Key Takeaways RGTI says its current fab supports progress only through 2027, prompting plans for an advanced option.RGTI is weighing foundry partnerships, government programs or building a 200-300mm facility.RGTI sees a modern fab improving qubit consistency, fidelity gains and long-term differentiation.During the third-quarter earnings call, Rigetti Computing (RGTI) acknowledged that advancing to the next stage of quantum performance will eventually require more sophisticated chip manufacturing capabilitie ...

Key Takeaways IonQ posted 222% YoY revenue growth and set a world-record two-qubit gate performance.D-Wave's revenues rose 235% YTD with strong bookings for its Advantage2 annealing system.Both IONQ and QBTS benefit from government funding, enterprise partnerships and strategic expansions.The global quantum computing market remains early-stage but is growing rapidly. Recent industry forecasts put total quantum computing revenues at around $1.08 billion in 2026, up from roughly $0.8 billion in 2025, with lon ...

The final trading weeks of 2025 are witnessing a classic “Santa Rally” with a futuristic twist. Institutional desks have thinned out for the holiday season—the proverbial “smart money” taking a breather— and retail investors are driving a surge in quantum stocks.QBTS stock is soaring. See the chart and price action here. The Retail-Fueled MomentumThe “diamond hands” crowd has rotated into high-beta quantum stocks names. fueled by a series of strategic year-end milestones and bullish analyst coverage from Je ...

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]

Core Insights - Rigetti Computing (RGTI) is focusing on government partnerships as a key strategy for commercialization, with recent revenue declines attributed to the expiration of the U.S. National Quantum Initiative (NQI) [1][8] - The reinstatement of the NQI program with a budget of $625 million over five years is expected to enhance demand from national labs and government agencies [2] - Rigetti has secured significant government contracts, including a $5.8 million deal with the Air Force Research Laboratory, which is anticipated to contribute to revenue in the upcoming quarters [3][4] Revenue and Financial Performance - In the third quarter, Rigetti reported revenue of $1.9 million, down from $2.4 million year-over-year, primarily due to the lapse of NQI funding [1][8] - The reinstated NQI funding is expected to provide a demand boost as federal purchasing cycles resume [2] - Rigetti's shares have increased by 74.1% year-to-date, contrasting with a slight decline in the industry [7] Government Contracts and Pipeline - Rigetti's recent contract wins, including a three-year contract with the Air Force, indicate a strengthening government pipeline and a shift towards hardware deployment [3][4] - The company has significant cash reserves and no debt, allowing it to scale operations and deepen federal partnerships as NQI funding resumes [4] Valuation and Earnings Estimates - Rigetti's price-to-book ratio stands at 22.2, which is above the industry average, and it carries a Value Score of F [10] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 88.9% decline compared to the previous year [11]

Core Insights - D-Wave Quantum (QBTS) is focused on commercializing its quantum technology, launching the Advantage2 annealing system in Q2 2025, which offers significant improvements over previous models [1][9] - The company is enhancing its manufacturing capabilities through advanced cryogenic packaging and partnerships, notably with NASA's Jet Propulsion Laboratory, to support scaling to 100,000 qubits [2] - QBTS is converting interest into contracts with major firms and has seen strong demand for its Leap Quantum LaunchPad program, which facilitates customer onboarding [3] Commercial Developments - D-Wave has secured new contracts and renewed engagements with notable companies such as E.ON, GE Vernova, and Nikon, demonstrating its ability to deliver proof-of-concept projects [3][9] - The Leap Quantum LaunchPad program has received over 1,300 applications, indicating robust interest and demand for quantum solutions [3] Financial Position - In July 2025, D-Wave completed a $400 million equity offering to strengthen its cash reserves, enabling further investments in R&D and market expansion [4][9] - The enhanced balance sheet allows the company to invest in sales, professional services, infrastructure, and potential strategic acquisitions [4] Industry Comparisons - IonQ is advancing its commercialization through strategic acquisitions, including the purchase of Oxford Ionics, and has announced a $1 billion equity offering to support its expansion [5][6] - Rigetti is also focusing on commercialization, having announced a collaboration with Quanta Computer and completed a $350 million equity offering to bolster its cash reserves [7]