Insider Brief
- Rigetti has signed a definitive agreement with the U.S. Department of Commerce for $100 million in CHIPS Act funding to accelerate superconducting quantum computing R&D.
- The funding will support projects focused on integrated readout electronics, expanded cryogenic capacity, and fabrication of high-connectivity quantum chips.
- As a condition of the funding, the Department of Commerce will receive a minority, non-controlling equity stake in Rigetti.
PRESS RELEASE — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that its wholly owned subsidiary, Rigetti & Co, LLC, has signed a definitive agreement with the U.S. Department of Commerce (the “Department”) for an award of $100 million in funding to accelerate superconducting quantum computing R&D.
The funding is allocated under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act.
Under this definitive agreement, Rigetti will pursue three R&D projects that aim to address major technical bottlenecks in scaling superconducting quantum computing and will accelerate the Company’s roadmap towards utility-scale quantum computing:
- Compressing readout electronics into an integrated, miniaturized package
- Expanding cryogenic capacity by orders of magnitude using a new cryostat architecture
- Developing the fabrication capabilities for high-connectivity chip architectures
Quantum computing has tremendous promise to dramatically transform critical areas including cryptography, chemistry, materials science, mathematical optimization, and AI/machine learning. Governments worldwide are investing in this emerging technology given the national security and economic implications of quantum advantage.
“We are proud to be selected by the U.S. government to accelerate R&D and progress against our roadmap to deliver commercially viable quantum computing capabilities,” says Dr. Subodh Kulkarni, Rigetti CEO. “Solving crucial challenges in scaling gives us the opportunity to transform the industry by putting large-scale quantum computers in the hands of America’s quantum computing researchers faster. Shortening the time to build quantum systems at scale and reducing their cost will also allow for broader adoption, which will strengthen our domestic quantum computing ecosystem.”
The Department will receive a minority, non-controlling equity stake in Rigetti as a condition for receiving the funds to enhance the return for the U.S. taxpayer.
