Quantum theory isn’t just something you heard about on the Big Bang Theory but it’s a market-ready reality with quantum computer-maker Rigetti and Company. The Berkeley-based firm is a developer of quantum integrated circuits used for quantum computers, alongside a cloud computing platform that allows programmers to write quantum algorithms.
Rigetti is set to go public through a merger with the Supernova Partners Acquisition Company II (SNII) SPAC, which values the business at $1.5b. The merger is expected to result in $458m in proceeds for Rigetti, including investors like Franklin Templeton and Palantir Technologies (PLTR). With VC firms like Andreessen Horowitz and Lux Capital being early backers, Rigetti’s last funding round was in February 2020 where it received $79m. While the quantum computing space is in its early stages right now, a lot of major players have been moving into it silently — Alphabet (GOOGL), Microsoft (MSFT), and Amazon (AMZN) have already made investments into the technology surrounding it.
why it matters
This is the second quantum computing SPAC this year after IonQ (IONQ), another quantum computing-maker, listed last week. Quantum computing is believed to be a million times faster than supercomputers, presenting untapped potential in spaces like AI and biotech.