On Thursday morning Eastern Time, quantum computing stocks became a major focus in the U.S. markets, with Rigetti Computing (NASDAQ: RGTI) soaring 14.1% on heavy volume and hitting an all-time high intraday. The surge followed the company’s announcement of a three-year, $5.8 million R&D contract awarded by the U.S. Air Force Research Laboratory.
According to the release, Rigetti will collaborate with Dutch quantum technology firm QphoX on a “superconducting quantum networking” project. The initiative aims to explore whether quantum networks can be scaled like classical high-performance computing architectures, with the goal of enabling multiple quantum processors to collaboratively solve problems and transition quantum networking from theory to practical application.
In a related move, IonQ, another leader in the quantum computing sector, signed a memorandum of understanding with the U.S. Department of Energy yesterday to advance the development and deployment of quantum technologies in space. IonQ’s stock also rose on the news. Industry observers note that these successive government partnerships signal growing official recognition and support for quantum computing technology.
IonQ CEO Niccolo de Masi stated that we are committed to demonstrating the potential of quantum computing and networking to enable groundbreaking applications in areas such as secure communications.
In August 2025, Rigetti’s modular 36-qubit system achieved a median two-qubit gate fidelity of 99.5%, halving the error rate compared to its earlier Ankaa-3 system. The company’s superconducting qubits operate 100 to 1,000 times faster than trapped-ion or neutral-atom systems. Its Lego-like chipset architecture also helps overcome yield challenges associated with traditional single-chip designs. Additionally, Rigetti was selected by DARPA (Defense Advanced Research Projects Agency) as a key participant in its Quantum Benchmarking Initiative, alongside IBM and IonQ, aiming to achieve “utility-scale” quantum computing by 2033.
However, these technical advancements contrast sharply with the company’s financial performance. With quarterly revenue of just $1.8 million and a quarterly loss of nearly $40 million, Rigetti’s stock has skyrocketed almost 3,000% over the past 12 months. Its price-to-sales ratio of over 1,000x far exceeds not only that of established tech giants but also other quantum computing stocks like D-Wave and IonQ. This exuberance raises a critical question: are investors making a calculated bet on quantum computing’s revolutionary potential, or is this a speculative bubble nearing its peak?
Although Rigetti raised $350 million through a stock offering in Q2, boosting its cash reserves to $571.6 million (with no debt) — enough to fund operations into 2026 — the decision to raise capital at elevated valuations may reflect management’s concerns about the sustainability of current stock prices. Wall Street analysts caution that while the industry holds long-term promise, quantum computing stocks remain highly volatile, and investors should be mindful of uncertainties in the technology’s path to commercialization.
