IonQ (IONQ) Stock Trades Up, Here Is Why

What Happened?

Shares of quantum computing company IonQ (NYSE:IONQ) jumped 4.7% in the morning session after a competitor's technical breakthrough lifted sentiment across the quantum computing sector. 

The broader quantum computing industry received a boost after Rigetti Computing announced it had achieved a significant technical milestone. The company reported it reached 99.5% median two-qubit gate fidelity on its new modular 36-qubit system, a key performance metric that represents a major reduction in error rates. While the news came from a competitor, such advancements are often viewed by investors as positive for the entire industry, suggesting that the path to commercially viable quantum computers is progressing. 

This "rising tide lifts all boats" sentiment appeared to benefit IonQ, as positive developments from any major player can increase confidence in the sector's long-term potential and technological feasibility. The news from Rigetti sent its own shares higher and created a ripple effect, with several other quantum computing stocks, including IonQ, trading in positive territory.

After the initial pop the shares cooled down to $42.38, up 2.2% from previous close.

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What Is The Market Telling Us

IonQ’s shares are extremely volatile and have had 111 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was about 2 months ago when the stock gained 36.3% on renewed enthusiasm for quantum computing following the sharp pullback in the first quarter of the year. 

While specific news for the day wasn't immediately apparent to have caused a major surge, the company has had a series of positive announcements, including strong Q1 2025 earnings that beat analyst estimates. 

Earlier in the week, the company announced a collaboration with Swedish company Einride to develop quantum solutions for fleet routing, logistics optimization, and supply chain solutions. This would also extend to Einride's autonomous and electric fleet operations worldwide, two of the fast evolving tech markets, which hold a lot of opportunities and growth potential. 

Adding to the optimism, the company's CEO reiterated its ambitious mission to become the 'Nvidia of quantum computing' in an interview with Barron's.

IonQ is down 1.7% since the beginning of the year, and at $42.38 per share, it is trading 17% below its 52-week high of $51.07 from January 2025. Investors who bought $1,000 worth of IonQ’s shares at the IPO in January 2021 would now be looking at an investment worth $3,924.

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