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."