Quantum Computing Stock Is Rising Tuesday: Here's Why

Quantum Computing Inc QUBT shares are trading higher Tuesday after the company announced it was awarded a prime contract from NASA for imaging and data processing support.

What Happened: Quantum Computing said it was awarded a contract by NASA’s Goddard Space Flight Center to apply its entropy quantum optimization machine, Dirac-3, to support NASA’s advanced imaging and data processing demands.

The contract will specifically apply Dirac-3 to address a challenging phase unwrapping problem for optimally reconstructing images and extracting information from interferometric data generated by radar. Quantum Computing’s efforts are expected to help enhance NASA’s data quality and accuracy.

“QCi is proud to support NASA in this critical mission to process large volumes of interferometric imaging data more efficiently,” said William McGann, CEO of Quantum Computing.

“The project’s goal is to demonstrate how QCi’s Dirac-3 can address the phase unwrapping problem and allow NASA to compare the results and benefits of QCi’s quantum optimization technology with state-of-the-art algorithms running on classical computers.”

Quantum Computing said the contract underscores the company’s commitment to advancing quantum and photonic technologies to address complex optimization and computational challenges. If successful, the company believes the contract could pave the way for similar applications in other fields where quantum solutions offer advantages.

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QUBT Price Action: Quantum Computing shares were up 37.4% at $15.29 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nvidia.