Rigetti Computing Inc. (Rigetti Computing (RGTI)) is getting a serious boost from the federal government. The company announced Thursday that it signed a letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years to speed up research and development in superconducting quantum computing.
The proposed funding comes from the CHIPS Research and Development Office Broad Agency Announcement, part of the CHIPS Act—the same law that's been pouring money into domestic semiconductor manufacturing. This time, quantum computing is getting a slice of the pie, with the goal of keeping the U.S. ahead in emerging tech.
Here's the twist: in exchange for the cash, the Department of Commerce will receive an equity stake in Rigetti, tied to the total amount awarded. So the government isn't just handing out grants—it's becoming a shareholder.
The projects will focus on solving some of the toughest technical challenges in scaling up superconducting quantum systems. Think of it as trying to make quantum computers bigger, more stable, and actually useful for real-world problems.
Rigetti CEO Says Funding Could Accelerate Commercialization
Rigetti's CEO, Subodh Kulkarni, framed the investment as a national priority. "Quantum computing will have far-reaching impacts on our nation's national security, economic interests, and overall prosperity," he said. "This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing."
Commerce Department Highlights Strategic Importance
Commerce Secretary Howard Lutnick emphasized the broader economic and strategic benefits. "These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities," he said.
Bill Frauenhofer, Executive Director of Semiconductor Investment and Innovation, added: "The Department of Commerce's incentives strengthen and accelerate U.S. quantum leadership and technological resilience. Quantum computing has significant implications for national defense, advanced materials and biopharmaceutical discovery, financial modeling and energy systems."
Investors seemed to like the news. Rigetti shares were up 13.92% at $19.23 during premarket trading on Thursday, according to market data.
