Rigetti Computing Secures $350 Million in Follow-On Offering to Accelerate Quantum Computing Ambitions
Jun 13, 2025 (1 days ago)
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Rigetti Computing raised $350 million through a follow-on offering, bolstering its cash reserves to $575 million to support quantum computing advancements and strategic initiatives.
Follow-On Offering and Strategic Use of Proceeds
- Rigetti Computing successfully raised $350 million through a follow-on offering, with net proceeds intended for working capital, capital expenditures, and potential strategic collaborations or acquisitions1
- The offering positions RGTI with approximately $575 million in cash, cash equivalents, and available-for-sale investments, enabling commercial scale-up of its superconducting gate-based quantum computers1
Quantum Computing Roadmap and Product Development
- RGTI's Ankaa-3 system features 84 qubits with 99% median iSWAP fidelity, targeting 99.5% fidelity using fSim gates2
- The company plans to release a 36-qubit multi-chip module by mid-2025 and a 100+ qubit system by year-end, maintaining its high-fidelity targets2
- RGTI's roadmap includes the development of Lyra, a 336-qubit processor expected in 2026, designed to demonstrate narrow quantum advantage2
Competitive Landscape and Market Position
- RGTI faces increasing competition, particularly from IBM's entry into the next phase of quantum computing, which could pose challenges for smaller players like RGTI3
- RGTI is compared to IonQ as a company yet to demonstrate superiority on commercially relevant tasks, unlike D-Wave Quantum, which has achieved quantum computational supremacy3
Financial Performance and Challenges
- RGTI reported a 52% year-over-year decline in revenue to $1.47 million and a 30% increase in operating loss to $21.6 million, reflecting ongoing challenges in scaling operations4
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