On May 22, Rigetti Computing rose 8.39% in pre-market trading, trading at $24.19/share, with trading volume of approximately $8.88 million. The surge continues momentum from the previous session's 28% rally.

On the news front, the Trump administration announced a $2 billion government grant to nine quantum computing companies, with the US Commerce Department executing the funding plan. IBM will receive $1 billion, GlobalFoundries $375 million, while D-Wave Quantum, Rigetti Computing, and Infleqtion will also receive funding. Under the agreements, which are still being finalized, the US government will acquire minority equity stakes in each recipient company. The Commerce Department stated the initiative aims to maintain US competitive advantage in frontier computing and usher in a new era of technological innovation.

Additionally, the Commerce Department plans to acquire equity in Rigetti Computing proportional to its grant amount. This policy-driven catalyst, combined with the stock's prior oversold conditions following a nearly 20% post-earnings pullback, has powered the strong rebound. Wall Street firm Wedbush previously maintained an Outperform rating with a $40 price target on the stock.

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