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COLLEGE PARK, Md. - IonQ (NYSE:IONQ), whose stock has surged over 525% in the past year and now commands a market capitalization of $13.17 billion, has appointed Dr. Rick Muller as Vice President of Quantum Systems, the company announced Monday in a press release. Muller, who previously served as Director of the Intelligence Advanced Research Projects Activity (IARPA), will lead the quantum computing company’s systems development team. InvestingPro data shows the company has achieved impressive revenue growth of 70% over the last twelve months.
Muller brings significant experience from his roles at IARPA, where he implemented research programs in quantum computing and artificial intelligence for the U.S. intelligence community. He previously led the Quantum and Advanced Microsystems group at Sandia National Laboratories and directed the Department of Energy’s Quantum Systems Accelerator.
"Rick brings an exceptional blend of scientific insight and federal systems engineering experience, precisely the kind of leadership IonQ needs as we scale toward operational quantum advantage," said Dr. Dean Kassmann, Senior Vice President of Engineering and Technology at IonQ.
In his new role, Muller will contribute to IonQ’s stated goal of building quantum computers with 2 million qubits by 2030. He holds a Ph.D. in chemistry from the California Institute of Technology and a B.A. from Rice University.
"Joining IonQ gives me the opportunity to help scale technology that can solve meaningful problems across science, security, and industry," Muller said, according to the press release.
IonQ’s current generation quantum computers include IonQ Forte and IonQ Forte Enterprise. The company provides quantum computing services through major cloud providers and works with customers including Amazon Web Services, AstraZeneca, and NVIDIA.
In other recent news, IonQ has completed its acquisition of Capella Space Corporation, aiming to develop a space-based quantum key distribution network. This move is part of IonQ’s strategy to integrate Capella’s satellite infrastructure with its quantum technology to create a secure communications network. In another development, IonQ disclosed a public offering of common stock and warrants on the New York Stock Exchange, involving over 14 million shares at $55.49 per share and additional warrants. The company also announced it will provide a 100-qubit quantum system for South Korea’s Korea Institute of Science and Technology Information, supporting the country’s national quantum computing initiative.
Additionally, IonQ secured a $1 billion equity investment from Heights Capital Management, priced at a 25% premium to the company’s recent closing price. This investment includes shares and warrants, enhancing IonQ’s financial position with approximately $1.68 billion of pro-forma cash expected by March 2025. Benchmark has raised its price target for IonQ to $55 from $50, maintaining a Buy rating, citing the company’s leadership in quantum computing and networking. The firm highlighted IonQ’s comprehensive approach to building a quantum ecosystem, which may enable it to capture a greater share of the quantum technology market.
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