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Shares of quantum computing companies Infleqtion, Rigetti, and others surged on Friday, driven by market expectations of up to $100 million in federal funding for quantum technologies.
Infleqtion (INFQ) shares rose 10%, Rigetti (RGTI) rose 9%, and IonQ (IONQ), D-Wave Quantum (QBTS), and Quantum Computing Inc. (QUBT) all rose 7%. This surge was not driven by company-specific news, but rather by the market's positive reaction to the U.S. Department of Commerce's letter of intent to provide up to $100 million in federal funding to Infleqtion and Rigetti, and the White House's executive order elevating quantum technology to a national priority. In contrast, the Defiance Quantum ETF (QTUM) rose only 0.5%, indicating that the ETF has a low weighting towards pure-play quantum computing companies.
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