NEW YORK, Jan 21, 2026, 11:17 EST — Regular session
Shares of Rigetti Computing slipped 1.8% to $24.55 in late-morning trading Wednesday, retreating from a brief surge following news of a fresh order from India. The stock swung between $24.14 and $26.26, as the Invesco QQQ Trust, which tracks the Nasdaq 100, gained about 1.3%.
The moves underscored the tug-of-war among the handful of public quantum hardware firms, where a single contract can shift prices sharply. Yet, it’s the timing of deliveries that truly fuels momentum. Traders focus on deals signaling steady business flow, not one-off demos.
Rigetti disclosed in a U.S. securities filing Tuesday that it secured an $8.4 million order to provide a 108-qubit quantum computer to India’s Centre for Development of Advanced Computing, or C-DAC. The system will be installed on-site at C-DAC’s Bengaluru facility, rather than accessed through the cloud. Delivery is scheduled for the latter half of 2026.
Rigetti said the system will use its chiplet-based architecture, a design the company touts for scaling quantum machines. CEO Subodh Kulkarni pointed out that C-DAC “recognized the value of Rigetti’s quantum computing technology and expertise” and emphasized the “growing demand for on-premises quantum computers.” This latest deal follows a memorandum of understanding they inked in September 2025, Rigetti confirmed.
Wall Street saw the update as just another piece of the puzzle. Antoine Legault, an analyst with Wedbush Securities, raised his price target from $35 to $40 and kept an Outperform rating. He highlighted that the order suggested “real demand is starting to build,” according to TipRanks. 1
The broader group lost ground. IonQ dipped about 2.9%, D-Wave Quantum slid 1.3%, and Quantum Computing Inc. edged down 0.4%.
A “qubit” is the basic unit of information in quantum computing, and investors frequently focus on the qubit count as a crucial indicator. Researchers, however, prioritize accuracy, tracking how reliably the machine executes quantum operations because error rates usually climb as these systems grow larger.
Deals of this kind usually take time to turn into revenue, thanks to hold-ups in installation, testing, and customer readiness. Quantum computing is still an emerging market, where sentiment swings quickly if shipments don’t keep pace with expectations.
Right now, Rigetti’s stock moves seem fueled more by momentum than consistent industrial progress. The shares have jumped sharply on specific headlines, despite a generally quiet market.
Next on the docket: an update on bookings and delivery schedules, along with news on whether more government or research clients will follow C-DAC’s lead with orders. Rigetti plans to report earnings around March 4, according to Nasdaq’s calendar. 2
