The California-based firm said it has achieved a major milestone and teased more news to come. Here's what to know.

Shares of Rigetti Computing ( RGTI 30.74%) are soaring on Thursday. The company's stock has jumped 28.9% as of 1:38 p.m. ET. The spike comes as the S&P 500 and Nasdaq Composite are mostly flat. The quantum computing pioneer announced it has achieved a significant milestone in its development of commercially viable quantum computing.

Rigetti Computing (NASDAQ:RGTI) surged during Wednesday trading after achieving a new milestone, which places its quantum computing systems closer to achieving profitability. The Berkeley-based quantum computing company announced it has reached a key mid-year milestone,