Shares of Rigetti Computing (NASDAQ: RGTI) surged nearly 19% on Thursday, closing at $35.40 after hitting an intraday high of $35.81, matching its 52-week peak. Trading volume reached 144 million shares, nearly triple its three-month average.The rally was fueled by the company’s September 30 announcement of two purchase orders for its Novera quantum systems, totaling approximately $5.7 million.
The quantum computing sector saw broad gains, with peers D-Wave Quantum (QBTS) advancing 13.97% and IONQ (IONQ) climbing 10.32%. The Nasdaq Composite edged up 0.39% on the day.
The Novera systems, scheduled for delivery in the first half of 2026, were ordered by an undisclosed Asia-based technology manufacturer and a California startup focused on artificial intelligence and applied physics. Both clients plan to use the systems for non-commercial purposes, including internal training and error correction research.
This momentum follows Rigetti’s September 18 announcement of a three-year, $5.8 million contract with the U.S. Air Force Research Laboratory, in partnership with QphoX, to develop superconducting quantum networking technology.Driven by these developments, Rigetti’s stock skyrocketed 83.6% throughout September, significantly outpacing gains by Quantum Computing (17%) and D-Wave Quantum (58%).
The company’s market capitalization surged from $9.66 billion to $11.22 billion on Thursday alone—a single-day increase of $1.56 billion. However, with a gross margin of -39.99%, the company continues to face substantial challenges in its path to commercialization.
The quantum computing sector has recently demonstrated a correlated movement pattern. On September 11, Rigetti’s stock jumped 14% following IONQ’s restructuring efforts to meet growing federal demand. Analysts caution that stocks in this emerging field often experience significant volatility driven by minor technical advancements, with investor enthusiasm sometimes overshadowing underlying risks.
The quantum computing industry remains in its early stages, with financially sustainable operations likely years away. While Rigetti has made notable progress in its commercial transition, its limited revenue scale and persistent losses present significant uncertainties, especially when competing against trillion-dollar tech giants investing heavily in quantum technology.
