Rigetti Jumps 22.8% on Up to $100 Million CHIPS Act Funding
Updated
Updated · The Motley Fool · May 22
Rigetti Jumps 22.8% on Up to $100 Million CHIPS Act Funding
6 articles · Updated · The Motley Fool · May 22
Rigetti shares rose 22.8% by 1 p.m. ET Friday, after climbing as much as 26.4%, far outpacing the S&P 500 and Nasdaq, which were each up 0.4%.
The rally followed a letter of intent with the U.S. Commerce Department for an investment of up to $100 million, to be disbursed over three years to speed quantum-technology development.
Rigetti will issue new shares to the Commerce Department in exchange for the funding, tying federal support directly to the company’s capital base.
TD Cowen said Friday that Rigetti is one of the three biggest beneficiaries of the department’s quantum-computing investments, alongside D-Wave Quantum and GlobalFoundries.
The move adds to investor confidence in quantum computing as a strategically backed industry, leaving Rigetti stock up about 19% so far in 2026.
With government cash flowing in, why are Rigetti's own executives selling their shares?
Is the government's $2 billion bet creating a quantum bubble or a new tech revolution?
Quantum computing just got a massive boost. How soon will it actually change our lives?