Rigetti secures $100M U.S. government quantum computing deal

Rigetti Computing, Inc. (Nasdaq: RGTI) has signed a definitive agreement with the U.S. Department of Commerce for a $100 million award to advance superconducting quantum computing research and development, according to a company statement.

The funding is allocated under the CHIPS Research and Development Office Broad Agency Announcement, pursuant to the CHIPS Act. As a condition of the award, the Department of Commerce will receive a minority, non-controlling equity stake in Rigetti.

Under the agreement, Rigetti's wholly owned subsidiary, Rigetti & Co, LLC, will pursue three R&D projects focused on scaling superconducting quantum systems. The projects include compressing readout electronics into an integrated, miniaturized package, expanding cryogenic capacity using a new cryostat architecture, and developing fabrication capabilities for high-connectivity chip architectures.

"We are proud to be selected by the U.S. government to accelerate R&D and progress against our roadmap to deliver commercially viable quantum computing capabilities," said Dr. Subodh Kulkarni, Rigetti's CEO. "Shortening the time to build quantum systems at scale and reducing their cost will also allow for broader adoption, which will strengthen our domestic quantum computing ecosystem."

Rigetti is headquartered in Berkeley, California, and describes itself as a full-stack quantum-classical computing company.

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