Rigetti Secures Up to $100M in CHIPS Act Funding from Department of Commerce

Rigetti Computing announced its subsidiary, Rigetti & Co, LLC, entered into an agreement with the U.S. Department of Commerce for an award of up to $100 million under the CHIPS Act of 2022. The funding is intended to accelerate research and development in superconducting quantum computing. As part of the transaction, Rigetti will issue approximately 7.74 million shares of its common stock to the Department of Commerce.

Key Details

• Award Agreement: On September 4, 2026, Rigetti's subsidiary entered into an Other Transaction Agreement for up to $100 million in milestone-based funding over a five-year performance period.
• Funding Tranches: The award will be disbursed in three tranches: an initial $43.9 million, followed by two subsequent payments of $29.9 million and $26.2 million, contingent on achieving specific R&D milestones.
• Securities Issuance: Rigetti entered into a Securities Issuance Agreement on September 8, 2026, to issue 7,739,938 shares of common stock to the Department of Commerce at an implied price of $12.92 per share.