NEW YORK, July 27, 2026, 12:01 EDT — U.S. regular session
- Rigetti’s stock gained 7.3% to close at $15.18 following news of its new hybrid quantum-computing testbed.
- Pittsburgh Supercomputing Center and Hewlett Packard Enterprise Co. NYSE:HPE are set to assist in developing the system.
- D-Wave Quantum Inc. NASDAQ:QBTS outperformed rivals following news it broadened its collaboration with AT&T Inc. NYSE:T.
Rigetti stock rose 7.3% to $15.18 during late morning trading in New York. By 11:46 a.m. EDT, trading volume had reached 17.4 million shares.
The surge came after announcements about a hybrid quantum-classical platform named TangleLab. Rigetti is set to provide a nine-qubit Novera quantum machine.
The device will interface with a traditional high-performance computer located in Pittsburgh. The broader testbed receives financial support from a $5 million grant by the National Science Foundation.
The statement did not disclose Rigetti’s contract value. No anticipated revenue timeline was mentioned either.
The resulting change in valuation stands out. The move lifted Rigetti’s market capitalization by about $346 million. That figure is nearly 69 times larger than the total grant awarded, and represents approximately 79 times the company’s revenue in the first quarter.
The grant comparison does not represent a revenue projection. The action indicates that investors are seeking external confirmation and potential subsequent orders.
At approximately 11:46 a.m. EDT, Quantum shares traded mostly up:
| Company | Price | Intraday move | Market value |
|---|---|---|---|
| Rigetti Computing, Inc. NASDAQ:RGTI | $15.18 | up 7.3% | $5.09 billion |
| D-Wave Quantum Inc. NASDAQ:QBTS | $18.80 | rising 16.0% | $6.90 billion |
| IonQ Inc. NYSE:IONQ | $34.96 | up 6.4% | $12.99 billion |
| Quantum Computing Inc. NASDAQ:QUBT | $7.87 | gaining 5.9% | $1.76 billion |
D-Wave posted the largest increase in market data, with its rise exceeding Rigetti’s gain by more than double.
D-Wave provided a more detailed operating outcome in its announcement. A preliminary AT&T network task was reduced from roughly one hour to less than 15 seconds. AT&T intends to evaluate the technology for routing, outages and network planning.
Rigetti’s initiative provides an alternative example. The company’s hardware is integrated within an HPE-supported computing setting, though financial terms have not been revealed.
Building work is planned to commence on September 1. TangleLab is projected to become fully operational in 2027.
Rigetti CEO Subodh Kulkarni described fast gate speeds as “a critical metric for high-performance hybrid quantum computing environments.” Masoud Mohseni, director of quantum at HPE, said value relies on connecting quantum processors with HPC, artificial intelligence and networking. GlobeNewswire
Rigetti reported first-quarter revenue of $4.4 million, a 199% increase year-on-year. Sales of quantum computers and components accounted for roughly $3.05 million. The company said higher revenue was primarily driven by Novera system sales.
Expenses are still significantly high. Rigetti reported an operating loss of $25.95 million for the quarter, representing a 20% increase from the same period last year.
Revenue continues to be heavily concentrated, with three clients accounting for 81% of sales in the first quarter, the company’s filing showed.
Rigetti is set to announce its second-quarter earnings following the close of trading on August 6. Investors will be watching for indications that interest in its systems is expanding past a handful of major customers.
Risks: TangleLab has not revealed the value of its Rigetti contract, and operations are projected to begin in 2027. The company’s operating loss is still multiple times its quarterly revenue. Reliance on a small number of customers introduces additional volatility.
