RGTI quantum computing optimism

What happened: Rigetti Computing (RGTI) stock surged in May 2026, gaining 46.4%, driven by a $100 million federal grant commitment under the CHIPS and Science Act. The company's Q1 earnings beat expectations with revenue nearly tripling year over year to $4.4 million. Despite continued cash burn, RGTI stock has been one of Wall Street's most exciting opportunities, with shares of IonQ, Rigetti Computing, and D-Wave Quantum skyrocketing. Rigetti Computing is set to receive $100 million in CHIPS Act funding over the next three years, with the U.S. government signing a letter of intent in October 2025.

Market impact: The optimism around quantum computing, fueled by government support and strong earnings from RGTI, has driven significant gains in related stocks. However, insider selling from these companies over the past two years suggests caution. The government's $2 billion investment across nine quantum computing companies has added credibility to the sector, but shares remain priced at a premium.

What to watch next: Rigetti Computing's Q2 earnings, expected in late July 2026, will provide insight into the company's progress and cash burn rate. Additionally, the market will closely monitor the commercial viability of quantum computing across various industries, as this will significantly impact the long-term success of RGTI and other quantum computing stocks. Lastly, the completion of Rigetti's 108-qubit Cepheus-1-108Q system and its integration into the market will be a crucial catalyst for the company's growth.