Rigetti Computing Secures $100M Federal Quantum Award

Rigetti Computing has secured up to $100 million in federal funding from the U.S. Department of Commerce, an award designed to advance the company's research and development in superconducting quantum computing. The agreement, finalized under the CHIPS Act, also includes the U.S. government taking a minority, noncontrolling equity stake in the Nasdaq-listed company. Following the announcement on Tuesday, Rigetti's stock price surged. The funding is intended to support three critical research and development initiatives aimed at overcoming key bottlenecks in scaling quantum systems. These projects include miniaturizing readout electronics into a compact format, expanding cryogenic capacity through a new cryostat architecture, and developing fabrication capabilities for high-connectivity quantum chips. Company officials stated that this financial backing is pivotal for enhancing research and development capabilities and accelerating progress toward utility-scale quantum computers. The award will not be disbursed as a single lump sum. An initial tranche of approximately $43.