Rigetti Computing (NASDAQ:RGTI) stock has gone parabolic, with the shares gaining 191% over the past month alone. Their recent surge comes off the back of a rather more relaxed 2025 following a huge jump toward the end of last year. But when added up, over the last 12 months, this quantum computing name has gained an almost unfathomable 5,494%.
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So, time to get off this rocket before the inevitable crash back down to Earth? Not according to Benchmark’s David Williams, an analyst who ranks among the top 2% of Street stock pros.
In fact, Williams has just increased his price target on RGTI from $20 to a new Street-high of $50, signaling there’s room for further share appreciation of 14% over the coming months. Unsurprisingly, his rating for the stock stays a Buy. (To watch Williams’ track record, click here)
Williams notes that the quantum industry has seen a “sharp re-rating” in recent months, fueled by fast-paced innovation, an expanding ecosystem, “accelerating adoption,” and more developed business models, all offering optimism that commercialization “may be nearer than previously anticipated.”
The sector has outpaced the already bullish broader market, driven by several catalysts that suggest continued momentum. While individual achievements might not seem all that dramatic, the “steady cadence” of progress – spanning hardware sales, customer adoption, strategic acquisitions, and technological innovations – has helped “boost investor confidence.”
Even after the huge gains, Williams thinks there is still “ample room for further upside” as companies “execute roadmaps, broaden use cases, and attract new commercial partners.” RGTI, in particular, has seen an acceleration in news activity, with several announcements driving the bullish sentiment.
The most significant of these came in mid-July, when the company announced it had successfully demonstrated the industry’s largest multi-chip quantum computer, achieving two-qubit gate fidelity of 99.5% and halving its two-qubit error rate.
“While we have been ardent believers that RGTI’s chiplet approach is likely the leading scalability architecture, which has been successfully demonstrated, the fidelity improvement was a significant achievement, and highly encouraging,” the 5-star analyst went on to say.
More recently, Williams points to hardware sales that offer strong evidence public adoption is gaining traction beyond academic and government-funded R&D. Last week, the company reported $5.7 million in purchase orders for two 9-qubit Novera systems, set for delivery in the first half of 2026. One system was acquired by an Asian technology manufacturer aiming to develop quantum expertise, while the other went to a California-based AI and applied physics startup focused on hardware research and error correction.
Combine the hardware sales with government grants and the mix reflects “increasing confidence in its technical roadmap and strategic positioning within the broader quantum computing ecosystem.” The latest $5.8 million, three-year AFRL contract, awarded to develop quantum interconnects for scaling superconducting qubits over optical fiber networks in partnership with QphoX, advances RGTI along the networking path and “closer toward modular scalable quantum architectures.”
So, that is the Benchmark view, but what does the rest of the Street make of RGTI’s prospects? Based on a mix of 7 Buys vs. 1 Hold, the stock claims a Strong Buy consensus rating. However, the average target tells a different story; at $26.42, the figure implies the shares are now overvalued by ~40%. Given the discrepancy, keep an eye out for either further price target hikes or rating downgrades shortly. (See RGTI stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.