Rigetti Computing, Inc. (NASDAQ:RGTI) shares are surging after the company disclosed that it had launched 84-qubit Ankaa-3 quantum computer.
The system introduces a redesigned hardware architecture that delivers improved performance, achieving significant milestones in two-qubit gate fidelity – 99.0% median fidelity for iSWAP gates and 99.5% for fSim gates, with error rates halved in 2024.
Ankaa-3 is accessible through Rigetti Quantum Cloud Services (QCS) and will be available on Amazon Braket and Microsoft Azure in the first quarter of 2025.
The company supports a wide range of algorithmic research with iSWAP gates operating at 72-nanosecond median times and faster fSim gates at 56 nanoseconds, ideal for applications like random circuit sampling.
Rigetti Computing plans to advance its modular system architecture in 2025, focusing on increasing fidelities and reducing error rates.
By mid-2025, the company aims to launch a 36-qubit system composed of four interconnected 9-qubit chips, targeting a twofold reduction in error rates.
By year-end, Rigetti expects to unveil a system exceeding 100 qubits, with the same targeted error rate improvement.
Dr. Subodh Kulkarni, Rigetti CEO said, "With approximately $225 million of cash, cash equivalents and available for sale investments and no debt, we are extremely confident in our ability to deliver on our roadmap and performance goals."
"The remarkable performance of Ankaa-3 reinforces our leadership in the superconducting quantum computing field — which we believe is the winning modality for high-performance quantum computers due to their many advantages, including fast gate speeds and well-established manufacturing processes,"
Investors can gain exposure to the stock via Defiance Quantum ETF (NASDAQ:QTUM) and Spear Alpha ETF (NASDAQ:SPRX).
Price Action: RGTI shares are up 16.3% at $10.91 at the last check Monday.
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