Core Insights - Rigetti Computing (RGTI) is confident in achieving a 1,000-plus qubit system by 2027, primarily due to its chiplet-based architecture, which is now delivering measurable results rather than being a theoretical concept [1][8] Company Progress - The company is advancing from 9-qubit chiplets to 36-qubit chiplets, which serve as the foundational building block for larger systems, allowing for scaling qubit counts while mitigating yield and complexity risks associated with monolithic chips [2][8] - Current 36-qubit chiplet systems exhibit nearly 99.5% two-qubit gate fidelity, which bolsters management's confidence in expanding to 150 qubits by 2026 and beyond [2][8] Modularity and Execution Risk - Rigetti is utilizing repeatable, modular units that can be manufactured, tested, and improved independently, which lowers execution risk and maintains flexibility as the company aims to enhance fidelity [3] - The approach to reaching 1,000 qubits is characterized as a series of controlled steps rather than a speculative leap, making the timeline appear increasingly achievable [3] Industry Peers Updates - IonQ (IONQ) has expanded its collaboration with the Korea Institute of Science and Technology Information to deploy a next-generation 100-qubit IonQ Tempo quantum system, integrating it into South Korea's National Quantum Computing Center of Excellence [4][5] - D-Wave Quantum (QBTS) has achieved a significant milestone with scalable on-chip cryogenic control for gate-model quantum computers, addressing major barriers to large-scale quantum systems and enhancing the practicality of gate-model architectures [6] Price Performance and Valuation - Rigetti's shares have increased by 59.3% over the last six months, contrasting with a 13.8% decline in the industry [7] - The company has a price-to-book ratio of 22.74, 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 significant 88.9% decline from the previous year [11]