Rigetti Computing Shares Rise After Securing $100M in CHIPS Act Funding
Shares of Rigetti Computing (NASDAQ: RGTI) surged more than 7% after the company announced it had secured a $100 million investment from the U.S. Department of Commerce under the CHIPS Act, aimed at advancing quantum computing research and development. The funding is part of growing federal interest in emerging technologies like quantum computing, with Rigetti joining D-Wave Quantum as recipients of government support. The Department of Commerce will receive a minority equity stake in Rigetti, though the exact percentage remains unspecified; based on its current market cap of around $5 billion, it could represent roughly 2%. Despite this positive development, Rigetti is still generating minimal revenue—just $5.1 million in Q2—and quantum computing as an industry remains speculative and early-stage. The funding should help advance the company’s research but won’t immediately make it a profitable business.
Topics: CHIPS Act funding government investment quantum computing