The shares of Rigetti Computing (RGTI) flutter today like a dragonfly caught in a hurricane, soaring 15.4% by 2:59 p.m. ET. One might mistake this for a stock market, but no-it is a masquerade ball of speculation, where the S&P 500 and Nasdaq Composite sway to the same waltz, rising 0.3% and 0.4%, respectively. A dance of numbers, all of it.
The quantum computing stock, that most elusive of creatures, continues its courtship with fortune, fueled by a federal contract won yesterday. A contract, one might say, that smells of ink and ambition.
Rigetti and the Devil’s Three-Year Pact
The company, with the solemnity of a alchemist presenting lead as gold, announced a $5.8 million, three-year contract from the Air Force Research Laboratory. The goal? To tinker with quantum networking-a field where even the devil might pause to ask, “What, precisely, is the profit margin here?”
Rigetti, in its infinite wisdom, has enlisted the aid of a Dutch start-up, QphoX, to weave their respective technologies into a tapestry of quantum communication. One imagines the two companies engaged in a tango, two blind men stitching a map to Atlantis.
CEO Subodh Kulkarni, with the candor of a man who has seen the abyss and found it thoroughly unprofitable, called the endeavor “a far-out kind of research program.” A polite way of saying, “We are building a bridge to nowhere, and the toll is in futures.”
The Quantum Mirage
The potential of quantum computing is as vast as the Sahara, and as drinkable as its sand. Rigetti and its ilk, like Icarus with a spreadsheet, soar on the wings of hype, only to crash into the hard ground of reality. Their price-to-sales ratio of 779 is a hymn to hubris, a cathedral built on the bones of fiscal sense. Last year’s $10.8 million in sales-a pittance!-supports a market cap of $9 billion, a balloon of delusion that the wind of doubt will surely pop.
Investors, those modern-day Don Quixotes, tilt at windmills of promise while ignoring the reality of the moat. The quantum networking market is a gilded cage of hype, where the rats are called “synergies” and the poison is labeled “growth.” To chase Rigetti and its kin is to chase a mirage in a desert of ones and zeros. Instead, let us turn to Alphabet, that stolid colossus, and remember: the devil is in the details, but the angels are in the balance sheet.
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2025-09-19 22:57