Rigetti Computing (RGTI) saw its stock price jump over 10% on Tuesday following the general availability launch of its 108-qubit Cepheus-1-108Q quantum system. The system, now accessible to customers via Amazon Braket and Rigetti's own cloud platform, represents the largest modular multi-chip quantum computer in the industry, tripling the qubit count from the company's previous 36-qubit platform.
The Cepheus-1-108Q reports a median two-qubit gate fidelity of 99.1%, with Rigetti targeting 99.5% later in 2026. This availability through Amazon Web Services (AWS) places the hardware in front of corporate, government, and research users within the AWS ecosystem. RGTI stock climbed from around $12.90 on March 30 to $16.79 on April 14, with an intraday high of $16.81.
In a significant expansion move, Rigetti announced plans to invest up to $100 million in the United Kingdom to deploy a system of over 1,000 qubits within 3–4 years. This aligns with a UK government quantum funding program of up to £2 billion. Additionally, the company sold a nine-qubit Novera processing unit to the University of Saskatchewan, establishing the backbone of the university's first quantum research system.
Analyst reaction has been mixed but generally positive. Benchmark trimmed its price target from $35 to $25 but maintained a Buy rating, citing increased confidence in Rigetti's technology and strategy. Mizuho also cut its target from $43 to $33, citing rising competition and higher spending, but kept an Outperform rating, projecting over 100% upside potential. Financially, Rigetti is an early-stage company with roughly $7.1 million in annual revenue, deeply negative margins, and approximately $443.5 million in cash and short-term investments.
The news also provided a sympathy bounce for rival quantum computing firm D-Wave Quantum (QBTS), which rallied nearly 13%. This move was attributed to traders positioning ahead of CEO Dr. Alan Baratz's presentation at the Semafor World Economy summit, combined with the broader sector rally ignited by Rigetti's announcement and a geopolitical ceasefire. Despite the gain, QBTS remains down nearly 44% year-to-date and recently missed quarterly earnings expectations, with an EPS of ($0.09) against an expected ($0.05).
