Overview

• Shares of Rigetti, D‑Wave, IonQ and others jumped by double digits on Thursday and extended gains into Friday premarket, marking another sectorwide rally.
• Rigetti disclosed $5.7 million in purchase orders for two upgradeable 9‑qubit Novera systems from an Asian manufacturing firm and a California AI/applied‑physics startup, with delivery targeted for the first half of 2026.
• D‑Wave reported a U.K. proof‑of‑technology with North Wales Police in which a hybrid‑quantum application helped cut average incident response times by nearly 50%.
• Analysts added fuel to the move as B. Riley maintained Buy ratings and raised price targets on Rigetti and D‑Wave in recent notes.
• Valuations remain extreme relative to revenue, and financing actions highlight risk, with D‑Wave trading at roughly 426 times trailing sales and QCi following a $500 million private placement with a resale filing by the new stockholders.