Quantum Stocks Rally as Commerce Department Takes Equity Stakes: Rigetti Surges 6%, D-Wave Climbs 5%

The Commerce Department just took equity stakes in two quantum computing companies, and the fine print on that government ownership may matter more to long-term investors than today's share price pops.

Quantum computing stocks are rallying this morning after the U.S. Commerce Department finalized CHIPS Act funding awards that hand the government minority, non-controlling equity stakes in each recipient. The catalyst applies to two specific funded names, and the wider quantum sector is barely participating.

The Defiance Quantum ETF (NASDAQ:QTUM) is up 1%. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.12%, so the sector fund and the broad tape both sit close to flat while the two recipients jump.

Rigetti Computing (NASDAQ:RGTI) stock is up 6% to $16.13 in early trading. Also, D-Wave Quantum (NYSE:QBTS) stock is climbing 5% to $17.46 on matching terms. Peer quantum stocks IonQ (NYSE:IONQ | IONQ Price Prediction) and Quantum Computing Inc. (NASDAQ:QUBT) are trading higher alongside these names.

Commerce Locks In Equity Stakes

Rigetti signed a definitive agreement with the Commerce Department for $100 million to accelerate superconducting quantum research and development, allocated under the CHIPS Act. The funding covers three specific projects: miniaturized readout electronics, a new cryostat architecture to expand cryogenic capacity, and fabrication for high-connectivity chip architectures.