IonQ has become a standout name in quantum computing -- due in part to its outspoken chief executive, but also backed by steady commercial progress. Following the latest earnings report, leadership expects that momentum only to build.

"Our ratio of saying something to doing something is very high," CEO Niccolo de Masi told Barron's ahead of IonQ's third-quarter earnings call on Thursday. The executive hasn't been shy about his efforts to turn the company he helped take public in 2021 into an industry superpower.

Luckily for him, the latest quarter was a blowout showing for the roughly decade-old quantum developer. Revenue more than quadrupled to $173.8 million, driven by a diversified mix of system sales, atomic clocks, and contributions from SkyWater Technology, the foundry business operating as its subsidiary.

Shares climbed 4.1% to $27.47 in after-hours trading following the report.

In an interview with Barron's last year, de Masi made a bold proposition: the company would become "the Nvidia player" of the quantum industry. As he sees it, IonQ is doing just that.

"We're building the quantum ecosystem for the Western world -- for our nation, for the Five Eyes, for NATO," de Masi said on Thursday, referring to international security alliances. While the company doesn't have dedicated pacts with either group, its IonQ Federal division aligns closely with allied defense initiatives more broadly.

A central theme of the quarter was IonQ's close alignment with the federal government, which has taken an interest in the quantum sector as part of a wider effort to secure domestic supply chains for critical industries.

De Masi is a regular presence at White House events and frequently speaks on panels covering national quantum strategy. Last month, the company announced it had advanced to the final stage of the Defense Advanced Research Projects Agency's (DARPA) quantum benchmarking initiative, which provides an independent audit of its participants' progress toward building an industrially useful, error-corrected system by 2033.

The significance of that announcement was largely lost on investors at the time. With Washington heavily invested in shaping the quantum ecosystem, such backing can serve as a signal for picking early winners. IBM, Diraq, and Atom Computing were also selected, while Quantinuum told Barron's it expects to be included in the future.

IonQ recognized a $28 million DARPA contract for 25 atomic clocks in the quarter, signaling not only its enduring federal ties, but also that it has outgrown the label of a pure-play quantum computing company.

The clearest sign yet came from SkyWater services, which brought in $83.5 million -- nearly half of the quarter's total revenue -- across both legacy clients and new customers. The $1.8 billion acquisition directly advanced IonQ's goal of establishing itself as a merchant supplier for the industry. Between atomic clocks and chips, the company now supplies roughly a dozen other quantum companies.

As far as pure computing goes, a deal with Korean quantum company SDT was one of the largest contributors to IonQ's top line in the latest quarter. The $33 million contract includes the deployment of a Superion 256 quantum computer and corresponding quantum memory platform.

The system is planned for deployment with one of SDT's customers in South Korea, where IonQ and SDT also plan to collaborate on a data center linking classical systems with quantum computers.

The earnings report came on a down day for the market, with the Nasdaq Composite sinking 5.5% amid a rush of profit-taking. Quantum stocks typically trade in tandem with the broader market, though isolated announcements can send shares sharply higher.

Yet the moment also presented a critical test for IonQ. Over the past month, the stock has plunged nearly 40%, sharply lagging both the S&P 500 and tech-heavy Nasdaq Composite, which had fallen 4.9% and 11%, respectively. Dilution fears sparked by a $2 billion equity offering, coupled with a broader retreat from speculative tech, served as the main culprits.

De Masi wants the numbers to speak for themselves.

"A year ago, people were shocked we did $100 million in a year," he said. "This is becoming a sizable business. And when I said we'd be the Nvidia of quantum and quantum is now, I am doing exactly what we talked about."

Ultimately, "we're aiming to be the first [pure-play quantum technology company] to 10 figures of revenue," de Masi continued. "I'm not saying exactly when, but obviously we'll be trying to do it in the next year or two."

That ambition shows in the company's full-year forecast. For 2026, the company is targeting revenue between $505 million and $515 million, up sharply from a range of $280 million to $290 million provided in August.

Time will tell whether IonQ pulls it off, but de Masi has set an unmistakably high bar for execution -- one that leaves little room for error.