Quantum Leap: Rigetti announces 108-qubit quantum computing system availability

Welcome to the latest edition of “Quantum Leap” where The Fly decodes news and activity in the quantum computing space.

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CEPHEUS-1-108Q: Rigetti Computing (RGTI) announced the general availability of its 108-qubit quantum computing system, Cepheus-1-108Q, now accessible to customers and partners via the Rigetti Quantum Cloud Services Platform and through Amazon (AMZN) Braket, the quantum computing service by AWS. The company said, “Cepheus-1-108Q is Rigetti’s highest qubit-count system to date and the industry’s largest modular quantum computing system, based on Rigetti’s proprietary chiplet-based architecture. The system comprises twelve interconnected 9-qubit chiplets, tripling the number of qubits and chiplets from Rigetti’s previous 36-qubit system, Cepheus-1-36Q. The system is currently performing at a 99.1% median two-qubit gate fidelity with a gate speed of ~60 ns and a 99.9% median single-gate fidelity. Rigetti is releasing Cepheus-1-108Q now in response to growing customer interest, and will continue to improve the system performance throughout 2026 as the Company advances on its roadmap.”

OUTLOOK: Sealsq (LAES) issued Q1 revenue guidance of $.1M and backed its FY26 revenue growth outlook of 50%-100%. The company said, “Sealsq ended Q1 2026 with clear commercial momentum, marked by scaled production, accelerated advancements in Post-Quantum innovation, expanding global partnerships, and solidified position as a leader in the emerging quantum-security infrastructure market. Q1 2026 revenue of approximately $4.1 million, represents a substantial increase of over 200% compared to its Q1 2025 revenue of $1.3 million. This acceleration reflects growing demand across Sealsq’s traditional product portfolios and a continued expansion of the Company’s pipeline.”

DILUTION CRYOSTATS: Inspira Technologies (IINN) announced its entry into the quantum computing sector, targeting a connectivity bottleneck by directing its recently acquired additive manufactured electronics platform toward a new 3D architecture for systems operating in dilution cryostats. The company said, “As quantum computing scales toward larger system architectures, one of the field’s most significant engineering bottlenecks lies in connectivity inside dilution cryostats. In these environments, interconnect density, thermal load, and electromagnetic crosstalk are becoming critical barriers to qubit coherence and system fidelity. Inspira’s AME technology is designed to address these challenges, leveraging differentiated capabilities in 3D design, specialized materials, and precision additive manufacturing to create highly integrated structures that will support quantum system stability, reduce error rates, and accelerate the industry’s path to fault-tolerant quantum computing. The AME technology, developed over years of intensive research and engineering with more than $200 million invested to date, has already demonstrated proof of concept in the quantum domain, specifically in qubit-related device integration. We believe that this validation substantiates the platform’s material compatibility and micro-scale precision for quantum hardware applications, and Inspira now intends to leverage these capabilities to address connectivity limitations inside dilution cryostats.” In parallel with its expansion into quantum technologies, Inspira will maintain a dedicated operational focus on advancing the commercialization of its existing medical portfolio. This includes the Inspira ART100 system and the development of the HYLA blood monitoring system as a stand-alone system. Inspira expects these activities to continue as part of its broader strategy as a dedicated subsidiary. The company intends to seek shareholder approval to formally change its corporate name to Qtrex.

POST-QUANTUM CRYPTOGRAPHY CERTIFICATION: Sealsq and its subsidiary IC’Alps announced a series of advances in their common criteria security certification programs – including the successful completion of hardware security tests for the QS7001 Secure Element platform and the unqualified renewal of IC’Alps’ site certification. “Independent evaluator SERMA has confirmed that Sealsq’s QS7001 Secure Element passed fault injection and side-channel attack resistance testing – the most stringent physical security assessments in the Common Criteria evaluation process – with a final verdict of PASS. The result validates the platform’s robustness against sophisticated, real-world attack vectors and marks a critical inflection point in Sealsq’s post-quantum cryptographic hardware certification journey. In a concurrent development, IC’Alps successfully completed its Common Criteria certification renewal audit at its Grenoble design center, conducted by SERMA CESTI, confirming that IC’Alps will formally renew its CC certification. This outcome further strengthens Sealsq’s consolidated certification perimeter and underscores the operational maturity of the Group’s secure design capabilities.”

ANALYST COMMENTARY: Mizuho axed the price target on shares of Rigetti Computing, IonQ (IONQ) and D-Wave Quantum (QBTS). The firm remains positive on quantum computing over the long-term and still sees over 100% upside in the stocks. The group is in the “early stages of an inflection,” the analyst told investors. Mizuho cited intensifying competition and ramping spending by all the leading players for the target cuts. D-Wave Quantum’s price target was reduced to $33 from $43 and an Outperform rating on the shares was reiterated. IonQ’s price target was cut to $61 from $80 and an Outperform rating was maintained on the shares. D-Wave Quantum’s price target was lowered to $31 from $40 and an Outperform rating was kept on the shares. 

Cantor Fitzgerald lowered the firm’s price target on Sealsq to $4 from $7 and reaffirmed an Overweight rating on the shares. The revised price target reflects a lower multiple, incorporating accelerated cash burn, warrant dilution risk, and slower-than-expected adoption of post-quantum security, the analyst told investors in a research note. While commercialization remains early-stage, long-term demand tailwinds are anticipated as enterprises and governments prepare for a quantum computing-driven security landscape, the firm said.