Rigetti Computing shares surge 15.81% intraday amid B. Riley upgrade to Buy and $8.4M India C-DAC contract win.

Rigetti Computing surged 15.81% intraday after securing an $8.4 million contract with India's C-DAC to deliver a 108-qubit quantum computer, signaling growing international demand for its hardware. This positive development offset recent setbacks, including a delayed product launch and valuation skepticism highlighted in analyst reports. Additionally, B. Riley upgraded Rigetti to "Buy" with a $35 price target, citing improved visibility into its 2026 commercial prospects following the India deal. The stock's sharp intraday rise reflects renewed investor confidence in its near-term execution potential despite ongoing concerns about its high valuation and long-term quantum computing timelines.