Rigetti (RGTI) Climbs 48% on $100M Govt Backing

Rigetti Computing Inc. (NASDAQ:RGTI) is one of the 10 Stocks With Stunning Double-Digit Gains.

Rigetti Computing soared by 48 percent week-on-week, after earning a $100-million financial backing from the government to support US leadership in the quantum space and develop computers capable of solving complex problems.

Earlier in the week, the Department of Commerce announced that it would shell out $2.013 billion in federal incentives for nine companies to support the government’s CHIPS and Science Act.

Photo by Mizuno K on Pexels

The amount would support the development of seven quantum computing companies, including Rigetti Computing Inc. (NASDAQ:RGTI), D-Wave, Atom, Diraq, Infleqtion, PsiQuantum, and Quantinuum, as well as IBM and GlobalFoundries.

Rigetti Computing Inc. (NASDAQ:RGTI) alone will receive up to $100 million to address key technical challenges to develop and scale next-generation superconducting quantum computing technologies and architectures, such as miniaturizing and integrating novel readout electronics and next-generation cryostat architectures.

“Quantum computing will have far-reaching impacts on our nation’s national security, economic interests, and overall prosperity,” Rigetti Computing Inc. (NASDAQ:RGTI) CEO Subodh Kulkarni said.

“We are honored that the US 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,” he noted.

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