Rigetti Computing (RGTI +30.60%), as well as several other quantum computing stocks, are bumping higher today thanks to reports that the U.S. government plans $2 billion in awards to quantum computing companies.
As of 12:31 p.m. ET, shares of Rigetti are up 25%.
Image source: Getty Images.
This quantum computing specialist is set to speed up research on superconducting.
Rigetti announced today that it has signed a letter of intent (LOI) with the U.S. Department of Commerce with respect to an award totaling up to $100 million in funding over the next three years to expedite research and development on superconducting quantum computing.
NASDAQ: RGTI
Key Data Points
Speaking to the merits of the potential partnership with the U.S. government, Subodh Kulkarni, Rigetti's CEO, stated:
"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."
In addition to Rigetti receiving $100 million in funding, the company acknowledges that the U.S. government may take an equity stake, bringing the total capital it awards Rigetti to $100 million.
Is Rigetti stock a buy on today's news?
Ending the first quarter of 2026 with $569 million in cash, cash equivalents, and investments with no outstanding debt, Rigetti is on sound financial footing, and it may be even stronger thanks to today's announcement. For those interested in a pure-play quantum computing stock, Rigetti is a solid consideration -- though investors must be more tolerant of risk since it doesn't generate operating cash flow.
