🟢 RGTI is trading 5% up after-hours after signing LOI for up to $100 million CHIPS Act grant

RGTI is trading at $23.20, up 5% in after-hours trading after announcing a letter of intent (LOI) with the U.S. Department of Commerce for a federal award of up to $100 million under the CHIPS Act.

• The award will fund superconducting quantum R&D over three years to address key scaling bottlenecks.
• The proposed agreement also contemplates the U.S. government taking an equity stake in Rigetti consistent with the funding amount, representing a major validation event.
• This news follows a regular session surge of 30.57%, driven by the broader $2 billion quantum funding package announced by the Department of Commerce.