Quantum computing startup Rigetti Computing has gone public via a Special Purpose Acquisition Company (SPAC) merger.
SPACs are shell companies that list on the stock market with the intention of acquiring companies that wish to go public faster than the traditional IPO process, and without the same regulatory hurdles or disclosures (for more on how SPACs impact the data center industry, read our feature).
Rigetti merged with Supernova Partners Acquisition Company II, Ltd. in a deal that values Rigetti at around $1.5 billion.
The company’s common stock and warrants are now trading on the Nasdaq Capital Market under the ticker symbols “RGTI” and “RGTIW,” respectively.
Rigetti will take $261.75 million from the deal. It plans to use the money to accelerate its development of multiple generations of quantum processors, expand its operations, and for general corporate purposes.
The company expects to scale its quantum computers from its current 80 qubit Aspen-9 system to 1,000 qubits in 2024 and to 4,000 qubits in 2026.
“Today marks a key milestone for Rigetti and the quantum computing industry as a whole,” Chad Rigetti, founder and CEO of Rigetti, said.
“We believe this transaction will help us to accelerate our momentum and make strides toward our goal of narrow Quantum Advantage. We are grateful for the unwavering support of our investors, customers, and teammates throughout this process and look forward to keeping everyone up-to-date on our progress in the years ahead.”