Rigetti Computing (NASDAQ: RGTI) saw its stock rise 7.7% by late Monday morning.
D-Wave Quantum (NYSE: QBTS) announced that AT&T (NYSE: T) will use D-Wave's technology to address complex optimization challenges across its network operations.
AT&T is also evaluating other quantum computing technologies, which may suggest potential openness to using Rigetti's systems in the future.
Adding to the positive sentiment, Benchmark analyst David Williams initiated coverage of Rigetti stock with a buy rating and a $25 price target.
Despite the rally, most analysts agree that most quantum computing companies remain five or more years away from profitability.