Rigetti jumps as CHIPS Act letter-of-intent outlines up to $100M in federal quantum R&D funding

Rigetti Computing (RGTI) is up 32.9% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears driven by Rigetti signing a letter of intent tied to a proposed federal award of up to $100 million under the CHIPS and Science Act, which would fund superconducting quantum R&D over three years. The arrangement also contemplates an equity stake for the U.S. government, which can be viewed as a major validation event and sparked broad momentum across quantum-linked stocks.

Details:

Rigetti announced it signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million over three years to accelerate superconducting quantum computing R&D.

The U.S. Department of Commerce announced a broader package of quantum-focused letters of intent totaling about $2.013 billion in planned CHIPS and Science Act incentives across nine companies; Rigetti’s planned funding was listed at up to $100 million.

In an SEC Form 8-K, Rigetti disclosed that the LOI contemplates the Department receiving shares of Rigetti common stock consistent with the total amount of the award, with the implied share price based on specified dates and a 15% discount.

Rigetti also had a scheduled investor-facing appearance (a fireside chat) on May 21, 2026, which may have added to near-term attention and trading volume.

Sources:

U.S. National Institute of Standards and Technology (NIST), U.S. Securities and Exchange Commission, Rigetti Computing (press release)

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$RGTI Insider Trading Activity

$RGTI insiders have traded $RGTI stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $RGTI stock by insiders over the last 6 months:

MICHAEL S. CLIFTON sold 150,000 shares for an estimated $4,100,805
ALISSA FITZGERALD sold 59,316 shares for an estimated $1,329,378
DAVID RIVAS (CHIEF TECHNOLOGY OFFICER) sold 41,935 shares for an estimated $1,104,555
JEFFREY A. BERTELSEN (CHIEF FINANCIAL OFFICER) sold 3,702 shares for an estimated $97,551

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$RGTI Hedge Fund Activity

We have seen 232 institutional investors add shares of $RGTI stock to their portfolio, and 279 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

D. E. SHAW & CO., INC. removed 9,245,100 shares (-72.4%) from their portfolio in Q4 2025, for an estimated $204,778,965
VANGUARD GROUP INC added 3,924,171 shares (+12.2%) to their portfolio in Q4 2025, for an estimated $86,920,387
HRT FINANCIAL LP added 3,515,852 shares (+inf%) to their portfolio in Q1 2026, for an estimated $49,362,562
DEFIANCE ETFS, LLC added 3,121,103 shares (+204.1%) to their portfolio in Q1 2026, for an estimated $43,820,286
TWO SIGMA INVESTMENTS, LP added 2,735,072 shares (+5318.8%) to their portfolio in Q1 2026, for an estimated $38,400,410
VICTORY CAPITAL MANAGEMENT INC added 2,422,873 shares (+1632.5%) to their portfolio in Q4 2025, for an estimated $53,666,636
UBS GROUP AG added 2,012,366 shares (+71.0%) to their portfolio in Q1 2026, for an estimated $28,253,618

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$RGTI Analyst Ratings

Wall Street analysts have issued reports on $RGTI in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Wedbush issued a "Outperform" rating on 01/21/2026
Rosenblatt issued a "Buy" rating on 01/21/2026
Mizuho issued a "Outperform" rating on 12/11/2025

To track analyst ratings and price targets for $RGTI, check out Quiver Quantitative's $RGTI forecast page.

$RGTI Price Targets

Multiple analysts have issued price targets for $RGTI recently. We have seen 7 analysts offer price targets for $RGTI in the last 6 months, with a median target of $31.0.

Here are some recent targets:

N. Quinn Bolton from Needham set a target price of $31.0 on 05/12/2026
Vijay Rakesh from Mizuho set a target price of $27.0 on 05/12/2026
David Williams from Benchmark set a target price of $25.0 on 03/20/2026
John McPeake from Rosenblatt set a target price of $40.0 on 03/05/2026
Craig Ellis from B. Riley Securities set a target price of $35.0 on 01/22/2026
Antoine Legault from Wedbush set a target price of $40.0 on 01/21/2026
Kevin Garrigan from Jefferies set a target price of $30.0 on 12/16/2025

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.