Can Rigetti's Ankaa System Show Real World Value Beyond the Lab?

Rigetti Computing RGTI is beginning to close the gap between cutting-edge hardware and practical application—and the Ankaa system is central to that effort. In July 2025, the company unveiled a 36-qubit chiplet-based architecture that achieved 99.5% median two-qubit gate fidelity, effectively halving error rates compared to prior generations. This follows Ankaa-3, which also hit that same fidelity mark, demonstrating consistent progress across both single-chip and modular platforms. With plans to scale this architecture to 100+ qubits by the end of 2025, Rigetti is signaling that its roadmap is not just aspirational but also executable. These developments suggest that Ankaa is evolving into a platform that could eventually support commercial-grade quantum workloads.

Earlier milestones also reinforce that momentum. Ankaa-2, Rigetti’s 84-qubit system, was made publicly available on Amazon Braket in mid-2024, bringing it out of the lab and into the hands of developers and early adopters. The system delivered 98% median two-qubit fidelity and featured a square-lattice layout designed for better hybrid performance. In partnership with Riverlane, Rigetti also demonstrated real-time quantum error correction on Ankaa-2 with decoding speeds below one microsecond—a critical step toward fault-tolerance. While the company is still in early commercialization, the shift from internal testing to public access and real-time demonstrations shows Ankaa is starting to deliver value beyond experimental benchmarks.

Peers Updates

International Business Machines’ IBM Quantum System Two, its most advanced quantum architecture to date, was first unveiled in December 2023. While the system marked a significant leap in modularity and scalability, its true relevance came into focus in mid-2025 when IBM deployed the first international unit at RIKEN in Japan. This deployment, integrated with the powerful Fugaku supercomputer, signals that IBM is not only advancing quantum hardware but also delivering it in production-ready, high-performance environments.

IonQ IONQ has also moved from promise to delivery with the launch and commercial deployment of its Forte Enterprise system. Available through AWS Braket and its cloud, the system is now accessible to customers around the world. IonQ’s focus on delivering algorithmic performance with strong coherence and fidelity metrics makes it an attractive option for early enterprise experimentation. While the full commercial impact is still developing, IonQ’s ability to put systems in customers hands gives it a more visible path to scaling than peers still in limited-access or pilot stages.

Rigetti’s Price Performance, Valuation and Estimates

Shares of RGTI have lost 3.7% in the year-to-date period against the industry’s growth of 15.6%.

From a valuation standpoint, Rigetti trades at a price-to-book ratio of 20.32, above the industry average. RGTI carries a Value Score of F.

The Zacks Consensus Estimate for Rigetti’s 2025 earnings implies a significant 86.1% rise from the year-ago period.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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