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Shares of Rigetti Computing (NASDAQ: RGTI) were moving higher today after the quantum computing company secured $100 million in CHIPS Act funding, along with quantum peer D-Wave Quantum, showing the sector becoming the latest to receive interest from the federal government, which had previously taken stakes in chip stocks like Intel and GlobalFoundries.
As of 9:54 a.m. ET, Rigetti Computing stock was up 7.9% after gaining as much as 12.2% earlier in the morning.
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In a press release this morning, Rigetti said that it had signed an agreement with the Department of Commerce for a $100 million award to accelerate R&D to scale and advance superconducting quantum computers.