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Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing

The quantum computing race is heating up with big tech like Google, Amazon, Microsoft plus pure plays like IONQ and Rigetti Computing all in the fight. Chad Rigetti joins the podcast to discuss Rigetti Computing and its merger with Supernova Partners II (SNII).

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Chad Rigetti is the CEO and founder of Rigetti Computing, a full-stack quantum computing company who has agreed to a SPAC merger with Supernova Partners Acquisition Co II (SNII). Quantum computing leaders are very bullish on the technology and are projecting that in 5-10 years every company will have quantum computers that can solve complex problems that today's computers cannot. 

Quick Hits on Quantum Computing

  • What is Quantum Computing --> See IBM's primer on quantum
  • Significant TAM comes from the ability to solve real-world problems across many verticals including: investing, energy, pharmaceuticals, BioTech, climate, AI, logistics, and more.
  • Quantum computing users can either buy hardware and use them directly in-house or leverage via cloud including services from Google, AWS, Microsoft, and IBM.
  • Two primary approaches being taken: (1) superconducting and (2) trapped ions. Some background from Nature: Quantum computer race intensifies as alternative technology gains steam

Winner Take All?
Is it a winner take all? De-SPAC darling and quantum computing competitor IonQ (IONQ) focuses on trapped ions vs. superconducting. Chad shares his views on both the competitive dynamic and if there is space for multiple winners, though contends that superconducting technology is best set up for success longterm. 

IONQ's DeSPAC is a Hit So Far, Will SNII/Rigetti Follow Suit?

IONQ's DeSPAC is a Hit So Far, Will SNII/Rigetti Follow Suit?

About the SNII / Rigetti Computing SPAC Deal

Source: SNII / Rigetti Investor Deck

Source: SNII / Rigetti Investor Deck

About Rigetti Computing

Rigetti Computing was founded in 2013 and has raised over $200M in venture funding. It is forecasting an aggressive 140% CAGR in revenue from 2021-2026, but won't have positive EBITDA until 2025 if it hits its estimates.

SNII / Rigetti financial forecasts. Source: SNII / Rigetti Investor Deck

SNII / Rigetti financial forecasts. Source: SNII / Rigetti Investor Deck

The Rigetti Team
The company was founded by Chad Rigetti who is a quantum computing physicist with a Ph.D. in applied physics from Yale. He worked in the quantum computing group at IBM prior to founding the company.

rigettie_ceo_coo_overview

About the SPAC Sponsor: Supernova Partners Acquisition Co II

The Supernova team is made up of Spencer Rascoff, Alexander Klabin, Robert Reid and Michael Clifton. 

Supernova's SPAC team. Source: SNII / Rigetti Investor Deck

Supernova's SPAC team. Source: SNII / Rigetti Investor Deck

Supernova Partners has been involved in three SPACs to date. Its first, Supernova Partners Acquisition (SPNV) DeSPAC'd at the start of September 2021 as it became Offerpad. Offerpad is a digital real estate company that buys and sells houses directly using its underlying technologies to transact at optimal prices. SPNV / Offerpad suffered 91% share redemption at the vote, saw the low float SPAC spike, and has since dropped significantly.

Supernova's first SPAC suffered high redemptions

Supernova's first SPAC suffered high redemptions

In addition to the SNII/Rigetti deal, Supernova also has a third SPAC, Supernova Partners Acquisition III (STRE) actively looking for a deal. STRE is currently trading below NAV around $9.80. 

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)