Quantum stocks boomed on Wednesday, driven higher by acquisitions, analyst coverage and investor optimism. After the closing bell, a major government partnership was announced, sending the hot sector even higher.
Here's a look at what ‘s driving quantum stocks now.
- IONQ stock is hitting new highs. See the real-time price action here.
IonQ Catalysts
IonQ Inc. (NYSE:IONQ) announced on Wednesday that it completed the acquisition of Oxford Ionics and entered into a definitive agreement to acquire quantum sensor company Vector Atomic, with more than $200 million in government contracts.
Needham analyst N. Quinn Bolton maintained a Buy rating and $80 price target on IonQ shares, further boosting investor confidence.
After the closing bell, IonQ announced it had joined the Department of Energy Quantum-in-Space collaboration, which aims to accelerate commercialization and technological leadership in space-based quantum technologies.
"By bringing in new partners, we are accelerating commercialization, demonstrating applications like secure quantum communications, advanced quantum position navigation and timing, and quantum sensing, and expanding America's role in the space economy," said Rima Kasia Oueid, DOE Senior Commercialization Executive and lead architect of the Quantum-in-Space Collaboration.
Niccolo de Masi, CEO of IonQ, highlighted the importance of the Quantum-in-Space Collaboration.
"By working alongside the DOE, we aim to demonstrate the power of quantum computing and networking to enable new applications for secure communications," de Masi said.
"This MOU reflects the growing importance of quantum technologies in achieving global leadership in space innovation and cybersecurity," he added.
IonQ stock rallied to an all-time high on Wednesday and continued climbing in early trading on Thursday.
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Other Quantum Stock Movements
D-Wave Quantum, Inc. (NYSE:QBTS) set a new 52-week high on Wednesday, closing up 18.76% at $22.49, fueled by sector sentiment and data featured at the company's Tokyo event.
D-Wave showcased an 83% surge in bookings in the Asia Pacific region and a quantum AI drug discovery pilot with Japan Tobacco, as well as a network optimization project with NTT DOCOMO that has already reduced mobile network congestion by 15%.
D-Wave Quantum stock has gained more than 41% over the past five days.
Quantum Computing Inc. (NASDAQ:QUBT) jumped by about 4.5% on Wednesday, driven by broader quantum innovation excitement and news about industry advancements.
On Thursday, Lake Street analyst Max Michaelis initiated coverage on Quantum Computing with a Buy rating and a $24 price target.
QUBT shares were up over 2,700% over the past 12 months, according to data from Benzinga Pro.
Rigetti Computing, Inc. (NASDAQ:RGTI) on Thursday announced it was awarded a three-year, $5.8 million contract from the Air Force Research Laboratory to advance superconducting quantum networking.
Rigetti will collaborate with QphoX on the project, a Dutch quantum technology startup developing leading frequency conversion systems for quantum applications.
Rigetti stock was trading 10% higher at an all-time high following the announcement on Thursday.
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