Quantum computing company IonQ (IONQ) has inked a deal with General Dynamics (GD) to push its technology further in the defense sector, amid signs government agencies are paying closer attention to quantum tech.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
IONQ agreed a partnership with General Dynamics Information Technology (GDIT) to bring the “power of quantum computing to government and defense sectors,” the company said in release Monday.
IONQ and GD Build on Partnership
Earlier this year IONQ and GDIT partnered with a major intelligence agency to advance its quantum readiness.
Now the pair plan to combine GDIT’s expertise in working with federal agencies and the defense sector with IONQ’s quantum computing tech to grow the reach of its technology within government.
It will see the two companies co-develop advanced quantum processing and networking applications, including quantum AI extensions, resource optimization, and anomaly detection for federal and state governments, they said.
The deal will “accelerate quantum computing adoption in the government, continuing IonQ’s consistent market growth,” said Rima Alameddine, IONQ Chief Revenue Officer.
Ben Gianni, senior vice president and chief technology office at GDIT, said that expanding the partnership will enable the company to harness the next generation of computational power to “address critical mission needs.”
Analysts Raise Outlook on IONQ
Last year IONQ announced a $54.5 million contract with the U.S. Air Force Research Lab (AFRL), which marked the largest 2024 quantum contract award in the U.S.
Increasing awareness of the potential for quantum computing has not only got the attention of government agencies, but investors too.
It comes after Needham analyst Quinn Bolton raised price target on IONQ to $54 from $18 last month, citing how quantum computing may disrupt a meaningful portion of the $1 trillion computing market over the next decade.
What Is the Best Quantum Computing Stock to Buy?
For investors interested in investing in quantum computing, we have rounded up the best stocks that analysts are bullish about using the TipRanks Stocks Comparison tool.
