Rigetti Computing SPAC Merger: Going Public

Rigetti Computing to Become Publicly Traded

Rigetti Computing, a prominent startup in the quantum hardware sector, has announced its intention to become a publicly listed company. This will be achieved through a merger agreement with Supernova Partners Acquisition Company II, a special purpose acquisition company (SPAC).

Upon completion of the merger, Rigetti will trade on the New York Stock Exchange under the ticker symbol “RGTI.”

Transaction Details and Financial Projections

The transaction establishes a valuation of approximately $1.5 billion for Rigetti. The company anticipates receiving around $458 million in cash as a result of the deal.

This includes a $100 million private investment in public equity (PIPE) secured from investors such as T. Rowe Price, Bessemer Venture Partners, Franklin Templeton, and In-Q-Tel.

Furthermore, a new cohort of strategic investors is participating, featuring companies like Keysight Technologies and Palantir Technologies. Ampere Computing, recognized for its Arm-based servers, is also contributing a direct investment.

Board Changes and Funding History

Michael Clifton of Supernova Partners will assume a position on the Rigetti board of directors following the transaction’s finalization.

According to CrunchBase data, Rigetti has secured nearly $200 million in venture capital funding since its founding in 2013.

Roadmap for Quantum Processor Development

Alongside the financial announcement, Rigetti unveiled an updated product roadmap. This roadmap forecasts the development of 1,000-qubit machines by 2024 and 4,000-qubit systems by 2026.

Currently, Rigetti’s quantum systems are capable of scaling to 80 qubits. The company believes the capital obtained through the SPAC and PIPE transactions will expedite the advancement of its next-generation quantum processors.

Statements from Rigetti Leadership

“In the next decade one Rigetti quantum computer could be more powerful than today’s entire global cloud,” stated Chad Rigetti, CEO and founder of Rigetti Computing.

“Rigetti is the leading innovator in this space. Our team has solved the most pressing scientific problems associated with bringing quantum computing to market by creating a scalable computer and high-performance integration with existing computing systems. We plan to use this capital to accelerate our product development and accelerate our goal to bring this transformational computing capability to every major industry.”

Trend of SPAC Mergers in Quantum Computing

The utilization of SPAC mergers as a pathway to public listing appears to be gaining traction within the quantum computing industry. Rigetti’s competitor, IonQ, recently completed a similar transaction, raising approximately $650 million just days prior.

This indicates a growing interest in publicly investing in the burgeoning field of quantum technology.