On May 22, Rigetti Computing rose 7.49% overnight, trading at $23.68/share, with trading volume of $620,700. The stock continues to surge following a 30.57% gain in the prior session.

On the news front, the US Commerce Department announced a total of $20 billion in CHIPS Act funding allocated to nine quantum computing companies, with Rigetti Computing expected to receive approximately $100 million. The government will acquire minority equity stakes in each recipient company as part of the agreement. IBM received the largest allocation at $10 billion, while GlobalFoundries secured $375 million. Other recipients include D-Wave Quantum, Infleqtion, Atom Computing, PsiQuantum, Quantinuum, and Diraq.

The announcement elevated quantum technology to a national security strategic priority under the current administration. Investment bank Wedbush had previously maintained an Outperform rating with a $40 price target on Rigetti, citing its Cepheus-108Q system deployment on major cloud platforms as a key milestone. The broader quantum computing sector rallied sharply following the funding news, with D-Wave Quantum up 33.54% and IonQ up 12.24% in the prior session.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)