Rigetti Computing, Inc. has entered into a definitive agreement with the U.S. Department of Commerce to receive up to $100 million in funding under the CHIPS Act of 2022. The award, signed on September 4, 2026, will be provided to Rigetti’s wholly-owned subsidiary, Rigetti & Co, LLC, to accelerate research and development in superconducting quantum computing.
The funding is structured as an Other Transaction Agreement that supports three specific technical projects aimed at addressing key challenges in scaling quantum systems. These projects include compressing readout electronics into an integrated package, expanding cryogenic capacity using a new cryostat architecture, and developing fabrication capabilities for high-connectivity chip architectures.
Under the agreement, $43.9 million will be made available immediately upon signing. Two additional tranches totaling $56.1 million will be disbursed if the Department determines that Rigetti has successfully achieved the applicable milestones by the specified dates. The agreement has a period of performance that terminates on the earlier of the completion of all milestones or the fifth anniversary of the award date, with the possibility of a 60-day extension.
As a condition for receiving the funds, the Department will receive a minority, non-controlling equity stake in Rigetti. On September 8, 2026, Rigetti issued 7,739,938 shares of common stock to the Department at an implied price of $12.92 per share. The issuance of these shares was made pursuant to an exemption from registration under the Securities Act of 1933.
The agreement imposes strict requirements on Rigetti, including obligations to use funds solely for eligible project costs, maintain domestic control and production, and comply with security and reporting standards. The Department retains the right to terminate the agreement for convenience with 60 days' notice or to demand recovery of payments in the event of material non-compliance.
