TLDR
- Rigetti Computing signed a $100M deal with the U.S. Department of Commerce under the CHIPS Act
- Funding covers three R&D projects in superconducting quantum computing
- RGTI stock rose nearly 6% in premarket and 5.66% to $16.06
- The U.S. government will receive a minority, non-controlling equity stake in Rigetti
- Six analysts hold a Buy rating with an average price target of $32.60
Rigetti Computing secured a $100 million funding agreement with the U.S. Department of Commerce on Tuesday, sending RGTI stock up nearly 6% in premarket trading to $16.06.
The deal was awarded through the CHIPS Research and Development Office under the CHIPS Act. It will support three focused R&D projects in superconducting quantum computing.
Those three projects are: compressing readout electronics into a miniaturized package, expanding cryogenic capacity using a new cryostat architecture, and developing fabrication capabilities for high-connectivity chip architectures.
CEO Subodh Kulkarni said the funding will help Rigetti move faster toward utility-scale quantum computing. “Solving crucial challenges in scaling gives us the opportunity to transform the industry,” he said.
As part of the deal, the U.S. Department of Commerce will receive a minority, non-controlling equity stake in Rigetti.
U.S. GOVERNMENT BACKS $RGTI & $QBTS WITH UP TO $200M FOR QUANTUM COMPUTING R&D
Rigetti has signed a definitive $100M agreement with the U.S. Department of Commerce to tackle key bottlenecks in scaling superconducting quantum systems, including cryogenics, readout electronics and… pic.twitter.com/ME2NSLR0Po
— Wall St Engine (@wallstengine) September 8, 2026
The funding is designed to shorten the time and cost of building large-scale quantum systems. Rigetti says this will allow broader adoption and strengthen the domestic quantum computing ecosystem.
Technical Picture Still Weak
Despite the bump, RGTI’s technical setup remains a concern. At $16.03, the stock was sitting 4.6% below its 20-day SMA and 2.4% below its 50-day SMA.
The stock was also 12.4% below its 100-day SMA and 16.9% below its 200-day SMA. The MACD remains below its signal line, pointing to weak momentum.
Traders are watching $16.50 as near-term resistance and $15.50 as a support level.
Analysts Still Bullish
Wall Street remains upbeat on RGTI. Six analysts carry an average price target of $32.60, roughly double the current price.
Rosenblatt has maintained its Buy rating and $40 price target twice this year, most recently on August 7. Wedbush also maintained an Outperform rating with a $40 target on August 3.
RGTI carries notable weight in several quantum computing ETFs, including the Corgi Quantum Computing 2x Daily ETF (XQTM) at 7.52% and the WisdomTree Quantum Computing Fund (WQTM) at 5.33%.
That heavy weighting means ETF inflows or outflows can directly move the stock.
Rigetti’s wholly owned subsidiary, Rigetti & Co, LLC, will execute the three funded projects. The company says the work is aimed squarely at pushing its roadmap toward commercially viable quantum computing.
Kulkarni added that reducing cost and build time for quantum systems at scale will allow wider access for researchers across the U.S.
The CHIPS Act funding marks one of the larger government commitments to a pure-play quantum computing company to date.
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