Core Insights - Rigetti Computing (RGTI) is advancing its quantum systems with a chiplet-based design, targeting a 4×9-qubit chiplet system and over 100 qubits with high fidelities by year-end, aligning with DARPA's Quantum Benchmarking Initiative [1][6] - A $35 million investment from Quanta Computer will enhance Rigetti's operational capabilities, allowing the company to focus on chiplet design while Quanta handles non-QPU hardware production [2][6] - Key milestones for 2025 include the demonstration of the 4×9 chiplet, DARPA's Phase B decision, and progress in Quanta's production [2][6] Company Updates - Rigetti's shares have increased by 4.7% year-to-date, while the industry has grown by 21.7% [5] - The company has a price-to-book ratio of 22.41, which is above the industry average, and carries a Value Score of F [8] - The Zacks Consensus Estimate for Rigetti's 2025 earnings indicates an 86.1% rise from the previous year [10] Earnings Estimates - Current quarter EPS estimate is -0.06, with a year-over-year growth estimate of 14.29% [11] - Next quarter EPS estimate is -0.08, with a year-over-year growth estimate of 25.00% [11] - Current year EPS estimate is -0.05, with a significant year-over-year growth estimate of 86.11% [11]

Core Insights - Rigetti Computing (RGTI) is set to release its second-quarter 2025 results on August 12, with a consensus estimate of a loss per share of 6 cents and revenues of $1.91 million, indicating a year-over-year growth of 14.3% in earnings but a decline of 38.2% in revenues [1][6] - The consensus for 2025 revenues is estimated at $8.8 million, reflecting an 18.6% year-over-year decline, while the loss per share is projected at 5 cents, suggesting an 86.1% growth year-over-year [2] Financial Performance - RGTI has an Earnings ESP of 0.00% and currently holds a Zacks Rank of 3 (Hold), indicating no strong expectation of beating estimates [4] - The company has had mixed results in the past four quarters, surpassing estimates once, missing once, and meeting expectations twice, leading to an average earnings surprise of negative 7.5% [2] Technological Advancements - Rigetti's 36-qubit Ankaa-class system achieved a two-qubit gate fidelity of 99.5%, which is expected to support the development of the Ankaa-3 system targeted for later in 2025 [5][6] - Early customer engagement with the 36-qubit system is underway, which is anticipated to accelerate product refinements and commercialization efforts [5] Business Development - The company is focusing on converting technological advancements into revenue-generating contracts, with ongoing work on government and research partnerships and exploration of commercial opportunities [7] - Management expects certain contracts and collaborations to progress in 2025, potentially strengthening the second half of the year [7] Financial Position - Rigetti ended the previous quarter with a solid cash position, supported by disciplined expense management and efforts to optimize its cost structure [8] - Investors should monitor revenue performance, operating expenses, and cash burn trends as indicators of the company's ability to sustain development without diluting shareholder value [8] Market Performance - Year-to-date, RGTI shares have gained 1.1%, while competitors IonQ and D-WAVE QUANTUM have seen gains of 0.1% and 101.1%, respectively, against a broader Internet Software industry increase of 23.5% [9] - RGTI trades at a Price-to-Book (P/B) ratio of 21.64, significantly higher than IonQ (9.29) and Quantum Computing Inc. (7.11), reflecting stronger growth expectations despite lower multiples from competitors [13] Investment Considerations - Rigetti's technological progress and customer engagement are promising for long-term positioning, but near-term upside appears reflected in the stock [18] - The company's ability to convert technical milestones into long-term contracts will be crucial for sustaining growth, with investors advised to watch for broader customer uptake and revenue visibility in the second half of the year [19]

Group 1 - Rigetti Computing's shares increased by 9.3% this week, outperforming the S&P 500 and Nasdaq-100, which rose by 2.4% and 3.7% respectively [1] - The rise in Rigetti's stock was influenced by news from researchers at the University of Southern California regarding a potential breakthrough in quantum computing [1] - Researchers identified a new type of particle called "neglectons," which may address significant challenges in quantum computing, particularly in error correction [2] Group 2 - The development of quantum computing remains highly experimental, with many hurdles still to overcome, including the fragility of quantum systems [2][4] - Despite the promising nature of Rigetti and the recent advancements, there is skepticism regarding the timeline for achieving viable quantum computing at scale, which could take many years or even decades [4] - Current valuations of Rigetti may not justify investment at this stage, indicating a cautious approach for potential investors [4]

Core Insights - Rigetti Computing (NASDAQ:RGTI) is expected to announce its earnings on August 12, 2025, with historical trends indicating a higher likelihood of negative one-day returns following earnings announcements [3][4] - The company is an early-stage quantum technology firm that has not yet achieved profitability, with analysts predicting a revenue contraction for Q2, estimating revenue at $1.87 million, down from $3.09 million in the same quarter last year [4][5] - Rigetti's current market capitalization stands at $4.5 billion, with total revenue of $9.2 million over the past twelve months, resulting in an operating loss of -$74 million and a net loss of -$138 million [5] Historical Performance - Over the past five years, Rigetti's stock has recorded a negative one-day return in 57% of earnings announcements, with a median loss of -6.9% and a maximum loss of -14.6% [3][4] - In the last three years, the percentage of positive one-day returns has increased to 42%, with a median of 7.8% for positive returns [8] Trading Strategies - Traders can position themselves based on historical probabilities before and after earnings reports, evaluating the relationship between immediate and medium-term returns [6][7] - Correlation data between one-day and subsequent five-day returns can provide insights for trading strategies, particularly if a positive one-day return is observed [9]

Core Insights - Rigetti Computing has achieved a significant technical milestone with its 36-qubit Ankaa system, demonstrating a two-qubit gate fidelity of 99.5%, the highest fidelity recorded for its quantum systems, validating its modular architecture and fabrication improvements [1][6] - Despite these advancements, Rigetti has not yet established a clear path to meaningful revenue growth, with its financial results indicating early stages of customer adoption and product-market fit [1][2] - The company plans to launch its 36-qubit system on August 15, 2025, and aims to release a 100+ qubit chiplet-based system targeting 99.5% median two-qubit gate fidelity by the end of 2025 [2] Industry Comparisons - D-Wave Quantum has focused on annealing-based quantum systems and has built early-stage commercial relationships in optimization-heavy industries, resulting in more consistent revenue from paying customers [3] - Quantum Computing Inc. is pursuing a software-centric model with its Qatalyst platform, which remains in early commercialization stages and faces challenges in proving real-world value [4] Financial Performance - Rigetti's shares have increased by 3.6% year-to-date, while the industry has grown by 21.5% [5] - The company has a price-to-book ratio of 22.41, which is above the industry average, and carries a Value Score of F [7] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 86.1% increase from the previous year [8]

Core Viewpoint - Defiance ETFs has launched the Defiance 2X Daily Long Pure Quantum ETF (Ticker: QPUX), which aims to provide investors with 2X daily leveraged exposure to a selected group of quantum computing companies, highlighting the potential of this transformative technology sector [1][4]. Company Overview - Defiance ETFs, founded in 2018, specializes in thematic, income, and leveraged ETFs, positioning itself as a leader in ETF innovation [5]. ETF Structure and Strategy - QPUX seeks to deliver daily investment results of 200% of the daily performance of its equal-weighted Target Portfolio, which includes IONQ, Inc. (IONQ), Rigetti Computing, Inc. (RGTI), D-Wave Quantum Inc. (QBTS), and Quantum Computing Inc. (QUBT) [2][16]. - The portfolio is rebalanced daily to maintain equal weighting among the four companies [2][16]. - The ETF utilizes derivatives, including swaps and listed options, to achieve its leveraged exposure [3][17]. Industry Context - Quantum computing leverages advanced phenomena like superposition and entanglement, enabling faster and more efficient information processing compared to classical computing [4]. - The companies within QPUX's portfolio are focused on developing quantum hardware, software, and related technologies, positioning them to benefit from advancements in the industry [4].

Core Insights - Quantum computing is poised to transform the tech industry, with Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS) as key players experiencing increasing share values, prompting investor interest in their respective stocks [1] Group 1: Rigetti Computing, Inc. (RGTI) - Rigetti received financial support from the Air Force Office of Scientific Research to enhance quantum computing chip production, enabling the development of error-resistant machines and operational expansion [1] - The introduction of the Ankaa-3 system, featuring 84 qubits, is expected to reverse Rigetti's declining revenue trend and support long-term business sustainability [2] - Rigetti's revenues were $1.5 million in Q1, a 52% decline year-over-year, primarily due to the expiration of government contracts, with total revenues of $10.8 million in 2024 reflecting a 10% decline from the previous year [3] - The company has minimal debt and $575 million in cash as of June, with recent equity offerings generating $350 million to cover operational expenses [4] Group 2: D-Wave Quantum Inc. (QBTS) - D-Wave Quantum reported Q1 revenues of $15 million, a 509% increase year-over-year, driven by the delivery of its first "Advantage" quantum computer system [5] - The company’s cloud-based quantum computing services (QCaaS) have attracted 133 customers, up from 128 last year, including notable clients like Lockheed Martin and Mastercard [6] - D-Wave's cash balance of $815 million in July significantly exceeds its total liabilities of $118.2 million, and the company raised $400 million through an equity offering in June, positioning it well for potential acquisitions [7] Group 3: Investment Considerations - Given Rigetti's declining revenues, D-Wave Quantum appears to be a more favorable investment choice, although Rigetti's Ankaa-3 system may help increase revenues in the near future [8] - Both companies have strong cash positions but are facing operating losses and tough competition, which may lead to investor caution [9] - D-Wave's rising revenues and strong cash reserves, along with its pioneering role in quantum annealing, suggest potential for substantial future revenue generation [10]

Group 1 - Quantum concept stocks experienced an upward trend on Tuesday, with Quantum Computing (QUBT.US) rising nearly 5% [1] - IonQ Inc (IONQ.US) and Arqit Quantum (ARQQ.US) both increased by over 3% [1] - Rigetti Computing (RGTI.US) saw a rise of more than 1.8% [1]

A Wall Street firm maintained its buy rating on the stock and raised its price target. Shares of Rigetti Computing (RGTI 5.52%) traded nearly 10% higher, as of 10:49 a.m. ET today, after a Wall Street analyst raised his price target on the stock and reiterated a buy rating on the name. Industry momentum is building Needham analyst Quinn Bolton increased his price target on Rigetti by $3 to $18 per share, implying about 15% upside from current levels. Bolton believes there is momentum in the quantum computin ...

Group 1 - The quantum computing sector experienced a significant increase in stock prices on Monday, with Rigetti Computing (RGTI.US) rising over 11% [1] - D-Wave Quantum (QBTS.US) saw an increase of more than 5% [1] - Arqit Quantum (ARQQ.US) rose by over 6.6% [1] - Quantum Computing (QUBT.US) experienced a rise of more than 4% [1]