Rigetti Computing, Inc. RGTI shares edged slightly lower during Wednesday's premarket trading session, even as the quantum computing firm reported a notable performance breakthrough on its latest hardware platform.
The California-based company revealed that it has reached a 99.5% median fidelity rate for two-qubit gates on its 36-qubit modular system, representing a twofold improvement in gate error reduction compared to the prior generation 84-qubit Ankaa-3 chip.
The development, announced via a company press release, sets the stage for commercial rollout of the 36-qubit setup on August 15 and points toward a 100+ qubit platform by late 2025.
Also Read: Peering Into Rigetti Computing’s Recent Short Interest
According to Benzinga Pro, RGTI stock has gained over 893% in the past year. Investors can gain exposure to the stock via Defiance Daily Target 2X Long RGTI ETF RGTX.
Subodh Kulkarni, the company's CEO, emphasized the speed and scalability advantages of superconducting qubits over competing quantum architectures such as ion traps and neutral atoms. "By leveraging well-known techniques from the semiconductor industry, we've developed proprietary technology that we believe is critical to enable scaling to higher qubit count systems," he said.
Rigetti's 36-qubit architecture is built by connecting four individual 9-qubit modules.
The CZ (controlled-Z) gate, which the company used to benchmark performance, is considered equivalent in function to iSWAP gates and is a staple for running quantum circuits.
In June, the company secured approximately $350 million through an at-the-market equity offering.
Following the raise, Rigetti now holds around $575 million in liquid assets and carries no outstanding debt.
The infusion is expected to accelerate development and scale-up efforts, as well as support potential future collaborations or acquisitions.
Earlier this month, Cantor Fitzgerald initiated coverage on Rigetti with an Overweight rating and a $15 price target, citing optimism around the company's roadmap and modular technology pipeline.
Price Action: RGTI shares are trading lower by 0.24% to $12.69 premarket at last check Wednesday.
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