Rigetti Computing, Inc. (NASDAQ:RGTI) shares slid Tuesday, reflecting broader weakness in quantum technology stocks as rising Treasury yields continue to weigh on growth-oriented equities.

Amid the market turbulence, Rigetti announced a strategic collaboration with India’s Centre for Development of Advanced Computing (C-DAC), signing a Memorandum of Understanding to explore the co-development of hybrid quantum computing systems for government laboratories and academic institutions.

The partnership seeks to combine C-DAC’s high-performance computing expertise with Rigetti’s superconducting-qubit technology to design and commercialize practical hybrid systems.

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Under the MOU, the parties intend to co-design hybrid quantum architectures, advance related technologies such as cryogenic electronics, and develop application workflows for priority use cases.

The effort also includes workforce development to expand talent pipelines in quantum and high-performance computing across India and the United States.

Rigetti positions its superconducting-qubit technology as well-suited for hybrid setups due to fast gate speeds and a path to scale.

The company says its qubits can operate significantly faster than alternative modalities and that its multi-chip approach, built on semiconductor manufacturing techniques, charts a route to high-qubit-count systems needed for error correction.

“By joining C-DAC’s renowned leadership in high-performance computing (HPC) solutions with Rigetti’s expertise in superconducting quantum computing systems, we have the opportunity to design and deliver powerful and practical hybrid computing systems,” said Dr. Subodh Kulkarni, Rigetti CEO.

“Our partnership with Rigetti is a strategic step toward developing indigenous cryogenic electronics, superconducting quantum hardware, and securing access to advanced processor fabrication. This partnership is poised to drive impactful advancements in electronics and IT, reinforcing India’s position in next-generation technologies,” added Shri. E. Magesh, Director General, C-DAC.

Rigetti recently showcased its multi-chip system, Cepheus-1-36Q, and has demonstrated scalability toward 100+-qubit chiplet-based systems as its flagship platform by year-end.

The company noted that government programs dominate quantum funding globally; McKinsey’s June 2025 Quantum Technology Monitor estimates roughly $1.8 billion in public commitments in 2024 and more than $10 billion announced in early 2025.

Rigetti and C-DAC plan to refine target use cases, progress hardware co-development, and engage industry and academic stakeholders as the hybrid infrastructure takes shape.

The companies also expect to expand training initiatives to support long-term adoption of quantum-accelerated workflows.

Price Action: RGTI shares are trading lower by 7.49% to $15.02 at last check Tuesday.

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