IONQ (NYSE: IONQ) stock rose about 5% on Wednesday after the company announced a strategic partnership with Toyota Tsusho Corporation to expand quantum computing initiatives in Japan.
IONQ recently formed a pivotal distributor partnership with Toyota Tsusho, marking its formal entry into Japan’s growing quantum computing market.
Under the agreement, Toyota Tsusho will leverage its extensive network to introduce IONQ’s advanced quantum computing and networking technologies to businesses across Japan.
The partnership aligns with Japan’s reputation for embracing technological innovation and is expected to drive widespread adoption of quantum computing across multiple industries in the country. Niccolo de Masi, President and CEO of IONQ, expressed excitement about the agreement, noting the first local deal has already been signed through Toyota Tsusho’s customer network, with expectations for more to follow.
Toyota Tsusho, a member of the Toyota Group, generates approximately $70 billion in annual revenue. The company brings decades of experience in business development and market expansion in Japan and has a diverse portfolio spanning automotive to emerging technology sectors.
Founded in 1948 as the trading and business development arm of the Toyota Group, Toyota Tsusho has recently made significant strides in quantum computing.
“We see the immense transformative value of quantum computing technologies for our customers across industries,” said Kazumi Mizukawa, General Manager of the Enterprise IT Department at Toyota Tsusho. “Our partnership with IonQ is a momentous step toward immediately realizing the commercial benefits of quantum solutions in Japan.”
According to McKinsey, quantum computing could represent a $1 to $2 trillion market by 2035. Japan is expected to be a major player in this space, making IonQ’s entry into the country timely and strategic.
This latest announcement is part of IONQ’s broader strategy to expand its global presence. Over the past year, IONQ has formed key partnerships, including one with the University of Maryland and the State of Maryland to establish Maryland as the Capital of Quantum in the computing industry. The company has also opened the United States’ first quantum computing manufacturing facility, unveiled its first quantum computer in Europe in partnership with QuantumBasel, and signed a memorandum of understanding with various organizations in South Korea and Japan to drive quantum innovation.
The Toyota Tsusho partnership reinforces IonQ’s commitment to the Asia-Pacific region. It complements its existing partnerships with companies like Hyundai Motors and academic institutions, including Sungkyunkwan University and Seoul National University.
IONQ (NYSE: IONQ) stock is down 2.28%, trading at $26.19 pre-market today, and has gained 278% over the past year.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto. Read Full Bio
