Rigetti Secures Up to $100 Million CHIPS Funding as It Launches 108-Qubit Cepheus 1
Updated
Updated · Simply Wall St · Jun 14
Rigetti Secures Up to $100 Million CHIPS Funding as It Launches 108-Qubit Cepheus 1
1 articles · Updated · Simply Wall St · Jun 14
Summary
Rigetti signed a nonbinding letter of intent with the U.S. Commerce Department for up to $100 million in CHIPS Act funding and made its Cepheus 1 108Q processor available on major cloud platforms.
108 qubits marks Rigetti’s latest hardware milestone, with the company pitching the launch and funding support as evidence of stronger commercial traction after earlier setbacks this year.
Shares have been volatile around CHIPS headlines and insider selling, but the stock is up 17.54% over 30 days and 84% over the past year, last closing at $20.98.
Valuation remains contested: the most-followed fair value estimate cited in the report is $16.00, while investors are weighing roughly $10 million in revenue against a market value near $7 billion and continuing losses.