Quantum-computing stocks make V-shaped recovery on new launch from Rigetti

Rigetti Computing is the 11th-most-actively traded US stock as of midday on Monday. The quantum-computing company is rocketing higher by as much as 30% after the launch of its newest flagship quantum computer, the alluringly named “84-qubit Ankaa-3 system,” which management says will enable faster algorithmic research.

“We are constructing computing systems with capabilities that have not been seen before,” Chief Technical Officer David Rivas said.

It’s a V-shaped recovery for quantum-computing stocks after last Thursday’s drubbing, which saw four leading companies lose nearly $3 billion in value in just one day.

This cohort has nearly eclipsed last week’s peak in cumulative market cap, with the gains in Rigetti Computing and D-Wave Quantum (which is up even more than Rigetti on precisely no news) offsetting the retreat in IonQ.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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