Why Rigetti Computing Popped Today

Rigetti Computing's stock surged up to 12.2% after securing $100 million in CHIPS Act funding from the Department of Commerce to advance superconducting quantum computing research. The government will receive a minority, non-controlling equity stake in the company. While the funding is a positive development for the quantum computing sector, Rigetti remains speculative as it generates minimal revenue ($5.1 million in Q2) and quantum computing is still an emerging technology.