On September 8, Rigetti Computing rose 7.76% in regular trading, trading at $16.75/share, with turnover of $142 million. The rally was driven by the announcement that Rigetti, through a subsidiary, signed a definitive agreement with the US Department of Commerce for a $100 million funding award under the CHIPS Act to accelerate superconducting quantum computing research and development.

Under the agreement, Rigetti will pursue three R&D projects targeting major technical bottlenecks in scaling superconducting quantum computing, with a focus on hardware architecture optimization and error rate control. As part of the deal, the Department of Commerce will receive a minority, non-controlling equity stake in Rigetti. The company is a full-stack quantum computing pioneer that has operated quantum computers via the cloud since 2017 and owns the industry's first dedicated integrated quantum device fabrication facility, Fab-1.

Rigetti recently reported Q2 revenue of $5.1 million, up approximately 183% year-over-year, with adjusted EPS of -$0.05, in line with consensus estimates. Wedbush maintains an Outperform rating on the stock. In addition, a broader policy tailwind persists, as the White House earlier signed an executive order to accelerate quantum research with a goal of producing a research-grade quantum computer by 2028.

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