Rigetti Unveils 108-Qubit Cepheus System as Q1 Revenue Beats Estimates by 10.9%
Rigetti Computing reported Q1 revenue of $4.4 million, exceeding estimates by 10.86%, and launched its 108-qubit Cepheus-1-108Q system. The company plans to invest up to $100 million in a UK quantum system exceeding 1,000 qubits within four years and carries an average price target of $34.86.
1. Q1 Financial Results
Rigetti reported Q1 revenue of $4.4 million, exceeding estimates by 10.86%, which spurred a 16% share price increase and lifted its momentum score to 73.28.
2. 108-Qubit Cepheus-1-108Q Launch
The company introduced its new 108-qubit Cepheus-1-108Q system, marking a milestone in its quantum computing offerings with expanded processing capacity designed for advanced computational tasks.
3. UK Expansion and Analyst Outlook
Rigetti outlined plans to invest up to $100 million in the U.K. to build a quantum computing system surpassing 1,000 qubits within three to four years, while analysts maintain a bullish average price target of $34.86.