IonQ to provide 100-qubit quantum system for South Korea’s research center

COLLEGE PARK, Md. - IonQ (NYSE:IONQ), a quantum computing company with a market capitalization of $11.77 billion and impressive revenue growth of nearly 70% over the last twelve months, has been identified as the primary quantum technology provider for Korea Institute of Science and Technology Information’s (KISTI) new national quantum computing initiative, according to a press release statement. According to InvestingPro data, the company maintains a strong financial position with a current ratio of 13.17, indicating robust liquidity to support its expansion plans.

KISTI recently secured a multi-million dollar government award through the Quantum Computing Service and Utilization System Construction Project, which aims to establish South Korea’s first National Quantum Computing Center of Excellence.

Under an expected contract with KISTI, IonQ plans to deliver an advanced 100-qubit quantum system to enable research and industrial quantum computing capabilities. The companies intend to develop a hybrid quantum-classical execution environment by integrating quantum systems into a private cloud for remote access. While the company is currently not profitable, InvestingPro analysis shows strong growth potential, with analysts projecting continued sales growth in the current year. Discover more insights about IONQ and 1,400+ other stocks with InvestingPro’s comprehensive research reports.

"We will be honored to support KISTI’s pioneering efforts to establish a world-leading quantum service infrastructure in Korea," said Niccolo de Masi, CEO of IonQ.

Dr. Sik Lee, KISTI President, stated, "Thanks to the partnership with IonQ, we expect to accumulate experience in the operation, service, and utilization of quantum platforms nationwide."

The announcement builds on an existing relationship between the organizations, including a recently signed memorandum of understanding to jointly advance South Korea’s position in the global quantum economy.

IonQ is also expanding its presence in the region through collaborations with Hyundai, SKT, Intellian Technologies, and academic institutions including Seoul National University and Sungkyunkwan University.

Megazone Cloud, one of South Korea’s leading cloud service and infrastructure providers, will also participate in the project alongside IonQ and KISTI.

In other recent news, IonQ, Inc. has announced a $1 billion equity investment from Heights Capital Management at a premium price of $55.49 per share, which is approximately 25% higher than the company’s closing price on July 3. This transaction, underwritten by J.P. Morgan, is considered the largest single-institutional investment in the quantum industry, significantly boosting IonQ’s balance sheet to an estimated $1.68 billion in pro-forma cash by March 2025. Furthermore, IonQ has secured a definitive agreement to acquire UK-based Oxford Ionics for $1.075 billion, aiming to enhance its technology portfolio with Oxford Ionics’ ion-trap-on-chip architecture. This acquisition is expected to strengthen IonQ’s position in the trapped-ion quantum computing sector. Benchmark has responded by raising IonQ’s stock price target to $55, maintaining a Buy rating, citing the company’s strategic positioning and growth potential. Cantor Fitzgerald has also initiated coverage on IonQ with an Overweight rating and a price target of $45, acknowledging the significant economic implications of quantum computing. IonQ’s recent moves reflect its efforts to expand its commercial quantum computing and networking operations, signaling strong momentum in the industry.

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