IonQ (IONQ) surged 10% last week; not on its own news, but on a technical breakthrough from one of its rivals.
In the high-stakes world of quantum computing, progress by one player tends to lift the entire field. And last week, it was Rigetti Computing’s announcement that set the sector on fire.
Rigetti revealed it had dramatically reduced error rates on its new modular 36-qubit quantum system, whichncould help bring commercial quantum systems closer to reality. And while
While Rigetti (RGTI) basked in the spotlight, IonQ was the biggest beneficiary in the public markets.
IONQ stock closed above $46 for the first time since May, bringing its 12-month gain to over 500% and giving the company a market cap of $13.6 billion.
That’s an extraordinary run for a company that, just a year ago, was still flying under the radar in broader tech circles.
And yet, IonQ’s gains aren’t purely speculative.
While the entire quantum sector remains in its early innings — with Grand View Research estimating the 2024 global market at just $1.2 billion — expectations are growing by the day.
That figure is projected to nearly quadruple by 2030, driven by demand in fields like advanced research, drug discovery, and cybersecurity.
IONQ is already capitalizing on quantum momentum
In Q1, the company reported $7.57 million in revenue, which fell flat year-over-year but was slightly ahead of expectations. For Q2, it expects $16–18 million, more than doubling quarter-over-quarter.
Meanwhile, full-year revenue could reach as high as $95 million.
But perhaps the most important milestone was that IonQ landed its first paying customer, delivering a Forte Enterprise system to EPB, a U.S.-based utility.
CEO Niccolo de Masi called the deal a “major commercialization and expansion milestone,” adding that IonQ is now pushing forward on both quantum computing and networking.
The company remains deep in R&D mode, posting a net loss of $32.3 million in the quarter. But with $700 million in cash, IonQ is well-positioned to keep building.
While Wall Street debates whether AI is overhyped, quantum quietly looks like the next true moonshot, and IonQ may already be leading it.
The company reports Q2 results early next month. If the momentum holds, this could be the quarter that moves IonQ from promise to proof.
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