On May 26, Rigetti Computing rose 6.28% overnight, trading at $27.50/share, with trading volume of approximately $7.00 million.

The rally is viewed as a continuation of strong momentum following the U.S. Commerce Department's announcement to invest approximately $20 billion in nine quantum computing companies, with Rigetti Computing slated to receive $100 million in funding. The investment includes government equity stake provisions, sourced from the CHIPS and Science Act, marking a strategic shift toward a subsidy-plus-equity model aimed at accelerating quantum technology development and securing U.S. leadership in the sector.

The policy catalyst builds upon Rigetti's strong fundamental backdrop, including Q1 revenue that tripled year-over-year to $4.4 million, beating analyst expectations. Additionally, Wedbush Securities maintained an Outperform rating with a $40 price target, citing the company's Cepheus-108Q system deployment on major cloud platforms as a key milestone. The convergence of government backing and institutional confidence continues to fuel investor enthusiasm.

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