Rigetti Signs $100M Agreement with US Government

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Definitive Agreement
Definitive Agreement

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Rigetti Signs Definitive Agreement for $100M with U.S. Government

Berkeley, CA, USA - Rigetti Computing, Inc. (Nasdaq: RGTI), a pioneer in full-stack quantum-classical computing, announced that its wholly owned subsidiary, Rigetti & Co, LLC, has signed a definitive agreement with the U.S. Department of Commerce for an award of $100 million in funding.

The funding is allocated under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act. Under the agreement, Rigetti will pursue three R&D projects aimed at addressing major technical bottlenecks in scaling superconducting quantum computers and accelerating its roadmap toward utility-scale quantum computing.

Transaction Details

  • Award amount: $100 million from the U.S. Department of Commerce.
  • Focus areas: Compressing readout electronics, expanding cryogenic capacity, and developing high-connectivity chip fabrication.
  • Equity stake: The Department will receive a minority, non-controlling equity stake in Rigetti as a condition for receiving the funds.

About Rigetti Computing, Inc.

Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.

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