Rigetti Computing's stock soared 11.16% in intraday trading on Friday, continuing a strong rally for the quantum computing company.

The surge is driven by a major U.S. government initiative to bolster the domestic quantum computing industry. The Trump administration, through the Commerce Department, announced a $2 billion investment package targeting nine quantum computing companies under the CHIPS and Science Act. Rigetti Computing is slated to receive $100 million in proposed funding and has signed a letter of intent with the government.

As part of the agreements, which are still being finalized, the U.S. government will acquire minority equity stakes in each recipient company, including Rigetti. The strategic investments aim to advance American quantum capabilities, create high-paying jobs, and usher in a new era of innovation, positioning the technology as a national security and economic priority.