Rigetti Computing (RGTI, Financial) shares shot up by 18% on Friday morning, adding to a weeklong rally that has helped the shares rise by a sizzling 50%. Last week B. Riley analyst Craig Ellis raised his price target to $8.50 and reiterated his "Buy rating, arguing the company's quantum computing capabilities are buoying the shares after some sharp gains.

• Warning! GuruFocus has detected 4 Warning Signs with RGTI.

Unsurprisingly, Rigetti's stock has taken off on triple-digit parabolic runs over the past year as quantum computing becomes a thing amongst the likes of securitizers, healthcare providers, and, of course, every tech company with ambitions to conquer the world. The company is becoming increasingly bullish in that it can commercialize advanced quantum systems that can solve the tough problems that traditional computing can't.

Rigetti's success in the late 2024 rounds of equity capital, gaining cash flow respite, and bolstering the growth outlook has engendered investor confidence more recently. He said his bullish stance focused on the company's progress in scaling quantum systems to high-value applications and its role as a potential participant in government-backed quantum activities.

Strategic challenges, such as technical hurdles and delayed profitability, have not dented Rigetti's visibility on the frontier market, which has also fanned the flames of increased market attention. Rigetti's strategic development is a precursor to becoming the leader in an industry that is rapidly growing around quantum computing.

The surge today is a reflection of growing Rigetti's enthusiasm for the company's prospects for the potential of quantum computing, which investors clearly believe in. Rigetti continues to be a close player to watch as this field moves as if on iced skates.