Rigetti Computing (NASDAQ:RGTI) is widely considered a pioneer in hybrid quantum-classical computing. RGTI stock has a mission to build the world’s most powerful computers to help solve humanity’s most important and pressing problems. The quantum computing market is projected to grow at a compounded annual growth rate (CAGR) of 30.8%, from $486.1 million in 2021 to $3.2 billion in 2028. And with growth like that, RGTI stock is definitely worth an investment.
A key market driver is the rising investments in quantum computing technology by governments and private corporations alike. That has drawn not just specialized companies like Rigetti, but also giants such as IBM (NYSE:IBM), Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) and Honeywell International (NASDAQ:HON).
RGTI Stock Is On the Cutting Edge
RGTI stock builds quantum computers along with the superconducting quantum processors that power them. Through Rigetti’s quantum cloud services (QCS) platform, the machines can be integrated into any public, private or hybrid cloud. The company has an impressive list of clients in both, the private and public sector.
In 2015, it invented a 3-qubit computer considered to be revolutionary at the time. Fast forward to February 2022, and the company officially announced its 80-qubit quantum system, Aspen-M, is commercially available. The latest release “is the world’s first commercial multi-chip quantum processor, solving a critical scaling challenge in the race toward fault-tolerant quantum computing.”
Alongside the new product release, it announced a partnership with Deloitte to explore Rigetti’s solution to scale optimization and simulation and further advance the company’s business model. Rigetti expects to build a 4000 qubit computer in 2026.
RGTI stock is a fairly new option for traders. It went public through a special purpose acquisition company (SPAC) in March. The deal valued the company right around $1.5 billion and Rigetti received gross proceeds of approximately $261.7 million. The company plans to use the money to accelerate its advancement of quantum processors and grow its operations.
At $6.34 a share, RGTI stock is almost 40% down on the year. However, in the current bearish market, this could be a good buying opportunity. It gives you access to a growing company in the ever-expanding industry of quantum computing.
High quantum computing power promotes progression in a broad range of subjects such as bioscience, financials, energy and climate change. For example, it can support in-silico drug discovery to help develop new treatments and vaccines. Portfolio optimization is another example. Investors will ultimately have the power to harness, manipulate and trade financial information so that they are controlling their portfolio risk and allocating capital more effectively.
Cybersecurity, artificial intelligence, hypersonic simulation — the list of industry cases is already large and continually growing.
The management team recently announced financial results for fiscal year 2021. The impressive highlights include 48% year-over-year revenue growth to $8.2 million and gross profit of $6.6 million, up 62% . Other significant highlights include new business and partnerships with Nasdaq, Deloitte and the U.S. Department of Energy, as well as collaboration with Microsoft through Azure’s quantum services.
Bottom Line on RGTI Stock
The world of quantum computing is still relatively unexplored compared to other, more mature markets and products. But quantum computing will eventually boost a number of different applications in a wide variety of industries.
RGTI stock is worth an investment, considering the positive net inflows in the the industry, the stock performance upside and the exit/acquisition scenarios. With many big players in the space, a buyout wouldn’t be off the table.
On the date of publication, Jonathan Tang did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.