Rigetti Computing Inc. (NASDAQ:RGTI) said Thursday it signed a letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years to accelerate superconducting quantum computing research and development.
The proposed funding falls under the CHIPS Research and Development Office Broad Agency Announcement tied to the CHIPS Act, which aims to strengthen U.S. leadership in emerging technologies, including quantum computing.
Under the letter of intent, the Department of Commerce would receive an equity stake in Rigetti tied to the total amount of funding awarded.
The quantum computing company said the projects would focus on overcoming technical hurdles tied to advancing superconducting quantum computing systems.
Rigetti CEO Says Funding Could Accelerate Commercialization
“Quantum computing will have far-reaching impacts on our nation’s national security, economic interests, and overall prosperity,” said Subodh Kulkarni, Rigetti’s CEO. “…This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing.”
Commerce Department Highlights Strategic Importance
Howard Lutnick, Secretary of Commerce, said, “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.”
RGTI Price Action: Rigetti Computing shares were up 13.92% at $19.23 during premarket trading on Thursday, according to Benzinga Pro data.
Photo via Shutterstock
Login to comment