Dear Friend,

Every year, the power companies serving 13 states, from New Jersey to Illinois, place a bulk order for electricity to guarantee your lights stay on.

Last year, that order cost $2.2 billion.

This year: $14.7 billion.

Same lights. Same states. Nearly 7 times the price.

Guess who pays the difference.

Here's why it's happening: the biggest tech companies on Earth are spending a quarter of a trillion dollars this year on data centers, and they're draining the grid to run them. Nearly 2,300 gigawatts of new supply is stuck in a bureaucratic waiting line. Some data centers are literally running diesel generators.

There is one energy source built for exactly this: it runs 24 hours a day, needs no fuel, no sunlight, no wind, and Washington preserved its tax credits through 2033 while setting a termination date for everyone else's.

Google signed a 15-year contract. Bill Gates invested $100 million. And on October 20th, the government auctions a quarter-million acres of land that produces it, after the last auctions went for 206 times the asking price.

One company has spent sixty years building this industry.

See where the power actually comes from >>

"The Buck Stops Here,"

Kelly Maguire
Behind the Markets

IonQ’s Space Contract Points to a New Frontier for Quantum Investors

By Nathan Reiff. Originally Published: 8/19/2026.

Another quarter has come and gone, and investors may still be waiting for the quantum computing industry's breakthrough moment. Although many likely assume that moment will come through artificial intelligence applications, cryptographic advancements or pharmaceutical research, aerospace may get there first.

IonQ (NYSE: IONQ) recently announced a promising government contract that suggests as much, although many investors may have missed it amid the hype surrounding the company's noteworthy Q2 2026 earnings.

In early August 2026, IonQ announced that its Space Division—formerly Capella—had been awarded a contract with the U.S. National Reconnaissance Office (NRO). The contract supports the NRO's Radar Commercial Augmentation (RCA) program. At first glance, the award appears to involve satellite imaging rather than a typical quantum computing application. However, that may be precisely why IonQ's announcement could signal that the company is on the verge of a much larger commercial breakthrough.

A Closer Look at IonQ's Space Award

Under its agreement with the NRO, IonQ will provide commercial synthetic aperture radar imagery and related data services in support of various U.S. national security missions. This seems far removed from IonQ's quantum technology and represents an unusual avenue for the company, given its recent sales success and expanding commercial traction in that area. IonQ did not disclose the financial terms of the agreement.

Investors expecting a quantum computing deployment may initially be disappointed, but the contract suggests that IonQ may be transitioning from a company focused exclusively on quantum hardware to one building exposure across multiple industries and finding creative ways to commercialize its tools. The government's willingness to pay IonQ for these services is evidence that the company is making progress with that pivot.

IonQ's Acquisitions Are Paying Off

All of this is possible thanks to IonQ's $311 million acquisition of Capella Space last year, one of a series of major purchases that includes the recent high-profile deal involving SkyWater Technology. Although D-Wave (NASDAQ: QBTS) made headlines early in the year with its major acquisition of Quantum Circuits, this was, in some respects, a straightforward quantum play rather than a lateral move to significantly expand its reach beyond the industry.

Despite paying substantial sums for several companies in recent years, IonQ's financials continue to stand out. In its latest earnings report, the company posted 287% year-over-year (YOY) revenue growth to a record $80 million and significantly raised its full-year revenue guidance to a range of $280 million to $290 million. What's more, the company still has about $3 billion in cash and investments, excluding the SkyWater acquisition, giving it tremendous financial flexibility compared with many rivals.

Why Space Makes Sense for IonQ

Like quantum computing, space is an industry undergoing rapid transformation, with many growth opportunities that are likely still untapped. Quantum technology applications in aerospace are becoming increasingly clear and may include securing satellite communications, developing and improving ultra-precise atomic clocks, managing observation and data collection, optimizing satellite constellations, providing GPS-independent navigation and more.

The radar application related to IonQ's NRO contract is especially important because it offers an immediately available commercial benefit. These radar systems collect imagery regardless of the time of day, cloud cover or adverse weather, making them particularly useful not only for military intelligence but also for disaster response, insurance and other applications. IonQ's commercial synthetic aperture radar platform gathers data that could be invaluable for monitoring pipeline movement or bridge stress, for example.

The NRO award shows that IonQ's space projects—including prior defense work conducted by both IonQ and Capella Space before the acquisition—are attracting government funding. Perhaps the clearest sign that this area has financial potential is that competitors like IBM Corp. (NYSE: IBM) are also exploring collaborations with NASA involving quantum technology.

IonQ's NRO contract is unlikely to have a material impact on the company's near-term financial results, particularly because the company has not disclosed its value. Instead, the award is more important as a potential strategic signal, suggesting that IonQ is putting into practice what many other quantum technology companies are still only hoping to do: find revenue-generating, real-world applications that can attract customer interest. If aerospace becomes increasingly important to the quantum computing industry, IonQ is particularly well-positioned to meet that demand. What's more, the company's reach beyond the pure quantum space suggests it may be able to achieve similar results elsewhere as well.