Rigetti Computing (RGTI) shared its latest quarterly results and outlined an updated roadmap that aims to scale its systems to over 1,000 qubits by 2027. The company is building around a modular, chiplet-based design. This setup links smaller chips together to work as a single quantum processor.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
In the near term, Rigetti plans to deliver a 100+ qubit system by the end of 2025 with a two-qubit fidelity of 99.5%. Next, it targets 150+ qubits by late 2026 and over 1,000 qubits by 2027 with slightly higher fidelity. These numbers matter because higher fidelity means fewer errors, which is key for running longer or more complex tasks.
Unlike some of its rivals, Rigetti is staying focused on building out the physical hardware. Its goal is to scale faster using modular parts instead of pushing for full error correction right away. While this approach may offer faster gains, it also presents new engineering challenges related to how these modules interact.
Meanwhile, RGTI shares dropped 5.08% on Tuesday, closing at $31.40.
Commercial Wins and Early Demand
Rigetti also shared signs of traction on the business side. It secured $5.7 million in system sales for two 9-qubit machines. One went to an Asian tech company and the other to a California-based startup working in applied physics and AI. These deals show early demand for on-premises setups in both research and industry.
In addition, Rigetti was awarded a $5.8 million government contract alongside QphoX to work on quantum networking. The project will explore ways to link quantum systems using light, a step that could help build large, connected networks in the future.
The company is also joining Nvidia’s (NVDA) NVQLink platform, which aims to blend quantum and AI systems. This could create hybrid tools for research and machine learning.
On the global front, Rigetti signed a partnership with India’s C-DAC to explore hybrid systems and teamed up with Montana State University to expand U.S. academic access. It also plans to open a subsidiary in Italy to tap into talent and new markets.
Compared to Other Players
Rigetti’s approach is different from its peers. International Business Machines (IBM) is focused on logical qubits and error correction using more stable designs. The company’s current systems, like Heron and Condor, are aimed at reducing errors and improving long-term scale.
IonQ (IONQ), which uses trapped ion technology, is measuring progress through a different lens. Instead of physical qubits, IonQ tracks application-level performance using a metric called “Algorithmic Qubits” and reached a new high earlier this year.
In comparison, Rigetti is staying close to the hardware and scaling step-by-step. If its roadmap holds, the company could narrow the gap in raw performance. Still, success will depend on keeping error rates low as systems get larger. Overall, Rigetti is showing early signs of stability in both its business and product plan. While risks remain, the company now has a clear technical path and a growing set of partners.
Is Rigetti Stock a Buy?
Rigetti enjoys the Street’s backing with a Strong Buy consensus rating. Out of eight analysts, six rate it a Buy, while two rate it a Hold. The average RGTI stock price target stands at $37.60, implying a 19.75% upside from the current price.
