Rigetti Computing Inc.
Rigetti Computing Announces Letter of Intent for $100M Quantum Computing Research Award
Summary
On May 20, 2026, Rigetti Computing, Inc. announced that its subsidiary, Rigetti & Co, LLC, has entered into a Letter of Intent (LOI) with the U.S. Department of Commerce for a potential $100 million award over three years to accelerate superconducting quantum computing research and development. The LOI contemplates that the Department will receive an equity stake in Rigetti consistent with the total amount of the Award. The implied issuance price for the shares will be the lowest reported closing price per share on specified dates, discounted by fifteen percent (15%). The Company and the Department have agreed to negotiate in good faith to enter into definitive transaction agreements with respect to the Award. Additionally, the Company issued a press release on May 21, 2026, announcing the LOI, which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
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About Rigetti Computing Inc.
Rigetti Computing Inc. is at the forefront of a burgeoning sector within the technology industry, specializing in quantum computing. The company's main objective is to develop and commercialize quantum computing solutions that can outperform classical computers in specific tasks, which holds promise for industries like pharmaceuticals, finance, and artificial intelligence. Rigetti's pioneering efforts aim to harness the principles of quantum mechanics to create advanced hardware and cloud platforms that enable complex problem-solving and optimization capabilities. Founded in 2013 and headquartered in Berkeley, California, Rigetti endeavors to merge cutting-edge quantum technology with practical applications, potentially revolutionizing computational methods across various domains. By building a quantum computing ecosystem, Rigetti Computing Inc. plays a crucial role in advancing the technological paradigm, making it a significant entity within the rapidly evolving landscape of modern computing.
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