Rigetti Lands Up to $100 Million in CHIPS Act Funding for Quantum R&D
Rigetti Computing signed a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding over three years for quantum computing R&D. The agreement gives the Commerce Department an equity stake in Rigetti in exchange for the funding.
1. Letter of Intent Details
Rigetti Computing entered into a letter of intent with the U.S. Department of Commerce for an award of up to $100 million over three years under the CHIPS Research and Development Office Broad Agency Announcement.
2. Equity Stake Arrangement
Under the agreement, the Department of Commerce would receive an equity stake in Rigetti commensurate with the total funding amount, pending execution of definitive transaction documents.
3. R&D Objectives
The funding is earmarked to accelerate superconducting quantum computing research by addressing key scaling bottlenecks and advancing chiplet-based multi-chip architectures.
4. Strategic Impact
The partnership secures significant R&D capital for Rigetti, introduces potential equity dilution, and aims to bolster U.S. leadership while speeding commercial development of utility-scale quantum processors.