Rigetti Computing Gains 30% on CHIPS $100M Funding Letter, Targets $38
RGTI•The U.S. awarded $2B quantum grants to nine firms, and Rigetti filed a letter of intent for $100M under the CHIPS program. Rigetti shares jumped 30.1% to about $26, up 20% year-to-date, and similar past 30% gaps averaged a 44.2% gain over three months, suggesting a move toward $38.
1. Government Grants and CHIPS LOI
The Department of Commerce launched a $2 billion grant program for nine quantum companies, with Rigetti Computing submitting a letter of intent to secure $100 million in CHIPS Act funding to advance its processor development.
2. Stock Performance and Technical Indicators
Rigetti shares surged 30.1% in one session to trade around $26, reflecting a 20% gain year-to-date. The stock has found support at its 50-day moving average and an ascending trendline from April lows.
3. Historical Performance after Bull Gaps
Since 2023, Rigetti has recorded 14 instances of 30% session jumps. Those events yielded an average three-month gain of 44.2%, indicating potential upside toward the $38 level from current prices.
4. Short Interest and Options Volatility
Short sellers hold 15.4% of Rigetti’s float, requiring over two trading days to cover at average volumes. Options implied volatility sits in the 30th percentile, suggesting relatively affordable premium levels.
