One of the most well-known quantum hardware startups, Rigetti Computing , revealed today that it will go public through a merger with Supernova Partners Acquisition Company II SPAC . On the New York Stock Exchange, Rigetti’s ticker symbol will be RGTI once the deal is finished.
A $100 million PIPE (private investment in public equity) deal was subscribed to by a group of investors that included T. Rowe Price, Bessemer Venture Partners, Franklin Templeton, and In-Q-Tel. The transaction values Rigetti at approximately $1.5 billion, and the company anticipates receiving about $458 million in cash. A new set of strategic investors has also joined this venture, among them Keysight and Palantir Technologies. Ampere Computing, which is best known for its servers built on the Arm architecture, is also investing directly.
After the deal is completed, Supernovas Michael Clifton will join the Rigetti board.
Since its founding in 2013, Rigetti has raised just under $200 million in VC capital , according to CrunchBase.
Rigetti also released a revised roadmap, which calls for the business to produce 1,000-qubit machines in 2024 and 4,000 qubit ones by 2026, in addition to the financial news. Its systems can currently scale to 80 qubits. The business claims that the money it will get from the SPAC and PIPE transaction will enable it to hasten the creation of its next-generation quantum processors.
One Rigetti quantum computer may be more powerful in ten years than the entire worldwide cloud of today, according to Chad Rigetti, CEO and founder of Rigetti Computing. The foremost innovator in this field is Rigetti. Our team has developed a scalable computer and high-performance integration with current computing systems to address the most critical scientific issues related to commercializing quantum computing. We want to use this funding to quicken the development of our products and reach our objective of bringing this transformative computing capacity to all significant industries.
Currently, it seems like a trend for quantum computing businesses to go public through a SPAC merger. After all, IonQ, a rival of Rigetti, raised around $650 million via the same only a few days ago procedure.