Rigetti Wins $100 Million CHIPS Award, Sending Shares Up 7.9%
Updated
Updated · Yahoo Finance · Sep 8
Rigetti Wins $100 Million CHIPS Award, Sending Shares Up 7.9%
3 articles · Updated · Yahoo Finance · Sep 8
Summary
$100 million in CHIPS Act funding will go to Rigetti under a Commerce Department agreement to speed R&D on superconducting quantum computers.
Rigetti shares rose 7.9% by 9:54 a.m. ET after climbing as much as 12.2%, as investors welcomed fresh federal backing for the quantum-computing sector.
The Commerce Department will receive a minority, non-controlling equity stake; based on Rigetti's roughly $5 billion market value, that implies about a 2% stake at face value.
Rigetti is still early-stage, with just $5.1 million in second-quarter revenue, so the award strengthens its research runway more than it resolves questions about commercial viability.