Rigetti Completes $100 Million Equity Offering for Quantum Computing

Rigetti Computing, a pioneer in full-stack quantum-classical computing, has completed a $100 million at-the-market equity offering program. The company, led by CEO Dr. Subodh Kulkarni, plans to use the funds for working capital, capital expenditures, and general corporate purposes, including advancing its strategy in superconducting quantum computing.

Rigetti’s technology has achieved system gate speeds of 60-80 nanoseconds, significantly faster than other modalities such as ion traps and neutral atoms. The company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing.

With this funding, Rigetti aims to continue improving its 2-qubit gate fidelity and scaling towards higher qubit count systems. As a leader in the field, Rigetti has operated quantum computers over the cloud since 2017, serving global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform.

Rigetti Computing Completes $100 Million Equity Offering

Rigetti Computing, Inc., a pioneer in full-stack quantum-classical computing, has completed sales of $100 million gross proceeds of its common stock according to its previously disclosed “at-the-market” equity offering program. The company intends to use the funds generated by the ATM Program for working capital, capital expenditures, and other general corporate purposes.

The completion of this equity offering is a significant milestone for Rigetti Computing, demonstrating enthusiasm for the quantum computing sector and the company’s strategy in superconducting quantum computing. As stated by Dr. Subodh Kulkarni, CEO of Rigetti, “We are pleased to see the enthusiasm for the quantum computing sector and our company.” This funding will enable Rigetti to continue its focus on improving its 2-qubit gate fidelity and scaling towards higher qubit count systems.

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. This technological advantage positions Rigetti as a key player in the quantum computing industry. Dr. Kulkarni emphasized that “our cash, cash equivalents, and marketable securities are sufficient to support our operations as currently planned through the end of 2026.”

Quantum Computing Sector Gains Momentum

The successful completion of Rigetti’s equity offering is indicative of the growing interest in the quantum computing sector. National labs and academic institutions are increasingly seeking on-premises quantum computers for hands-on research and development (R&D). As the technology continues to improve, more quantum applications are being developed, and industry and private sector interest is expected to grow.

Rigetti’s CEO, Dr. Subodh Kulkarni, noted that “we expect to see increasingly more interest from industry and the private sector” as the technology advances. This growing interest is driven by the potential of quantum computing to solve complex problems in fields such as chemistry, materials science, and optimization.

Rigetti’s Full-Stack Quantum-Classical Computing Approach

Rigetti Computing has developed a full-stack quantum-classical infrastructure that provides high-performance integration with public and private clouds for practical quantum computing. This proprietary approach enables the company to design and manufacture its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility.

Rigetti’s multi-chip quantum processor is designed for scalable quantum computing systems, allowing the company to pursue its strategy of improving 2-qubit gate fidelity and scaling towards higher qubit count systems. This approach has enabled Rigetti to operate quantum computers over the cloud since 2017, serving global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform.