In the strange and wondrous world of stock markets, where fortunes can rise as swiftly as they fall, Rigetti Computing (RGTI) performed a feat akin to a quantum leap. Its shares soared 83.6% in September, a spectacle that left even seasoned investors blinking in disbelief. While other quantum computing stocks-Quantum Computing up 17%, D-Wave Quantum up 58%-were busy playing catch-up, Rigetti danced to its own peculiar rhythm, as if guided by some unseen algorithmic muse.
Government contracts and quantum orders fueled Rigetti’s recent rise
It’s a curious thing, this habit of tech stocks moving in unison. One company announces a breakthrough, and suddenly the entire sector seems to bask in the glow of progress, like a group of startled moths fluttering around a single lightbulb. September saw this phenomenon in full swing. For instance, Rigetti’s 14% jump on Sept. 11 was partly due to IonQ’s restructuring-a business pivot that, to the uninitiated, sounds about as thrilling as watching paint dry. But Rigetti, it seems, was cooking its own batch of market-moving alchemy.
The real fireworks came in the third week of September, when the U.S. Air Force Research Laboratory awarded Rigetti a three-year contract to explore superconducting quantum networking. Imagine, if you will, a system that can teleport the quantum state of a qubit across vast distances, as if the data were a message sent via carrier pigeon but with the speed of a cosmic ray. It’s the kind of project that makes you wonder if we’re closer to Star Trek than we’d like to admit.
At month’s end, two purchase orders for Rigetti’s Novera systems-its top-tier quantum machines-sent shares soaring another 16.5%. These systems, destined for an Asian tech firm and a California AI start-up, will be used for tasks as thrilling as internal training and error correction research. The contracts, while modest in size, were enough to boost Rigetti’s market cap by $1.56 billion, a number that feels less like a financial milestone and more like a magician’s trick.
Is Rigetti’s quantum leap worth the risk?
There’s a certain charm to the quantum computing sector, much like a cluttered garage filled with half-finished projects and grand ambitions. Rigetti’s recent wins are undeniably exciting, but let’s not mistake a flicker of light for a fully lit candle. The path to profitability remains as murky as a London fog, and the risks are as abundant as dandelion seeds in the wind.
Investors, ever the optimists, seem to believe that a $5.7 million in orders can justify a $1.56 billion market cap increase. It’s a bit like buying a lottery ticket with the hope that the numbers will match, even if the odds are astronomically against you. Yet here we are, entranced by the glow of potential, hoping that this time, the quantum dream will finally materialize.
As a wealth builder, I find myself torn. On one hand, the allure of being early to a technological revolution is irresistible. On the other, the history of innovation is littered with the wreckage of companies that promised the moon but delivered only a few craters. For now, I’ll watch Rigetti’s journey with the same cautious fascination as a child watching a firework display-wondering if it’s a masterpiece or a misfire.
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2025-10-03 00:37