Key HighlightsShares of Rigetti Computing climbed more than 23% following the Trump administration’s announcement of a $2 billion quantum computing initiative funded through the CHIPS Act.The company entered into a preliminary agreement with the Commerce Department for funding up to $100 million spread across three years.Under the agreement terms, the federal government will receive an equity position through newly created shares priced at a 15% markdown.D-Wave Quantum secured a similar $100 million funding commitment, part of a broader initiative involving nine quantum technology firms.The company reported $569 million in available cash with zero outstanding debt at the close of its latest reporting period.Shares of Rigetti Computing (RGTI) experienced a dramatic surge exceeding 23% on May 21, 2026, following the Trump administration’s rollout of a $2 billion federal initiative supporting nine quantum computing enterprises — with Rigetti securing a preliminary agreement for as much as $100 million in support.Rigetti Computing, Inc., RGTIThe capital allocation originates from the CHIPS and Science Act, overseen by the U.S. Department of Commerce. A wholly owned Rigetti subsidiary executed the preliminary, non-binding agreement on May 20, 2026.The tentative award would support superconducting quantum computing innovation and development activities spanning a three-year period.Under the proposed terms, the Commerce Department would acquire an ownership interest in Rigetti via freshly issued common shares. These shares would be valued at a 15% reduction from the minimum closing price recorded on designated dates.This structure introduces potential shareholder dilution concerns. The agreement remains contingent upon finalization of binding contracts.Commerce Secretary Howard Lutnick stated the capital commitments “will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”Rigetti wasn’t alone in receiving federal support. D-Wave Quantum similarly executed a preliminary agreement for $100 million through the CHIPS Act program, incorporating comparable government equity provisions.The industry-wide announcement propelled quantum computing equities higher across the board. QBTS shares similarly advanced more than 23% during the trading session.Focus Areas for Federal InvestmentThe CHIPS-supported initiatives at Rigetti target critical technical challenges in expanding superconducting quantum architectures. The projects complement Rigetti’s development trajectory focusing on multi-chip processor designs and utility-grade quantum computing platforms.Earlier this year, Rigetti introduced what the company characterizes as the sector’s most expansive multi-chip quantum system, designated Cepheus-1-108Q.Rigetti’s valuation currently stands near $5.61 billion. Financial disclosures from the company’s latest quarter revealed $569 million in liquid assets alongside a debt-free balance sheet, positioning it favorably for the upcoming funding negotiations.The most current Wall Street assessment on RGTI recommends a Buy rating with a $40.00 target price.Executive to Present at Industry EventCompounding the day’s positive momentum, CEO Dr. Subodh Kulkarni was slated to participate in a fireside discussion at the Canaccord Genuity Virtual Quantum Symposium on Thursday, May 21, 2026 at 12:00 PM ET.The forum provided leadership an opportunity to address investors directly regarding the federal funding arrangement and corporate direction.Broader market conditions also contributed to the upward movement. The S&P 500 climbed 1.1%, the Dow Jones Industrial Average increased 1.3%, and the Nasdaq Composite advanced 1.5% during the same session.RGTI shares opened pre-market trading up 14.8% before expanding those gains throughout regular trading hours.Typical daily trading activity for RGTI averages roughly 28.6 million shares. Current technical analysis indicators position the stock at a Hold rating.The post Rigetti Computing (RGTI) Stock Jumps 23% Following $100M Federal Quantum Funding Agreement appeared first on Blockonomi.