Rigetti (RGTI) Stock Jumps 6% as U.S. Government Bets $100M on Quantum
TLDR
- Rigetti Computing signed a $100M deal with the U.S. Department of Commerce under the CHIPS Act
- Funding covers three R&D projects in superconducting quantum computing
- RGTI stock rose nearly 6% in premarket and 5.66% to $16.06
- The U.S. government will receive a minority, non-controlling equity stake in Rigetti
- Six analysts hold a Buy rating with an average price target of $32.60
Rigetti Computing secured a $100 million funding agreement with the U.S. Department of Commerce on Tuesday, sending RGTI stock up nearly 6% in premarket trading to $16.06.
The deal was awarded through the CHIPS Research and Development Office under the CHIPS Act. It will support three focused R&D projects in superconducting quantum computing.
Those three projects are: compressing readout electronics into a miniaturized package, expanding cryogenic capacity using a new cryostat architecture, and developing fabrication capabilities for high-connectivity chip architectures.
CEO Subodh Kulkarni said the funding will help Rigetti move faster toward utility-scale quantum computing. “Solving crucial challenges in scaling gives us the opportunity to transform the industry,” he said.
… Continue reading the full article at the original source below.
