NEW YORK, Jan 21, 2026, 11:17 EST — Regular session
Shares of Rigetti Computing dropped 1.8% to $24.55 in late-morning trading on Wednesday, pulling back from an earlier spike after the quantum computing firm announced a new order from India. The stock fluctuated between $24.14 and $26.26, while the Invesco QQQ Trust, tracking the Nasdaq 100, climbed roughly 1.3%.
The activity highlighted the tug-of-war among the few publicly traded quantum hardware companies, where just one contract can sway prices, but it’s the delivery schedules that really drive momentum. Traders are hunting for deals that suggest ongoing business, not just isolated demos.
Rigetti revealed in a U.S. securities filing Tuesday that it landed an $8.4 million purchase order to supply a 108-qubit quantum computer to India’s Centre for Development of Advanced Computing, known as C-DAC. The system will be installed on-premises, meaning at C-DAC’s Bengaluru facility, not accessed via the cloud. Delivery is planned for the second half of 2026.
Rigetti revealed the system will rely on its chiplet-based architecture, which the company promotes as a way to scale up quantum machines. CEO Subodh Kulkarni noted that C-DAC “recognized the value of Rigetti’s quantum computing technology and expertise” and highlighted the “growing demand for on-premises quantum computers.” This new order comes after a memorandum of understanding they signed back in September 2025, according to Rigetti.
Wall Street treated the update as another data point. Antoine Legault, an analyst at Wedbush Securities, bumped his price target from $35 to $40 and maintained an Outperform rating. He noted the order indicated that “real demand is starting to build,” according to TipRanks. (TipRanks)
The wider group slipped. IonQ dropped roughly 2.9%, D-Wave Quantum fell 1.3%, and Quantum Computing Inc. slipped 0.4%.
A “qubit” serves as the fundamental information unit in quantum computing, and investors often zero in on the qubit count as a key metric. Accuracy is another critical focus for researchers, who monitor how consistently the machine performs quantum operations, since error rates tend to spike as these systems scale up.
Orders like this often take a while to convert into revenue, with potential delays from installation, testing, and whether customers are ready. Quantum computing remains a nascent market, where sentiment can shift fast when expectations outpace actual shipments.
At this stage, Rigetti’s stock action feels driven more by momentum than by steady industrial growth. The shares have swung sharply on individual headlines, even when the broader market remains subdued.
Coming up next is the latest company update on bookings and delivery timing, plus whether additional government or research clients will place orders like C-DAC. Rigetti is set to announce earnings around March 4, per Nasdaq’s earnings calendar. (Nasdaq)
