Quantum: Rigetti Announces Nasdaq SPAC

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In what may be another indication of quantum viability, for the second time in less than a month, a quantum computing company has gone public. Hybrid quantum-classical computing startup Rigetti Computing (Nasdaq: RGTI) and special purpose acquisition company (SPAC) Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) today announced the completion of their “business combination” enabling Rigetti common stock to be traded on the Nasdaq exchange under the ticker symbols “RGTI” and “RGTIW,” respectively.

Last February 8, quantum company D-Wave also announced it had gone public with a $1.2 billion valuation.

Rigetti said that at the closing of the deal with Supernova, Rigetti received approximately $263 million and that the company will use the proceeds for development of multiple generations of quantum processors, expand its operations, and for general corporate purposes.

“Rigetti is on a mission to build the world’s most powerful quantum computers to help solve humanity’s most important and pressing problems,” the company said in its announcement. “As an industry pioneer, Rigetti has achieved a number of industry firsts, including the first multi-chip quantum processor for scalable quantum computing systems and the most recent commercial launch of its 80-qubit Aspen-M machine, which is the world’s second largest gate-model quantum computer and largest gate-model quantum computer available on Amazon Bracket today. In addition, Rigetti has a growing partnership base and strong portfolio of patents and patents pending up and down the quantum computing technology stack.

“We believe this transaction will help us to accelerate our momentum and make strides toward our goal of narrow Quantum Advantage,” said Chad Rigetti, founder and CEO of Rigetti.

Michael Clifton, co-founder of Supernova and now a Rigetti Director, commented, “Rigetti is a trailblazer with technology leadership and the demonstrated ability to innovate. These features, alongside its deep patent portfolio, excellent partnership base, and expected traction with real-world problems, should position it to make critical advances in this transformative technology field. I am excited to support Rigetti as it continues to push forward the boundaries of what’s computationally possible.”

Rigetti believes that quantum computing is not just an incremental advance in computational power, but has the potential to be a phase change. Rigetti further believes its full vertical integration, patented modular chip architecture, superior technical approach, and deep partnership base all set the stage for it to reach key industry milestones. The Company plans to drive further advancements in areas it expects to be most ready for transformative technology.