Rigetti Computing, Inc. announced the successful completion of its $100 million at-the-market equity offering program. Since the commencement of the program in March 2024, the company has generated $100 million in gross proceeds from the sale of its common stock. The funds raised will be utilized for working capital, capital expenditures, and other general corporate purposes, including the advancement of its strategy as a leader in superconducting quantum computing.
Dr. Subodh Kulkarni, Rigetti's CEO, expressed satisfaction in the enthusiasm for the quantum computing sector and the company, noting significant interest from national labs and academic institutions for on-premises quantum computers. He also highlighted the company's gate speeds, which consistently achieve an active duration of 60-80ns, positioning Rigetti ahead of other modalities such as ion traps and neutral atoms.
Dr. Kulkarni further stated that Rigetti's cash, cash equivalents, and marketable securities are expected to support operations as planned through the end of 2026. The company will continue to assess its funding needs to maintain its position as a leader in the quantum computing space.
Rigetti Computing is recognized as a pioneer in full-stack quantum computing, having operated quantum computers over the cloud since 2017. The company's proprietary quantum-classical infrastructure offers high-performance integration with public and private clouds for practical quantum computing. Additionally, Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at fab-1, the industry's first dedicated and integrated quantum device manufacturing facility.
Following these announcements, the company's shares moved 73.3%, and are now trading at a price of $3.02. For more information, read the company's full 8-K submission here.
