Rigetti Computing, a prominent player in quantum-classical computing, has raised $100 million through its ‘at-the-market’ (ATM) equity offering program initiated in March 2024. The funds will bolster the company’s strategic goals in superconducting quantum computing, including enhancing 2-qubit gate fidelity and scaling towards higher qubit systems. Proceeds will also support working capital, capital expenditures, and general corporate purposes.
Dr. Subodh Kulkarni, CEO of Rigetti Computing, expressed optimism about the company’s growth and the broader quantum computing industry. “We are thrilled by the interest in our company and the quantum sector as a whole,” said Kulkarni. “National laboratories and academic institutions are increasingly interested in on-premises quantum systems for research and development. As quantum applications evolve, we expect growing engagement from industrial and private sectors.”
Gate Speed Advantage
Rigetti’s superconducting quantum systems would stand out with gate speeds achieving active durations of 60-80 nanoseconds, significantly faster than other modalities such as ion traps and neutral atoms. This speed advantage would position the company as a leader in advancing practical quantum computing solutions.
Looking ahead, Subodh Kulkarni noted that Rigetti’s financial resources, including cash, cash equivalents, and marketable securities, are sufficient to sustain operations through 2026 under current plans. He emphasized the company’s ongoing pursuit of additional funding opportunities to maintain its leadership in the rapidly advancing quantum computing landscape.
