Billionaire Ken Griffin is investing millions of dollars in two new bets on quantum technology.
A new 13F application shows the Citadel CEO added positions in Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) in the third quarter.
Citadel purchased approximately 51,700 shares of Rigetti stock, valued at approximately $1.6 million based on the Sept. 30 closing price of $29.79.
Rigetti specializes in gate-based quantum systems using superconducting qubits, with a roadmap aimed at scalable, fault-tolerant processors by 2027.
The company also added approximately 122,600 shares of D-Wave stock, worth approximately $3.10 million at the quarter-end price of $24.71.
D-Wave focuses on quantum annealing for optimization problems and features systems with more than 4,000 qubits that tolerate noise better than competitors.
The stake, while small relative to Citadel’s $657 billion portfolio, underscores Griffin’s interest in emerging technology. Rigetti shares are up 3,750% since January 2023, while D-Wave is up 1,770% since January 2024.
Wall Street remains bullish, with analysts predicting a 42% increase for Rigetti and 48% for D-Wave over the next year. However, quantum technology faces hurdles, and commercial viability is likely a decade away.
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