Shares of Rigetti Computing Inc. (RGTI) surged 5.85% in the 24 hours after market close on Thursday, driven by the company's announcement of a strategic collaboration agreement with Quanta Computer Inc. to accelerate the development and commercialization of superconducting quantum computing.

Under the terms of the agreement, both Rigetti and Quanta have committed to investing over $100 million each over the next five years. Additionally, Quanta will invest $35 million to purchase shares in Rigetti, subject to regulatory clearance. The collaboration aims to leverage the complementary strengths of the two companies, with Rigetti as a pioneer in superconducting quantum technology and Quanta as the world's leading notebook and server manufacturer.

The quantum computing industry is expected to experience rapid growth in the coming years, with the market projected to reach $1-2 billion per year by 2030. Superconducting qubits, which Rigetti specializes in, are considered advantageous over other quantum computing modalities due to their fast gate speeds and well-established manufacturing techniques from the semiconductor industry.