IonQ Inc.'S IONQ Shares are surging Thursday after the company reported better-than-expected third-quarter results and announced a number of partnerships. Several analysts raised their price targets following the release, seemingly adding to the bullish momentum. Here's what you need to know:

What you should know: IonQ reported third-quarter revenue of $12.4 million, beating analysts' expectations of $10.56 million. According to Benzinga Pro, the company reported a loss of 24 cents per share, versus an expected loss of 21 cents per share.

Total revenue increased 102% year over year and the company recorded $63.5 million in new bookings, supported by a $54.5 million improvement contract with the US Air Force Research Lab (AFRL). of quantum hardware for scaling and networking applications.

IonQ also raised its full-year 2024 revenue guidance to a range of $38.5 million to $42.5 million, up from a previous range of $38 million to $42 million.

Following the company's quarterly results, benchmark analyst David Williams maintained IonQ with a Buy rating and increased the price target to $22 from $12. Needham analyst Quinn Bolton also maintained a Buy rating and increased the price target to $18 from $13.

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What else: IonQ announced the creation of a new development center for quantum applications in collaboration with AstraZeneca. The companies will work together to develop quantum applications.

IonQ also announced partnerships with Ansys And NKT Photonics. The company will work with Ansys to integrate quantum computing into the computer-aided engineering industry. IonQ said it will work with NKT Photonics to develop next-generation laser systems for its trapped-ion quantum computers and networking devices.

“We are excited to partner with NKT Photonics as they share IonQ’s vision of developing high-performance, scalable and accessible quantum computers for enterprise data center environments,” he said Dave MehuysVice President of Product Development at IonQ.

Finally, IonQ announced that it has entered into a definitive agreement to acquire the California-based quantum networking company Qubitekk. The acquisition is expected to close in the next six months. As part of the transaction, the Qubitekk team will join IonQ to expand IonQ's position in the quantum networking industry.

IONQ price promotion: According to Benzinga Pro, IonQ shares were up 35.7% at $22.33 at the time of publication.

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