Quantum-Computing Company Rigetti to Go Public Through SPAC Deal
October 06 2021 - 8:58AM
Dow Jones News
By Dave Sebastian
Quantum-computing company Rigetti & Co. Inc. is going public
by combining with special-purpose acquisition company Supernova
Partners Acquisition Co. II Ltd., a deal that would value the
combined entity at about $1.5 billion.
The companies Wednesday said the deal would provide about $458
million in gross proceeds, including $345 million in cash held in
the SPAC's trust account.
The combined entity would take the name of Rigetti Computing
Inc. and trade on the New York Stock Exchange under the ticker RGTI
after the deal closes, the companies said.
Founded in 2013, Rigetti said it will use the proceeds to
accelerate the development of quantum processors and grow its
commercial business. It said it expects to scale its quantum
computers from 80 qubits in 2021 to 1,000 qubits in 2024 and 4,000
qubits in 2026.
The private investment in public equity transaction, which gives
cash proceeds of about $100 million, involves T. Rowe Price
Associates, Inc., Bessemer Venture Partners, Franklin Templeton and
In-Q-Tel. Strategic investors include Keysight Technologies and
Palantir Technologies, and Ampere Computing will make a direct
investment, the two combining companies said.
Rigetti said it has raised about $200 million in venture capital
and employs more than 130 people with offices in the U.S., Canada,
the U.K., and Australia.
Michael Clifton, who leads the SPAC and recently helped lead
global technology investing at the Carlyle Group Inc., is expected
to join Rigetti's board after the deal closes, the companies
said.
SPACs, which are shell companies that raise money with the sole
purpose of looking for a target to merge with and take public, have
risen in popularity as companies seek alternatives to a traditional
initial public offering.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 06, 2021 08:43 ET (12:43 GMT)
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