Rigetti Computing ( (RGTI) ) has risen by 9.90%. Read on to learn why.
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Rigetti Computing has seen its stock price rise by 9.90% over the past week, capturing the attention of investors and market watchers. This surge is largely attributed to the company’s recent technological advancements and a significant contract win with the U.S. Air Force. These developments have bolstered investor confidence, despite the stock entering overbought territory and surpassing analysts’ average price targets.
The company’s progress in quantum computing, particularly with its new multi-chip quantum computer, Cepheus-1-36Q, has reduced two-qubit gate errors and improved fidelity, strengthening Rigetti’s position in the industry. Additionally, a $5.8 million contract with the U.S. Air Force Research Laboratory has further fueled optimism about Rigetti’s future, as it partners with Dutch quantum hardware maker QphoX to advance superconducting quantum networking.
Looking ahead, Rigetti aims to build a 100-qubit system by 2025 and expand to over 1,000 qubits within four years, positioning itself as a leader in quantum computing. With a strong cash position following a $350 million equity raise, the company is well-equipped to pursue its ambitious goals. However, given the high current valuation, investors may want to consider the potential risks and rewards before making further investment decisions.