TLDR
- Rigetti Computing stock surged over 23% after the Trump administration announced a $2 billion quantum computing grant program under the CHIPS Act.
- Rigetti signed a non-binding letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years.
- The deal includes a U.S. government equity stake via newly issued stock priced at a 15% discount.
- D-Wave Quantum also signed a $100 million CHIPS Act letter of intent, with nine quantum companies total included in the program.
- Rigetti ended its most recent quarter with $569 million in cash and no debt.
Rigetti Computing (RGTI) stock jumped more than 23% on May 21, 2026, after the Trump administration unveiled a $2 billion federal grant program targeting nine quantum computing companies — with Rigetti signing a letter of intent for up to $100 million.
The funding comes through the CHIPS and Science Act, administered by the U.S. Department of Commerce. Rigetti’s wholly owned subsidiary signed a non-binding letter of intent on May 20, 2026.
The proposed award would fund superconducting quantum computing research and development over three years.
As part of the deal structure, the Commerce Department would receive an equity stake in Rigetti through newly issued common stock. That stock would be priced at a 15% discount to the lowest closing price on specified dates.
That arrangement carries dilution risk for existing investors. The deal is still subject to negotiation of definitive agreements.
Commerce Secretary Howard Lutnick said the investments “will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”
Rigetti was not the only company in the spotlight. D-Wave Quantum also signed a letter of intent for $100 million in CHIPS Act funding, with a similar government equity stake arrangement.
The sector-wide announcement lifted quantum computing stocks broadly. QBTS gained over 23% on the same day.
What the Funding Targets
The CHIPS-backed projects at Rigetti are aimed at key technical bottlenecks in scaling superconducting quantum systems. The work aligns with Rigetti’s roadmap around multi-chip processors and utility-scale quantum computing.
Earlier in 2026, Rigetti deployed what it calls the industry’s largest multi-chip quantum computer, Cepheus-1-108Q.
Rigetti’s current market cap sits at approximately $5.61 billion. The company ended its most recent quarter with $569 million in cash and zero debt, giving it a solid financial base heading into the funding negotiations.
The most recent analyst rating on RGTI is a Buy with a $40.00 price target.
CEO to Speak at Quantum Symposium
Adding to the day’s momentum, CEO Dr. Subodh Kulkarni was scheduled to join a fireside chat at the Canaccord Genuity Virtual Quantum Symposium on Thursday, May 21, 2026 at 12:00 PM ET.
The session gave management a platform to speak directly to investors about the federal funding commitment and company strategy.
The broader market also supported the move higher. The S&P 500 gained 1.1%, the Dow added 1.3%, and the Nasdaq rose 1.5% on the same day.
RGTI stock was up 14.8% in pre-market trading before extending those gains through the session.
The average daily trading volume for RGTI is approximately 28.6 million shares. The technical sentiment signal on the stock is currently rated Hold.
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