Citron Research Picks Infleqtion Over Rigetti As Possible Winner, Highlights Quantum Market Mispricing

• The firm said Nvidia has already identified preferred quantum partners, but added investors have not yet priced in those signals.
• Citron said INFQ was selected for both calibration and decoding roles in Nvidia’s Ising framework, designed to enhance quantum performance using AI.
• The firm contrasted INFQ with Rigetti, saying Rigetti lacks a similar Nvidia selection and INFQ trades at a discount.

Fresh commentary from Citron Research has drawn attention across the quantum computing sector, as investors reassess valuation gaps between emerging players. 

In a series of posts on the X platform, Citron said that certain Nvidia Corp. (NVDA)-linked partnerships could reshape how the market prices select quantum companies compared with their peers.

Infleqtion Emerges As Central Player

The firm suggested that Jensen Huang’s Nvidia has already outlined preferred collaborators in its quantum initiatives, implying that investors have yet to fully reflect those signals in current share prices. 

Nvidia unveiled its open-source “Ising” model family on April 14, positioning it as a foundational software layer for hybrid quantum systems. 

In its analysis, Citron emphasized that Infleqtion, Inc. (INFQ) appears in multiple roles within Nvidia’s quantum ecosystem. Specifically, the firm noted that INFQ was included in both calibration and decoding initiatives tied to Nvidia’s Ising model framework, which aims to boost quantum system performance using AI tools.

Infleqtion stock traded over 2% lower on Thursday morning. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory amid ‘extremely high’ message volume levels. 

Valuation Gap Raises Questions

Citron compared INFQ with Rigetti Computing, Inc. (RGTI), suggesting that INFQ has not received a similar selection weight in Nvidia’s quantum initiative and that INFQ trades at a discount. The firm framed this gap as a central reason for its belief that valuations between the two companies are misaligned.

Beyond partnerships, Citron also pointed to Infleqtion’s financial strength, including a sizable cash reserve of $550 million and a zero-debt structure. The company also claims rapid organic growth in 2025 and expanding commercial engagement with the government, whereas Rigetti has missed estimates and delayed its products. 

On Tuesday, Citi analyst Atif Malik initiated coverage of Infleqtion with a ‘Buy’ rating and a $20 price target, suggesting a 59% upside, according to TheFly. Malik said that Infleqtion stands out in the quantum sector because it is already generating revenue and has deployed its technology in real-world commercial applications, unlike many peers.

INFQ stock has declined by over 8% year-to-date. 

Also See: AEHR Stock On Track To Hit All-Time Highs – A Record $41M AI Chip Burn-In Order Draws Cheer From Investors

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