Mentioned:
Quantum computing is still on the rise on Wall Street. And now, Rigetti Computing has just raised hundreds of millions of dollars for expansion.
What’s happening:
- Rigetti Computing (NASDAQ: RGTI) has successfully raised $350M USD through an at-the-market equity financing
By the numbers:
- Rigetti Computing now has a total cash position of approximately $575M USD and no debt
Why it matters:
- The new growth capital will largely go towards advancing Rigetti Computing’s commercial scale up of their superconducting gate-based quantum computers, which are meaningfully faster for running complex algorithms and error correction than other leading qubit types
Going deeper:
- Rigetti Computing has also been cutting new deals with the American government lately, including landing a new notable $5.48M USD grant from the United States Air Force Office of Scientific Research to accelerate the development of their ABBA chip fabricating technology
- Quantum computing has continued to be a major theme in the public markets, with asset management giant Grayscale filing for a new quantum computing ETF with the United States Securities and Exchange Commission and IonQ (NYSE: IONQ) just recently announcing the largest acquisition in the history of quantum computing
