Form 4: Bessemer Venture Partners Reduces Stake in Rigetti Computing

Bessemer Venture Partners sold a significant portion of its Rigetti Computing holdings in multiple transactions over two days.

Summary

• Bessemer Venture Partners X L.P. and Bessemer Venture Partners X Institutional L.P. sold shares of Rigetti Computing common stock on November 8, 2024, and November 11, 2024.
• On November 8, 2024, they sold a combined total of 713,886 shares at a weighted average price of $1.52 per share.
• On November 11, 2024, they sold an additional 1,286,114 shares at a weighted average price of $1.52 per share.
• The sales were executed in multiple transactions with prices ranging from $1.45 to $1.55 on November 8 and $1.43 to $1.53 on November 11.
• Following these transactions, Bessemer Venture Partners X L.P. and Bessemer Venture Partners X Institutional L.P. still hold a substantial number of shares in Rigetti Computing.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction by a major shareholder. While the sale could put some downward pressure on the stock, it is not inherently negative and is a normal part of the investment cycle.

Negatives

• Bessemer Venture Partners reduced their holdings in Rigetti Computing, which could be interpreted negatively by the market.

Risks

• The sale of a large number of shares by a major shareholder could put downward pressure on the stock price.
• The market may interpret the sale as a lack of confidence in the company's future prospects.

Industry Context

This transaction reflects the ongoing trading activity of institutional investors in the quantum computing sector. It is not uncommon for venture capital firms to adjust their holdings as companies mature.

Comparison to Industry Standards

• It is common for venture capital firms like Bessemer to reduce their holdings in portfolio companies as they progress through their lifecycle.
• The sale of shares by a major shareholder is a normal part of the investment cycle and does not necessarily indicate a negative outlook for the company.
• Other venture capital firms in the tech sector, such as Sequoia Capital and Andreessen Horowitz, also periodically adjust their holdings in their portfolio companies.

Stakeholder Impact

• Shareholders may react to the news of the share sale, potentially leading to price fluctuations.
• The sale could impact investor confidence in the short term.

Key Dates

Keywords

Rigetti Computing, Bessemer Venture Partners, share sale, stock transaction, beneficial ownership, SEC Form 4