IonQ (IONQ) shares are having a good day Thursday, up about 5% to $44.22. The broader market is also in the green, so IonQ is just riding the wave. But there's more to the story than a rising tide lifting all boats.

Last week, IonQ announced a partnership with Florida LambdaRail to build what they're calling the first statewide quantum-safe network initiative in the U.S. The idea is to use IonQ's quantum key distribution (QKD) technology to create a super-secure communication network that can fend off cyber threats — even from future quantum computers that could break today's encryption.

Here's how it works: IonQ will set up a three-node corridor linking select colleges over Florida LambdaRail's fiber network. Think of it as a testbed for quantum-secure communications. If it works, the plan is to expand across the state, boosting Florida's quantum ecosystem and attracting more investment. It's a big deal for IonQ because it moves the company from theoretical quantum computing into real-world infrastructure.

Technical Picture: Momentum vs. Resistance

IonQ's stock is trading within its 52-week range of $25.89 to $84.64, so it's not at highs but not at lows either. The technicals show some interesting signals. The stock is 17.1% above its 20-day moving average and 26.1% above its 50-day moving average — that's strong short-term momentum. It's also 9.8% above its 100-day moving average, so the intermediate trend is positive. But here's the catch: it's 4.6% below its 200-day moving average, which suggests there's some resistance at longer-term levels.

Key levels to watch: resistance at $49.00, where sellers might step in, and support at $44.00, where buyers could show up. The stock has returned 61.6% over the past 12 months, which is impressive and shows investor confidence, but the recent pullback from highs means traders are watching these levels closely.

Earnings Preview: Revenue Surge, Wider Loss

IonQ is set to report earnings on May 6, 2026. The numbers are a mixed bag. Revenue is expected to skyrocket to $49.68 million from just $7.57 million a year ago — that's a 556% jump. But the EPS estimate is a loss of 52 cents, wider than last year's loss of 14 cents. So the company is spending heavily to grow, which is typical for a quantum computing company at this stage.

Analysts are still bullish overall. The consensus rating is Buy, with an average price target of $65.18. Recent analyst actions include Northland Capital Markets initiating with Outperform and a $55 target on April 20. But JPMorgan and DA Davidson both have Neutral ratings with lower targets of $42 and $35, respectively, set back in February. So there's some divergence in opinion.

ETF Exposure: Automatic Buying and Selling

IonQ is held in several ETFs, which matters because fund flows can force automatic trading. The notable ones: the Russell Global Infrastructure Active ETF (RIFR) has a 0.40% weight, the Vanguard Russell 2000 ETF (VTWO) has 0.51%, and the Vanguard Russell 2000 Growth ETF (VTWG) has 0.99%. That last one is significant — if money flows into or out of that fund, it will directly impact IonQ's stock price, regardless of the company's fundamentals.

So what's the takeaway? IonQ is making real progress in deploying quantum technology for cybersecurity, which is a huge market. The stock has momentum, but it's facing resistance near $49 and earnings could be volatile. For now, the market likes what it sees, and the Florida LambdaRail partnership gives investors a tangible project to point to. Whether that translates into profits is a question for another day.