Trump meets Zelenskiy, says Putin wants war to end, mulls trilateral talks
Investing.com - Quantum computing company Rigetti Computing Inc . (NASDAQ:RGTI) saw its stock jump approximately 30% on Thursday after announcing it achieved a key technical milestone, extending its impressive 1,315% gain over the past year. According to InvestingPro data, the stock has demonstrated consistently strong momentum with a 27% return in the past week alone.
The company reported reaching 99.5% median two-qubit gate fidelity on its modular 36-qubit system, representing a two-fold reduction in median two-qubit gate error rate compared to its 84-qubit single chip Ankaa-3 system.
Cantor Fitzgerald reiterated an Overweight rating on Rigetti Computing with a $15.00 price target following the announcement, viewing the milestone favorably as progress toward commercialization.
The 36-qubit system, composed of four 9-qubit chips tiled together using Rigetti’s proprietary modular chip technology, is scheduled to launch on August 15, 2025.
Rigetti also confirmed it remains on track to unveil a 100+ qubit chiplet-based system with 99.5% median two-qubit gate fidelity before the end of 2025, with additional updates expected during its second-quarter financial results announcement.
In other recent news, Rigetti Computing has achieved a significant milestone by demonstrating a modular 36-qubit quantum computer with a 99.5% median two-qubit gate fidelity. This development represents a two-fold reduction in error rates compared to its previous 84-qubit system. The company plans to launch this new system soon and aims to release a more advanced 100+ qubit system by 2025. Additionally, Rigetti completed a $350 million stock sale, boosting its cash reserves to approximately $575 million, which will be used for various corporate purposes, including potential strategic collaborations. Analyst firms have shown interest in Rigetti, with Cantor Fitzgerald initiating coverage with an Overweight rating, citing the strategic value of quantum computing. Benchmark also reiterated a Buy rating, highlighting Rigetti’s technological advancements and strong financial position. These developments signal Rigetti’s ongoing efforts to scale up its quantum computing capabilities and its strategic positioning in the industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.