Rigetti Computing has finalized an agreement to receive up to $100 million in federal funding from the US Department of Commerce. The grant is part of a broader $2.013 billion quantum initiative under the CHIPS Act, which supports nine companies, including IBM and GlobalFoundries.
As part of the deal, the government will receive a minority equity stake in the company. Rigetti will issue approximately 7.74 million shares of common stock to the Department of Commerce, with each share valued at roughly $12.92. This issuance will result in dilution for existing shareholders.
The funding will be distributed in stages. Rigetti is set to receive an initial tranche of approximately $43.9 million. Future payments are contingent upon meeting specific performance milestones related to three research and development projects focused on scaling superconducting quantum systems.
The agreement follows a letter of intent signed in May 2026. Rigetti, which has been a publicly traded company since its 2022 SPAC merger, will use the capital to advance its research capabilities and support the development of domestic quantum technologies.
