Rigetti Computing Inc. (NASDAQ: RGTI) signed a letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years to advance superconducting quantum computing research and development.

The funding comes from the CHIPS Research and Development Office under the CHIPS Act, aimed at strengthening U.S. leadership in emerging technologies including quantum computing. The agreement includes provisions for the Department of Commerce to receive an equity stake in Rigetti proportional to the funding amount.

Under the letter of intent, Rigetti would pursue research projects addressing technical challenges in scaling superconducting quantum computing systems. The company operates quantum computers through its cloud platform and manufactures quantum processors at its dedicated facility.

"Quantum computing will have far reaching impacts on our nation's national security, economic interests, and overall prosperity," said Dr. Subodh Kulkarni, Rigetti's CEO. "This investment will allow us to tackle key scaling bottlenecks more rapidly and get us closer to utility-scale quantum computing."

Commerce Secretary Howard Lutnick stated the investment would create thousands of high-paying jobs while advancing American quantum capabilities. Bill Frauenhofer, Executive Director of Semiconductor Investment and Innovation, noted quantum computing's applications in national defense, materials discovery, financial modeling and energy systems.

Rigetti currently sells quantum computing systems ranging from 9-qubit to 108-qubit configurations to national laboratories and quantum computing centers. The company's systems use superconducting qubits with gate speeds of 50-70 nanoseconds.

The letter of intent requires both parties to negotiate and execute definitive agreements. The funding timeline and specific research milestones have not been disclosed.