Rigetti Computing receives a $100 million CHIPS Act award, signaling U.S. government backing for quantum computing development.
Rigetti Computing (NASDAQ: RGTI) announced a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years. The funds will support superconducting quantum computing research and development, focusing on scaling multi-chip quantum processors.
The award includes an equity stake for the government, issued at a 15% discount to Rigetti’s pre-surge share price. This move is seen as validation of Rigetti’s role in national quantum infrastructure, shifting perception from speculative venture to strategic asset.
Separately, Rigetti plans a $100 million investment in the U.K. to advance 1,000-plus qubit systems, further bolstering its growth narrative.