Core Insights - Rigetti Computing (RGTI) has experienced a nearly 44% surge in stock price over the past month due to a significant technical milestone achieved on July 16, where it reached 99.5% median two-qubit gate fidelity on its new modular 36-qubit system, a two-times improvement over its previous best [1][6] - The company is on track to launch a 100+ qubit chiplet-based system by late 2025, reinforcing its position as a serious innovator in full-stack quantum hardware [1][6] Company Overview - Rigetti's vertically integrated model includes in-house chip fabrication, modular hardware, and cloud access via Quantum Cloud Services (QCS), allowing for faster iteration and tighter quality control compared to peers that rely on third-party infrastructure [2] - Despite a relatively small revenue base concentrated in research and government contracts, Rigetti's consistent technical progress and clear product roadmap are attracting long-term investors [2] Peer Comparisons - Arqit Quantum (ARQQ) has seen a 3.2% decline in stock price, as it shifts from a focus on quantum encryption to broader cybersecurity offerings, leading to mixed investor sentiment [3] - Quantum Computing Inc. (QUBT) has increased approximately 1% over the past month, focusing on software-driven quantum and AI solutions, targeting enterprise and cloud-based use cases [4] Financial Performance - Rigetti's shares have gained 4.6% year-to-date, compared to the industry's growth of 17.9% [5] - The company trades at a price-to-book ratio of 22.36, which is above the industry average, and carries a Value Score of F [8] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests a significant 86.1% rise from the previous year [10]