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BERKELEY, Calif. - Rigetti Computing, Inc. (NASDAQ:RGTI), now valued at $3.3 billion, has completed sales of $350 million in common stock through its previously disclosed at-the-market equity offering program, the quantum computing company announced Wednesday. The stock has shown remarkable strength, delivering a 970% return over the past year.
With this funding, Rigetti now has approximately $575 million in cash, cash equivalents and available-for-sale investments with no debt, aligning with InvestingPro data showing the company holds more cash than debt on its balance sheet. The company plans to use the proceeds primarily for working capital, capital expenditures and general corporate purposes, according to the press release statement. While the company maintains strong liquidity with a current ratio of 18.8, InvestingPro analysis indicates the stock is trading above its Fair Value.
The quantum computing pioneer may also allocate some funds toward strategic collaborations, acquisitions or partnerships in the future.
Rigetti, which has operated quantum computers over the cloud since 2017, serves enterprise, government and research clients through its Quantum Cloud Services platform. In 2021, the company began selling on-premises quantum computing systems with 24 to 84 qubits to support national laboratories and quantum computing centers.
The company introduced its 9-qubit Novera QPU in 2023, designed for the research and development community. Rigetti develops proprietary quantum-classical infrastructure that integrates with public and private clouds, and has created what it describes as the industry’s first multi-chip quantum processor for scalable quantum computing systems.
Rigetti designs and manufactures its chips in-house at its Fab-1 facility, which the company describes as the industry’s first dedicated and integrated quantum device manufacturing facility.
The funding comes as Rigetti positions itself to support the commercial scale-up of its superconducting gate-based quantum computers.
In other recent news, Rigetti Computing Inc. reported an unexpected earnings per share (EPS) of $0.13 for Q1 2025, surpassing the anticipated loss of $0.05. Despite this positive earnings surprise, the company’s revenue fell short, recording $1.47 million against a forecast of $2.82 million. The company’s operating expenses increased to $22.1 million from $18.1 million the previous year, contributing to a larger operating loss of $21.6 million. Benchmark analyst David Williams reiterated a Buy rating on Rigetti Computing with a price target of $14, expressing confidence in the company’s technological advancements and strategic position. Williams highlighted Rigetti’s superconducting methodology and modular architecture as significant advantages in addressing quantum computing scalability challenges. Rigetti has also been selected to participate in DARPA’s quantum benchmarking initiative, focusing on a utility-scale quantum computer concept. Additionally, the company secured an AFOSR award to further develop its chip fabrication technology, alternating bias-assisted annealing. Rigetti’s strategic collaboration with Quanta Computer was strengthened by a $35 million investment, with Quanta committing to further investments in non-QPU hardware over the next five years.
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