Rigetti Computing, Inc. (NASDAQ:RGTI) shares edged slightly lower during Wednesday's premarket trading session, even as the quantum computing firm reported a notable performance breakthrough on its latest hardware platform.
The California-based company revealed that it has reached a 99.5% median fidelity rate for two-qubit gates on its 36-qubit modular system, representing a twofold improvement in gate error reduction compared to the prior generation 84-qubit Ankaa-3 chip.
The development, announced via a company press release, sets the stage for commercial rollout of the 36-qubit setup on August 15 and points toward a 100+ qubit platform by late 2025.
Also Read: Peering Into Rigetti Computing’s Recent Short Interest
According to Benzinga Pro, RGTI stock has gained over 893% in the past year. Investors can gain exposure to the stock via Defiance Daily Target 2X Long RGTI ETF (NASDAQ:RGTX).
Subodh Kulkarni, the company's CEO, emphasized the speed and scalability advantages of superconducting qubits over competing quantum architectures such as ion traps and neutral atoms. "By leveraging well-known techniques from the semiconductor industry, we've developed proprietary technology that we believe is critical to enable scaling to higher qubit count systems," he said.
Rigetti's 36-qubit architecture is built by connecting four individual 9-qubit modules.
The CZ (controlled-Z) gate, which the company used to benchmark performance, is considered equivalent in function to iSWAP gates and is a staple for running quantum circuits.
In June, the company secured approximately $350 million through an at-the-market equity offering.
Following the raise, Rigetti now holds around $575 million in liquid assets and carries no outstanding debt.
The infusion is expected to accelerate development and scale-up efforts, as well as support potential future collaborations or acquisitions.
Earlier this month, Cantor Fitzgerald initiated coverage on Rigetti with an Overweight rating and a $15 price target, citing optimism around the company's roadmap and modular technology pipeline.
Price Action: RGTI shares are trading lower by 0.24% to $12.69 premarket at last check Wednesday.
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