Rigetti Computing Secures $100 Million CHIPS Act Funding, Driving Stock Gains
Rigetti Computing (NASDAQ: RGTI) shares rose today after the quantum computing firm secured a $100 million award under the CHIPS Act, joining peer D‑Wave Quantum in attracting federal funding that highlights the government’s growing interest in the quantum sector.
At 9:54 a.m. ET, Rigetti stock was up 7.9 percent, after earlier peaking at a 12.2 percent gain.
Rigetti Secures CHIPS Act Funding
In a press release, Rigetti announced a $100 million award from the U.S. Department of Commerce aimed at accelerating R&D to scale and advance superconducting quantum computers.
The agreement grants the government a minority, non‑controlling equity stake in the company. With Rigetti’s market capitalization around $5 billion, the investment implies an approximate 2 percent ownership for the government.
Outlook for Rigetti
Rigetti remains in the early stages of commercialization, reporting $5.1 million in revenue for the second quarter. Quantum computing is still an emerging technology, and the company’s path to sustained profitability will take time.
The government’s investment signals confidence in Rigetti and its peers. While the funding will not immediately make the business profitable, it should bolster R&D efforts and move the company closer to generating material revenue. Until then, Rigetti’s stock remains speculative.
Investment Considerations
Investors should weigh Rigetti’s nascent revenue base, the speculative nature of its technology, and the broader market risks before allocating capital to the stock.
