Quantum Computing Stock Is Soaring Again: What's Going On?

Quantum Computing Inc QUBT shares are trading higher Wednesday after the company announced it received another purchase order for its photonic chip foundry.

What Happened: Quantum Computing (QCi) received its second purchase order for its thin film lithium niobate (TFLN) photonic chip foundry from the University of Texas at Austin. 

The order will support research efforts for the University’s RF Acoustic Microsystem Group as it works to advance chip-scale acoustic and cross-domain microsystems. The purchase is part of the QCi Foundry’s pilot launch program. QCi expects to fulfill the order in the first quarter of 2025.

“This strategic collaboration with the University of Texas at Austin underscores the expanding capabilities and commercial viability of the QCi Foundry, which has been designed to meet the increasing demand for signal processing, sensing, and computing applications as well as advanced acoustic systems for volume deployment,” said William McGann, CEO of QCi.

“We are excited to support the University’s innovative research, and this collaboration further highlights the growing recognition of TFLN as a critical driver in the future of telecom, datacom, and quantum markets.”

Last week, QCi announced that it secured its first order for its TFLN photonic chip technology from a prominent research and technology institute based in Asia. QCi shares have more than tripled over the past month, per Benzinga Pro.

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QUBT Price Action: Quantum Computing shares were up 24.8% at $3.16 at the time of publication, according to Benzinga Pro.

Photo: Quantum Cloud, courtesy of Nvidia.