Rigetti Computing (RGTI) Jumps 11% on New $350-Million Fresh Funds

We recently published a list of These 10 Stocks Are Flying High. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other best-performing stocks on Wednesday.

Rigetti Computing grew its share prices by 11.39 percent on Wednesday to finish at $12.52 apiece after successfully raising $350 million through a follow-on offering.

“With this additional funding, [Rigetti Computing, Inc. (NASDAQ:RGTI)] will have approximately $575 million of cash, cash equivalents, and available-for-sale investments with no debt, and is well positioned to support commercial scale-up of its superconducting gate-based quantum computers,” it said in a statement.

Proceeds from the offer will be used for working capital, capital expenditures, and other general corporate purposes. It may also use a portion of the net proceeds to enter into strategic collaborations, acquisitions, or partnerships in the future.

A close up of an engineer typing at a quantum computing station in a modern office space.

In recent news, Rigetti Computing, Inc. (NASDAQ:RGTI) said revenues fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

Overall, RGTI ranks 5th on our list of best-performing stocks on Wednesday. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.