Shares of Rigetti Computing Inc. (RGTI), a pioneer in superconducting quantum computing, soared 6.23% in the pre-market trading on Friday following the announcement of a strategic partnership with Quanta Computer Inc., a leading manufacturer of servers and computers.

Under the agreement, both Rigetti and Quanta have committed to investing over $100 million each over the next five years to accelerate the development and commercialization of superconducting quantum computing technologies. Additionally, Quanta will invest $35 million to purchase shares in Rigetti, subject to regulatory approval.

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