Asia FX muted despite Fed cut bets; Japanese yen slides after PM Ishiba resigns
COLLEGE PARK, Md. - IonQ (NYSE:IONQ), whose stock has surged over 480% in the past year and now commands a market capitalization of $12.17 billion, announced Thursday it has developed high-quality, quantum-grade diamond films compatible with standard semiconductor manufacturing techniques, in collaboration with Element Six, a De Beers Group company. According to InvestingPro data, the company has demonstrated strong revenue growth of nearly 68% over the last twelve months.
The breakthrough enables diamond-based devices to be produced using conventional chipmaking processes, potentially accelerating the development of quantum memory systems and photonic interconnects needed to link individual quantum computing systems. With a healthy current ratio of 7.76 and more cash than debt on its balance sheet, IonQ appears well-positioned to fund its technological advancement initiatives.
According to the company, the innovation allows synthetic diamonds to be bonded onto common substrates like silicon and silicon nitride, making them compatible with standard foundry processes used in the semiconductor industry.
"Foundry-compatible, quantum-grade diamond films change the game in photonic interconnects, compute processors, and quantum networking," said Niccolo de Masi, Chairman and CEO of IonQ, in a press release statement.
Siobhán Duffy, CEO at Element Six, noted that synthetic diamond is "one of the most promising platform materials for quantum technologies" with applications across sensing and networking.
The development addresses previous limitations in fabricating micro- and nano-structured devices, which were restricted to small-scale production techniques. The new approach enables two key capabilities: foundry compatibility for scalable production and heterogeneous integration of synthetic diamond into hybrid on-chip systems.
This advancement builds on IonQ’s recent acquisition of Lightsynq and aligns with the company’s photonic interconnect roadmap. IonQ states that integrating Lightsynq’s technologies will help accelerate progress toward scalable, fault-tolerant quantum systems.
IonQ, which trades on the New York Stock Exchange, provides quantum computing systems including its current generation IonQ Forte and IonQ Forte Enterprise models. While analysts project continued sales growth, InvestingPro analysis suggests the stock is trading above its Fair Value. Investors seeking deeper insights can access comprehensive analysis and 13 additional ProTips through InvestingPro’s detailed research report, part of its coverage of over 1,400 US stocks.
In other recent news, IonQ has announced the appointment of Inder M. Singh as its new Chief Financial Officer and Chief Operating Officer. Singh, who previously served as CFO at Arm, will replace Thomas Kramer, who will stay on temporarily to ensure a smooth transition. Additionally, IonQ has filed a prospectus supplement for the resale of over 12.4 million shares by existing stockholders, a move that does not involve issuing new shares. The company has also received a Buy rating from B.Riley, with expectations of continued strong revenue growth in the quantum computing sector. IonQ’s intellectual property portfolio has now expanded to over 1,000 patents, focusing on innovations in trapped-ion quantum computing technology. Furthermore, the board approved restricted stock unit grants and a salary increase for CEO Niccolo de Masi, with his new salary set at $700,000. These developments reflect IonQ’s strategic moves to strengthen its leadership and financial position while advancing its technological capabilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.