Rigetti Computing

Rigetti Computing is a pioneer in superconducting quantum computing, publicly traded on NASDAQ (RGTI). Completed $350 million ATM equity offering in Q2 2025. Quanta Computer invested $35 million at $11.59/share (closed April 2025). Q3 2025 revenue: $1.95M (-18% YoY), net loss ~$201M (largely non-cash warrant charges).

December 2025: Supporting NVIDIA's NVQLink platform to tightly couple AI supercomputers with quantum processors for hybrid workloads. Stock rose 300%+ YTD despite volatile November correction. Major institutional investors: Vanguard (+60.9%, 8.64M shares) and BlackRock (+39.4%, 5.97M shares).

November 2025: Launched Cepheus-1-36Q, industry's first multi-chip quantum computer achieving 99.5% median two-qubit gate fidelity (2x improvement over Ankaa-3). Technology roadmap: 100+ qubit chiplet system at 99.5% fidelity by end 2025, 150+ qubits by 2026, 1,000+ qubits by 2027.

September 2025: $5.8M Air Force Research Lab contract for quantum networking (with QphoX). DARPA Quantum Benchmarking Initiative Stage A (up to $1M). MOU with C-DAC India for hybrid quantum systems. Montana State University QCORE partnership with Novera QPU installation. Two Novera 9-qubit systems sold for $5.7M. Plans Italian subsidiary expansion. Strategic focus on government, research partnerships, and hardware commercialization. Analyst rating: Moderate Buy with $40.60 average price target.