Why Rigetti Computing Stock Is Skyrocketing Today

Key Points

• CNBC's Jim Cramer recently suggested that Rigetti Computing stock could have big upside.

• Cramer had previously indicated Rigetti looked like a poor play in the quantum space, so the change in commentary is notable.

• Rigetti recently released its most powerful quantum computing platform, and it potentially has some big catalysts on deck later in the year.

• 10 stocks we like better than Rigetti Computing ›

Rigetti Computing (NASDAQ: RGTI) stock is soaring higher in Thursday's daily trading session. The quantum computing specialist's share price was up 9.6% as of 3:15 p.m. ET. Meanwhile, the S&P 500 had risen 0.3%, and the Nasdaq Composite was up 0.6%. The quantum stock had been up as much as 12.2% earlier today.

Rigetti's valuation is surging thanks to recent comments from Jim Cramer, the host of CNBC's Mad Money television show. With today's pop, the stock is now up roughly 19% over the last three months despite some big volatility across the stretch.

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Rigetti stock soars as Cramer shifts his stance

In yesterday's episode of Mad Money, host Jim Cramer had some encouraging things to say about Rigetti:

Rigetti could have something that could be a home run. RGTI is one that could have a headline tomorrow. I don't want to keep you out of it.

The host's comments look particularly notable given that he had indicated earlier this year that Rigetti could be the worst play among the basket of high-flying quantum computing stocks.

What's next for Rigetti?

With the second-quarter report it published earlier this month, Rigetti announced that its Cepheus-1-36Q had become commercially available. The company says that its 36-qubit multichip quantum computer is offering industry-leading performance, and it will pave the way for the launch of the Rigetti Quantum Cloud Services Platform on Microsoft's Azure cloud infrastructure service in the near future.

Rigetti also said that it's on track to launch its 100+ qubit system by the end of the year. While the stock remains a high-risk, speculative play, the quantum computing player appears to be making meaningful progress with its tech platform.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.