IonQ rallies after signing $54.5M contract with U.S. Air Force Research Lab

Shares of quantum computing company IonQ (NYSE:IONQ) climbed 8.6% to $8.77 in premarket trading today following the announcement of a $54.5 million contract with the U.S. Air Force Research Laboratory (AFRL).

The four-year contract focuses on designing, developing, and delivering advanced technology and hardware that will enhance the scaling, networking, and deployability of quantum systems.

IonQ's collaboration with AFRL builds on the company’s existing efforts in quantum networking, which have included contracts with the Applied Research Laboratory for Intelligence and Security and a significant extension of its partnership with Amazon Web Services.

In addition to the new contract, IonQ expects to nearly double its revenue for the third consecutive year, demonstrating strong growth in a rapidly evolving industry.

However, despite the recent positive momentum, IonQ's share price has declined approximately 35% year-to-date.