Rigetti Announces Successful Completion of $100 Million At-the-Market Equity Offering
Rigetti Computing (NASDAQ: RGTI) has completed a $100 million at-the-market equity offering initiated in March 2024. The funds will be used for working capital, capital expenditures, and advancing their superconducting quantum computing technology. The company aims to improve 2-qubit gate fidelity and develop higher qubit count systems. CEO Dr. Subodh Kulkarni highlighted strong interest from national labs and academic institutions for on-premises quantum computers. Rigetti's system gate speeds achieve 60-80ns active duration, significantly faster than competing technologies. The company projects their current cash position will support operations through 2026.
Rigetti Computing (NASDAQ: RGTI) ha completato un'offerta pubblica di equity at-the-market da 100 milioni di dollari avviata a marzo 2024. I fondi saranno utilizzati per il capitale circolante, le spese in conto capitale e per far avanzare la loro tecnologia di calcolo quantistico superconduttore. L'azienda mira a migliorare la fedeltà delle porte a 2 qubit e sviluppare sistemi con un numero maggiore di qubit. Il CEO Dr. Subodh Kulkarni ha sottolineato il forte interesse da parte dei laboratori nazionali e delle istituzioni accademiche per i computer quantistici on-premises. La velocità delle porte del sistema Rigetti raggiunge una durata attiva di 60-80ns, significativamente più veloce rispetto alle tecnologie concorrenti. L'azienda prevede che la sua attuale posizione di cassa supporterà le operazioni fino al 2026.
Rigetti Computing (NASDAQ: RGTI) ha completado una oferta pública de acciones at-the-market de 100 millones de dólares iniciada en marzo de 2024. Los fondos se utilizarán para capital de trabajo, gastos de capital y para avanzar en su tecnología de computación cuántica superconductora. La compañía tiene como objetivo mejorar la fidelidad de las puertas de 2 qubits y desarrollar sistemas con un mayor número de qubits. El CEO Dr. Subodh Kulkarni destacó el gran interés de laboratorios nacionales e instituciones académicas por ordenadores cuánticos en las instalaciones. Las velocidades de las puertas del sistema de Rigetti alcanzan una duración activa de 60-80ns, significativamente más rápidas que las tecnologías competidoras. La empresa prevé que su actual posición de caja respaldará las operaciones hasta 2026.
리게티 컴퓨팅 (NASDAQ: RGTI)는 2024년 3월에 시작된 1억 달러 규모의 시장 내 주식 공모를 완료했습니다. 이 자금은 운영 자본, 자본 지출 및 초전도 양자 컴퓨팅 기술을 발전시키는 데 사용됩니다. 회사는 2-큐비트 게이트의 충실도를 개선하고 더 높은 큐비트 수를 가진 시스템을 개발하는 것을 목표로 하고 있습니다. CEO인 수보드 쿨카르니 박사는 현장 양자 컴퓨터에 대한 국가 연구소와 학술 기관의 강한 관심을 강조했습니다. 리게티의 시스템 게이트 속도는 60-80ns의 활성 지속 시간을 기록하며, 경쟁 기술보다 상당히 빠릅니다. 회사는 현재의 현금 위치가 2026년까지 운영을 지원할 것이라고 예상하고 있습니다.
Rigetti Computing (NASDAQ: RGTI) a complété une offre de capital à 100 millions de dollars lancée en mars 2024. Les fonds seront utilisés pour le fonds de roulement, les dépenses d'investissement, et pour faire progresser leur technologie de calcul quantique à base de supraconducteurs. L'entreprise vise à améliorer la fidélité des portes à 2 qubits et à développer des systèmes avec un plus grand nombre de qubits. Le PDG Dr. Subodh Kulkarni a souligné le fort intérêt des laboratoires nationaux et des institutions académiques pour les ordinateurs quantiques sur site. Les vitesses de porte du système Rigetti atteignent une durée d'activation de 60 à 80 ns, ce qui est significativement plus rapide que les technologies concurrentes. L'entreprise prévoit que sa position de trésorerie actuelle soutiendra ses opérations jusqu'en 2026.
Rigetti Computing (NASDAQ: RGTI) hat ein 100 Millionen US-Dollar umfassendes öffentliches Angebot für Aktiolausgaben im Markt erfolgreich abgeschlossen, das im März 2024 initiiert wurde. Die Mittel werden für Betriebskapital, Investitionsausgaben sowie die Weiterentwicklung ihrer supraleitenden Quantencomputing-Technologie verwendet. Das Unternehmen beabsichtigt, die Gate-Fidelität für 2-Qubit-Systeme zu verbessern und Systeme mit einer höheren Anzahl von Qubits zu entwickeln. CEO Dr. Subodh Kulkarni hob das starke Interesse nationaler Labore und akademischer Einrichtungen an On-Premise-Quantencomputern hervor. Die Gate-Geschwindigkeiten des Rigetti-Systems erreichen eine aktive Dauer von 60-80ns, was deutlich schneller ist als bei konkurrierenden Technologien. Das Unternehmen prognostiziert, dass die derzeitige Liquiditätsposition die Operationen bis 2026 unterstützen wird.
- Successfully raised $100 million through ATM equity offering
- Cash runway extended through end of 2026
- System gate speeds of 60-80ns, superior to competitors
- Strong demand from national labs and academic institutions
- Dilution of existing shareholders through ATM offering
Insights
The
The funding will support critical R&D initiatives, particularly in improving 2-qubit gate fidelity and scaling qubit systems. This is essential for maintaining competitiveness in the quantum computing space. The extended cash runway reduces near-term financing risk and allows management to focus on technological advancement rather than immediate funding concerns.
Market interest from national labs and academic institutions provides a stable customer base for initial commercialization, though broader commercial adoption remains a longer-term goal. The company's focus on superconducting quantum computing, with superior gate speeds of 60-80ns, positions them well in the competitive landscape against alternative technologies.
Rigetti's technical advantages in gate speed performance are significant, with their 60-80ns active duration representing a substantial technological edge over ion trap and neutral atom competitors. This speed advantage is important for executing complex quantum algorithms and achieving practical quantum advantage.
The focus on improving 2-qubit gate fidelity is strategically sound, as this metric is critical for achieving reliable quantum computations. Combined with efforts to scale to higher qubit counts, these improvements could accelerate the path to quantum advantage. The interest from research institutions validates the technical merit of Rigetti's approach and provides valuable development partnerships.
BERKELEY, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that it has successfully completed sales of
“We are pleased to see the enthusiasm for the quantum computing sector and our company. We are seeing a great deal of interest from national labs and academic institutions for on-premises quantum computers to pursue hands-on R&D. As the technology continues to improve and more quantum applications are developed we expect to see increasingly more interest from industry and the private sector,” says Dr. Subodh Kulkarni, Rigetti CEO.
“Rigetti’s system gate speeds consistently achieve an active duration of 60-80ns, which is several orders of magnitude faster than other modalities such as ion traps and neutral atoms. We believe our cash, cash equivalents and marketable securities are sufficient to support our operations as currently planned through the end of 2026, and we will continue to evaluate our needs for additional funding on an ongoing basis to enable us to continue to be a leader in this exciting space,” Dr. Kulkarni added.
About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.
Rigetti Computing Media Contact:
press@rigetti.com
Cautionary Language Concerning Forward-Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s expectations with respect to its future success and performance, including expectations with respect to the sufficiency of its capital resources and use of funds, development programs, business strategy, the relative performance of its technology, interest in the Company and quantum computing generally, and the potential of the Company’s business and quantum computing generally. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap, help unlock quantum computing, and develop practical applications; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales and the Novera QPU Partnership Program; the success of the Company’s partnerships and collaborations; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives, expansion plans and continue to innovate its existing services; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s capital resources and the potential for such resources to be used sooner than currently expected; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including financial and credit market fluctuations and uncertainty, rising inflation and interest rates, disruptions in banking systems, increased costs, international trade relations, political turmoil, natural catastrophes, warfare (such as the ongoing military conflict between Russia and Ukraine and related sanctions and the state of war between Israel, Hamas and Hezbollah and related threat of a larger conflict), and terrorist attacks; the Company’s ability to maintain compliance with the continued listing standards of the Nasdaq Capital Market; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.
FAQ
How much did Rigetti (RGTI) raise in their ATM equity offering?
What will Rigetti (RGTI) use the ATM offering proceeds for?
How long will Rigetti's (RGTI) current cash position support operations?
What is Rigetti's (RGTI) system gate speed performance?
