Rigetti Computing (NASDAQ:RGTI) shares soared after announcing it has secured a three-year, $5.8 million contract from the US Air Force Research Laboratory to develop superconducting quantum networking technology.
The company will partner with Dutch quantum startup QphoX on the project that focuses on creating quantum networks that could revolutionise computing by connecting multiple quantum processors through microwave signals.
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Rigetti Computing shares were over 30% higher in US trade.
A major technical challenge in quantum networking involves converting microwave signals used in superconducting quantum computers into optical signals that can travel long distances through fibre optic cables. The project aims to solve this by creating systems that maintain quantum properties while converting microwave photons to optical photons.
The contract is the latest in a string of commercial awards to US-listed quantum computing companies, which are going a long way toward validating the investment thesis for the sector.
This particular deal builds on previous successful work between Rigetti and QphoX, combining Rigetti’s superconducting quantum processors with QphoX’s microwave-to-optical conversion technology.
“By joining Rigetti’s leadership in designing, fabricating, and operating superconducting qubits with QphoX’s world-class transduction technology, and AFRL’s expertise in hybrid networked quantum systems, this is an exciting opportunity to advance superconducting quantum networking,” says Dr. Subodh Kulkarni, Rigetti CEO.
“We are very pleased that AFRL is supporting this technology, which is important for the U.S. to maintain its global leadership in quantum information science.”
The UK Investor Magazine included Rigetti Computing in its ‘Top 20 Stock Picks for 2025’. After a bumpy start to the year, Rigetti is now 67% higher than it was at the end of 2024.