Street Calls of the Week
BERKELEY, Calif. - Quantum computing company Rigetti Computing, Inc. (NASDAQ:RGTI), whose stock has surged over 270% in the past six months and now commands a market capitalization of $9.6 billion, has secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems, according to a press release statement issued Tuesday. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with momentum indicators suggesting overbought conditions.
The systems are scheduled for delivery in the first half of 2026 and will be sold to an Asian technology manufacturing company and a California-based applied physics and artificial intelligence startup.
The Asian customer plans to use the system as a testbed to develop internal quantum computing expertise and to benchmark their own quantum technologies. The California-based startup will utilize the system for quantum hardware and error correction research.
Both systems are upgradeable, allowing customers to increase the qubit count for more complex computations as their needs evolve.
"The Novera QPU continues to be chosen and trusted by national labs and researchers across the world to advance quantum computing technology R&D," said Dr. Subodh Kulkarni, Rigetti CEO.
The Novera quantum computing system includes a 9-qubit quantum processor based on Rigetti’s Ankaa-class architecture, a compatible dilution refrigerator, and control systems for qubit management.
Rigetti manufactures its quantum processing units at Fab-1, which the company describes as the industry’s first dedicated quantum device manufacturing facility. The company has been operating quantum computers over the cloud since 2017 and began selling on-premises systems in 2021.
The Novera system is designed for research in qubit operations, control system optimization, gate design and characterization, decoherence mitigation, and quantum algorithm development.
In other recent news, Rigetti Computing Inc. reported its second-quarter 2025 earnings, revealing a revenue of $1.8 million, which fell short of the forecasted $1.87 million. The company’s earnings per share also missed expectations, registering a loss of $0.05. Despite the revenue shortfall, Benchmark raised its price target for Rigetti to $20, citing strong second-quarter results and progress in its chiplet-based scaling strategy. Cantor Fitzgerald also increased its price target to $18, maintaining an Overweight rating due to the company’s market potential. Needham reiterated its Buy rating and $18 price target, noting that Rigetti’s revenue exceeded its projections. Additionally, Rigetti secured a $5.8 million contract from the Air Force Research Laboratory to advance superconducting quantum networking. This project will see collaboration with Dutch startup QphoX to develop systems for entanglement between superconducting qubits and optical photons. These developments highlight Rigetti’s ongoing efforts and partnerships in the quantum computing field.
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