Investors put money into quantum computing companies in hopes of a big payday

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What just happened Investors are pumping money into quantum computing firms faster in hopes of a big payday. According to financial research firm PitchBook, companies trading quantum computing hardware and software raised nearly $ 1.02 billion from venture capitalists this year alone. That’s an increase from $ 684 million in 2020 to just $ 188 million in 2019, and doesn’t even count a recent move in the industry.

Berkeley-based Rigetti Computing recently announced plans to merge with special purpose vehicle Supernova II in a $ 1.5 billion transaction. After the closure, Rigetti Computing will go public on the New York Stock Exchange under the ticker symbol “RGTI”.

Prior to the Rigetti deal, the biggest deal in the industry to date was a July-led BlackRock-led $ 450 million investment in PsiQuantum, which valued the tech company at $ 3.15 billion.

Many big players are already active in the world of quantum computing, including Microsoft, Google, Intel and IBM, among others. Still, we’ve only just scratched the surface of what could be possible with quantum computing.

In the simplest explanation, classic computers work with one of two states: off or on (0 or 1). Quantum computers make use of the phenomena of quantum mechanics, in which states are no longer binary and can be 0 and 1 at the same time.

For a better introduction, take a look at our quantum computing feature from a few months ago.

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