IonQ Shares Shoot Up After Securing $13.4M US Air Force Contract

Quantum computing company IonQ, Inc IONQ won a $13.4 million contract to supply the U.S. Air Force Research Lab (AFRL) with access to its trapped ion systems for quantum computing hardware R&D of quantum algorithms and applications.
Quantum computing, systems, and applications have the potential to help the U.S. Air Force protect both public and private infrastructure in the U. S.
The latest agreement marks IonQ's latest commercialization milestone and represents a significant public-private partnership to invest in quantum computing.
IonQ included this agreement with AFRL in the previously identified late-stage opportunity in its booking forecast that was at risk of closing in 2022.
Outlook: In conjunction with the new contract win, IonQ reaffirmed its previous financial outlook, as stated in its quarterly earnings call.
Price Action: IONQ shares traded higher by 12.13% at $5.36 on the last check Friday.