IonQ (NYSE:IONQ) stock was surging after the quantum computing company announced an MoU with the U.S. Department of Energy to advance the deployment of quantum technologies in space.
Shares were +6.92% Wednesday post-market to $69.97.
The memorandum of understanding comes in the wake of the department’s growing Quantum in Space initiative.
IonQ’s role will be to provide design and execution of an orbital demonstration of quantum-secure communications using its satellite platform.
The collaboration is also expected to explore additional quantum applications in space, including alternate position, navigation, and timing, time synchronization, quantum networking, and sensing.
“This collaboration will help us seed a quantum sandbox in space to support resource exploration and manufacturing of high-value products,” said Rima Kasia Oueid, senior commercialization executive and lead architect of the Quantum-in-Space collaboration at the department.