Rigetti Computing Stock Surges 12% on Hybrid Quantum Supercomputer Deal With HPE and Pittsburgh Center

NEW YORK — Shares of Rigetti Computing Inc. climbed more than 12 percent in early trading Monday after the company announced an expanded collaboration to develop a hybrid quantum-classical supercomputing testbed.

The stock rose $1.74, or 12.30 percent, to $15.89 as of 9:49 a.m. Eastern time. Trading volume was active as the market opened. The previous close was $14.15.

In a statement released Monday, Rigetti said it will deliver a 9-qubit Novera quantum computing system to a new testbed at the Pittsburgh Supercomputing Center. The project is funded by a $5 million National Science Foundation grant. The effort builds on the company's existing strategic collaboration with Hewlett Packard Enterprise to commercialize quantum-enabled high-performance computing solutions.

The announcement comes as Rigetti, a developer of superconducting quantum computers, continues to advance its hardware and expand access to its systems. The company has positioned itself as a pure-play participant in the emerging quantum computing sector, which remains in early stages of commercial development.

Rigetti's Cepheus-1-108Q system, a 108-qubit modular quantum computer based on its proprietary chiplet architecture, became generally available earlier this year. The system is accessible through the company's Quantum Cloud Services platform and Amazon Braket. It consists of 12 interconnected 9-qubit chiplets and has reported median two-qubit gate fidelity of 99.1 percent.

In the first quarter of 2026, Rigetti reported revenue of $4.4 million, nearly triple the amount from the year-earlier period. The growth was attributed to increased government and commercial activity. Research and development spending totaled $19.9 million in the quarter. The company ended the period with approximately $569 million in cash, cash equivalents and available-for-sale investments and no debt.

Rigetti is scheduled to report second-quarter results on Aug. 6 after the market close. Analysts project continued revenue growth for the period.

In May, the company signed a letter of intent with the U.S. Department of Commerce for potential funding of up to $100 million over three years to support research and development aimed at scaling superconducting quantum computers. The arrangement could also involve the government taking an equity stake.

Rigetti has also secured an $8.4 million contract to deliver a 108-qubit system to India's Centre for Development of Advanced Computing, with deployment planned for the second half of 2026. The company continues work on longer-term milestones, including plans for larger systems in the United Kingdom over the next several years.

Quantum computing seeks to solve certain complex problems more efficiently than classical computers by using quantum bits, or qubits, that can exist in multiple states simultaneously. Commercial applications are still limited, and the technology faces significant technical hurdles related to error rates, scalability and stability. Industry observers generally view widespread practical use as years away.

Wall Street analysts largely maintain constructive ratings on the shares. Consensus price targets in recent reports have centered in the mid-to-high $20s to low $30s, implying substantial upside from current levels according to those forecasts. The stock has experienced significant volatility, with a 52-week range of $12.53 to $58.15.

Investors evaluating Rigetti for the longer term weigh the company's technological progress and government support against its limited current revenue, ongoing cash burn and the uncertain timeline for broader commercial adoption of quantum computing. The firm's strong balance sheet provides runway for continued investment in manufacturing capacity, refrigeration systems and architecture improvements.

The hybrid approach pursued with HPE and the Pittsburgh Supercomputing Center reflects a broader industry trend of integrating quantum processors with classical high-performance computing resources. Such testbeds allow researchers to explore practical workflows while hardware capabilities advance.

Rigetti's modular chiplet design is intended to support scaling to higher qubit counts more efficiently than monolithic approaches. Management has emphasized improvements in fidelity and system performance as key priorities throughout 2026.

The stock's early Monday advance followed a period of pressure in quantum computing shares earlier in the month, as investors rotated away from high-beta technology names after strong prior gains. Broader market conditions and sentiment toward speculative technology sectors continue to influence trading in the name.

As of mid-morning Monday, Rigetti's market capitalization stood near $4.7 billion based on publicly traded shares. The company remains focused on executing its technical roadmap while expanding customer access through cloud platforms and on-premise deployments.

Whether the shares prove a long-term investment depends on the pace of technological milestones, the conversion of research collaborations into sustained revenue, and the overall development of the quantum computing market. Near-term catalysts include the upcoming earnings report and further progress on government-supported projects.

The Pittsburgh collaboration adds another data point to Rigetti's expanding network of academic and industry partnerships. The delivery of the Novera system is expected to support research into hybrid algorithms and applications that combine quantum and classical computing resources.

In an industry characterized by rapid technical claims and long commercialization horizons, Rigetti's combination of hardware advancements, cash reserves and public-sector engagement has kept it among the more closely followed pure-play names. Monday's stock move reflected investor reaction to the latest partnership expansion amid ongoing interest in the sector's long-term potential.