Following close on the heels of IonQ’s public listing, Rigetti announced today that they are going public through a Special Purpose Acquisition Company, or SPAC.
In a company announcement, the pioneer in full-stack quantum computing said it has entered into a definitive merger agreement with Supernova Partners Acquisition Company II, Ltd. (“Supernova II”) (NYSE:SNII), a publicly traded special purpose acquisition company. When the transaction closes, the publicly traded company will be named Rigetti Computing, Inc. and its common stock is expected to be listed on the NYSE under the ticker “RGTI.”
According to the announcement, the company will use the proceeds from the transaction to accelerate development of multiple generations of quantum processors and grow its commercial business. Rigetti expects to scale its quantum computers from 80 qubits in 2021, to 1,000 qubits in 2024, and to 4,000 qubits in 2026.
Rigetti introduced its scalable superconducting chips in June 2021 and has developed patented multi-chip architecture to serve as the building block for new generations of quantum processors.
Quantum computing is one of the most transformative emerging technologies in the world today. Many of the world’s most important problems remain intractable, lying far beyond the capabilities of today’s supercomputers. Quantum computers process information in a fundamentally different way — solving problems simultaneously as opposed to sequentially — which will allow them, when scaled, to tackle problems of staggering computational complexity at unprecedented speed.
Rigetti expects that quantum computers could be applied to a range of important uses such as enabling biotech companies to bring more effective therapies to market faster; researchers to develop more affordable clean energy sources; and financial companies to access faster and more accurate market insights to help reduce market volatility.
Rigetti’s quantum computers work in tandem with existing cloud and high-performance computing infrastructure. The company sells access to its machines through the Rigetti Quantum Cloud Services platform.
The PIPE transaction is subscribed to by top investors including: funds and accounts advised by T. Rowe Price Associates, Inc.; Bessemer Venture Partners; Franklin Templeton; and In-Q-Tel. Strategic investors include Keysight Technologies and Palantir Technologies. Ampere Computing will make a direct investment. These new strategic investors provide strong complementary technologies for advancing Rigetti’s quantum advantage, and build on Rigetti’s existing partnerships and collaborations with customers like Amazon Web Services, Astex Pharmaceuticals, DARPA, NASA, Standard Chartered Bank and the U.S. Department of Energy.
Rigetti CEO Chad Rigetti founded the company in 2013. The company has raised approximately $200 million in venture capital and today employs more than 130 people with offices in the United States, Canada, U.K., and Australia.
Supernova II is led by Michael Clifton, an investor who most recently helped lead global technology investing at The Carlyle Group; Robert Reid, a long-time senior partner at Blackstone; Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA and Pacaso and who led Zillow as CEO for nearly a decade; and Alexander Klabin, founder and CEO of Ancient and former managing partner, co-CIO and co-founder of Senator Investment Group.
Clifton is expected to join the Rigetti Board of Directors after the transaction closes.