Shares of Rigetti Computing (NASDAQ: RGTI) skyrocketed 83.6% in September, according to data from S&P Global Market Intelligence. Quantum computing stocks generally surged last month, with gains ranging from Quantum Computing‘s 17% jump to D-Wave Quantum‘s 58% spurt, but they couldn’t keep up with Rigetti.
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The stocks mentioned above often move as a group. When one quantum computing expert announces a technology breakthrough, all of them bask in that glory for a while.
September saw some of that effect play out. For example, Rigetti’s stock jumped 14% on Sept. 11, driven by IonQ restructuring its business to meet higher demand from the federal sector.
But Rigetti cooked up most of its own market-moving fuel last month. The flashpoint for a 48% price surge in the third week of September was a three-year contract from the U.S. Air Force Research Laboratory.
Rigetti and Air Force researchers will explore superconducting quantum networking together. This technology seeks to transfer the quantum state of qubit computing units over long distances, resulting in faster and more accurate data transfer.
At the very end of September, Rigetti also posted two purchase orders for its top-of-the-line Novera systems, sparking a single-day stock jump of 16.5%. The upgradable systems should be delivered in the first half of 2026.
The customers in this two-part deal are not arms of the American government. One is an as-yet-unidentified technology manufacturer headquartered in Asia. The other is a California-based start-up in the field of artificial intelligence and applied physics. Both will focus their Rigetti systems on noncommercial tasks such as internal training and hands-on error correction research.
Rigetti’s blossoming sales and contracts are exciting, and the quantum computing industry as a whole is making big strides toward long-term commercial success at the moment. However, the financially sustainable future of the technology is still many years away. And it’s a risky ride.
The two Novera orders…
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