Rigetti Computing (RGTI)

The sleeper story everyone's missing: 99.9% 2-qubit fidelity at 28 nanoseconds is quantum advantage proof of concept, not just an incremental improvement. While revenue backlog of $14.1M creates 2026 visibility, the real catalyst is technical validation that their current architecture can hit quantum advantage thresholds. The binding constraint isn't demand (orders are accelerating) or capital (have $590M) - it's execution risk on tunable coupler scaling, evidenced by the 108-qubit delay. As Kulkarni admitted, 'we know it is possible to get 99.9% 2-qubit gate fidelity with our current design architecture' - that's the breakthrough that positions them for the 1000-qubit, 99.8% fidelity system by 2027. My view changes if the March 108-qubit deployment shows systemic fidelity degradation across the chip rather than isolated coupling issues.