Rigetti and Infleqtion Highlight Quantum Computing Upside

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•  09 Jun 2026
 

$RGTI Rigetti Computing is being highlighted by Bernstein as one of two quantum computing companies that could benefit from significant long term growth potential, supported by a planned $2 billion U.S. government investment in the domestic quantum supply chain. The investment serves as a policy catalyst for the sector as investors continue searching for companies capable of transforming quantum technology into sustainable businesses. Bernstein believes Rigetti Computing and Infleqtion are positioned to benefit from this trend, with both companies expected to receive approximately $100 million in federal funding in exchange for government ownership stakes. The outlook is supported by growing institutional flows into strategic technology sectors and the potential for future multiple expansion if commercial adoption accelerates.

According to analyst Mark Newman, the future of computing will rely on a combination of traditional processors, graphics accelerators, and quantum processors rather than quantum systems operating independently. This view is increasingly shared across the industry, where quantum computing is expected to complement existing infrastructure instead of replacing it. Bernstein argues that smaller companies may offer the most attractive opportunities as investors focus on emerging commercial models. The expected federal support is designed to strengthen U.S. quantum technology development and reinforce domestic competitiveness.

Rigetti Computing is not currently viewed as one of the clear leaders in the industry. Earlier this year, the company faced criticism after delaying the launch of its next generation Cepheus-1-108Q system, citing the need for additional development and performance improvements before full commercial deployment. The system was ultimately launched in April, but the delay raised concerns among some investors regarding execution timelines. In addition, a substantial portion of the company revenue continues to come from research and development contracts rather than large scale commercial system sales.

Despite those concerns, the company has recently reported new customers, including an undisclosed technology manufacturer and a research institution in India. For investors, these developments suggest that commercial activity is beginning to expand beyond early stage research engagements. Continued customer growth could strengthen earnings momentum and provide evidence that the company is progressing toward a more diversified revenue base.

The two companies are pursuing different technological approaches within the quantum computing landscape. Rigetti focuses on superconducting quantum computing, utilizing processors that operate at extremely low temperatures and leverage manufacturing processes similar to those used in the traditional semiconductor industry. Infleqtion, by contrast, develops systems based on neutral atoms controlled by lasers, one of the fastest growing technologies in the quantum sector and an area attracting increasing attention from both researchers and investors.

Unlike some competitors, Infleqtion is not limited to quantum computing alone. The company also develops quantum sensors, atomic clocks, and systems with defense and strategic applications, providing a broader set of revenue opportunities. In April, the company attracted attention after announcing that quantum equipment it developed had been sent to the International Space Station as part of a NASA cargo mission. The initiative demonstrated efforts to expand quantum technology applications beyond computing centers and research laboratories.

Bernstein selection of the two companies is driven largely by current valuation assumptions. According to the firm analysis, the market is pricing Rigetti Computing and Infleqtion as if they will capture only a relatively small share of the future quantum market. As a result, any meaningful commercial success could trigger a significant shift in investor perception and valuation frameworks.

The challenge remains substantial. The companies compete against larger and more established quantum firms such as IonQ, as well as technology giants like IBM that continue investing heavily in quantum research and development. Competition extends beyond pure play quantum companies to organizations with significantly larger budgets and deeper operating experience. While the sector remains caught between high expectations and commercial uncertainty, government investment, private capital, and sustained market interest suggest that the quantum race is still in its early stages. For investors, the key question is not simply which company has the strongest technology, but which one can convert that technology into a business capable of delivering on the sectors long term promise.

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