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Shares of Rigetti Computing (NASDAQ:RGTI) are 6.3% higher to trade at $16.15, after the quantum computing company announced an agreement with the U.S. Department of Commerce for up to $100 million in funding through the CHIPS Act.
Quantum Computing's Q2 revenues jump to $5.6 million, but rising expenses and continued losses keep profitability a key concern despite ample liquidity.
President Trump spent the weekend posting about the paper profit on Washington's Intel (NASDAQ:INTC | INTC Price Prediction) stake, and on Tuesday morning Jim Cramer, whose charitable trust owns the same stock, publicly asked him to hold.
Quantum computing stocks are rallying this morning after the U.S. Commerce Department finalized CHIPS Act funding awards that hand the government minority, non-controlling equity stakes in each recipient.
The U.S. government is taking minority equity stakes in D-Wave Quantum, Rigetti Computing, and Quantinuum with a combined $300 million CHIPS Act deal that funds the three companies to scale quantum-computing research.
Rigetti has signed a definitive agreement with the U.S. Dept. of Commerce for an award of $100 million to accelerate superconducting quantum computing R&D
The CFO realized $375,000 from the sale of 25,000 shares on September 3, 2026. The transaction size was equal to 15% of the direct equity stake held prior to the filing.
Rigetti's management has said that commercial revenue is still in its early stages. Rigetti's stock soared more than 700% over the past three years, but AI will likely steal some momentum from the quantum computing stock over the next three years.