Rigetti Computing secures $100M CHIPS Act award from Commerce Department

Rigetti Computing just locked down up to $100 million in federal funding from the US Department of Commerce, part of the CHIPS Act’s push to keep America competitive in quantum computing. The deal comes with an unusual twist: the government isn’t just writing a check. It’s buying a seat at the table. Under the terms of the definitive agreement, Rigetti will issue approximately 7.74 million shares of its common stock to the Commerce Department, valued at roughly $12.92 per share. That gives the government a minority, non-controlling equity stake in the Nasdaq-listed company. How the money flows The funding won’t arrive in one lump sum. Rigetti will receive an initial tranche of approximately $43.9 million, with the remaining funds tied to performance milestones. Miss the benchmarks, and future disbursements could be clawed back. The three R&D projects funded by the award all target scaling challenges in superconducting quantum systems. This agreement follows a letter of intent signed in May 2026, meaning both sides have been negotiating terms for several months before finalizing the deal. Part of a much bigger quantum bet Rigetti’s award is one piece of a $2.013 billion quantum ...