Rigetti Computing, Inc. reports developments in full-stack quantum-classical computing, including on-premises quantum systems, superconducting quantum processors, and cloud access through the Rigetti Quantum Cloud Services platform. The company sells 9-qubit to 108-qubit systems under the Novera and Cepheus product names, with hardware designed for national laboratories, quantum computing centers, research institutions, government customers, and enterprise R&D.
Recurring updates cover quantum processor availability, chiplet-based system scaling, customer orders and QPU sales, financial results, conference participation, and manufacturing activity at Fab-1. Product news also includes access to systems such as Cepheus-1-108Q through QCS and supported cloud channels.
Rigetti Computing (NASDAQ:RGTI) announced the appointment of Greg Peters as Chief Revenue Officer, effective March 14, 2022. His role will focus on expanding the Company's Quantum Computing as a Service (QCaaS) business. Rigetti has established its Revenue Organization to enhance revenue-generating activities. This follows the February 2022 launch of its 80-qubit quantum computer on its Quantum Cloud Services and plans for availability on Microsoft Azure. Rigetti aims to commercialize its technology through industry partnerships with organizations like Deloitte and Nasdaq.
Rigetti Computing reported a 48% year-over-year revenue growth for fiscal year 2021, totaling $8.2 million. The company's gross profit reached $6.6 million, up 62%. Significant milestones include the commercial availability of its 80-Qubit Aspen-M System and collaborations with major firms like Microsoft and Nasdaq. Despite an increase in operating expenses to $40.7 million, Rigetti achieved an 80.2% gross margin. However, they reported a net loss of $38.2 million.
Rigetti Computing (Nasdaq: RGTI) and Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) announced the completion of their Business Combination, approved by Supernova shareholders on February 28, 2022. Following the merger, Supernova changed its name to Rigetti Computing, Inc., with its stock now trading under the ticker RGTI. The transaction provided Rigetti with approximately $261.75 million to enhance its quantum processor development and expand operations. Rigetti aims to lead in quantum computing, boasting significant industry achievements and a robust patent portfolio.
Supernova Partners Acquisition Company II announced that its shareholders approved all proposals for the business combination with Rigetti Holdings on February 28, 2022. Approximately 95% of shareholders voted in favor, enabling Rigetti to receive $261.75 million in proceeds, including $147.51 million from a PIPE investment. The business combination is expected to close on March 2, 2022, at which point the company will be renamed Rigetti Computing, Inc. Rigetti specializes in quantum computing and provides services through its Quantum Cloud Services platform.
On February 24, 2022, Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) urged shareholders to vote in favor of its business combination with Rigetti Computing, scheduled for February 28, 2022. Shareholders of record by January 18, 2022, can participate in the vote. The Board of Directors has unanimously recommended voting 'FOR' the combination. Post-approval, the merged entity will trade under the tickers 'RGTI' for common stock and 'RGTI WS' for warrants. The SEC has declared the registration effective, facilitating the necessary proxy statement and prospectus dissemination.