IonQ Stock Is Soaring Thursday: What's Going On?

IonQ Inc.‘s IONQ shares are barreling higher Thursday after the company reported better-than-expected third-quarter results and announced a series of partnerships. Multiple analysts raised price targets following the print, which appears to be adding to the upward momentum. Here’s what you need to know.

What To Know: IonQ reported third-quarter revenue of $12.4 million, beating analyst expectations of $10.56 million. The company posted a loss of 24 cents per share, versus an expected loss of 21 cents per share, according to Benzinga Pro.

Total revenue grew 102% year-over-year, and the company saw $63.5 million in new bookings, bolstered by a $54.5 million contract with the U.S. Air Force Research Lab (AFRL) to enhance quantum hardware for scaling and networking applications.

IonQ also raised its full-year 2024 revenue forecast to a range of $38.5 million to $42.5 million, up from a previous range of $38 million to $42 million.

Following the company’s quarterly results, Benchmark analyst David Williams maintained IonQ with a Buy and raised the price target from $12 to $22. Needham analyst Quinn Bolton also maintained a Buy rating and raised the price target from $13 to $18.

What Else: IonQ announced the creation of a new quantum application development center in collaboration with AstraZeneca. The companies will partner on the development of quantum applications.

IonQ also announced partnerships with Ansys and NKT Photonics. The company will work with Ansys to integrate quantum computing into the computer-aided engineering industry. IonQ said it will work with NKT Photonics to develop next-generation laser systems for its trapped-ion quantum computers and networking equipment.

“We are pleased to partner with NKT Photonics as they share IonQ’s vision of developing high-performing, scalable and accessible quantum computers designed for enterprise data center environments,” said Dave Mehuys, vice president of product engineering at IonQ.

Finally, IonQ announced that it entered into a definitive agreement to acquire California-based quantum networking company Qubitekk. The acquisition is expected to close in the next six months. As part of the transaction, the Qubitekk team will join IonQ to further IonQ’s position in the quantum networking industry.

IONQ Price Action: IonQ shares were up 35.7% at $22.33 at the time of publication, according to Benzinga Pro.