Quantum Computing Stocks Break Out After Government Stake
Rigetti Computing Inc, D-Wave Quantum Inc, and Infleqtion Inc saw stock surges after receiving $100 million each in CHIPS Act funding for superconducting quantum research, part of a $2 billion grant allocation by the U.S. Commerce Department. Despite heavy short interest, RGTI rose 16.9%, QBTS climbed 19.4%, and INFQ jumped 35.8%, though all remain in negative territory year-to-date.
Three quantum computing firms—Rigetti Computing Inc (NASDAQ:RGTI), D-Wave Quantum Inc (NYSE:QBTS), and Infleqtion Inc (NYSE:INFQ)—experienced significant stock gains after the U.S. Commerce Department announced $2 billion in grants under the CHIPS Act. Each of the three companies was awarded $100 million to advance superconducting quantum research and development. As of the latest trading, RGTI surged 16.9% to $19.74, nearing its $20 ceiling and 126-day moving average, though it remains 7.3% lower year-to-date. D-Wave’s QBTS rose 19.4% to $22.87, still down 13% in 2024, while Infleqtion’s INFQ saw the largest jump at 35.8%, trading at $15.29 despite a 3% annual deficit. The quantum sector remains heavily shorted, with 15.4% of RGTI’s float and 14.6% of QBTS’s float sold short. The funding boost comes as part of a broader $2 billion allocation to nine organizations selected for quantum advancements. Despite the gains, all three stocks continue to trade below their year-to-date peaks, reflecting ongoing market volatility in the sector. Analysts note the funding as a potential catalyst for long-term growth, though near-term performance remains constrained by broader tech market trends.
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