EL7.AI
StocksMediumUpdated×2•Originally published 8 September 2026•Updated 8 September 2026•
2 min read

Rigetti Secures Up to $100 Million in CHIPS Funding as U.S. Takes Equity Stake

Key Facts

1The agreement provides up to $100 million under the CHIPS Act.
2The program covers 3 superconducting quantum-computing R&D workstreams.
3Funding is divided into an initial $43.9 million and conditional tranches of $29.9 million and $26.2 million.
4Rigetti will issue the U.S. government 7,739,938 shares at an implied $12.92 per share.

Rigetti Computing subsidiary Rigetti & Co entered an agreement with the U.S. Department of Commerce on September 4, 2026, and announced it on September 8. The agreement provides up to $100 million under the CHIPS Act for superconducting quantum-computing research and development.

The agreement covers 3 research programs: integrating and miniaturizing qubit-readout electronics, expanding cryogenic capacity through a new cryostat architecture, and developing fabrication capabilities for highly connected chip designs. The work targets technical bottlenecks that limit the scaling of superconducting quantum systems.

Rigetti says the projects build on its multi-chip architecture. Its Cepheus-1-108Q system combines 108 qubits across 12 chiplets containing 9 qubits each, making interconnects, cooling capacity and readout electronics central to its scaling strategy.

The company will not receive the full amount at once. The agreement makes $43.9 million available on or shortly after the award date, while later tranches of $29.9 million and $26.2 million depend on the Commerce Department determining that specified milestones have been achieved.

The performance period runs until all milestones are completed or the agreement's 5th anniversary on September 4, 2031, whichever comes first. Funds must be used for eligible project costs, and the department can suspend payments or seek recovery in specified cases involving noncompliance or failure to complete required activities.

The transaction also has a significant shareholder component: Rigetti will issue the U.S. government 7,739,938 shares at an implied price of $12.92 per share. The company describes the holding as a minority, non-controlling stake; the agreement limits voting and transfers and provides a repurchase mechanism for shares tied to undisbursed funding in specified termination circumstances.

For investors, the structure means the award can offset part of Rigetti's research burden but is not an immediate, unconditional transfer of the full amount. Its ultimate economic value will depend on milestone execution, departmental approval of later tranches and the company's management of dilution from the share issuance.

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