Quantum computer maker Rigetti goes public via $ 1.5 billion SPAC deal

OAKLAND, Calif., Oct.6 (Reuters) – Quantum computer maker Rigetti & Co Inc said on Wednesday it would go public through a merger with a blank check company in a deal that Potentially values ​​the combined company at $ 1.5 billion.

It is the second quantum computing hardware maker to announce its IPO this year using a blank check or Special Purpose Acquisition Company (SPAC). Maryland-based IonQ (IONQ.N) is listed on the New York Stock Exchange on Friday. SAVS are shell companies that raise funds through an initial public offering to acquire a private company, which then becomes public.

Rigetti said the merger with Zillow co-founder Spencer Rascoff, backed by Supernova Partners Acquisition Company II Ltd (SNII.N), will net him around $ 458 million, including more than $ 100 million in investment from funds. and accounts advised by T. Rowe Price. Associates Inc, Bessemer Venture Partners, Franklin Templeton, venture capital firm In-Q-Tel – backed by the Central Intelligence Agency – and some strategic partners including Palantir Technologies Inc (PLTR.N).

Rigetti’s last funding dates back to February of last year when he raised $ 79 million in a round led by Silicon Valley venture capital firm Bessemer. Andreessen Horowitz, Lux Capital, Sutter Hill Ventures and DCVC are also early investors in the Berkeley, California-based quantum computing company.

Researchers believe quantum computers could run millions of times faster than today’s advanced supercomputers, potentially making tasks such as mapping complex molecular structures and chemical reactions possible to increase the power of intelligence artificial.

While there is debate as to when quantum computers will be able to solve real-world problems, many companies are dedicating resources to ensure they are ready and investors have flocked to startups from around the world. quantum computer hardware and software. Big tech companies like Alphabet Inc (GOOGL.O), International Business Machines Corp (IBM.N), Honeywell International Inc (HON.O), Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) have also invests in future computer technology.

Reporting by Jane Lanhee Lee; Editing by Christopher Cushing

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