Secures up to $100M CHIPS Act funding from US Department of Commerce

Rigetti Computing, Inc.'s subsidiary, Rigetti Sub, has finalized an Other Transaction Agreement with the United States Department of Commerce, securing up to $100 million in CHIPS Act funding. This agreement, effective September 4, 2026, aims to accelerate research and development in superconducting quantum computing.

The funding is structured in tranches, with an initial $43.9 million to be made available promptly. Two subsequent tranches of $29.9 million and $26.2 million are contingent upon Rigetti Sub achieving specific milestones to the Department's satisfaction. The overall project involves three key tasks: developing integrated cryogenic readouts, creating new cryostat architectures for enhanced cooling, and establishing fabrication capabilities for high-connectivity chip architectures.

As part of this arrangement, Rigetti Computing, Inc. will issue 7,739,938 shares of common stock to the Department at an implied price of $12.92 per share. This share issuance is designed to induce the Department to enter into the Other Transaction Agreement.

The agreement includes several obligations for Rigetti Sub, such as complying with intellectual property rights provisions, security requirements, and domestic control and production mandates. The Department also retains the right to recover payments if Rigetti Sub fails to meet required project activities by their deadlines, subject to cure periods. The agreement is set to terminate on the earlier of milestone completion or the fifth anniversary of the award date.