Story
Rigetti Computing Stock Jumps on NSF-Funded Supercomputer Partnership
Summary
Shares of the quantum computing firm surged nearly 12% after it announced a partnership with HPE and the Pittsburgh Supercomputing Center, backed by a $5 million National Science Foundation grant to build a hybrid quantum-classical testbed.
Shares of Rigetti Computing (NASDAQ: RGTI) surged nearly 11.9% in morning trading after the company announced a key collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center (PSC). The partnership is centered on developing a hybrid quantum-classical supercomputing testbed, backed by a federal grant.
The TangleLab Project
The project, named TangleLab, is funded by a $5 million grant from the National Science Foundation. Under the agreement, Rigetti will supply its 9-qubit Novera quantum processing unit (QPU) to the PSC.
This QPU will be integrated with a classical high-performance computing environment. According to the announcement, construction is scheduled to begin on September 1, 2026, with the system expected to be fully operational in 2027. The collaboration builds upon an existing relationship between Rigetti and HPE.
Market Impact and Outlook
AdThe news sent Rigetti's stock to a session high of $15.97. For investors, the federally funded contract serves as a significant validation of Rigetti's hardware and its strategy of integrating quantum systems with classical supercomputers. The stock's move outperformed peers in the quantum computing sector, though a broadly positive market, with the S&P 500 up 0.7%, provided a favorable backdrop.
Upcoming Catalysts
The announcement comes at a strategic time for the company, ahead of its second-quarter 2026 financial results scheduled for August 6. Wall Street analysts are projecting revenue of approximately $5.09 million for the quarter, a substantial increase from the $1.80 million reported in the same period a year earlier. Analyst sentiment remains constructive, with a consensus Buy rating and an average price target of $31.60.
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