TLDR
- Rigetti Computing landed an $8.4 million contract for a 108-qubit quantum computer system
- Wedbush Securities increased its price target from $35 to $40 while keeping an Outperform rating
- The company previously secured $5.7 million in orders for two 9-qubit systems four months ago
- Analysts see growing demand for on-premises quantum computing hardware over cloud-only access
- Wall Street consensus shows a Moderate Buy rating with an average target price of $39.78
Rigetti Computing stock gained traction after announcing an $8.4 million order for a 108-qubit quantum computer. The deal shows customers are ready to buy quantum systems outright.
Wedbush Securities analyst Antoine Legault raised his price target to $40 from $35. He maintained his Outperform rating on the stock.
The order represents a shift in how customers approach quantum computing. Instead of relying solely on cloud access, they’re purchasing their own hardware.
Building Momentum
This isn’t Rigetti’s first big sale. The company announced $5.7 million in orders four months ago for two 9-qubit Novera systems. Those units are scheduled for delivery in early 2026.
Legault sees these deals as proof that demand is building. Governments and research institutions want on-site quantum computers to complement their existing infrastructure.
The analyst expects commercial customers to follow suit. As quantum technology improves, businesses will want their own systems on hand.
Purchase orders matter more than announcements in quantum computing right now. The industry is too young to know which companies will lead long-term.
When sophisticated buyers place orders, they’re betting on a specific technology. These customers are backing Rigetti’s superconducting approach.
What Analysts Expect
Legault predicts more customers will place similar orders as Rigetti scales its technology. Rising qubit counts and better performance will drive demand.
System accuracy is crucial. Performance needs to hit 99.9% or higher for widespread adoption.
The analyst calls selling complete quantum systems the natural next step for the industry. Customers will increasingly buy their own hardware as capabilities improve.
Wall Street gives Rigetti a Moderate Buy rating based on 11 analyst opinions. The average price target of $39.78 implies 59% upside from current levels.
Recent Developments
The $8.4 million order follows a pattern of growing customer interest. National governments and scientific institutions are investing in quantum computers as part of their computing infrastructure.
Legault views these purchase orders as validation of Rigetti’s technology choices. Customers with technical expertise are making informed bets on superconducting quantum computing.
The company continues to scale its qubit counts while working to improve gate fidelities. These technical improvements will be key to attracting more customers.
Rigetti secured two separate orders totaling $5.7 million in September. Now it’s landed an even larger contract for a more powerful 108-qubit system.
The deals demonstrate real commercial traction for quantum computing hardware. Customers are moving beyond experimentation and making substantial investments.
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