First Brands Group debt targeted by Apollo Global Management - report
COLLEGE PARK, Md. - Quantum computing company IonQ (NYSE:IONQ), whose stock has surged over 537% in the past year and now commands a $13.1 billion market cap, announced Wednesday the formation of IonQ Federal, a new division aimed at integrating its quantum technologies to serve the U.S. government and its allies. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
The company has appointed Robert Cardillo as Executive Chairman of the new division. Cardillo, who has served on IonQ’s board since 2024, previously directed the National Geospatial-Intelligence Agency and served as a national intelligence advisor to the President.
IonQ said the new division will unify its government-facing quantum networking and computing initiatives to better serve federal and defense sectors. The company noted it has existing contracts with various government entities, including over $100 million in contracts with the United States Air Force Research Lab and work with DARPA, Oak Ridge National Labs, and ARLIS.
"The creation of IonQ Federal will empower us to bring essential quantum advantage to government agencies, increase our engagement with key federal programs, and help solve some of the most complex problem sets for our nation," Cardillo said in the press release.
Niccolo de Masi, Chairman and CEO of IonQ, stated the formation of IonQ Federal will provide government customers with dedicated resources for applying quantum computing and networking solutions across their programs.
The company currently offers quantum computers including IonQ Forte and IonQ Forte Enterprise, which it says have helped customers achieve performance improvements. IonQ also mentioned its technology roadmap includes plans to deliver quantum computers with 2 million qubits by 2030.
In other recent news, IonQ has made significant strides in the quantum computing sector. The company announced the development of quantum-grade diamond films in collaboration with Element Six, which could advance the production of quantum memory systems and photonic interconnects. IonQ also appointed Inder M. Singh as Chief Financial Officer and Chief Operating Officer. Singh, formerly of Arm, brings extensive experience from overseeing one of the largest IPOs of 2023. Additionally, IonQ filed a prospectus supplement for the resale of over 12 million shares by existing stockholders, according to a recent SEC filing.
In analyst updates, B.Riley initiated a Buy rating for IonQ, highlighting the company’s substantial revenue growth in quantum computing. The firm anticipates continued growth, projecting potential sales reaching $1 billion by 2030. Furthermore, IonQ expanded its patent portfolio to over 1,000, with new patents focusing on trapped-ion quantum computing technology. These developments underscore IonQ’s commitment to advancing quantum computing capabilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.