Rigetti Computing's stock price soared 5.64% during intraday trading on Tuesday, reflecting a significant upward movement for the quantum computing company.

The surge is primarily attributed to a major sector-wide catalyst: IBM announced plans to invest over $10 billion in quantum computing over the next five years. This investment aims to deliver the world's first large-scale fault-tolerant quantum computer by 2029 and includes launching a pure quantum wafer foundry. This news boosted sentiment across the quantum computing sector, with Rigetti Computing, as a key representative company in the field, benefiting directly from the renewed investor interest and policy tailwinds.

The move marks a resumption of positive momentum for Rigetti, which had previously experienced significant gains following related government investment announcements in the quantum computing space.