IonQ Secures Contract to Provide Quantum Solutions to United States Air Force Research Lab

Rhea-AI Summary

IonQ has secured a $13.4 million contract with the U.S. Air Force Research Lab to provide access to its trapped ion systems for quantum computing research. This agreement marks a significant milestone in public-private partnerships within quantum technology, aimed at advancing national security. IonQ's CEO, Peter Chapman, emphasized the potential of quantum computing in enhancing U.S. defense capabilities. The company reaffirmed its financial outlook in connection with this new contract, highlighting ongoing momentum in both research and commercial activities.

Positive

• Secured a $13.4 million contract with the U.S. Air Force Research Lab.
• Highlights IonQ's leadership in quantum computing and its collaboration with government entities.
• Strengthens public-private partnerships in quantum technology, advancing national security interests.

Negative

• None.

• $13.4 million agreement for ion trap quantum computing marks the latest development in U.S. government-sponsored quantum research

COLLEGE PARK, Md.--(BUSINESS WIRE)-- IonQ (NYSE: IONQ), an industry leader in quantum computing, today announced that it has secured a $13.4 million contract to supply the U.S. Air Force Research Lab (AFRL) with access to its trapped ion systems for quantum computing hardware research and for the development of quantum algorithms and applications.

Quantum computing, systems and applications have the potential to help the U.S. Air Force protect both public and private infrastructure in the United States. The AFRL-IonQ agreement, which marks IonQ’s latest commercialization milestone, represents a significant public-private partnership to invest in quantum computing.

"Trapped ion systems and their performance demonstrated by high algorithmic qubits (AQ) have some very unique properties making them one of the leading technologies in the development of quantum computing and networking capabilities," said Michael Hayduk, Deputy Director of the Information Directorate at the Air Force Research Lab. "This contract solidifies AFRL's long-term strategic focus in quantum information science. The partnership will accelerate critical quantum science and technology projects, benefiting the Air Force as we seek to maintain our competitive advantage and advance our national security interests."

In 2021, the U.S. House introduced the Quantum Cybersecurity Preparedness Act, signaling fresh focus on the need for U.S. investment in quantum–both to protect against quantum-powered attacks from foreign actors and to develop quantum computing strength on the domestic front. In May 2022, the Biden-Harris administration announced directives to support U.S. leadership in quantum computing, and in September, the National Security Administration (NSA) shared guidance on the importance of cybersecurity readiness against would-be adversaries developing quantum systems.

“Quantum computing is the key that we believe will unlock unforeseen efficiencies and strength in the development and deployment of U.S. defense technologies,” said IonQ CEO Peter Chapman. “This area of research holds incredibly exciting promise, and we’re proud to be among the first to partner with the AFRL to further American leadership in this important space.”

IonQ’s work with the AFRL continues its momentum of commercial and scientific accomplishments, which over the past 12 months alone include research and commercial relationships with Airbus, GE Research, Goldman Sachs, Hyundai and others. The company also recently announced that its industry-leading IonQ Aria system is publicly available on Microsoft Azure Quantum, providing developers, researchers, engineers, and industry leaders from around the world with access to quantum via the cloud.

This agreement with AFRL was included in the previously identified late-stage opportunity in IonQ’s booking forecast that was at risk of closing in 2022. In conjunction with this new contract win, IonQ is reaffirming its previous financial outlook as stated in its latest earnings call from August 15, 2022.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ's current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, including IonQ Aria, a system that boasts industry-leading 23 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct access through IonQ. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

IonQ Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to quantum computing’s impact on the development and deployment of U.S. defense technologies; and IonQ’s future financial performance, including management’s financial outlook for the third quarter and full year 2022. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and IonQ’s products, services and solutions; the ability of IonQ to protect its intellectual property; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ’s business; IonQ’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of IonQ’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations. Unless otherwise indicated, the content of the third-party websites and publications accessed through the hyperlinks included in this press release does not constitute a portion of this press release and is included as textual reference only.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005128/en/

IonQ Media contact:

press@ionq.com

IonQ Investor Contact:

investors@ionq.com

Source: IonQ, Inc.

FAQ

What is IonQ's recent contract with the U.S. Air Force about?

IonQ secured a $13.4 million contract to provide quantum computing access to the U.S. Air Force Research Lab.

How will the $13.4 million contract impact IonQ's financial outlook?

IonQ reaffirmed its previous financial outlook following the contract win with the U.S. Air Force.

What does the partnership with the U.S. Air Force entail?

The partnership focuses on developing quantum algorithms and applications using IonQ's trapped ion systems.

When was the contract with the U.S. Air Force announced?

The contract was announced in September 2022.

What are the implications of quantum computing for U.S. defense?

Quantum computing is expected to enhance efficiencies and strengthen U.S. defense technologies.