Rigetti Sharpens Focus on Modular, High-Fidelity Quantum Pipeline

Core Insights - Rigetti Computing (RGTI) is advancing its superconducting quantum hardware roadmap with the Ankaa-3 system, featuring 84 qubits and a median iSWAP fidelity of 99% [1][6] - The company plans to release a 36-qubit multi-chip module by mid-2025, followed by a 100+ qubit system by year-end, aiming for 99.5% fidelity [2][6] - Rigetti's collaborations with Qruise, Riverlane, and Quanta indicate a strategic approach to building a scalable quantum ecosystem [2][6] Company Developments - The Ankaa-3 system is designed for low-latency operations with fast gate speeds of 60-80 ns and a modular architecture [1][6] - Future plans include the Lyra processor, a 336-qubit system expected in 2026, which aims to demonstrate narrow quantum advantage [2] - Rigetti's stock has underperformed, losing 18% year-to-date compared to the industry's growth of 13.1% [5] Financial Performance - Rigetti's price-to-book ratio stands at 17.35, above the industry average, indicating a potentially overvalued stock [8] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 86.1% increase from the previous year [10] - Current earnings estimates for 2025 indicate a loss of $0.05 per share, with a year-over-year growth estimate of 86.11% [11]