Rigetti Raises $350 Mln In At-the-Market Equity Offering To Scale Quantum Technologies

(RTTNews) - Rigetti Computing, Inc. (RGTI), on Wednesday announced it has completed sales of $350 million in gross proceeds from its previously disclosed at-the-market equity offering program.

The successful offering significantly boosts the company's financial strength, bringing Rigetti's total cash, cash equivalents, and available-for-sale investments to approximately $575 million, with no debt.

The funds raised will primarily be used for working capital, capital expenditures, and other general corporate purposes.

Additionally, Rigetti may allocate a portion of the proceeds toward potential strategic collaborations, acquisitions, or partnerships to enhance its position in the rapidly evolving quantum computing market.

With this strengthened balance sheet, Rigetti is well-positioned to accelerate the commercial scale-up of its superconducting gate-based quantum computers and continue advancing its full-stack quantum-classical infrastructure.

Founded in 2013, Rigetti has operated cloud-based quantum computers since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services or QCS platform.

In 2021, the company began offering on-premises quantum systems with 24 to 84 qubits, serving national labs and quantum centers.

In 2023, it launched the Novera QPU—a compact, high-performance 9-qubit processor designed for seamless integration into existing cryogenic systems.

Rigetti continues to lead in quantum hardware innovation, developing the industry's first multi-chip quantum processor and manufacturing its quantum chips in-house at Fab-1, the world's first dedicated quantum device fabrication facility.

The completion of this equity offering marks a significant milestone in Rigetti's journey to deliver scalable, practical quantum computing solutions for real-world applications.

Currently, RGTI is trading at $12.93, up by 15.04 percent on the Nasdaq.