Rigetti Computing (NASDAQ: RGTI) Signs $100 Million U.S. Department Of Commerce Letter Of Intent For Quantum R&D Funding - foreignpolicyjournal.com
Summarize this article with:
Select PageBy Timothy Mason | Jun 3, 2026 | Economy & Business, Featured, News & AnalysisRigetti Computing (NASDAQ: RGTI) has signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million over three years to accelerate superconducting quantum computing research and development.The proposed funding falls under the CHIPS Act’s Research and Development Office program and is intended to support projects aimed at overcoming key technical challenges associated with scaling quantum computers.Submit a Press Release or News TipThe agreement positions Rigetti among a select group of companies expected to play a critical role in advancing the country’s quantum computing capabilities and reflects the U.S. government’s commitment to domestic leadership in next-generation technologies.Under the terms of the letter of intent, the Department of Commerce would receive an equity stake in Rigetti tied to the amount of funding ultimately awarded.The potential funding could help the company pursue ambitious R&D initiatives without placing additional pressure on its balance sheet, while speeding efforts to address scalability bottlenecks that remain a key hurdle for the broader quantum industry.Management believes the investment will bring Rigetti closer to utility-scale quantum computing, a milestone that could unlock opportunities across national security, advanced materials research, drug discovery, financial modeling and energy applications.The government’s willingness to partner with Rigetti serves as a strong endorsement of the company’s technology and may strengthen its competitive position as quantum computing investment and adoption continue to expand.On the valuation front, Rigetti trades at a price-to-book ratio of 14.59, above the industry average, and carries a Value Score of F alongside a Zacks Rank of #4 (Sell).Shares of RGTI have gained 15.7% in the year-to-date period, compared against the industry’s decline of 6.2%, while the Zacks Consensus Estimate for Rigetti’s 2026 earnings implies a 70.3% improvement from the year-ago period.Peer company IonQ (NYSE: IONQ) recently opened a new 22,000-square-foot quantum computing R&D laboratory and semiconductor chip testing facility in Boulder, CO, to support the development of future generations of its trapped-ion quantum computing systems.The Boulder facility will enable IonQ to design, test and refine advanced semiconductor ion-trap chips, with plans to install its first quantum computer at the location later this year.D-Wave Quantum (NYSE: QBTS) also signed a letter of intent with the U.S. Department of Commerce for $100 million in proposed funding under the CHIPS and Science Act, accompanied by a $100 million equity stake for the U.S. government, to accelerate development of its annealing and gate-model quantum computing technologies.The D-Wave initiative could help accelerate delivery of advanced quantum systems, including a 100,000-qubit annealing computer and a 10,000-qubit gate-model system, at its upcoming Boca Raton, FL, facility and existing R&D centers.Share:Tags: Timothy Mason is a senior reporter at the Foreign Policy Journal, covering current affairs and business news. He studied Economics at the University of Michigan and has worked as a journalist for over seven years.© 2016 Foreign Policy Journal