Rigetti Secures Up to $100 Million in CHIPS Funding as Analysts See 81% Upside
Updated
Updated · Yahoo Finance · Aug 19
Rigetti Secures Up to $100 Million in CHIPS Funding as Analysts See 81% Upside
1 articles · Updated · Yahoo Finance · Aug 19
Summary
Rigetti signed a letter of intent with the U.S. Commerce Department for up to $100 million in CHIPS Act funding over three years, backing its superconducting chiplet architecture.
The potential award comes as U.S. quantum policy tightens after June 22 White House orders made computing, sensing, networking and cybersecurity national priorities.
Rigetti’s Q2 revenue rose 185.3% year over year to $5.14 million, and it ended the quarter with $541.29 million in cash and no debt.
The funding is not final: the agreement remains nonbinding, would require Rigetti to issue securities to the department, and comes as the company posted a $52.61 million GAAP net loss.
At $18.67 on Aug. 17, Rigetti shares were still down 15.71% year to date despite a 32.32% one-month rebound, leaving analysts’ $28.81 target implying about 81.4% upside.
Could Rigetti's potential $100 million government windfall secretly dilute shareholders before its ambitious 1,000-qubit quantum dream ever becomes a reality?
Despite soaring revenues and zero debt, could the brutal scientific hurdles of quantum coherence ultimately crush this highly speculative stock's massive upside?