Quantum computing company Rigetti has raised $100 million through the sale of common stock, as part of its “at-the-market” equity offering program that began in March.

The funds will be used for working capital, capital expenditures, and other general corporate purposes. The company has a current market cap of around $525m.

“We are pleased to see the enthusiasm for the quantum computing sector and our company," Dr. Subodh Kulkarni, Rigetti CEO, said.

"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."
The company develops quantum integrated circuits for quantum computers. It also operates its own Forest cloud platform for developers to test it.

By mid-year 2025, the company expects to release a 36-qubit system based on 49-qubit chips tied together with a targeted 99.5 percent median 2-qubit gigabit gate fidelity, he said. By the end of 2025, it expects to release a system with more than 100 qubits.

Last month, the company narrowly avoided being delisted from the New York Stock Exchange after its share price briefly fell below $1.

This past quarter, the company posted total revenues of $2.4m. Net loss for the three months was $14.8m.