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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.
About the SNII / Rigetti Computing SPAC Deal
- SPAC: Supernova Partners Acquisition Co II (SNII)
- Key People: Robert Reid, Michael Clifton, Alexander Klabin
- Trust: $345M
- PIPE: $103M
- EV: $1.2B
- Announced: 10-5-2021
- Rigetti Investor Presentation
- Rigetti Investor Relations
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.
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.
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 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.
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.
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)