Rigetti Computing secures $100M CHIPS Act award for quantum R&D
In brief
- Rigetti secures $100M CHIPS Act funding from Commerce Department
- Initial $43.9M tranche with remaining funds tied to performance milestones
- Commerce Department receives ~7.74M shares for minority equity stake
- Three R&D projects focus on scaling superconducting quantum systems
- Part of broader $2.013B quantum initiative across nine companies
The Deal Structure
Rigetti will receive an initial tranche of approximately $43.9 million, with the remaining funds contingent on hitting performance milestones. In return, the Commerce Department receives approximately 7.74 million shares of Rigetti common stock, valued at roughly $12.92 per share. This gives the government a minority, non-controlling equity stake in the company.
For existing shareholders, the equity issuance creates dilution. But the capital infusion addresses a critical challenge facing quantum startups: the enormous R&D spend required to scale hardware from laboratory prototypes to commercially viable systems.
Strategic Context
Rigetti's award is one piece of a $2.013 billion quantum initiative under the CHIPS Act, spread across nine companies. IBM and GlobalFoundries are among the other recipients of notable allocations from the same program. The broader initiative reflects Washington's recognition that quantum computing represents a strategic technology frontier, one where US leadership cannot be taken for granted.
Rigetti has been a publicly traded pure-play quantum computing company since going public via SPAC in 2022 under the ticker RGTI. The agreement follows a letter of intent signed in May 2026, meaning both sides spent several months hammering out terms before finalizing the deal.
What's Next
The three R&D projects funded by the award all target scaling challenges in superconducting quantum systems. Success here could accelerate Rigetti's path to systems with higher qubit counts and lower error rates — the two metrics that matter most for near-term quantum utility.
"This award is pivotal for enhancing R&D capabilities, fostering a robust domestic quantum ecosystem, and facilitating the wider adoption of quantum technologies." — Dr. Subodh Kulkarni, CEO of Rigetti Computing
The funding represents a vote of confidence from the federal government in Rigetti's technical roadmap. It also signals that the CHIPS Act, originally framed as a semiconductor initiative, is being deployed more broadly to shore up US competitiveness in emerging tech. Quantum computing sits at the intersection of national security, industrial competitiveness, and scientific capability — exactly the kind of long-term bet governments make when they take technology seriously.
