Breaking news in the tech world! Zapata AI, a prominent player in the quantum software market, has unceremoniously ceased operations effective October 9, 2024. The sudden closure was triggered by an unexpected demand for payment of $2.5 million by Sandia Investment Management LP, which accelerated the payment due date from March 28, 2026, to October 8, 2024. This forced Zapata AI to shut down and lay off most of its employees, retaining only a few to wrap up affairs. Interestingly, just days before its closure, Zapata AI had unveiled a new collaboration with MAG Aerospace on October 1, 2024.

For more details, the official announcement can be accessed from the U.S. Securities and Exchange Commission here.

October 12, 2024