Why Rigetti Computing Stock Is Rocketing Higher Today
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Rigetti Computing (RGTI +26.81%), as well as several other quantum computing stocks, are bumping higher today thanks to reports that the U.S. government plans $2 billion in awards to quantum computing companies. As of 12:31 p.m. ET, shares of Rigetti are up 25%. Image source: Getty Images. This quantum computing specialist is set to speed up research on superconducting. Rigetti announced today that it has signed a letter of intent (LOI) with the U.S. Department of Commerce with respect to an award totaling up to $100 million in funding over the next three years to expedite research and development on superconducting quantum computing. ExpandNASDAQ: RGTIRigetti ComputingToday's Change(26.81%) $4.53Current Price$21.41Key Data PointsMarket Cap$5.6BDay's Range$18.40 - $21.6852wk Range$10.30 - $58.15Volume5.3MAvg Vol29MGross Margin-5945.49% Speaking to the merits of the potential partnership with the U.S. government, Subodh Kulkarni, Rigetti's CEO, stated: "We are honored that the U.S. government is seeking to partner with Rigetti to accelerate the pace of quantum computing commercialization and to bolster U.S. leadership in this revolutionary field. This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing." In addition to Rigetti receiving $100 million in funding, the company acknowledges that the U.S. government may take an equity stake, bringing the total capital it awards Rigetti to $100 million. Is Rigetti stock a buy on today's news? Ending the first quarter of 2026 with $569 million in cash, cash equivalents, and investments with no outstanding debt, Rigetti is on sound financial footing, and it may be even stronger thanks to today's announcement. For those interested in a pure-play quantum computing stock, Rigetti is a solid consideration -- though investors must be more tolerant of risk since it doesn't generate operating cash flow.Read NextMay 19, 2026 •By Anthony Di PizioPrediction: Rigetti Computing Stock Will Be Worth This Much in 1 YearMay 19, 2026 •By Leo SunPrediction: This Will Be Rigetti Computing's Stock Price in 1 YearMay 19, 2026 •By David Jagielski, CPARigetti Computing Tripled Its Revenue Last Quarter.
Has It Become a Safer Stock to Buy?May 15, 2026 •By Leo SunRigetti Computing vs. IonQ: Which Quantum Computing Stock Has Better Revenue Momentum?May 14, 2026 •By Geoffrey SeilerIs It Time to Consider Rigetti Computing as Revenue Soars?May 14, 2026 •By Adam SpataccoDown 66%, Should You Buy the Dip in Rigetti Computing?About the AuthorScott Levine is a contributing Motley Fool stock market analyst covering energy, industrials, technology, and materials. He is also a high school English teacher and a small business owner. He holds a bachelor’s degree in English and creative writing from Binghamton University, a master’s degree in secondary education from Adelphi University, and an advanced certificate in school building leadership from CUNY Queens College. A crossword puzzle enthusiast, he has solved more than 3,100 New York Times puzzles with a 97% solve rate.TMFProudMonkeyX@TMFProudMonkeyStocks MentionedRigetti ComputingNASDAQ: RGTI$21.34(+26.42%)+$4.46*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.