Rigetti Computing’s stock surged by 30% after announcing a 99.5% median two-qubit gate fidelity on its 36-qubit system, a significant step towards commercial viability in quantum computing. The achievement is a 2x reduction in error rates compared to previous results, positioning the company for practical applications and revenue generation.

Rigetti’s breakthrough is attributed to its modular chip technology, combining four 9-qubit chiplets to create a scalable 36-qubit system. The company’s superconducting qubits operate at extremely low temperatures, maintaining quantum states longer and offering advantages over competitors using different modalities like trapped ions or atoms.

Amidst revenue declines, Rigetti secured strategic wins including selection for DARPA’s quantum benchmarking initiative and a $5.48 million Air Force consortium award. Partnerships with Quanta and UK Innovate further enhance the company’s technological advancements, positioning it well for commercial quantum computing in 3-5 years.

Analysts project Rigetti’s sales to reach $150 million by 2029, with losses per share narrowing from $0.29 in 2024 to $0.16 in 2028. Five out of six analysts recommend a “Strong Buy” for RGTI stock, with an average price target of $14.83. The company’s partnerships and technical progress validate its potential against major competitors in the quantum computing industry.

Read more at Yahoo Finance: Rigetti Just Hit a New Quantum Computing Milestone. Should You Buy RGTI Stock Now?