Rigetti Stock Soars to Record High on Quantum Deals, Investor Optimism
Rigetti Computing (RGTI) recently achieved a milestone by reaching an all-time high, closing nearly 19% above the previous day’s value. This impressive performance is attributed to their recent commercial victories and a burgeoning interest among investors in quantum technology.
Key Factors Behind Rigetti’s Stock Surge
On September 30, 2023, Rigetti announced significant purchase orders totaling roughly $5.7 million for two 9-qubit Novera quantum computing systems. These systems are scheduled for delivery in the first half of 2026.
The Novera’s modular design allows for upgrades, enabling customers to add more qubits as needed. Although the buyers are not disclosed, they are anticipated to be commercial clients. One system is designated for an Asian technology manufacturing firm, while the other is intended for a California-based startup specializing in applied physics and artificial intelligence.
Market Trends in Quantum Computing
- D-Wave Quantum (QBTS): increased by 14%
- IonQ (IONQ): rose by 10.3%
- Quantum Computing (QUBT): gained 5.3%
These gains across the quantum computing sector reflect market enthusiasm for this emerging technology.
Rigetti’s Exceptional Stock Performance
This year, RGTI has surged by 127%, showcasing a staggering 4,457% increase over the past 12 months. Such growth indicates a rise in investor confidence regarding Rigetti’s advancements in quantum hardware and software, including plans to develop a 100-qubit processor.
Recent contract wins have undoubtedly fueled this rally. Rigetti secured a $5.8 million deal with the U.S. Air Force focused on quantum networking and formed a partnership with India’s C-DAC on hybrid systems. Additionally, they launched a 36-qubit processor with an impressive accuracy rate of 99.5%.
Is RGTI Stock a Good Investment?
The general consensus on Wall Street categorizes Rigetti stock as a Strong Buy, supported by seven Buy ratings and one Hold rating issued in the last three months. Currently priced at $21.42, the average price target for RGTI suggests a downside risk of 39.49%.
Investors are closely monitoring Rigetti’s progress as the company continues to make strides in the rapidly advancing field of quantum technology.
