Rigetti completes $350 million at-the-market equity offering
With this additional funding, Rigetti will have USD 575 million of cash, cash equivalents and available-for-sale investments with no debt, and is well positioned to support commercial scale-up of its superconducting gate-based quantum computers.
Rigetti Computing has announced that it has completed sales of USD 350 million gross proceeds of its common stock pursuant to its previously disclosed at-the-market equity offering program.
The Berkeley, California-based integrated systems company designs and develops quantum computers and superconducting quantum processors using AI and machine learning solutions.
With this additional funding, Rigetti will have approximately USD 575 million of cash, cash equivalents and available-for-sale investments with no debt, and is well positioned to support commercial scale-up of its superconducting gate-based quantum computers.
“Rigetti intends to use the proceeds from the offering primarily for working capital, capital expenditures and other general corporate purposes, and may also use a portion of the net proceeds to enter into strategic collaborations, acquisitions or partnerships in the future,” the company said in a media release.
Rigetti has operated quantum computers over the cloud since 2017 and serves global enterprise, government and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers.
Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems, the media release said.
