06:52 AM EDT, 09/27/2024 (MT Newswires) -- IonQ ( IONQ ) said Friday it signed a $54.5 million contract with the United States Air Force Research Lab to design and develop technology and hardware that enables quantum systems' scaling, networking, and deployability.

The project, which will be delivered over four years, is designed to improve quantum networking compatibility with existing telecom infrastructure and ensure interoperability among different quantum devices.

The company said that with one quarter left in the fiscal year, it has reported $72.8 million in bookings so far and is confident that it will meet or exceed its annual bookings guidance of $75-95 million.

Shares of the company rose 9% in premarket trading.

Price: 8.82, Change: +0.76, Percent Change: +9.43