Rigetti Computing receives a $100M grant

The May 21, 2026 announcement was a letter of intent from the U.S. Department of Commerce, covering up to $100M over three years under the CHIPS Act. The definitive agreement was signed September 4, 2026. Funding is released in tranches. An initial payment of about $43.9M comes first, and the remainder depends on performance milestones. In return, Rigetti will issue about 7.74M shares to the government at roughly $12.92 each, giving Commerce a minority, non-controlling stake. The money is earmarked for three R&D projects: miniaturized integrated readout electronics, a larger next-generation cryostat architecture for cryogenic capacity, and fabrication of high-connectivity chips. Rigetti's Q1 2026 revenue was $4.4M against a $26M operating loss, so the award is large relative to its sales. The shares rose more than 30% on the May 21 news. Rigetti is one of nine quantum companies sharing a $2.013B CHIPS allocation, which also includes IBM and GlobalFoundries. For AI founders, this is a signal that Washington is willing to pair capital with equity in strategic compute hardware. Quantum remains an early bet, but CHIPS-style awards with milestone payments and government ownership could become a template for other infrastructure companies. Founders considering similar funding should expect dilution terms and delivery conditions alongside the cash.