Rigetti Signs Letter of Intent for $100M Government Award for Quantum R&D

Rigetti Computing, Inc. announced its subsidiary entered into a non-binding letter of intent (LOI) with the U.S. Department of Commerce for a proposed $100 million award. The funding, allocated under the U.S. CHIPS and Science Act, is intended to accelerate research and development in superconducting quantum computing over a three-year period. In exchange, Rigetti will issue common stock to the Department.

Key Details

• Proposed Award: $100 million over a three-year period to accelerate R&D in superconducting quantum computing.
• Agreement: The Letter of Intent was signed on May 20, 2026, and is subject to the negotiation of definitive transaction agreements.
• Equity Issuance: The Department of Commerce will be issued shares of Rigetti common stock in an amount consistent with the award. The share price will be based on the lowest closing price on three specified dates, discounted by 15%, which will result in dilution for existing stockholders.