Rigetti jumps as its quantum system achieves new milestone

Rigetti Computing is on a tear as it “demonstrates” the “industry’s largest multi-chip quantum computer,” per its press release. Shares are up 16% as of 10:47 a.m. ET.

The quantum computing firm said “it has achieved its mid-year performance milestone of 99.5% median two-qubit gate fidelity on its modular 36-qubit system, a 2x reduction in median two-qubit gate error rate from Rigetti’s previous best results... Rigetti plans to launch its 36-qubit system on August 15, and remains on track to release its 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025.”

To simplify: its quantum computing system is getting better and its development is proceeding on schedule.

Better is good! And when better includes big improvements in error rates (a must-have for commercial applications, according to Rigetti competitor D-Wave Quantum), this type of better is especially promising for the future of an industry that many love to dream on.

“Quantum, the first new platform technology for computers since digital technology, can level the tech playing field and reset everything,” Bank of America analysts led by Haim Israel wrote. “Whoever wins the ‘quantum race’ will gain an unprecedented geopolitical, technological and economic advantage.”

If the shares maintain these gains, it’ll mark their highest close since Nvidia CEO Jensen Huang said back in early January that quantum computers were decades away from being “very useful.”