(TechCrunch) Rigetti Computing, one of the most visible quantum hardware startups, today announced that it is going public through a merger with the Supernova Partners Acquisition Company II SPAC. Once the transaction closes, Rigetti’s ticker symbol on the New York Stock Exchange will be “RGTI.”
The transaction values Rigetti at about $1.5 billion and the company expects to receive about $458 million in cash, including a $100 million PIPE (private investment in public equity) deal subscribed to by a group of investors including T. Rowe Price, Bessemer Venture Partners, Franklin Templeton and In-Q-Tel. There is also a new group of strategic investors here, including Keysight Technologies and Palantir Technologies. Ampere Computing, which is mostly known for its Arm-based servers, is also making a direct investment.
Supernova’s Michael Clifton will join the Rigetti board after the transaction closes.
Rigetti also published an updated roadmap, that projects the company will produce 1,000-qubit machines in 2024 and 4,000-qubit ones by 2026. Currently, its systems scale to 80 qubits. The company argues that the proceeds from the SPAC and PIPE transaction will allow it to accelerate the development of its next-gen quantum processors.