IonQ Announces Largest 2024 U.S. Quantum Contract Award of $54.5M with United States Air Force Research Lab

IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced that it has signed a $54.5 million contract with the United States Air Force Research Lab (AFRL). With a quarter remaining in the fiscal year, IonQ has announced $72.8 million in bookings year-to-date and reiterated its confidence in meeting or exceeding its bookings guidance of $75-95 million for the year.

Governments, businesses, and academia are investing in quantum computing to tackle complex, multi-billion-dollar problems in areas such as healthcare, finance and chemistry. Pioneering in both quantum computing and networking, IonQ has nearly doubled revenue every year since going public in 2021 as the company has helped customers address their needs.

By delivering on its mature – and commercially focused – technology roadmap, IonQ has emerged as one of the frontrunners in today’s quantum race. The company has hired seasoned professionals from global technology leaders such as Microsoft, Amazon, IBM, Oracle, Nvidia, Google and HPE to partner with the world’s largest organizations to help deliver value. IonQ is now in its third year of significant commercial revenue and has delivered compound annual growth rates of almost 100% for sales (bookings) and nearly 225% for recognized revenue.

“We are thrilled to be at a major inflection point for the company and the industry. No other publicly traded pure-play quantum computing company has nearly doubled revenue each year since going public, nor have they approached the $100M bookings mark so quickly,” said Peter Chapman, President and CEO of IonQ.

The focus of the AFRL partnership is to design, develop, and deliver technology and hardware that enables the scaling, networking, and deployability of quantum systems. The project will help advance quantum networking compatibility with existing telecommunications infrastructure, interoperability with different quantum systems and devices, and deployability of systems suitable for various environments. The contract will be delivered over four years.

“We are pleased to continue our partnership with IonQ," said Michael Hayduk, Deputy Director of the Air Force Research Laboratory, Information Directorate. "Working with industry partners, we can significantly advance the Department of Air Force's efforts to integrate quantum networks into future operations, bolstering our national defense.”

“I am proud to be the leading voice in Congress to strengthen the partnership between IonQ and the Rome Air Force Research Lab which strengthens our AFRL-Rome, New York facility as the center of gravity for quantum computing research within the Department of Defense. This collaboration is bringing new quantum computing jobs to Rome, and the work done there will ensure the U.S. remains the global defense leader,” said Congresswoman Elise Stafanik.

This AFRL contract builds upon the momentum IonQ has driven in quantum networking over the last year. IonQ announced last month that it was selected by the Applied Research Laboratory for Intelligence and Security (ARLIS) for a quantum networking contract to design a first-of-its-kind, networked system for blind quantum computing.

IonQ has seen traction and growth not just in government, but with global enterprise customers and leading academic institutions. Last month, IonQ announced a multi-million-dollar extension of its contract with Amazon Web Services (AWS) to offer its world-class quantum computers via Amazon Braket, the quantum computing service of AWS. The company also announced a $9M deal with the University of Maryland to provide state-of-the-art quantum computing access. IonQ’s approach addresses performance and scale while simultaneously delivering enterprise-grade quantum solutions. The company’s partnership with U.S. Government agencies and departments is a testament to this approach.

To learn more about IonQ and its latest system news and business developments, visit https://ionq.com/.

*(McKinsey Quantum Technology Monitor April 2024)

About IonQ

IonQ, Inc. is a leader in quantum computing that delivers high-performance systems to solve the world’s largest and most complex commercial and research use cases. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The company’s innovative technology and rapid growth were recognized in Fast Company’s 2023 Next Big Things in Tech List and Deloitte’s 2023 Technology Fast 500™ List, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at 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, such as “will”, “should”, “expects”, “is expecting”, “predicts”, “is predicting”, “outlook”, “guidance” and “believes”. Statements that are not historical in nature are intended to identify forward-looking statements. These statements include those related to IonQ doubling its revenue, its expansion into the quantum networking market, its projected 2024 bookings, improving quantum networking and system deployability, future delivery under its contract, the ability for third parties to implement IonQ’s offerings to increase their quantum computing and networking capabilities, IonQ’s quantum computing capabilities and plans, access to IonQ’s quantum computers, and the scalability, enterprise-readiness, and reliability of IonQ’s quantum computing and networking offerings. 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: IonQ’s ability to scale its business and manage its growth to meet customer and market demands; any disruptions, performance problems or defects in its quantum computing and networking solutions; any slowing or cessation of growth in the quantum computing and quantum networking markets and demand for its solutions; changes in the competitive industries in which IonQ operates, including development of competing technologies; changes in laws and regulations affecting IonQ’s business; our customers’ abilities to maintain sufficient quantum resources for their business, to implement useful quantum algorithms and to otherwise achieve the intended successes for their projects; and IonQ’s ability to implement its business plans, forecasts and other expectations, identify and realize partnerships and opportunities, and to engage new and existing customers. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company’s filings, including but not limited to those described in the “Risk Factors'' section of IonQ’s most recent Quarterly Report on Form 10-Q 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.

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