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Quantum Computing Stock Skyrockets Further on NASA Contract
Key Takeaways
Shares of Quantum Computing ( QUBT ), or QCi, blasted off Tuesday after the integrated photonics and quantum optics firm announced that it had received a contract from the National Aeronautics and Space Administration's (NASA) Goddard Space Flight Center for its imaging technology.
Financial terms were not disclosed.
Quantum Computing shares, which soared 40% Tuesday, have been on a tear over the past month and are now up about 1,600% year-to-date.
NASA To Use QCi's Dirac-3 To Help Meet Its Imaging, Data Processing Demands
The company explained that NASA will use QCi's entropy quantum optimization machine, Dirac-3, to support the space agency's advanced imaging and data processing demands.
QCi noted that Dirac-3 will help address the "challenging phase unwrapping problem for optimally reconstructing images and extracting information from interferometric data generated by radar."
Chief Executive Officer (CEO)
Dr. William McGann said that the goal is to let NASA "compare the results and benefits of QCi's quantum optimization technology with state-of-the-art algorithms running on classical computers."
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