Why Rigetti Computing Stock Is Skyrocketing Today
Key Points
Rigetti Computing announced yesterday that it's on track to receive a $100 million investment from the U.S. Department of Commerce.
TD Cowen named Rigetti one of the three biggest winners from the U.S. government's new quantum investing push.
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Rigetti Computing (NASDAQ: RGTI) stock is seeing another round of huge gains in Friday's trading. The quantum computing company's share price was up 22.8% as of 1 p.m. ET. The S&P 500 and the Nasdaq Composite were each up 0.4% at the same point in the daily session. Rigetti stock had been up as much as 26.4% earlier in the day.
Along with bullish momentum for the broader market today, Rigetti Computing's valuation is getting another boost from yesterday's news that some leading quantum-computing dare set to receive funding through the U.S. CHIPS and Science Act. As of this writing, Rigetti Computing is now up roughly 19% in 2026.
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CHIPS Act funding has been a bullish catalyst for Rigetti
In a press release published yesterday, Rigetti announced that it had signed a letter of intent with the U.S. Department of Commerce to secure an investment of up to $100 million. The funding will be used to accelerate the company's development of quantum technologies and is on track to be dispersed over three years. In exchange for the funding, Rigetti will sell new shares of its stock to the Department of Commerce.
What's next for Rigetti?
In a note published this morning, TD Cowen stated that it viewed Rigetti as one of the three biggest beneficiaries of the U.S. Department of Commerce's investments in quantum computing. The other two companies on its list were D-Wave Quantum and GlobalFoundries. TD Cowen's analysts said that the Department of Commerce's investment moves "underscore the strategic value" of the quantum computing industry. With Rigetti and other quantum-computing players receiving another significant vote of confidence from the U.S. government, the industry's growth opportunities could continue becoming increasingly legitimate and attractive in the eyes of investors.
Should you buy stock in Rigetti Computing right now?
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy.
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