Quantum computing stocks rallied on Wednesday on the Department of Energy's announcement that it will partner with IonQ, Honeywell and the Electric Power Board of Chattanooga to develop technology use cases in space.
"This (partnership) shows how DOE is building the bridge from demonstration to deployment by adding commercial partners that can bring lab-proven systems into orbit and open pathways to market applications," said Anthony Pugliese, DOE's chief commercialization officer, in a statement.
IonQ Closes Oxford Ionics Acquisition
In April, IonQ partnered with Tennessee's EPB to jointly develop a quantum technology center. Honeywell owns a majority stake in Quantinuum, which recently closed a $600 million funding round. In May, Quantinuum announced a deal with Qatar's Al Rabban Capital in what officials said could be a $1 billion joint venture over the next 10 years.
In other quantum computing news, IonQ closed the $1 billion acquisition of Oxford Ionics on Wednesday and announced the purchase of Vector Atomic, a startup in advanced quantum sensors for positioning, navigation and timing (PNT) applications. Its biggest customer is the U.S. government.
Meanwhile, the Quantum World Congress, an annual conference, is taking place in Tysons, Va., with many quantum companies participating.
In afternoon trades on the stock market today, IonQ stock rose more than 1% to 62.95. IonQ stock has advanced 51% in 2025. Further, IonQ builds its quantum systems around trapped-ion technology.
Quantum Computing Stocks Rally
Shares in D-Wave Quantum, Quantum Computing and Rigetti Computing also gained Wednesday.
D-Wave stock popped 11% to 21.10. D-Wave stock has advanced over 150% in 2025. Rigetti stock rose 5% to near 21. Rigetti stock has climbed 38% this year. Quantum Computing gained 3% to 17.36. Its shares are up about 5% in 2025.
Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Further, quantum computing's ultimate benefit is that it aims to solve problems too complex for today's classical computers, such as simulating chemical reactions.
Meanwhile, quantum computing stocks have been volatile in 2025 amid controversy involving Nvidia CEO Jensen Huang, who initially cast doubt over how soon commercially viable quantum technology will be available. Nvidia, though, has now stepped up investments in quantum startups.
Follow Reinhardt Krause on X, formerly Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
