Rigetti Computing reports achievement of two-qubit gate fidelity milestone

Rigetti Computing, Inc. (NASDAQ:RGTI) announced Wednesday that it has achieved its mid-year performance milestone of 99.5% median two-qubit gate fidelity on its modular 36-qubit system. The system is composed of four 9-qubit chips integrated together. According to the company, this result represents a twofold reduction in the median two-qubit gate error rate compared to its previous best results on the 84-qubit single chip Ankaa-3 system. The announcement comes as RGTI’s stock has shown remarkable momentum, delivering a 1,472% return over the past year. According to InvestingPro analysis, the stock currently appears overvalued relative to its Fair Value.

The company stated that it implemented CZ gates for these measurements, which are a commonly used two-qubit gate for executing quantum circuits and have computational power equivalent to iSWAP gates.

Rigetti Computing is incorporated in Delaware and is listed on the Nasdaq Capital Market under the ticker RGTI. The company also has warrants trading under the symbol RGTIW.

This information is based on a press release statement included in a Form 8-K filing with the U.S. Securities and Exchange Commission.

In other recent news, Rigetti Computing announced it achieved a significant technical milestone by reaching 99.5% median two-qubit gate fidelity on its modular 36-qubit system. This advancement marks a two-fold reduction in the median two-qubit gate error rate compared to its previous 84-qubit system. The company plans to launch the 36-qubit system on August 15, 2025, and aims to unveil a 100+ qubit chiplet-based system with the same fidelity by the end of 2025. Rigetti also completed a $350 million stock sale, bolstering its financial position with approximately $575 million in cash and equivalents, which will be used for working capital and other corporate purposes. Cantor Fitzgerald reiterated an Overweight rating on Rigetti, citing its progress toward commercialization and setting a price target of $15.00. The research firm noted the sector’s high valuations but highlighted the strategic value of quantum computing technology. Rigetti’s recent developments include the successful demonstration of the industry’s largest multi-chip quantum computer, which showcases its proprietary modular chip technology. The company continues to serve enterprise, government, and research clients through its Quantum Cloud Services platform.

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