Quantum computing company Rigetti has raised $100 million through the sale of common stock, as part of its “at-the-market” equity offering program that began in March. The funds will be used for working capital, capital expenditures, and other general corporate purposes. The company has a current market cap of around $525m.

Rigetti Computing shares are moving higher after the company completed a $100 million at-the-market equity offering.

Shares of Rigetti Computing surged after the company said it had successfully completed a sale of $100 million in common stock via an "at-the-market" equity offering. Shares gained about 70% to $2.96, and earlier hit a new 52-week high at $2.98.

As the technology continues to improve and more quantum applications are developed we expect to see increasingly more interest from industry and the private sector,” says Dr. Subodh Kulkarni, Rigetti CEO.

Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that it has entered into securities purchase agreements with two institutional investors for the purchase and sale of 50,