TLDR
- Rigetti Computing launched its 108-qubit Cepheus-1-108Q system, now live on Amazon Braket and its own cloud platform
- The system is the largest modular multi-chip quantum computer in the industry, tripling Rigetti’s prior 36-qubit platform
- Rigetti plans to invest up to $100M in the UK to deploy a system of over 1,000 qubits within 3–4 years
- Benchmark kept a Buy rating on RGTI; Mizuho still rates it Outperform with over 100% upside
- RGTI stock moved from around $12.90 on March 30 to $16.79 on April 14
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Rigetti Computing (RGTI) is up over 10% on Tuesday after the company launched general availability of its 108-qubit Cepheus-1-108Q quantum system. The machine is now accessible to customers through Amazon Braket and Rigetti’s own cloud platform.
The Cepheus-1-108Q is the largest modular multi-chip quantum computer in the industry. It triples the qubit count from Rigetti’s previous 36-qubit platform.
The system reports 99.1% median two-qubit gate fidelity. Rigetti is targeting 99.5% later in 2026, making this a step up in both size and accuracy.
Customers can access the system directly through Rigetti’s cloud or via AWS’s Amazon Braket. That puts the hardware in front of corporate, government, and research users already working within the AWS ecosystem.
RGTI has climbed from around $12.90 on March 30 to $16.79 on April 14. Intraday, the stock opened at $15.72 before pushing to a high of $16.81.
UK Expansion and Academic Sales
Rigetti also announced plans to invest up to $100M in the UK to deploy a system of over 1,000 qubits within 3–4 years. The move aligns with a UK government program that includes up to £2 billion in quantum funding.
On the academic side, Rigetti sold a nine-qubit Novera processing unit to the University of Saskatchewan. This makes Rigetti the backbone of the university’s first quantum system, supporting research in materials, algorithms, and architectures.
Analyst Reaction
Benchmark trimmed its price target on RGTI from $35 to $25 but maintained a Buy rating. Following a discussion with management, the firm said its confidence in Rigetti’s technology and strategy actually increased.
Mizuho also cut its target, from $43 to $33, citing rising competition and higher spend. But it kept an Outperform rating, calling RGTI a quantum story entering an inflection phase with over 100% upside still on the table.
Financially, Rigetti is early stage. The company reported roughly $7.1M in annual revenue with deeply negative margins and EBITDA around -$15.8M last quarter. It holds approximately $443.5M in cash and short-term investments with minimal debt.
The price-to-sales ratio sits above 700, which means the stock is driven by news, roadmaps, and sentiment — not earnings.
Year-to-date, RGTI is still down 31.69% heading into today’s session, which gives context to how sharp the recent recovery has been from the low-$13s.
The Cepheus-1-108Q system going live, accessible through Amazon Braket, is the most recent development driving today’s move.
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