Overview
Rigetti Computing's share price climbed sharply in pre-open trading today, rising +14.8% after the Trump administration revealed a $2 billion grant program aimed at nine companies in the quantum computing field under the CHIPS Act. As part of that initiative, Rigetti signed a non-binding letter of intent with the U.S. Department of Commerce for as much as $100 million in funding to be distributed over three years to support its superconducting quantum computing research and development.
Details of the federal program
The Commerce Department said the $2 billion in grants will be split among nine quantum-computing firms, with the U.S. government taking equity stakes in deals tied to the funding. Commerce Secretary Howard Lutnick commented on the plan, saying, "these strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities."
Sector-wide effects
The news extended beyond Rigetti. D-Wave Quantum also executed a letter of intent for $100 million in CHIPS Act funding, and the U.S. government is set to obtain an equity position in that company as well. The simultaneous announcements elevated investor interest across the quantum computing space, contributing to a sector-wide re-rating.
Management engagement with investors
Adding to the day's investor focus on Rigetti, CEO Dr. Subodh Kulkarni is scheduled to participate in a fireside discussion at the Canaccord Genuity Virtual Quantum Symposium on Thursday, May 21, 2026 at 12:00 PM ET. That event offers management a direct forum to discuss strategy and the implications of the federal funding commitment with the investment community.
Market backdrop
Today's broader market environment provided a favorable backdrop for risk-on technology names. The S&P 500 is higher by +1.1%, the Dow Jones Industrial Average is up +1.3%, and the NASDAQ has advanced +1.5% in the current session. Additional market indicators shown include the Nasdaq 100 (NDX) up +1.66%, while specific quantum-related tickers noted earlier display QBTS +6.1% and RGTI +5.76% in the quoted market summary.
Company positioning
Rigetti develops and operates quantum computers and superconducting quantum processors, offering access to its systems through a quantum computing as a service model. The company entered the most recent quarter with $569.0 million in cash and no debt, a financial position that may shape how investors assess the significance of potential federal support.
Why the stock moved
Investors reacted to a combination of factors: a tangible federal funding commitment, an apparent sector-wide reassessment of quantum computing companies, and a broadly constructive equity market session. The potential for immediate financial backing through CHIPS Act grants, coupled with the government taking equity stakes if deals proceed, created a narrative driving RGTI higher in pre-market trading today.
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