Rigetti Computing: Rapid Rise in the Quantum Computing Market

Investors in Rigetti Computing are currently witnessing a true surge in their stock. With a remarkable increase of 691.9 percent over the past month, Rigetti significantly stands out from the general growth in the Zacks Internet Software industry sector and the broader Zacks Computer & Technology sector, both of which recorded only a two percent increase. Such growth even surpasses renowned competitors like International Business Machines and Microsoft, whose stocks rose by 34.6 percent and 16.5 percent, respectively, over the same period. This dominance by Rigetti can be attributed to the increasingly growing customer base and enhanced presence in the field of quantum computing. A key component of this success is the partnership with companies like Riverlane, NVIDIA, and Quantum Machines. These collaborations solidify Rigetti's position as a significant player in the rapidly developing quantum computing market. Particularly noteworthy is the successful implementation of AI along with Quantum Machines to automate the calibration of the 9-Qubit Novera QPU, which was realized using NVIDIA DGX Quantum. This marks a significant advancement in optimizing quantum computing operations. Rigetti's collaboration with Riverlane to develop quantum error correction technologies is another remarkable feature. This technology is essential to improve the reliability of quantum computing systems and enable their scaling. In October, Rigetti, together with Riverlane, demonstrated real-time and low-latency quantum error correction on their 84-Qubit Ankaa-2 system, which accelerates decoding times and ensures fault tolerance in quantum computing applications. In the third quarter of 2024, Rigetti made significant progress by developing a multi-chip architecture for scaling qubit systems. This not only strengthens Rigetti’s position at the forefront of the industry but also enhances the overall potential in the quantum computing segment. Notably, there is also the demonstration of 9-Qubit chips with a median 2-Qubit gate fidelity of 99.4 percent, as well as plans to introduce a 36-Qubit system by mid-2025. In the same quarter of 2024, the 24-Qubit Ankaa system was made available at the newly opened National Quantum Computing Centre in the UK. These steps underscore Rigetti’s continued expansion and influence in the quantum computing field. With the ongoing development of the quantum computing market, which, according to a report by Grand View Research, is expected to register an annual growth rate of 20.1 percent from 2024 to 2030, Rigetti is well-positioned to benefit from this growth.