Overview

• Rigetti shares jumped about 10% Wednesday to around $12.50 after Cantor Fitzgerald initiated coverage with an Overweight rating and a $15.00 price target.
• Analyst Troy Jensen pointed to Rigetti’s position as the leading pure-play in superconducting quantum computing and praised its Ankaa-3 system for achieving 99.5% median two-qubit gate fidelity.
• The company strengthened its financial footing in June with a $350 million equity offering that raised cash reserves to approximately $575 million and left it debt-free.
• Quanta Computer invested $35 million in Rigetti in April as part of a five-year, $250 million co-investment designed to accelerate technology packaging, manufacturing and commercialization.
• Since going public in 2021, Rigetti has generated about $37.4 million in sales and holds a market capitalization just under $4 billion while commercial applications remain years away.