IonQ, a leading quantum computing company, has announced a $54.5 million contract with the United States Air Force Research Lab (AFRL). With one quarter left in the fiscal year, IonQ has secured $72.8 million in bookings year-to-date, reaffirming its confidence in meeting its 2024 bookings target of $75-95 million. Quantum computing is gaining attention from governments, businesses, and academia as they look to solve complex challenges across industries like healthcare, finance, and chemistry. IonQ, a pioneer in both quantum computing and networking, has nearly doubled its revenue every year since going public in 2021.
IonQ’s success is driven by a strong technology roadmap and partnerships with global tech leaders such as Microsoft, Amazon, IBM, and Google. The company has achieved a compound annual growth rate of almost 100% in bookings and 225% in recognized revenue over the past three years.
“We are thrilled to be at a major inflection point for the company and the industry. No other publicly traded quantum computing company has nearly doubled revenue each year since going public, nor have they approached the $100M bookings mark so quickly,” said Peter Chapman, President and CEO of IonQ.
The AFRL contract focuses on designing, developing, and delivering technology and hardware for quantum system scalability, networking, and deployability. This project will advance the integration of quantum networking with existing telecommunications infrastructure, ensuring compatibility and interoperability with other quantum systems. The contract will span four years.
“We are pleased to continue our partnership with IonQ,” said Michael Hayduk, Deputy Director of the AFRL’s Information Directorate. “This collaboration with industry partners will help advance the Department of Air Force’s efforts to integrate quantum networks into future operations, strengthening national defense.”
Congresswoman Elise Stefanik also highlighted the importance of this partnership, emphasizing how it strengthens the Rome Air Force Research Lab in New York as a key hub for quantum computing research within the Department of Defense. She added that the collaboration is bringing new jobs to the region and reinforcing the U.S. as a global leader in defense technology.
This AFRL contract adds to IonQ’s growing momentum in quantum networking. Recently, the company secured a contract with the Applied Research Laboratory for Intelligence and Security (ARLIS) to develop a first-of-its-kind networked system for blind quantum computing. IonQ’s growth extends beyond government partnerships, with significant deals from enterprise customers and academic institutions. The company recently extended its contract with Amazon Web Services (AWS) to provide quantum computing solutions through Amazon Braket and signed a $9 million agreement with the University of Maryland.
IonQ’s partnerships with U.S. government agencies and enterprises demonstrate its commitment to delivering scalable, high-performance quantum solutions. For more information about IonQ’s latest developments, visit https://ionq.com/.
