Rigetti Computing has signed a letter of intent with the U.S. Department of Commerce for up to $100 million in funding over three years to accelerate research and development in superconducting quantum computing. This funding, part of the CHIPS Act, aims to strengthen U.S. leadership in emerging technologies and will involve the government taking an equity stake in Rigetti. The investment will help Rigetti tackle key technical challenges in scaling quantum computers, moving closer to practical, utility-scale quantum computing. This partnership highlights the strategic importance of quantum technology for national security, economic growth, and innovation.
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Rigetti Computing is developing superconducting quantum computers, targeting a significant increase in qubit fidelity from 91% to 99.9% by around 2030, a milestone known as Quantum Advantage. Achieving this will enhance both the speed and accuracy of...
