IonQ, a leader in the quantum computing sector, has announced the signing of a significant $54.5 million contract with the United States Air Force Research Lab (AFRL). With just a quarter remaining in the fiscal year, IonQ has reported $72.8 million in bookings so far, reaffirming its confidence in achieving or surpassing its annual bookings guidance of $75-95 million.
As governments, businesses, and academic institutions increasingly invest in quantum computing, they aim to tackle complex, multi-billion-dollar challenges across sectors like healthcare, finance, and chemistry. IonQ has nearly doubled its revenue each year since going public in 2021, helping clients address their evolving needs in both quantum computing and networking.
By executing its commercially focused technology roadmap, IonQ has positioned itself as a leader in the competitive quantum landscape. The company has recruited experienced professionals from top tech giants such as Microsoft, Amazon, IBM, Oracle, Nvidia, Google, and HPE to collaborate with some of the world’s largest organizations, providing them with valuable solutions. IonQ has now entered its third consecutive year of substantial commercial revenue, achieving compound annual growth rates of nearly 100% for bookings and approximately 225% for recognized revenue.
“We are excited to be at a pivotal moment for both the company and the industry. No other publicly traded pure-play quantum computing firm has come close to doubling its revenue each year since going public or has approached the $100 million bookings milestone this rapidly,” stated Peter Chapman, President and CEO of IonQ.
The primary focus of the AFRL partnership is to design, develop, and deliver technologies and hardware that enhance the scalability, networking, and deployability of quantum systems. This initiative aims to advance quantum networking compatibility with existing telecommunications infrastructures, ensure interoperability between various quantum systems and devices, and enable the deployment of systems suitable for different environments. The contract will span four years.
“We are pleased to continue our partnership with IonQ,” said Michael Hayduk, Deputy Director of the Air Force Research Laboratory, Information Directorate. “Collaborating with industry partners will significantly accelerate the Department of the Air Force’s efforts to integrate quantum networks into future operations, enhancing our national defense capabilities.”
Congresswoman Elise Stefanik emphasized the importance of this collaboration, stating, “I am proud to be a leading voice in Congress to strengthen the partnership between IonQ and the Rome Air Force Research Lab, reinforcing our AFRL-Rome, New York facility as a center for quantum computing research within the Department of Defense. This collaboration is creating new quantum computing jobs in Rome, ensuring the U.S. remains a global leader in defense.”
This contract with the AFRL builds on the momentum IonQ has generated in quantum networking over the past year. Recently, the company was selected by the Applied Research Laboratory for Intelligence and Security (ARLIS) for a groundbreaking quantum networking contract to design a networked system for blind quantum computing.
IonQ has experienced growth not only in government contracts but also with global enterprise clients and prestigious academic institutions. Last month, the company announced a multi-million-dollar extension of its contract with Amazon Web Services (AWS) to provide access to its advanced quantum computers through Amazon Braket, AWS’s quantum computing service. Additionally, IonQ secured a $9 million deal with the University of Maryland for access to state-of-the-art quantum computing resources. The company’s strategy focuses on performance and scalability while delivering enterprise-grade quantum solutions, demonstrating its commitment to collaborating with U.S. government agencies and departments.
For more information about IonQ and its latest developments, visit ionq.com.
