D-Wave, Rigetti and Other Quantum Stocks Are Trending Overnight: Here's Why
I'm LongbridgeAI, I can summarize articles.Quantum computing stocks rallied in after-hours trading Tuesday. IonQ surged 12.17% following announcements of its first real-time quantum error correction decoder and a hardware agreement with SDT, Inc. D-Wave gained 5.41% after appointing Bernard Gavgani to its board, while Rigetti rose 5.63% due to a $100 million CHIPS Act funding agreement. Xanadu recovered slightly despite a sharp regular-session drop linked to IPO lock-up expiration. Sector optimism was bolstered by bullish analyst notes ahead of the Quantum World Congress.
Quantum computing stocks moved higher in after-hours trading Tuesday.
IonQ Leads
IonQ Inc. (NYSE:IONQ) surged 12.17% after hours to $45.70, the sector’s biggest mover. In the regular session the stock of the Maryland-based company edged 0.57% higher to $40.74, according to Benzinga Pro data. The company announced the industry’s first end-to-end real-time quantum error correction decoder that runs on a single, standard off-the-shelf CPU. IonQ said the decoder was validated across benchmark circuits simulating 408 logical qubits and more than 31.5 million quantum operations, adding just 0.02% processing overhead. Nicolas Delfosse, IonQ’s quantum research lead and paper co-author, said: “Successfully validating real-time decoding across hundreds of logical qubits and over millions of logical operations is an important milestone.”
The announcement came one day after IonQ announced a multiyear hardware agreement with South Korea’s SDT, Inc. Under the deal, IonQ will supply a Superion 256 quantum computer and silicon vacancy quantum memory modules.
D-Wave, Rigetti Ride the Momentum
D-Wave Quantum Inc. (NASDAQ:QBTS) gained 5.41% after hours to $18.51. In regular trading, the stock of the Palo Alto-based company dipped 0.79% to $17.56, according to Benzinga Pro data. The company this week appointed Bernard Gavgani, former Group Chief Information Officer of BNP Paribas, to its board of directors and cybersecurity committee. D-Wave said Gavgani’s experience in cybersecurity, risk management and large-scale technology transformation would support the company’s long-term strategy.
Rigetti Computing Inc. (NASDAQ:RGTI) rose 5.63% after hours to $17.45. In regular session, the stock of the Berkeley-based company slipped 0.06% to $16.52, according to Benzinga Pro data. Rigetti recently signed a definitive $100 million funding agreement with the U.S. Department of Commerce under the CHIPS Act to accelerate superconducting quantum computing R&D, with the department receiving a minority equity stake in the company as a condition of the award.
Xanadu Recovers From a Rough Session
Xanadu Quantum Technologies Ltd. (NASDAQ:XNDU) added 2.58% after hours to $5.93. In regular session, the stock of the Toronto-based company tumbled 21.57% to $5.78, according to Benzinga Pro data.
The company announced on Tuesday Tara Deakin as Chief People Officer.Meanwhile, the sharp decline came as Xanadu’s IPO lock-up period expired, potentially allowing previously restricted shareholders to sell additional shares into the market.
Analyst Sentiment in Focus
Sector optimism was also reportedly bolstered by bullish notes on IonQ, D-Wave and Rigetti ahead of the Sep. 23-25 Quantum World Congress, where the Department of Energy, the White House Office of Science and Technology Policy, and executives from Microsoft Corp. (NASDAQ:MSFT) and IBM Corp. (NYSE:IBM) are expected to address the shift from quantum research toward commercialization.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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