IonQ (IONQ, Financials) shares fell 7.4% to $23.21 as of 11:56 a.m. Eastern Time on Thursday after the company announced its selection for the first stage of the U.S. Defense Advanced Research Projects Agency's Quantum Benchmarking Initiative. The program aims to explore whether quantum computers can deliver practical results sooner than expected.
In Stage A, IonQ will help define what performance looks like for a utility-scale quantum computer by offering real-world problem sets and technical input. Companies that clear this phase will move on to Stage B, where participants map out a research and development plan through 2033. Stage C will test whether the proposed systems can be built and used effectively in live environments.
IonQ said its Forte and Forte Enterprise systems already support projects in logistics, pharmaceuticals, artificial intelligence, and finance. The company recently deployed a Forte Enterprise system to a European innovation center in partnership with QuantumBasel. It also installed a quantum networking setup at the U.S. Air Force Research Laboratory and developed faster gate speeds using mixed-species logic gates.
Headquartered in College Park, Maryland, IonQ reported $22 million in revenue last year. The company said it remains focused on building practical quantum tools and sees its role in the DARPA initiative as part of a broader push to set industry standards.
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