" ( Rigetti ComputingNASDAQ:RGTI) has become a quantum computing poster child, soaring from obscurity to a $10 billion valuation in mere years. As quantum tech inches closer to practical applications - things like drug discovery or unbreakable encryption - RGTI's stock has caught fire. Over the past month, shares have more than doubled, climbing from below $15 to over $31 per share. This isn't just about tech progress; it's also meme stock mania."
"Earlier this month, a $5.8 million Air Force Research Laboratory (AFRL) contract paired RGTI with Dutch quantum networking pioneer QphoX, eyeing scalable systems akin to classical supercomputers. Another Air Force deal - a five-year qubit fabrication contract - ensures steady R&D funding. Internationally, a September memorandum of understanding with India's C-DAC targets hybrid quantum systems, while $4.7 million in U.K. Innovate grants bolsters European efforts."
Rigetti Computing reached roughly a $10 billion valuation as shares more than doubled from under $15 to over $31 in a month. Retail traders on platforms like X and Reddit have driven meme-stock momentum alongside analyst price-target increases, including a B. Riley boost from $19 to $35 and an 11% jump on no specific news. Rigetti secured multiple government contracts, including a $5.8 million AFRL pact with QphoX, a five-year qubit fabrication deal, a C-DAC memorandum with India, $4.7 million in U.K. Innovate grants, and DARPA and AFOSR funding. The contracts provide funding and credibility while technical commercialization remains nascent.
Read at 24/7 Wall St.
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