Rigetti Computing Stock Edges Higher as Company Secures $8.4M India Quantum Computer Order

Rigetti Computing Inc stock (NASDAQ:RGTI) gained 1.04% in pre-market trading on Wednesday after the quantum computing specialist announced an $8.4 million purchase order from India's Centre for Development of Advanced Computing.

The order, secured through Rigetti's Indian subsidiary, marks a significant international expansion for the company as it works to commercialize its quantum computing technology.

The contract calls for delivery of a 108-qubit quantum computer to C-DAC, the research and development arm of India's Ministry of Electronics and Information Technology. The system is scheduled for deployment at C-DAC's Bengaluru facility in the second half of 2026, representing one of the largest quantum computing installations in the Asia-Pacific region.

Markets responded positively to the announcement, pushing shares to $24.99 in early trading, though the stock remained down 0.60 USD or 2% from the previous close during regular hours. The modest pre-market bounce reflects cautious optimism about Rigetti's ability to convert technological partnerships into meaningful revenue streams.

The 108-qubit system will incorporate Rigetti's proprietary chiplet-based architecture, a modular design approach that the company believes will enable scaling to the higher qubit counts necessary for error correction and fault-tolerant quantum computing. This architectural approach represents a key differentiator in the competitive quantum computing landscape, where scalability remains one of the industry's most significant technical challenges.

The India order builds on an existing relationship between the two organizations. In September 2025, Rigetti and C-DAC signed a Memorandum of Understanding to explore co-development of hybrid quantum computing systems, signaling India's ambitions to develop domestic quantum computing capabilities. The conversion of that exploratory agreement into a concrete purchase order within four months demonstrates accelerating momentum in the partnership.

Financial Outlook

From a financial perspective, the $8.4 million order represents a meaningful data point for a company working to prove commercial viability. Rigetti completed a $350 million at-the-market equity offering in June 2025, bringing total cash reserves to approximately $575 million with no debt. This war chest positions the company to fund continued research and development while pursuing commercial scale-up of its superconducting gate-based quantum computers.

However, valuation concerns persist. The stock reached an all-time high of $48.31 in October 2025, marking a remarkable 5,517% increase over the prior year. That surge pushed the company's market capitalization to approximately 480 times its estimated 2024 revenue, according to analysis published in early January. Such multiples reflect extraordinary growth expectations that may prove difficult to meet, particularly given the nascent state of the quantum computing market.

The company's ability to secure international government contracts demonstrates progress in establishing credibility for its technology platform. Government research institutions often serve as early adopters of emerging technologies, providing both revenue and validation that can accelerate broader commercial adoption. The 2026 delivery timeline also provides visibility into future revenue recognition, though the extended deployment schedule underscores the complex nature of quantum computing installations.

Markets will likely view this announcement as incremental positive news rather than a transformative catalyst. While the order validates Rigetti's technology and international expansion strategy, the modest contract size relative to the company's current market capitalization suggests that multiple similar announcements will be necessary to justify current valuation levels.