Overview
- Shares of Rigetti and D‑Wave have surged more than 1,900% over the past year, pushing market values above $10 billion despite minimal current revenue.
- Rigetti is pursuing vertical integration by fabricating its own chips at its Fremont Fab‑1 facility to control its supply chain for sensitive hardware.
- Fidelity International joined a new funding round for Quantinuum that values the company at $10 billion, underscoring continuing private investor interest.
- The Trump administration has prioritized quantum development, though the White House denied in October that it plans to buy stakes in public quantum firms, and past support has included a DARPA grant to Rigetti.
- Commercial timelines remain contested, with Google suggesting useful applications could emerge within five years and Nvidia’s CEO cautioning outcomes may be decades away, leaving the trade highly speculative.