Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research
Rhea-AI Summary
Rigetti (Nasdaq:RGTI) signed a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years. The prospective award would support R&D to address scaling and technical challenges in superconducting quantum computing, with the Department receiving an equity stake matching the funding amount.
Positive
- LOI for up to $100 million in CHIPS Act funding over three years
- Potential U.S. Department of Commerce equity partnership in Rigetti
- Funding targeted to superconducting quantum computing R&D and scaling challenges
- Association with U.S. government efforts to advance domestic quantum leadership
Negative
- Department of Commerce equity stake could dilute existing Rigetti shareholders
- Funding is at LOI stage and not yet a finalized binding award
News Market Reaction – RGTI
In the May 21 session, RGTI gained 30.57%, reflecting a significant positive market reaction. Argus tracked a peak move of +55.5% during that session. Our momentum scanner triggered 136 alerts that day, indicating very high trading interest and price volatility. Trading volume was very high at 4.6x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | Conference participation | Neutral | -7.4% | CEO fireside chat at virtual quantum symposium with webcast access. |
| May 11 | Earnings update | Neutral | -7.0% | Q1 2026 financial results and quantum milestones, including cash position details. |
| May 07 | Sector ETF launch | Neutral | -8.7% | Launch of leveraged ETF referencing quantum names including RGTI. |
| May 05 | Conference appearance | Neutral | +3.2% | Planned CEO/CFO fireside chat and investor meetings at Needham conference. |
| Apr 27 | Earnings date set | Neutral | -3.1% | Announcement of Q1 2026 earnings release date and conference call timing. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent RGTI headlines have often preceded weakness: 4 of the last 5 news events show negative 24-hour price reactions, mainly after neutral corporate updates and sector news.
Over the past month, Rigetti issued several corporate and sector-related updates. Conference participation notices on May 5 and May 14 and an earnings release on May 11 were followed by mixed but mostly negative 24-hour moves, despite highlighting cash strength and product milestones. A May 7 ETF launch referencing RGTI and peers also saw a negative reaction. Against this backdrop, today’s U.S. Department of Commerce LOI and potential $100 million funding represent a more material strategic development than recent communication-focused items.
Key Terms
letter of intent financial
equity stake financial
r&d technical
superconducting quantum computers technical
chips act regulatory
broad agency announcement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Rigetti announces that it has signed a letter of intent with the U.S. Department of Commerce for an award of up to
BERKELEY, Calif., May 21, 2026 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that it has signed a letter of intent (“LOI”) with the U.S. Department of Commerce (the “Department”) for an award of up to
The funding is allocated under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act to grow U.S. leadership in emerging technologies, including quantum computing. The LOI contemplates that the Department will receive an equity stake in Rigetti consistent with the total amount of the funding. Under the LOI, Rigetti would pursue R&D projects that address major technical challenges in scaling and advancing superconducting quantum computing.
“Quantum computing will have far reaching impacts on our nation’s national security, economic interests, and overall prosperity,” said Dr. Subodh Kulkarni, Rigetti’s CEO. “We are honored that the U.S. government is seeking to partner with Rigetti to accelerate the pace of quantum computing commercialization and to bolster U.S. leadership in this revolutionary field. This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing.”
“With today’s CHIPS Research and Development investments in quantum computing, the Trump administration is leading the world into a new era of American innovation,” said Secretary of Commerce Howard Lutnick. “These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”
“The Department of Commerce’s incentives strengthen and accelerate U.S. quantum leadership and technological resilience,” said Bill Frauenhofer, Executive Director of Semiconductor Investment and Innovation. “Quantum computing has significant implications for national defense, advanced materials and biopharmaceutical discovery, financial modeling and energy systems.”
About Rigetti
Rigetti is a pioneer in full-stack quantum computing. Rigetti quantum computers are based on superconducting qubits, which are widely believed to be the leading qubit modality given their maturity, clear path to scaling, and fast gate speeds. Rigetti quantum computing systems achieve gate speeds of 50-70 nanoseconds, which is about 1,000 times faster than alternative modalities such as trapped-ion and neutral-atom systems.
Rigetti sells on-premises 9-qubit to 108-qubit quantum computing systems, which support national laboratories and quantum computing centers. Rigetti’s Cepheus 36-qubit to 108-qubit systems are based on the Company’s proprietary chiplet-based technology and include the Company’s control electronics. Rigetti’s 9-qubit Novera QPU supports a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems.
The Company operates quantum computers over the cloud through its Rigetti Quantum Cloud Services (QCS) platform, enabling global enterprise, government, and research clients to pursue R&D. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing.
Rigetti developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. Leveraging this proprietary technology, Rigetti deployed the industry’s largest multi-chip quantum computer in 2026 with Cepheus-1-108Q, based on twelve 9-qubit chiplets tiled together. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.
Rigetti Media Contact
press@rigetti.com
Cautionary Language and Forward-Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including with respect to the Company’s expectations regarding its future success and performance including expectations with respect to its R&D, ability to tackle key scaling bottlenecks more rapidly, and ability to get closer to utility-scale quantum computing; expectations on quantum computing’s ability to have far reaching impacts on the nation’s national security, economic interests, and overall prosperity; the ability of the Company and the Department to successfully enter into definitive transaction agreements as contemplated in the LOI; the Company’s ability to receive funding amounts as contemplated by the LOI including the timeline for such funding; and the issuance of securities by the Company to the Department as part of the transaction. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company and the Department’s ability to enter into definitive transaction agreements; the timing of entry into any such definitive transaction agreements; potential impact on the Company, its business and price of its securities with respect to the transactions contemplated by the LOI and definitive transaction agreements; the Company’s issuance of securities to the Department pursuant to the transaction (including dilution to existing stockholders); the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; Company’s ability to deliver products to customers in time or at all, including actions by customers, such as controls over their facilities and cancelling orders; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the success of the Company’s partnerships and collaborations; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, military conflicts, and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and other documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.
