Rigetti Computing Generates $100M to Drive Superconducting Quantum Computing Innovation and Scale
Insider Brief:
- Rigetti Computing announced the successful completion of $100 million in gross proceeds through its “at-the-market” equity offering program initiated in March 2024.
- The funds will be allocated to working capital, capital expenditures, and advancing its strategy in superconducting quantum computing, focusing on improving 2-qubit gate fidelity and scaling qubit count.
- CEO Dr. Subodh Kulkarni highlighted growing interest in on-premises quantum computers for R&D from national labs, academia, and anticipates increased industry adoption as applications evolve.
- Rigetti’s superconducting systems achieve gate speeds of 60-80ns, outperforming other methods, with current funds projected to support operations through 2026.
PRESS RELEASE — Rigetti Computing, Inc., a pioneer in full-stack quantum-classical computing, today announced that it has successfully completed sales of $100 million gross proceeds of its common stock pursuant to its previously disclosed “at-the-market” equity offering program (the “ATM Program”) since the commencement of the ATM Program in March 2024. The Company intends to use the funds generated by the ATM Program for working capital, capital expenditures and other general corporate purposes, including continuing to focus on its strategy as a leader in superconducting quantum computing and continuing to work to improve its 2-qubit gate fidelity and scale towards higher qubit count systems.
“We are pleased to see the enthusiasm for the quantum computing sector and our company. We are seeing a great deal of interest from national labs and academic institutions for on-premises quantum computers to pursue hands-on R&D. As the technology continues to improve and more quantum applications are developed we expect to see increasingly more interest from industry and the private sector,” says Dr. Subodh Kulkarni, Rigetti CEO.
“Rigetti’s system gate speeds consistently achieve an active duration of 60-80ns, which is several orders of magnitude faster than other modalities such as ion traps and neutral atoms. We believe our cash, cash equivalents and marketable securities are sufficient to support our operations as currently planned through the end of 2026, and we will continue to evaluate our needs for additional funding on an ongoing basis to enable us to continue to be a leader in this exciting space,” Dr. Kulkarni added.
About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.