Rigetti Computing (RGTI) Jumps to 52-Week High on Quantum Computing Wave

We recently published All-Time Rush: 8 of 10 Big Names Hit Fresh Record Highs. Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the best performers on Wednesday.

Shares of Rigetti Computing soared to a new 52-week high on Wednesday as optimism for quantum computing stocks spilled over to the company.

During the session, Rigetti Computing, Inc. (NASDAQ:RGTI) hit its highest price of $22.13 before trimming gains to end the day just up by 9.95 percent at $21.99 apiece.

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This followed optimism for the quantum computing sector after the Department of Energy (DOE) partnered with Rigetti Computing, Inc.’s (NASDAQ:RGTI) counterpart, IonQ Inc., to advance the development and deployment of quantum technologies in space.

Under the agreement, IonQ will provide the design and execution of an orbital demonstration of quantum-secure communications using its satellite platform.

IonQ’s partnership with the government agency solidified prospects for an industry that was once touted to only be beneficial 15 to 30 years away.

For its part, Rigetti Computing, Inc. (NASDAQ:RGTI) recently sealed a new deal with India’s Centre for Development of Advanced Computing (C-DAC) for the co-development of hybrid quantum computing systems to support government laboratories and academics pursuing quantum computing research and development.

Under an MOU, Rigetti and C-DAC will work together on the design and development of hybrid quantum computing systems and related technologies and bring them to market.

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Disclosure: None. This article is originally published at Insider Monkey.