On May 22, Rigetti Computing rose 8.39% in regular trading, trading at $24.99/share, with trading volume of $784 million. The rally represents a continuation of momentum following the US Commerce Department's announcement of a $2 billion funding package for nine quantum computing companies.

On the news front, the US Commerce Department revealed plans to provide grants to quantum computing firms under the CHIPS and Science Act, with Rigetti Computing expected to receive approximately $100 million. As part of the arrangement, the US government will acquire equity stakes in the recipient companies proportional to the funding amounts. IBM was the largest beneficiary at $1 billion, while GlobalFoundries will receive $375 million. D-Wave Quantum and Infleqtion are also expected to receive about $100 million each.

Rigetti had already surged 31% in the prior session on the initial announcement. Investment bank Wedbush maintains an Outperform rating with a $40 price target, citing the company's Cepheus-108Q system launch on major cloud platforms as a key milestone. Q1 revenue of $4.4 million nearly tripled year-over-year, exceeding market expectations.

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