Shares of Rigetti Computing (RGTI) are soaring 16.31% in pre-market trading on Wednesday, following the company's announcement of a significant breakthrough in quantum computing technology. The surge comes as Rigetti reported achieving its midyear goal of 99.5% median two-qubit gate fidelity on its new 36-qubit system, marking a substantial leap forward in quantum computing capabilities.

The quantum technology firm has effectively halved the error rate for two-qubit operations compared to its previous 84-qubit Ankaa-3 chip system. This achievement is crucial in the field of quantum computing, where reducing error rates is essential for practical applications. Rigetti's new system utilizes four 9-qubit chips, known as chiplets, which enables the company to build larger quantum systems with over 100 qubits.

Looking ahead, Rigetti Computing has outlined an ambitious roadmap that has clearly excited investors. The company plans to launch its new 36-qubit system on August 15 and remains on track to release its 100+ qubit chiplet-based system before the end of 2025. These developments suggest that Rigetti is making steady progress in scaling up its quantum computing capabilities, potentially positioning the company as a strong competitor in the rapidly evolving quantum computing industry.