Rigetti Computing (RGTI 12.80%) stock soared Thursday morning after the company announced a new deal. The news sent Rigetti shares to an all-time high. Shares of the developer and builder of quantum computing systems were up by 14.1% near the session high, as of 11:53 a.m. ET.
Rigetti announced today that it was awarded a new three-year contract worth $5.8 million. It wasn't the only deal in the quantum computing space that has the stock and its peers moving higher today.
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A quantum computing wave is coming
Rigetti announced a three-year $5.8 million contract from the Air Force Research Laboratory "to advance superconducting quantum networking." The deal is meant to investigate the transformative potential of quantum networking. Rigetti and Dutch research and product development company QphoX will work to find if quantum networks can scale up to larger and more powerful systems in a similar way to classical high-performance computing. The goal is to enable multiple quantum processors to collaboratively solve problems.
Rigetti quantum computing peer IonQ also just announced a new deal yesterday. That company has signed a memorandum of understanding (MoU) with the U.S. Department of Energy to promote the development and deployment of quantum technologies in space. IonQ stock is also on the rise today.
Investors are likely happy to be starting to see legitimacy and practicality for quantum computing. As an example, IonQ CEO Niccolo de Masi said of its new MoU, "we aim to demonstrate the power of quantum computing and networking to enable new applications for secure communications."
As more practical applications are discussed, investors want to get a foot in the door with quantum computing stocks. Those that do, though, should remain vigilant of the risks and likely volatility ahead.
