On May 22, Rigetti Computing rose 5.17% in after-hours trading, trading at $23.16 USD/share, with trading volume of approximately $147 million.

On the news front, the U.S. Commerce Department announced a $2 billion investment package targeting nine quantum computing companies under the CHIPS and Science Act, with Rigetti Computing receiving $100 million in funding. The government will acquire a minority equity stake in each recipient company proportional to the grant amount provided. IBM received the largest allocation at $1 billion, while D-Wave Quantum, Rigetti, and Infleqtion each secured $100 million. Commerce Secretary Howard Lutnick stated the initiative aims to usher in a new era of innovation, positioning quantum technology as a national security and economic priority.

The government funding announcement adds to a series of recent positive catalysts for Rigetti, including Q1 revenue of $4.4 million that nearly tripled year-over-year and exceeded expectations, a Wedbush reiteration of its Outperform rating with a $40 target price citing the Cepheus-108Q system milestone, and CEO participation in the Canaccord Genuity Virtual Quantum Symposium.

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