Rigetti Computing (RGTI)

The sleeper story is infrastructure constraint emergence - while everyone focuses on qubit physics breakthroughs, Rigetti is hitting dilution refrigeration bottlenecks that pressure margins and require elevated CapEx. The 108-qubit launch validates chiplet architecture but they missed fidelity targets (99.1% vs 99.5%) and quietly shifted timelines. Coherence time at 25-30 microseconds is now the binding constraint, not coupler interactions. Management was refreshingly direct: 'We need to roughly double that ideally triple that to get to the 99.5% type fidelity.' My view changes if they hit 99.5% fidelity in Q3 or provide specific commercial customer pipeline metrics beyond the current narrative fluff.