 2025 年 6 月 30 日，我們擁有約 5.716 億美元的現金、現金等價物和可供出售投資，且沒有債務。

Thank you. We would now be happy to answer your questions.

謝謝。我們現在很樂意回答您的問題。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作員指示）特洛伊·詹森，康托·菲茨杰拉德。

Hey, gentlemen. First off, congrats on all the great traction here.

嘿，先生們。首先，祝賀你們取得如此巨大的進步。

Thanks, Troy.

謝謝，特洛伊。

Hey, so Subodh, for you, maybe to start off with, just use of proceeds, you've got a ton of money on the balance sheet now. I mean, is the intention to accelerate R&D, do a little M&A, or just kind of a cushion on the balance sheet to fund operating losses?

嘿，Subodh，對你來說，也許一開始，只要使用收益，你的資產負債表上現在就有一大筆錢了。我的意思是，其意圖是加速研發、進行少量併購，還是僅在資產負債表上提供緩衝以彌補營運損失？

Our focus, Troy, continues to be on R&D development. We will obviously look at every opportunity to accelerate our timeline. Right now, we believe we are funding R&D adequately to hit the milestones that we have laid out. As you saw, we demonstrated a 4x9 qubit multichip system. We are going to -- we are deploying it as we speak.

特洛伊，我們的重點繼續放在研發上。我們顯然會尋找一切機會來加快我們的時間表。目前，我們相信我們有足夠的資金用於研發，以實現我們設定的里程碑。正如您所看到的，我們演示了一個 4x9 量子位元多晶片系統。我們將會——我們正在部署它。

Our plan for the end of the year is to deliver a multichip 100-plus qubit system with 99.5% 2-qubit gate fidelity and from there on, to continue to increase the fidelity as well as qubit count using chiplet approach. Every opportunity we get to accelerate that timeline, we continue to look at it and we will do so.

我們計劃在今年年底前推出一個具有 99.5% 2 量子位元閘保真度的多晶片 100 多個量子位元系統，並在此基礎上繼續使用晶片方法提高保真度和量子位元數。我們抓住每一個機會來加速這一時間表，我們會繼續關注並這樣做。

At this point, we believe we are still about three to four years away from getting to the 1,000-plus qubit, 99.9% fidelity with error correction and gate speeds of less than 50 nanoseconds, which is when we achieve quantum advantage. If we can accelerate that timeline using our strengthened balance sheet, as you correctly pointed out, we will obviously look at that.

目前，我們認為距離實現 1,000 多個量子位元、99.9% 的保真度（具有糾錯功能）和低於 50 奈秒的閘速度（即我們實現量子優勢）還有大約三到四年的時間。如果我們能夠利用強化的資產負債表來加速這一時間表，正如您正確指出的那樣，我們顯然會考慮這一點。

But I believe right now, we are still looking at roughly about four years to get to that quantum advantage point. I hope that answers your question.

但我相信現在我們仍然需要大約四年的時間才能達到量子優勢點。我希望這能回答你的問題。

Yeah, it does very much so. But just with respect to OpEx, it would assume just kind of sequential growth going forward, but no big stepping, no big leaps in spending.

是的，確實如此。但就營運支出而言，它假設未來只是連續成長，但不會有大的進步，支出也不會有大的飛躍。

Yeah, Troy, I think that's a good summary for right now anyway. So as Subodh said, we're adequately funded in R&D, but we'll look for opportunities. But right now, I don't think we anticipate any significant uplift.

是的，特洛伊，無論如何，我認為這對目前來說是一個很好的總結。正如 Subodh 所說，我們在研發方面有足夠的資金，但我們會尋找機會。但目前，我認為我們不預期會出現任何顯著的提升。

Okay. Perfect. And maybe just one follow-up. Could you just give us an update on Quanta, what they're doing, what we can't see to kind of satisfy their commitment here with your investment -- further investment in Rigetti?

好的。完美的。也許只需要一個後續行動。您能否向我們介紹一下 Quanta 的最新情況，他們正在做什麼，我們認為您的投資（對 Rigetti 的進一步投資）無法滿足他們在這裡的承諾嗎？

Sure. So as we have disclosed in the past, Quanta is a very strategic partner for us on the hardware side outside the QPU area. So we continue to stay focused on the QPU side. Quanta will invest -- is investing right now on the non-QPU portion of the hardware stack. That primarily means control system and the rest of the hardware stack.

當然。正如我們過去所揭露的，廣達是我們在 QPU 領域之外的硬體方面的策略合作夥伴。因此我們繼續關注 QPU 方面。Quanta 將投資——目前正在投資硬體堆疊的非 QPU 部分。這主要意味著控制系統和其餘硬體堆疊。

Right now, their focus is to essentially come up to speed in control systems. And our goal is to get them up and running with control systems that work with our QPUs fairly soon here in the next few quarters. Once they are up to speed in quantum computing and control systems, they will obviously accelerate development of that, allowing us more focus on the QPU side.

目前，他們的重點是從根本上加快控制系統的速度。我們的目標是在未來幾季內盡快讓它們與我們的 QPU 配合使用並運行控制系統。一旦他們在量子運算和控制系統方面取得進展，他們顯然會加速這方面的發展，讓我們更專注於 QPU 方面。

So they continue to be a very good and very strategic partner for us. The partnership is going really well. We are excited to codevelop the quantum systems, our quantum systems with them. Hopefully, that answers your question.

因此，他們仍然是我們非常優秀且具有策略意義的合作夥伴。雙方的合作進展非常順利。我們很高興與他們共同開發量子系統，我們的量子系統。希望這能回答你的問題。

Yeah, no, that's great, guys. Keep up all the good work.

是的，不，夥計們，這太棒了。繼續努力。

David Williams, The Benchmark Company.

大衛威廉斯 (David Williams)，基準公司。

Congrats on meeting the targets on the Cepheus chip. That's impressive. But I guess maybe, Subodh, last time we spoke, you had confidence that you could get to this 99.5%. But you said that you had a little bit of work to do, and you clearly hit that here. I guess how confident are you in being able to parlay that on the 100-qubit chip? And are there any major, I guess, steps or challenges ahead of you in order to get that 100 qubit at the same fidelity?

恭喜您達成了 Cepheus 晶片的目標。這真令人印象深刻。但我想也許，Subodh，上次我們談話時，你有信心可以達到這個 99.5%。但是您說過您還有一些工作要做，而且您在這裡顯然說到這一點了。我猜您對在 100 量子位元晶片上實現這一目標有多大信心？我想，為了以同樣的保真度獲得 100 個量子位元，您需要採取哪些重大步驟或面臨哪些挑戰？

Thanks, David, for the question. Certainly, getting to 4 chiplets with 9 qubits to the 36 qubit level was a significant accomplishment this last quarter, and we are really happy to get that. Regarding your question about 100-plus qubit, we are confident we'll get there with 99.5%, 2-qubit gate fidelity before the end of this year. The beauty of the chiplet approach is once the fundamental architecture is defined and the performance is there, scaling up becomes a lot easier by definition. And that's the whole reason for the chiplet approach.

謝謝大衛提出這個問題。當然，將 4 個具有 9 個量子位元的晶片提升到 36 個量子位元的水平是上個季度取得的一項重大成就，我們對此感到非常高興。關於您提出的 100 多個量子比特的問題，我們有信心在今年年底之前實現 99.5% 的 2 量子比特門保真度。小晶片方法的優點在於，一旦定義了基本架構並且具備了效能，那麼擴充就會變得容易得多。這就是採用小晶片方法的全部原因。

You intrinsically are using the same 9-qubit chip multiple times. And that gets -- you get better uniformity on your wafers. You get better yields. And it really allows us to get a perfect 9-qubit chip and then replicate it multiple times, which is why the semiconductor industry uses chiplets as a CMOS technology right now for all your advanced applications. So all the reasons that help semiconductor CMOS industry with chiplets are the same reasons why we chose the chiplet approach. Now that we have proven that it works at this high fidelity, our confidence is fairly high that we will get to 100-plus qubit and beyond, frankly.

您本質上是多次使用相同的 9 量子位元晶片。這樣一來，你的晶圓就會獲得更好的均勻性。您將獲得更好的收益。它確實使我們能夠獲得完美的 9 量子位元晶片，然後多次複製它，這就是為什麼半導體行業現在將小晶片作為 CMOS 技術用於所有高級應用的原因。因此，所有幫助半導體 CMOS 產業採用晶片的原因與我們選擇晶片方法的原因相同。現在我們已經證明它可以在如此高的保真度下工作，坦白說，我們有信心達到 100 多個量子位元甚至更高。

We really need to get to 1,000 qubit and multi-thousand qubits here soon to get to that quantum advantage point and then fault tolerant quantum computing beyond that. So our confidence is fairly high. But obviously, this is still technology development and challenges will always be there. So we are not taking it for granted by any means, and we'll continue to work hard to get it there. Hopefully, that answers your question.

我們確實需要盡快達到 1,000 個量子位元和數千個量子位元，以達到量子優勢點，然後在此基礎上實現容錯量子運算。所以我們的信心相當高。但顯然，這仍然是技術發展，挑戰永遠存在。因此，我們絕不會認為這是理所當然的，我們會繼續努力實現這一目標。希望這能回答你的問題。

No, it absolutely does. And I guess the follow-up to that would be, do you think that your road map can be accelerated beyond? I know you've talked about three to four years. But it seems like you're making just such great progress on the scalability side that you might be able to accelerate that even though maybe the error correction is lacking. Do you think you'll hit one of your targets maybe on the qubit side before you get to the others that you talked about this three to four years out? Thanks.

不，絕對是如此。我想接下來的問題是，您認為您的路線圖可以加速嗎？我知道您談到了三到四年。但看起來你在可擴展性方面取得瞭如此巨大的進步，即使可能缺乏錯誤糾正，你也可能能夠加速這一進程。您是否認為，在三到四年後實現您談到的其他目標之前，您可能會在量子位元方面實現其中一個目標？謝謝。

We will certainly try to accelerate our time line from that four-year to Quantum Advantage. Having said that, there are -- chiplet certainly helps us quite a bit to achieving that milestone. At the same time, there are other important metrics as well. I mean, we talked about getting to 1,000 qubit for that quantum advantage or more, getting to 99.9% or better 2-qubit gate fidelity. Error correction, as you correctly pointed out, has to be there, too. And also improving the gate speeds to better than 50 nanoseconds faster than that.

我們一定會努力加快從四年到量子優勢的時間表。話雖如此，Chiplet 確實為我們實現這一里程碑提供了很大幫助。同時，還有其他重要指標。我的意思是，我們討論的是達到 1,000 個量子位元以獲得量子優勢，達到 99.9% 或更高的 2 量子位元閘保真度。正如您正確指出的那樣，錯誤糾正也必須存在。並且還將門速度提高到比這快 50 奈秒以上。

There are other challenges in the dilution refrigerator. There's a lot of cables that we use right now. Right now, we are still using primarily coax cables. And when you get to 1,000 qubit or higher, your density of cables and other components in the dilution refrigerator become quite intense. So you have to start looking at things like flex cable technology and other things that we will encounter.

稀釋冷凍機還面臨其他挑戰。我們現在使用很多電纜。目前，我們仍然主要使用同軸電纜。當達到 1,000 量子位元或更高時，稀釋冷凍機中的電纜和其他組件的密度會變得非常大。所以你必須開始關注柔性電纜技術以及我們將遇到的其他事物。

So there are -- I don't want to make it sound simply that just because chiplets have been demonstrated. It's a relatively easy path. And we will be able to accelerate the time line from what we have already told you. We'll certainly look at opportunities, but there are multiple dimensions we need to tackle and that's where the number roughly four years comes from. Our view is that four years is probably the fastest any of us in the quantum computing space can get to quantum advantage.

所以——我不想讓它聽起來只是因為小晶片已經被演示過了。這是一條相對容易的路。我們將能夠根據我們已經告訴您的內容加快時間表。我們當然會尋找機會，但我們需要解決多個面向的問題，這就是大約四年這個數字的由來。我們認為，四年可能是我們在量子運算領域取得量子優勢的最快時間。

We have already quantified what our view is to get to quantum advantage. You need a minimum of 1,000 qubits. You need a minimum of 99.9% 2-qubit gate fidelity. You need to be faster than 50-nanosecond gate speed and you need error correction. None of us doing gate-based quantum computing are there yet by any means and that's where the four years comes from.

我們已經量化了我們的觀點以獲得量子優勢。你至少需要 1,000 個量子位元。您需要至少 99.9% 的 2 量子位元閘保真度。您需要比 50 奈秒門更快，並且需要糾錯。我們中沒有人能夠以任何方式實現基於閘的量子計算，這就是四年的由來。

So even though you may have heard about some companies talking about quantum advantage now and very soon. Our view is that it's going to take time to hit those 4 things. And certainly, for some modalities like trapped ion and pure atoms where they have fundamental science challenges to improve their gate speeds to get to these tens of nanoseconds. I mean, right now, they are dealing with hundreds of microseconds. And they have some serious scientific fundamental inventions needed situation on hand to get to the gate speeds that you need to get to, to demonstrate practical quantum advantage.

因此，儘管您可能已經聽說過一些公司現在和即將談論量子優勢。我們認為實現這四件事需要時間。當然，對於某些模式，例如囚禁離子和純原子，它們面臨基礎科學挑戰，需要提高其門速度以達到數十奈秒。我的意思是，現在他們正在處理數百微秒的時間。他們擁有一些重要的科學基礎發明，可以達到所需的門速度，從而展示實際的量子優勢。

So we continue to look at opportunities to accelerate and we hope we find them. But a realistic time line is what we are using for Quantum Advantage in about roughly four years with those 4 things that I mentioned earlier. Hopefully, that answers your question.

因此，我們將繼續尋找加速的機會，並希望找到它們。但現實的時間表是，我們將利用大約四年的時間來實現 Quantum Advantage，並實現我之前提到的四件事。希望這能回答你的問題。

Yes. Thanks, Subodh, for the color, and you've certainly done a good job hitting your milestones so far. So we'll certainly be looking for that acceleration. I appreciate it. Thank you.

是的。感謝 Subodh 為我提供的顏色，到目前為止，您已經出色地完成了自己的里程碑。所以我們肯定會尋求這種加速。我很感激。謝謝。

Krish Sankar, TD.

Krish Sankar，TD。

This is Steven calling on behalf of Krish. Subodh, if I could start first, I wanted to explore the M&A-related question again. I guess, just with the stronger balance sheet that you guys have now. And I guess I want to get your view on kind of current valuations on quantum assets currently? And is M&A an important part of your growth story over the next year or two?

我是史蒂文，代表克里什打電話來。Subodh，如果可以的話，我想再次探討與併購相關的問題。我想，只是因為你們現在擁有更強大的資產負債表。我想了解一下您對目前量子資產估值的看法？未來一兩年內，併購是否會成為您發展歷程中的重要部分？

And specifically, just asking related to like more adjacent technologies, whether it's semi manufacturing, advanced packaging, or software-related capabilities.

具體來說，只是詢問與更多相鄰技術相關的問題，無論是半製造、先進封裝或軟體相關功能。

Thanks, Steven. We will continue to look at opportunities where M&A could help us with our timeline. Our view is that we are very much in technology development right now. The timeline that we have laid out the four years to Quantum Advantage is primarily within our control right now. If we find opportunities in M&A where we can accelerate our time line, we will certainly look at that.

謝謝，史蒂文。我們將繼續尋找能夠幫助我們實現時間表的併購機會。我們的觀點是，我們目前正處於技術開發階段。我們為 Quantum Advantage 制定的四年時間表目前基本上在我們的控制範圍內。如果我們在併購中發現可以加快我們時間表的機會，我們肯定會考慮。

As of today, we don't see anything out there that can help us. We are in the leadership camp right now when it comes to overall quantum computing performance. There's probably a couple of tech giants that have one or two critical metrics that are ahead of us. But besides that, I mean, frankly, and those tech giants are out of our league to consider M&A. Besides those kinds of opportunities, we really don't see anyone out there who is anywhere close to we are.

截至今天，我們還沒有看到任何可以幫助我們的東西。就整體量子運算效能而言，我們現在處於領先地位。可能有幾家科技巨頭在一兩個關鍵指標上領先我們。但除此之外，坦白說，那些科技巨頭不在我們的考慮範圍之內，我們不會考慮併購。除了這些機會之外，我們真的沒有看到任何人能與我們相提並論。

So we are quite a bit ahead of everyone when it comes to technology right now, except for a couple of tech giants in a couple of key metrics. So really, we don't see any tactical opportunity to use M&A to help us with our time line acceleration. But we'll continue to look at that. And if there are opportunities out there, we'll certainly not be shy to exercise those opportunities.

因此，就目前技術而言，我們遠遠領先所有人，除了幾個關鍵指標上的幾家科技巨頭。所以實際上，我們沒有看到任何利用併購來幫助我們加速時間表的戰術機會。但我們會繼續關注這一點。如果有機會，我們當然不會羞於利用這些機會。

Got it. That's helpful. My second question is related to gate speeds. You kind of mentioned that first that getting below 50 nanoseconds is important for ultimately reaching quantum advantage for the industry. I think previously, you mentioned you guys are around 70 nanoseconds currently. And just kind of curious if you can provide some thoughts on the road map for getting to sub-50 nanoseconds. And also, what are the implications in terms of overall quantum system performance?

知道了。這很有幫助。我的第二個問題與門速度有關。您首先提到，低於 50 奈秒對於最終實現產業量子優勢至關重要。我認為之前你們提到過，你們目前的速度大約是 70 奈秒。我只是有點好奇您是否可以就實現低於 50 奈秒的路線圖提供一些想法。而且，這對整體量子系統性能有何影響？

Like is it a benefit or a boost to coherence times, fidelity rates or like in terms of the overall productivity and performance of the system? If you could help provide some color, that would be helpful.

例如，它是否會對相干時間、保真度或系統的整體生產力和性能帶來好處或提升？如果您能提供一些顏色，那將會很有幫助。

Good question, Steven. I mean, the four things that we have mentioned to get to quantum advantage are the qubit count, which we believe has to be minimum 1,000, 2-qubit gate fidelity, which we believe has to be minimum 99.9% error correction and then gate speeds faster than 50 nanoseconds. Of the four things, we feel most confident that we will be able to get to gate speeds, faster gate speeds relatively quickly. That's not the determining factor, if you will, to get to quantum advantage. We are -- as you correctly said, with Ankaa-3, we are at about 70 nanoseconds.

問得好，史蒂文。我的意思是，我們提到的獲得量子優勢的四個方面是量子比特數，我們認為它必須至少為 1,000，2 量子比特門保真度，我們認為它必須至少為 99.9% 的糾錯率，然後門速度要快於 50 奈秒。在這四件事中，我們最有信心的是，我們將能夠相對快速地達到門速度，更快的門速度。如果你願意的話，這並不是獲得量子優勢的決定性因素。正如您所說，使用 Ankaa-3，我們大約需要 70 奈秒。

We are deploying Cepheus-1 right now, which is a little faster than Ankaa-3, as my remarks pointed out. We are still quantifying it. But it will be in the 50 to 60 nanosecond type range. We certainly think we will be able to accelerate that faster. So getting to 50 nanoseconds or faster is not that difficult, honestly.

我們目前正在部署 Cepheus-1，正如我的評論所指出的那樣，它比 Ankaa-3 稍快。我們仍在對其進行量化。但它將在 50 到 60 奈秒的範圍內。我們當然認為我們能夠更快地加速這一進程。所以說實話，要達到 50 奈秒或更快的速度並不是那麼困難。

We believe gate speed is extremely important. Ultimately, you are building a quantum computer, speed absolutely matters. So once you combine all the metrics, gate speeds are going to be critical when it comes to time for performing any operation and completion kind of tasks. Our view, as we have pointed out multiple times before, is that a quantum computer is not going to exist in a silo in some kind of a quantum network. It is going to sit in existing data centers with CPUs and GPUs in form of a hybrid system.

我們認為門速極為重要。最終，您正在建造一台量子計算機，速度絕對重要。因此，一旦將所有指標結合起來，門速度對於執行任何操作和完成任務的時間都將至關重要。正如我們之前多次指出的那樣，我們的觀點是，量子電腦不會存在於某種量子網路的孤島中。它將以混合系統的形式與 CPU 和 GPU 一起安裝在現有的資料中心中。

It will have to interface with existing networks. So I think our view is that you need to design a quantum computer that fits into the overall data centers, which means that your clock speeds and other metrics have to be commensurate with CPU, GPU clock speeds. And for that, you do need the quantum computer to be faster than 50 nanoseconds. One would argue even that is on the slower side compared to CPUs and GPUs. But at least there is a chance to be able to use that gate speed to stay up with CPU and GPU clock speeds.

它必須與現有網路連接。所以我認為我們的觀點是，你需要設計一台適合整體資料中心的量子計算機，這意味著你的時脈速度和其他指標必須與 CPU、GPU 時脈速度相稱。為此，量子電腦的速度確實需要超過 50 奈秒。有人可能會說，與 CPU 和 GPU 相比，它的速度還是比較慢的。但至少有機會利用該門速度來跟上 CPU 和 GPU 時脈速度。

But once you start talking the hundreds of microseconds that some other modalities like trapped ion or pure atoms. You are really like 1,000 times, if not 10,000x slower than superconducting quantum computers and certainly CPUs and GPUs. And that makes it really hard to think about a quantum computer existing in current data center using current networks. So our view of a hybrid system using existing networks really forces you to talk about tens of nanoseconds of gate speeds. Hopefully, that answers your question.

但是一旦你開始談論數百微秒，就會出現一些其他模式，例如捕獲離子或純原子。你的速度確實比超導量子電腦、CPU 和 GPU 慢 1,000 倍，甚至 10,000 倍。這使得我們很難想像在當前資料中心使用當前網路來建立量子電腦。因此，我們對使用現有網路的混合系統的看法確實迫使您談論幾十納秒的門速度。希望這能回答你的問題。

Yes. Super helpful, Subodh. And just a quick follow-up or a housekeeping item for Jeff. Jeff, like post the equity raise, what share count should we be modeling for Q3?

是的。非常有幫助，Subodh。這只是對 Jeff 的一個快速跟進或日常事務。傑夫，例如股權增發後，我們應該為第三季建模多少股？

Sure. So I would say roughly $327 million-ish roughly.

當然。所以我認為大約是 3.27 億美元左右。

Perfect. Thank you so much.

完美的。太感謝了。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Congratulations on the nice results and the technical milestone for the midyear. I wanted to start just with that sort of the road map on the size of the chiplet versus the number of chiplets in your tiled approach. It sounds like you're going to stick with a 9-qubit QPU for the near term. But getting to 1,000 qubits, if you stuck with a 9-qubit solution would require over 100 chiplets. And so I'm kind of wondering when do you start to see a trade-off between the number of chiplets versus the number of qubits on a given chiplet?

恭喜您取得的良好成績以及年中技術里程碑。我想從這種關於晶片大小與平鋪方法中的晶片數量的路線圖開始。聽起來你近期會堅持使用 9 量子位元 QPU。但是，如果堅持使用 9 量子位元解決方案，則要達到 1,000 個量子位元，將需要超過 100 個晶片。所以我想知道你什麼時候開始看到晶片數量與給定晶片上的量子比特數量之間的權衡？

Like where is that sweet spot do you think -- where do you think that sweet spot ultimately ends up?

您認為最佳點在哪裡—您認為最佳點最終會在哪裡？

Good question, Quinn. Honestly, we don't know the answer right now as to what -- when exactly would be the right time to transition from a 9-qubit chiplet to something higher. Clearly, we will do it before we get to 1,000 qubits, as you correctly said. Otherwise we are talking about more than 100 chiplets and that will start putting unnecessary pressure on the packaging side and no reason to push it that hard at this time. Certainly, there's more flexibility on the size of the chiplet itself.

問得好，奎因。老實說，我們現在還不知道答案——什麼時候才是從 9 量子位元晶片過渡到更高級晶片的最佳時機。顯然，正如您正確指出的那樣，我們會在達到 1,000 個量子位元之前做到這一點。否則，我們談論的是超過 100 個晶片，這將開始給封裝方面帶來不必要的壓力，並且沒有理由在此時如此努力地推動它。當然，晶片本身的尺寸具有更大的靈活性。

So we will stay with 9 qubit at least until we get to the 100-plus qubit milestone before the end of this year. And then for next year's milestone, which would be higher qubit count and better fidelity than this year. We will look at options of staying with 9 qubit or trying to attempt something bigger like a 16 qubits, some square number, so 16, 25, 36 kind of qubits for the next chiplet size. We are doing the work right now to decide which is the next optimal chiplet size. But certainly, once we go over a few hundred qubits, we will be using a higher qubit count chiplet to get to 1,000-plus qubit.

因此，我們將保持至少 9 個量子位元，直到今年年底之前達到 100 多個量子位元的里程碑。然後是明年的里程碑，它將比今年擁有更高的量子位元數和更好的保真度。我們將研究繼續使用 9 個量子位元或嘗試更大的量子位元（例如 16 個量子位元或某個平方數）的選項，因此對於下一個晶片大小，可以使用 16、25、36 種量子位元。我們現在正在進行的工作是決定下一個最佳的晶片尺寸。但可以肯定的是，一旦我們超過幾百個量子位元，我們將使用更高量子位元數的晶片來達到 1,000 多個量子位元。

As you go to larger square qubit tiles, would that require any significant CapEx on the equipment in Fab 1? Or do you think the existing equipment set should allow you to go to sort of any reasonable square number of qubits on a single tile?

當您使用更大的方形量子比特塊時，是否需要在 Fab 1 的設備上投入大量的資本支出？或者您認為現有的設備群組應該允許您在單一圖塊上對任意合理的平方數量的量子位元進行排序？

There will be some -- there's always going to be some need for new capital or upgraded capital for our fab in Fremont, California. We continue to do the necessary investments there. We don't see anything. Our Ankaa-3 chip, if you will, was 84 qubit at roughly 1.5 centimeter. And the 9-qubit chip that we are dealing with chiplet right now, we are dealing with is 6 millimeter by 6 millimeter. So certainly, we have capability to handle a chip, if you will, up to 1.5 centimeter.

我們位於加州弗里蒙特的工廠總是需要一些新資本或升級資本。我們將繼續在那裡進行必要的投資。我們什麼也沒看到。我們的 Ankaa-3 晶片大約有 1.5 厘米，有 84 個量子位元。我們目前正在處理的 9 量子位元晶片尺寸為 6 毫米 x 6 毫米。所以當然，我們有能力處理最大 1.5 公分的晶片。

So we don't think we need something drastically different for fab to get a higher chiplet size. Packaging is certainly an area we are looking at right now as we start building more than 10 or 20 chiplets. Do we need better quality packaging equipment? Or do we need something different?

因此，我們認為，工廠不需要做出太大改變就能獲得更大的晶片尺寸。當我們開始建造超過 10 或 20 個晶片時，封裝無疑是我們現在正在關注的領域。我們是否需要品質更好的包裝設備？或者我們需要一些不同的東西？

We are doing that work right now. But we don't think some significantly new equipment with very, very high price Tab is needed at this time to get to the higher qubit count.

我們現在正在做這項工作。但我們認為，目前不需要一些價格非常高的全新設備來實現更高的量子位元數。

Got it. Okay. That's great. I wanted to move on just to -- you mentioned one of the four requirements for Quantum Advantage would be the quantum error correction. And I know this year's milestones are really around the tiled approach and hitting 100 qubits with 99.5% fidelity by year-end. As you get to that 100-plus qubit solution by year-end, when do you think you start trying to implement the low-density parity check error codes that I think you guys had submitted as part of your QBI DARPA program?

知道了。好的。那太棒了。我想繼續說——您提到量子優勢的四個要求之一是量子誤差校正。我知道今年的里程碑實際上是圍繞平鋪方法，到年底達到 100 個量子比特，保真度達到 99.5%。當你們在年底前獲得超過 100 個量子位元的解決方案時，你認為什麼時候開始嘗試實現低密度奇偶校驗錯誤代碼？我認為你們已經將其作為 QBI DARPA 計劃的一部分提交了。

Correct. And quantum error correction is obviously a very important area long term. And it will become more and more of a discussion as we get into 2026 and beyond. This year, we are -- you are correct. We are focusing much more on the fidelity side and increasing the qubit count to more than 100 qubit.

正確的。而量子糾錯顯然是一個長期非常重要的領域。隨著我們進入 2026 年及以後，這個問題將越來越成為人們討論的話題。今年，我們——你是對的。我們更加關注保真度方面，並將量子位元數增加到 100 量子位元以上。

We continue to work on quantum error correction on our own along with our partner, Riverlane in Cambridge, UK. Jointly, we have done some excellent work demonstrating real-time error correction to some level, low latency error correction. And then we will take that work to get to real-time error correction soon. But there's a lot of work to be done on that front. We believe we need several hundred qubits at 99.7% or 99.8% or something along those lines to truly demonstrate the value of error correction in a real-time sense.

我們將繼續與英國劍橋的合作夥伴 Riverlane 一起致力於量子糾錯。我們共同完成了一些出色的工作，在一定程度上展示了即時糾錯和低延遲糾錯。然後我們將透過這項工作很快實現即時糾錯。但在這方面還有很多工作要做。我們相信，我們需要幾百個 99.7% 或 99.8% 左右的量子位元才能真正展示即時糾錯的價值。

So we are not quite at that point on the hardware side to try the sophisticated error correction codes like the QLDPC code that you referred. We are a year or two away from starting to do that kind of work. Hopefully, that answered your question.

因此，我們在硬體方面還沒有達到嘗試複雜糾錯碼（如您所提到的 QLDPC 碼）的程度。我們還需要一兩年的時間才能開始做這樣的工作。希望這能回答你的問題。

Yeah, it did. And then lastly, just any updated chatter on when the DOE National Quantum Act or the reauthorization of NQI might make it through Congress? Does it feel like there's any momentum there? Is it going in front of committees? Are there hearings being held in Congress to try to advance that bill towards signage?

是的，確實如此。最後，有沒有關於美國能源部國家量子法案或 NQI 重新授權何時能獲得國會通過的最新消息？感覺那裡有動力嗎？它會在委員會面前進行嗎？國會是否正在舉行聽證會以推動該標誌法案？

Yes, absolutely. It looks like there's bipartisan support. There has been bipartisan support for a while, and it continues to be the case. There are several versions of the NQI reauthorization bill that are in different committees and a lot of hearings have happened in the last few months along those lines. The House has multiple versions. The Senate has multiple versions.

是的，絕對是。看起來得到了兩黨的支持。一段時間以來，兩黨一直支持這項政策，而且這種情況仍在繼續。NQI 重新授權法案有多個版本，分別由不同的委員會審議，過去幾個月就此舉行了多次聽證會。眾議院有多個版本。參議院有多個版本。

Nothing has been consolidated down to a single version yet. We hope that happens in the next few weeks or months and it becomes NQI Authorization Act. Obviously, we are looking forward to getting that done and signed, but it hasn't happened yet. But certainly, support seems to be there. And all the hearings that we have participated in ourselves as well as following. It looks like it's going to happen. It's just a question of when, not if.

目前還沒有任何內容被合併為單一版本。我們希望這將在未來幾週或幾個月內實現，並成為 NQI 授權法案。顯然，我們期待完成並簽署該協議，但這還沒有發生。但可以肯定的是，支持似乎是存在的。以及我們親自參加的以及隨後參加的所有聽證會。看起來這就要發生了。這只是一個時間問題，而不是是否會發生的問題。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Richard Shannon, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的理查德·香農。

This is Tyler Anderson on for Richard. And congrats on all the work this quarter. I was wondering, do you have any feedback or updates from QBI or NQCC to give?

這是泰勒安德森 (Tyler Anderson) 代替理查德 (Richard)。並祝賀本季的所有工作。我想知道您是否有來自 QBI 或 NQCC 的任何反饋或更新可以提供？

I mean, we certainly talk to both of the organizations, the DARPA organization as well as NQCC organization on an ongoing basis. They are very much aware of our progress. With NQCC, as we have disclosed in the past, there are several active projects that are going on right now. One of them being upgrading their existing 24-qubit system to what we have right now in California, the 4/9 qubit chiplet type system. So we are going to be working with them to upgrade their system, along with demonstrating some other fundamental technology blocks like optical interconnects and other things.

我的意思是，我們肯定會與這兩個組織，即 DARPA 組織以及 NQCC 組織進行持續溝通。他們非常清楚我們的進步。正如我們過去所揭露的，NQCC 目前有幾個活躍的項目正在進行中。其中之一是將他們現有的 24 量子位元系統升級到我們目前在加州擁有的 4/9 量子位元晶片類型系統。因此，我們將與他們合作升級他們的系統，同時展示一些其他基礎技術模組，如光互連等。

So those projects are ongoing. We will continue to disclose that appropriately as we hit some technology milestones or publish some papers. With DARPA, we clearly are in Phase 1 right now. They will be narrowing the group down for Phase 2 before the end of this year. We certainly are optimistic given our results and where we are that we will make it to Phase 2, but it's ultimately DARPA's decision.

這些項目仍在進行中。當我們達到一些技術里程碑或發表一些論文時，我們將繼續適當地揭露這一點。有了 DARPA，我們現在顯然處於第一階段。他們將在今年年底前縮小第二階段的參賽範圍。鑑於我們的成果和現狀，我們當然對進入第二階段感到樂觀，但最終決定權在 DARPA。

Our key differentiation from everyone else is our open modular approach as well as the chiplet design. We clearly believe this is a leadership system that we have introduced with 4 chiplets. So I'm sure that will play a huge role in DARPA's decision-making. So we continue to stay optimistic on that front. But we will find out when they decide before the end of this year.

我們與其他公司的主要區別在於我們的開放式模組化方法以及小晶片設計。我們堅信這是我們透過 4 個 chiplet 引入的領導系統。因此我相信這將在 DARPA 的決策中發揮巨大作用。因此，我們對此繼續保持樂觀。但我們將在今年年底前他們做出決定時得知答案。

That's great. And then do you have any timeline on when you plan to reach a 16-tile chiplet? And are there any learnings that you've had from transitioning back to the chiplet approach?

那太棒了。那麼，您計劃何時實現 16 塊晶片的時間表是什麼？從過渡回 chiplet 方法的過程中，您有什麼收穫嗎？

Well, there's plenty of learnings that we have derived from going to -- from monolithic chip to chiplets. A lot of it is part of our know-how as well as many of the patents we have filed in this area. Certainly, you can take a look at our patent portfolio. Many of those patents have started issuing now. And you can take a look at what exactly we cover in those patents.

嗯，我們從單晶片到小晶片的過程中獲得了很多經驗。其中許多都是我們的專有技術以及我們在該領域申請的許多專利。當然，您可以看看我們的專利組合。其中許多專利現已開始頒發。您可以看看這些專利具體涵蓋了哪些內容。

It's obviously a very important critical piece of IP for us to be the first and foremost in demonstrating chiplet and having a proprietary approach to scaling up. There's a lot of learning. I mean, you clearly have to design the qubits appropriately because you are using chiplets, not a single chip. So there's -- you need to adjust the geometries and the wiring layouts and so on. Not very different than what we have learned in the CMOS industry when we use chiplets.

顯然，對我們來說，率先展示小晶片並採用專有方法進行擴展是一個非常重要的關鍵 IP。有很多東西要學。我的意思是，你顯然必須適當地設計量子位，因為你使用的是小晶片，而不是單一晶片。因此，您需要調整幾何形狀和佈線佈局等等。與我們在使用小晶片時在 CMOS 行業中學到的知識沒有太大區別。

If you look at all the work that happened a decade or so ago in the CMOS industry to incorporate chiplets and advanced devices. Some of the things are similar that we are learning. But some are because by definition, we are coupling qubits across the chiplets through an interposer. There are some new things that we are uncovering as we go along, and that's where a lot of know-how is getting developed and IP is getting developed.

如果你回顧一下十多年前 CMOS 產業為整合小晶片和先進設備所進行的所有工作。有些東西和我們正在學習的東西很相似。但有些是因為根據定義，我們透過中介層在晶片之間耦合量子位元。隨著我們的進步，我們發現了一些新事物，許多專有技術和智慧財產權也因此而發展。

Okay. And then are you planning on staying with a square layout for your tiles? And piggybacking off of Quinn's question, do you have any range that you could give for the logical qubit overhead for QLDPC codes?

好的。那麼，您打算繼續採用方形磁磚佈局嗎？並且順著 Quinn 的問題，您能給出 QLDPC 碼的邏輯量子位元開銷的範圍嗎？

So for the time being, we'll continue to stay with the square chiplets. So right now, it's 9. As I mentioned to Quinn, we'll probably look at a higher number before we go to 1,000 qubits. We are pretty sure we'll look at a higher number before we go to 1,000 qubits. Up to 100 will stay with 9 for sure.

因此，目前我們將繼續使用方形晶片。現在是 9。正如我向奎因提到的那樣，在達到 1,000 個量子位元之前，我們可能會考慮更高的數字。我們非常確定，在達到 1,000 個量子位元之前，我們會看到一個更高的數字。最多 100 個肯定會保留 9 個。

But beyond that, we will look at a higher number than 9. Regarding the whole discussion of logical qubit, as you probably are well aware, I mean, there's no clear definition of logical qubits. A lot of it depends on the error correction and how you lay it out. So we'll continue to stay with physical qubit and fidelity, which basically gives you effectively logical qubit. So once you are in that 99.9% 1,000-plus qubit range, we believe we will get to an overhead of 10:1 or better, but it's all projections right now.

但除此之外，我們將考慮比 9 更高的數字。關於邏輯量子位元的整個討論，正如您可能很清楚的那樣，我的意思是，邏輯量子位元沒有明確的定義。這很大程度上取決於錯誤修正以及如何佈局。因此，我們將繼續堅持物理量子位元和保真度，這基本上為您提供了有效的邏輯量子位元。因此，一旦達到 99.9% 的 1,000 多個量子位元範圍，我們相信我們將達到 10:1 或更高的開銷，但目前這都只是預測。

I mean, no one has demonstrated anywhere close to 100 logical qubits yet. So our projections say that once we are at 1,000-plus qubits at 99.9% 2-qubit gate fidelity or better, we will be in that range, but we need to get there. But really, it a lot depends on the definition of logical qubits and error correction and so on. So we'll continue to use physical qubits and 2-qubit gate fidelity and metrics like that, which are clear and not controversial.

我的意思是，還沒有人展示過接近 100 個邏輯量子位元。因此，我們的預測是，一旦我們達到 1,000 多個量子比特，並且 2 量子位元閘保真度達到 99.9% 或更高，我們就會處於這個範圍內，但我們需要達到這個目標。但實際上，這很大程度上取決於邏輯量子位元的定義和糾錯等等。因此，我們將繼續使用實體量子位元和 2 量子位元閘保真度以及類似的指標，這些指標清晰且沒有爭議。

Otherwise, you get into -- once you say logical qubit, you have to define what a logical qubit is, how you did your error correction and then numbers are all over the place at that one, making it very difficult to compare. Hopefully, that answers your question.

否則，你就會陷入——一旦你說邏輯量子位，你就必須定義什麼是邏輯量子位，你如何進行錯誤校正，然後數字就會到處都是，這使得比較變得非常困難。希望這能回答你的問題。

That does. And I got one more, speaking of controversial. So does having this chiplet, is that garnering any more attention towards people getting any more on-premise systems, whether it's from people who you've already sold to or someone new?

確實如此。我還想再提一個問題，關於爭議。那麼，擁有這個小晶片是否會引起人們對獲得更多內部部署系統的更多關注，無論是來自已經銷售產品的客戶還是新客戶？

I mean, we certainly -- right now, we deal with the US government, the UK government as our two primary customers, if you will. And we continue to talk to some other governments on a selective basis. All of them are very interested in the chiplet approach.

我的意思是，我們當然——目前，我們與美國政府和英國政府打交道，它們是我們的兩個主要客戶。我們將繼續有選擇地與其他一些政府進行對話。他們都對 chiplet 方法非常感興趣。

Our belief and many of those customers believe as well is -- this is truly the only scalable way to get to more than 1,000 qubits. None of us see how you can take a single monolithic chip and take it to more than 1,000 qubits and certainly to tens of thousands and hundreds of thousands of qubits, which you eventually have to, to get to a fault tolerant quantum computer. So everyone sees chiplet as a necessary component to get to fault tolerant quantum computing.

我們和許多客戶都相信——這是真正達到 1,000 多個量子位元的唯一可擴展方法。我們誰也不知道如何才能將單一單晶片的量子位元數增加到 1,000 多個，甚至增加到數萬、數十萬個量子位元，最終實現容錯量子電腦。因此，每個人都將 chiplet 視為實現容錯量子運算的必要元件。

So when we talk to the DOEs, DoDs, the UK national NQCC, they all understand the strategic value of chiplets and demonstrating that to get to fault tolerant quantum computing. Hopefully, that answered your question.

因此，當我們與美國能源部、國防部、英國國家量子運算中心交談時，他們都了解小晶片的戰略價值，並證明它可以實現容錯量子運算。希望這能回答你的問題。

It does. And I agree with the statement on the need for chiplets. Thank you. I appreciate your time.

確實如此。我同意關於 chiplet 必要性的說法。謝謝。感謝您抽出時間。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

While we both can agree that the most important metrics today are based on progress in your road map. And you've clearly stated that you still have four years left on that road map to achieve Quantum Advantage. Is there some combination of your four metrics that begin to drive revenue or larger scale orders in your opinion?

雖然我們都同意，當今最重要的指標是基於您的路線圖的進展。而且您已經明確表示，距離實現量子優勢還有四年的時間。您認為這四個指標的組合是否可以開始推動收入或更大規模的訂單？

Certainly, we agree that right now, it's all about technology development and technology metrics. That's the most important thing. Obviously, sales we monitor, we report. We are dealing with primarily government labs and academic institutes right now. Sales, as you call them, they are more like research contracts. They are one-off.

當然，我們同意現在一切都與技術發展和技術指標有關。這是最重要的事。顯然，我們會監控並報告銷售情況。我們現在主要與政府實驗室和學術機構打交道。正如你所說的銷售，它們更像是研究合約。它們是一次性的。

So we will continue to participate with DOE, DoD, UK Government, and other governments as appropriate. As we really don't believe that those numbers, one-off numbers, they can fluctuate very widely, are really representative of what's happening. But at the same time, yeah, the government, national labs, universities are interested in getting on-premise quantum computers for research applications, not for production workflows, not in their data centers or anything like that, but for research applications. As we continue to get closer and closer to Quantum Advantage, you are going to see more and more of those orders.

因此，我們將繼續與美國能源部、國防部、英國政府等政府適當合作。因為我們真的不相信這些數字，這些一次性的數字，它們可能會有很大的波動，能夠真正代表正在發生的事情。但同時，是的，政府、國家實驗室、大學有興趣獲得用於研究應用的內部量子計算機，而不是用於生產工作流程，也不用於資料中心或類似的東西，而是為了研究應用。隨著我們越來越接近“量子優勢”，您將看到越來越多的訂單。

If you look at the national quantum missions, if you will, of various countries, starting the US, we are talking substantial numbers. I mean, the NQI reauthorization, the number we talked about is $2.5 billion over five years. So that's roughly $500 million a year. The DoD DARPA initiative is already -- they have disclosed it to be more than $0.5 billion for the current QBI initiative. And there will be more projects like that from the DoD side.

如果你看一下從美國開始的各個國家的量子任務，你會發現它們的數量相當可觀。我的意思是，我們討論的 NQI 重新授權數字是五年內 25 億美元。所以每年大約是 5 億美元。國防部 DARPA 計劃已經——他們透露，目前的 QBI 計劃資金超過 5 億美元。國防部方面還會進行更多類似的項目。

Then you go to the UK, you are talking of hundreds of millions of dollars and many other countries in the Western world, along with some other select countries in Asia, friendlier countries in Asia. They're all talking about hundreds of millions of dollars a year. And some of that will be used for on-premise quantum computers. And we will continue to look at those opportunities to participate on a selective basis. So even though it's not our focus, we'll continue to look at those opportunities.

然後你去英國，你談論的是數億美元和西方世界的許多其他國家，以及亞洲的一些其他特定國家，亞洲比較友善的國家。他們談論的都是每年數億美元。其中一些將用於內部量子計算機。我們將繼續有選擇地尋找參與的機會。因此，即使這不是我們的重點，我們也會繼續尋找這些機會。

And we are pretty confident we will get those opportunities. But by no means do we want that to become the focus of the company while we are continuing to work on getting to Quantum Advantage as fast as we can. Hopefully, that answers your question.

我們非常有信心我們會獲得這些機會。但我們絕不希望這成為公司的重點，我們將繼續努力盡快實現量子優勢。希望這能回答你的問題。

Yes. Great. Thanks

是的。偉大的。謝謝

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Congratulations on the progress technically and Subodh on the extended visibility that it gives you to get to a 100-qubit system and beyond that. I had a question related to how the technology advances and the way you collaborate with your partner, Quanta, on the way things progress. So I would expect that at some point when you scale up to larger qubit sizes and I'm not sure what the thresholds might be. But at some point, there would be systems implications and a system for a certain qubit count would have to evolve for one of a higher qubit count.

恭喜您在技術上的進步，也祝賀 Subodh 擴展了您的可見性，使您能夠達到 100 量子位元系統甚至更高。我有一個問題，關於技術如何進步，以及您與合作夥伴廣達在技術進步過程中如何合作。因此我預計，當你擴展到更大的量子位元尺寸時，我不確定閾值會是多少。但在某個時候，這將對系統產生影響，並且特定量子位元數的系統必須發展為更高量子位元數的系統。

The question is, how do you ensure that Quanta is progressing with the system development issues so that as you scale up to 100 multi-hundred qubits, 1,000 qubits that on the system side, they're delivering on time and that the entire system is going to be one that works really well? Thank you.

問題是，如何確保廣達在系統開發問題上取得進展，以便當您將系統擴展到 100 個數百量子位元、1,000 個量子位元時，他們能夠按時交付，並且整個系統能夠運作良好？謝謝。

Good question, Craig. I mean, certainly, any time you do a strategic partnership with anyone. You have to worry about those exact questions that your partner is capable up to speed. They are not the ones who are going to slow you down and so on. And we will continue to work closely with Quanta.

問得好，克雷格。我的意思是，當然，任何時候你與任何人建立策略夥伴關係。您必須擔心您的合作夥伴是否能夠快速回答這些問題。他們不會拖慢你的腳步等等。我們將繼續與廣達密切合作。

I mean, they are a very, very capable company, as you know. They are the leaders in CPU, GPU servers on the cloud right now. They have the number one market share for GPU servers. They have a significantly capable and large technical team. And they are putting some of their best people on the quantum computing program right now.

我的意思是，正如你所知，他們是一家非常非常有能力的公司。他們是目前雲端 CPU、GPU 伺服器領域的領導者。他們在 GPU 伺服器市場佔有第一的份額。他們擁有一支能力強大、規模龐大的技術團隊。他們現在正將一些最優秀的人才投入到量子計算專案中。

So we have seen no indications that they are going to drop the ball on their side. They're very actively involved. And right now, we continue to make our own control systems. But we continue to basically get them up to speed. They are very capable on the CPU GPU side.

因此，我們沒有看到任何跡象表明他們會放棄。他們非常積極地參與。現在，我們繼續建立自己的控制系統。但我們基本上會繼續幫助他們跟上進度。它們在 CPU GPU 方面能力非常強。

So when it comes to the hybrid system side, they are going to be teaching us effectively on the CPU GPU side. So I believe the collaboration is working out great right now. It's still very early days. They are coming up to speed in 2026, at least certainly before the end of 2026. I believe we will start using control systems from Quanta.

因此，當涉及混合系統方面時，他們將在 CPU GPU 方面有效地教導我們。所以我相信目前的合作進展順利。現在還為時過早。他們將在 2026 年達到最高速度，至少肯定在 2026 年底之前。我相信我們將開始使用 Quanta 的控制系統。

And then they'll start getting into the rest of the hardware stack. So given the overall time line for Quantum Advantage of about four years from now and that's when the volumes will start picking up in two to three years. I believe Quanta is very well positioned to help us with the acceleration ramp. I mean, that's where we really bring the strengths of high-volume, low-cost manufacturing of these GPU servers. And that's really where we will start getting the benefit of Quanta's capabilities a couple of years from now when we start talking higher volumes. Hopefully, that answered your question.

然後他們將開始進入硬體堆疊的其餘部分。因此，考慮到 Quantum Advantage 的整體時間表約為四年，屆時其銷量將在兩到三年內開始回升。我相信 Quanta 完全有能力幫助我們加速發展。我的意思是，這就是我們真正發揮這些 GPU 伺服器大批量、低成本製造優勢的地方。幾年後，當我們開始談論更高的產量時，我們就會真正開始從廣達的能力中獲益。希望這能回答你的問題。

It does. Thanks. And then the follow-up question relates to the flip side of the current state of the government funding resolution issue. No, it's not yet signed. And yet, I wouldn't think that that would preclude you from interacting with national labs or the DOE and talking about road map issues, technology progress. Can you just talk about the things that you're able to do with some of those entities to position the business best for when we do get those funding resolutions and the team can better realize the related revenue opportunities from them? Thank you.

確實如此。謝謝。後續問題涉及政府資金解決方案現狀的另一面。不，尚未簽署。然而，我認為這不會妨礙您與國家實驗室或能源部互動並討論路線圖問題和技術進步。您能否談談您可以對其中一些實體採取哪些措施，以便在我們獲得這些融資決議時為業務做好最佳定位，並且團隊可以更好地從中獲得相關的收入機會？謝謝。

Yeah, it's a good question. I mean, we continue to engage very actively with both DOE and DoD right now. So even though the NQI reauthorization has not been signed and appropriated yet, our relationships continue to be very strong. So if you physically visit Fermilab and the SQMS center in Fermilab, you will see several dilution refrigerator systems over there incorporating our chips. One of them is the full-fledged 9-qubit system that we deployed last year.

是的，這是個好問題。我的意思是，我們現在繼續與能源部和國防部積極合作。因此，儘管 NQI 重新授權尚未簽署和撥款，但我們的關係仍然非常牢固。因此，如果您親自造訪費米實驗室和費米實驗室的 SQMS 中心，您將看到那裡有幾套採用我們晶片的稀釋冷凍系統。其中之一就是我們去年部署的成熟的 9 量子位元系統。

But there are many other systems that are using our chips, and various experiments are being done. So along with it, we talk with other DOE labs as well. And you obviously are familiar with our involvement with QBI and the DARPA initiative. So nothing has changed from an interaction standpoint. Everyone continues to be very interested in superconducting technology and our open modular approach, particularly the chiplet approach in superconducting computing technologies.

但還有許多其他系統正在使用我們的晶片，並且正在進行各種實驗。因此，我們也與其他 DOE 實驗室進行了交流。您顯然熟悉我們參與 QBI 和 DARPA 計劃的情況。因此從交互的角度來看，沒有任何改變。大家仍然對超導技術和我們的開放模組化方法非常感興趣，特別是超導運算技術中的小晶片方法。

So all that is progressing. Obviously, they are stranded without getting additional dollars from the NQI reauthorization. So they need more money to continue with their experiments. So overall, the technology is progressing well. We continue to do our road map. They are continuing to do their work. It's just that all of us would like government to fund these initiatives at a higher level than what the current situation is.

所以一切都在進展中。顯然，他們無法從 NQI 重新授權中獲得額外的資金。因此他們需要更多的資金來繼續他們的實驗。所以整體來說，這項技術進展順利。我們繼續制定我們的路線圖。他們正在繼續做他們的工作。我們所有人都希望政府能夠為這些措施提供比目前更高水準的資助。

But as far as I can see, our internal road map has not been impacted that drastically because of the lack of NQI funding so far. But we certainly want our government to step up and start funding these initiatives.

但據我所知，到目前為止，我們的內部路線圖還沒有因為缺乏 NQI 資金而受到太大影響。但我們確實希望政府能夠加強並開始資助這些措施。

Got it. Thank you, Subodh.

知道了。謝謝你，Subodh。

This concludes the question-and-answer session. I would now like to turn it back to Dr. Subodh Kulkarni, Chief Executive Officer, for closing remarks.

問答環節到此結束。現在我想請執行長 Subodh Kulkarni 博士致閉幕詞。

Thank you for your interest and excellent questions. We look forward to updating you with our progress in future quarters. Thanks again.

感謝您的關注與提出的精彩問題。我們期待在未來幾季向您通報我們的進展。再次感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。