Rigetti Computing Surges on Quantum Center Partnership
Shares jump over 8% as investors focus on a new university collaboration and future technology, overlooking recent mixed earnings.
Shares of Rigetti Computing (RGTI) surged more than 8% in heavy trading on Thursday after the quantum computing firm announced a significant collaboration with Montana State University. The partnership will establish a new on-campus research facility, the Quantum Core Research and Education Center (QCORE), which will feature one of Rigetti’s 9-qubit Novera quantum processing units.
The stock climbed to $16.68 as investors reacted to the news, which provides a bullish counter-narrative to the company's mixed second-quarter financial results reported in mid-August. The rally was fueled by a surge in trading volume, with turnover spiking to $65.2 million, representing over 20% of the company's publicly traded float.
This market enthusiasm suggests investors are prioritizing Rigetti’s long-term technological potential over its near-term financial performance. Analysts have largely reiterated "Buy" ratings following the earnings report, pointing to the company’s ambitious technical roadmap. Rigetti aims to develop a 100-qubit system by the end of the year and is targeting a 1,000-plus qubit fault-tolerant system within the next three to four years.
The move was also amplified by significant activity in the options market, indicating speculative bets on further upside. Data shows high leverage and liquidity in call options with strike prices at $17.00 and $17.50, suggesting traders are positioning for the stock to break through these key resistance levels.
Despite the positive momentum, Rigetti’s stock remains well below its 52-week high of $21.42. The recent rally has pushed the price above its 200-day moving average, a bullish technical signal, but the company's future trajectory will depend on its ability to execute on its complex technological goals in the evolving quantum computing landscape.