Can Rigetti's Chiplet Strategy Secure Its Spot in DARPA's Next Phase?

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]