Rigetti Computing (RGTI) hit a new all-time high on Thursday and closed nearly 19% higher than the previous day. The surge was fueled by Rigetti’s recent commercial wins and growing investor interest in quantum technology.
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Other quantum computing companies also saw strong gains on Thursday, reflecting strong market enthusiasm for the sector. D-Wave Quantum (QBTS), IonQ (IONQ), and Quantum Computing (QUBT) were up 14%, 10.3%, and 5.3%, respectively.
Here’s What Fueled Rigetti Stock’s Surge
Rigetti stock is benefiting from a key announcement this week. On September 30, the company said it secured purchase orders worth about $5.7 million for two of its 9-qubit Novera quantum computing systems. These systems are slated for delivery in the first half of 2026.
It must be noted that the Novera’s modular design makes it easy to upgrade, which means customers can add more qubits as their needs grow.
Rigetti declined to name the buyers, but they are likely commercial clients. The company said one system is going to an Asian technology manufacturing company and the other to a California-based applied physics and artificial intelligence (AI) start-up.
Rigetti’s Impressive Stock Performance
RGTI stock has witnessed a year-to-date gain of 127% and a staggering 4,457% increase over the past 12 months. This surge reflects growing investor confidence in the company’s progress in quantum hardware and software, as well as its plans to build a 100-qubit processor.
Recent wins have added fuel to the rally. Rigetti landed a $5.8 million contract with the U.S. Air Force for quantum networking, teamed up with India’s C-DAC on hybrid systems, and launched a 36-qubit processor with 99.5% accuracy.
Is RGTI Stock a Good Buy?
Turning to Wall Street, Rigetti stock has a Strong Buy consensus rating based on seven Buys and one Hold assigned in the last three months. At $21.42, the average RGTI stock price target implies a 39.49% downside risk.
