Rigetti Computing, Inc. (NASDAQ: RGTI) has successfully completed a $350 million at-the-market equity offering, bringing the company's cash, cash equivalents, and available-for-sale investments to approximately $575 million, with no debt. This significant funding will support the commercial scale-up of its superconducting gate-based quantum computers. The company intends to utilize the proceeds primarily for working capital, capital expenditures, and general corporate purposes, and may also consider strategic collaborations, acquisitions, or partnerships in the future.
Rigetti Computing has been a pioneer in full-stack quantum computing, offering quantum cloud services since 2017 and recently expanding to sell on-premises quantum computing systems with qubit counts between 24 and 84 qubits. Its 9-qubit Novera QPU, introduced in 2023, is designed to cater to a broader R&D community with high-performance, on-premises capabilities. The company's infrastructure facilitates seamless integration with public and private clouds, and it has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. Notably, Rigetti designs and manufactures its chips in-house at fab-1, the industry's first dedicated and integrated quantum device manufacturing facility.
The completion of this equity offering positions Rigetti Computing strongly for further growth, enabling the company to continue its advancements in the quantum computing space and expand its reach to serve global enterprise, government, and research clients. As a result of these announcements, the company's shares have moved -0.71% on the market, and are now trading at a price of $11.24. If you want to know more, read the company's complete 8-K report here.
