Shares of $Rigetti Computing (RGTI.US)$ surged more than 27% shortly after 12:30 pm ET Thursday, following the company’s announcement earlier this week of the public launch of its 84-qubit Ankaa-3 quantum computing system. The new flagship quantum computer boasts a median 99.0% iSWAP gate fidelity and 99.5% median fidelity fSim gates, marking a significant advancement in quantum technology.

The Ankaa-3 system is available to the company’s partners via Rigetti Quantum Cloud Services, with plans to launch on Amazon Bracket and Microsoft Azure in Q1 of next year.

"Users will be able to operate these higher fidelity and universal iSWAP gates for a wide range of algorithmic research, with a median gate time of 72 nanoseconds," the company said, as reported by MT Newswires.

The recent surge in Rigetti's stock price marks its third consecutive session of strong gains. Over the past four days, the stock has climbed nearly 78%, the longest winning streak since December 2021, according to Dow Jones data.

Rigetti has also seen a massive year-to-date increase of over 1,200%, and the stock has risen 1,831% from its 52-week low of $0.69 in early September.

While the surge in Rigetti’s stock price has drawn attention, the rapid rise, now up more than 1,000% since November 18, raises questions about the stock’s volatility and potential risks. Investors are closely watching to see if the gains are sustainable or a speculative bubble.