Rigetti Computing signed a definitive agreement with the U.S. Department of Commerce for a $100 million award. This funding, allocated under the CHIPS Act, will accelerate research and development in superconducting quantum computing.
The capital supports three projects focused on overcoming technical hurdles in scaling quantum computers. These initiatives include miniaturizing electronics and developing new fabrication capabilities to reach utility-scale quantum systems.
Rigetti’s shares rose 4% following the news. The agreement aims to strengthen the domestic quantum computing ecosystem in the United States.