Rigetti Computing's (RGTI) launch of its Cepheus-108Q system on major cloud platforms last month represents an important product and commercial milestone for the company, Wedbush Securities said Tuesday in a report.

Rigetti's progress on its chiplet-based architecture provides a credible and scalable path toward building higher-qubit superconducting systems, the report said.

Wedbush cited the company's plan to invest up to $100 million in the UK over the coming years as a meaningful step toward establishing a second major operating base.

Wedbush reiterated its outperform rating on Rigetti stock and its $40 price target.

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