Can Rigetti's Need for a Quantum Fab Reshape Its Long-Term Moat?

Core Insights - Rigetti Computing (RGTI) is planning to develop a more advanced quantum chip fabrication facility to achieve >99.9% fidelity levels necessary for commercial-grade quantum systems [1][8] - The company is exploring partnerships with existing foundries, participating in U.S. government initiatives, and considering building a new 200-300mm fab to enhance process quality and qubit consistency [2][8] Company Updates - Quantum Computing Inc. (QUBT) has launched its first commercial entangled-photon source for quantum networking and secure communications [3] - QUBT is scaling production at its photonic foundry and expanding into quantum sensing and cybersecurity, indicating a shift towards commercial deployment [4] - D-Wave Quantum (QBTS) has made its Advantage2 annealing system commercially available, featuring over 4,400 qubits and enhanced performance [5][6] Market Performance - RGTI shares have increased by 84.9% year-to-date, significantly outperforming the industry growth of 9.9% [7] - The company has a price-to-book ratio of 24.69, which is above the industry average, and carries a Value Score of F [10] - The Zacks Consensus Estimate for Rigetti's 2025 earnings indicates a projected decline of 88.9% from the previous year [13]