IonQ (IONQ) has been chosen for Stage B of a major U.S. defense project that sets out to measure and define progress in quantum computing. The initiative, called the Quantum Benchmarking Initiative, is led by the Defense Advanced Research Projects Agency, or DARPA.
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IonQ had already completed Stage A, which focused on outlining what a practical quantum computer might look like. Now, in Stage B, the company will develop a detailed roadmap through 2033. That plan will include designs, hardware targets, and performance goals. The last stage, Stage C, will aim to confirm whether such a machine can be built and used for real-world needs.
Meanwhile, IONQ shares climbed 3.20% on Friday, closing at $59.27.
IonQ Targets 2 Million Qubits by 2030
This comes as IonQ works toward its goal of delivering a utility-scale system by 2030. The company aims to target 2 million physical qubits and 80,000 logical qubits by that time. It also recently hit #AQ 64 on its IonQ Tempo system, a key metric based on accuracy and qubit count.
The company’s hardware is already available on Amazon Web Services (AMZN), Microsoft Azure (MSFT), and Google Cloud (GOOGL) (GOOG). That access gives IonQ a head start in testing quantum tools for use in health, energy, and national security.
Revenue is Picking Up, But Expenses Are Still Heavy
In its latest report, IonQ posted third-quarter revenue of $20.7 million, beating its own forecast by 15%. Growth came from deals with clients like Amazon Web Services and AstraZeneca (AZN). The company also secured $1 billion in fresh capital to help expand its team and research.
Still, net losses widened to $177.5 million, up from $37.6 million a year earlier. That shift came mostly from higher stock-based pay and the cost of building larger systems.
For now, the focus remains on research progress and new partnerships, not on near-term profits. Investors tracking the space will likely keep watching which firms gain traction with government buyers and cloud platforms.
Is IONQ Stock a Buy?
On the Street, IonQ holds a Strong Buy consensus rating. The average IONQ stock price target stands at $78.78, implying a 32.92% upside from the current price.
