TLDR:
- Microsoft revealed a groundbreaking quantum chip called Majorana 1, featuring a new state of matter in its superconductor design
- Rigetti Computing (RGTI) stock surged 1500% in 2024 despite profitability challenges
- RGTI plans to release a cluster of four 9-qubit chips in mid-2025, aiming for 99.5% two-qubit fidelity
- The company reported Q3 2024 revenues of $2.4 million against operating expenses of $18.6 million
- In December 2024, RGTI launched the 84-qubit Ankaa-3 quantum computer with improved hardware performance
Rigetti Computing (NASDAQ:RGTI) has emerged as a notable player in the quantum computing sector, with its stock price climbing 1500% in 2024 despite ongoing challenges with profitability. The company, which specializes in developing quantum computers and superconducting quantum processors, operates on a quantum-computing-as-a-service model.
Recent financial data reveals the current state of Rigetti’s operations. In the third quarter of 2024, the company generated total revenues of $2.4 million, while operating expenses reached $18.6 million, highlighting the substantial investment required in quantum computing development.
December 2024 marked a milestone for Rigetti with the launch of its new 84-qubit Ankaa-3 quantum computer. This system represents a major hardware upgrade designed to enhance overall performance capabilities. The company has made progress in reducing error rates, achieving a median 99.0% iSWAP gate fidelity and 99.5% median fSim gate fidelity.
Looking ahead to 2025, Rigetti has outlined ambitious development plans. The company expects to release a cluster of four 9-qubit chips by mid-year, with the goal of surpassing 99.5% two-qubit fidelity. This level of accuracy would mean 995 out of 1000 operations being performed correctly.
The quantum computing landscape has seen increased attention following Microsoft’s recent announcement of its Majorana 1 quantum chip. This development features a superconductor existing in a previously unknown state of matter, neither solid, liquid, nor gas.
According to Chetan Nayak, a technical fellow at Microsoft, the company has identified a pathway to achieving systems with a million qubits. This capability is considered crucial for solving complex problems that current quantum computers cannot address.
Rigetti’s position in the market has attracted attention from institutional investors, with 17 hedge funds currently holding positions in the company. The stock maintains an average trading volume of 150.49 million shares.
The company’s first-mover advantage in quantum computing could prove valuable as government interest in the technology grows. Some analysts suggest quantum computing might soon rival artificial intelligence in terms of strategic importance for U.S. government initiatives.
Rigetti Computing Unveils Plans for 100+ Qubit System by 2025
By year-end 2025, Rigetti plans to introduce a system containing over 100 qubits while maintaining the same high fidelity levels achieved with their smaller systems. This development would represent a substantial scaling up of their quantum computing capabilities.
The quantum computing sector has experienced recent volatility, particularly following comments from NVIDIA CEO Jensen Huang suggesting useful quantum computing might be 15 years away. However, Microsoft’s subsequent announcements have helped revive investor interest in quantum computing stocks.
Trading data shows RGTI ranking second among quantum computing stocks experiencing renewed market interest. The company maintains a market capitalization exceeding $500 million, placing it among the larger players in the quantum computing space.
Despite the strong stock performance, Rigetti continues to face challenges in commercialization and scalability. These factors contribute to the stock’s volatility while also creating opportunities for substantial price movements.
Current market dynamics show active trading in RGTI shares, with the stock featuring among the most actively traded securities. This high trading volume indicates strong market interest in Rigetti’s development progress and future prospects.
Recent stock market data places RGTI among the top performers in the technology sector, particularly within the quantum computing segment. The company’s technical achievements and development roadmap have contributed to maintaining investor interest.
The most recent trading data shows RGTI continuing to experience high daily trading volumes, reflecting ongoing market attention to developments in quantum computing technology.
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