Rigetti Inks $100M CHIPS Act Deal to Accelerate Quantum R&D
RGTI sits 27% above its 52-week low of $12.53.
Summary
Rigetti signed a definitive agreement with the U.S. Department of Commerce for a $100 million award under the CHIPS Act to fund three R&D projects targeting key bottlenecks in superconducting quantum computing: miniaturized readout electronics, expanded cryogenic capacity, and high-connectivity chip fabrication. The deal includes a minority, non-controlling equity stake for the government, adding modest dilution. This is a major non-dilutive capital infusion relative to the company's $5.1M quarterly revenue and $52.6M net loss, and it validates Rigetti's technology roadmap with government backing. The funding should extend runway and accelerate development toward utility-scale systems. Watch for milestone-based disbursement details and any additional government partnerships.
At the time of this announcement, RGTI was trading at $15.97 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.1B. The 52-week trading range was $12.53 to $58.15. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.