IonQ Takes Quantum Computing Public With A $2 Billion Deal

By Paul Smith-Goodson

IonQ has shattered the glass ceiling that previously separated pure-play quantum computer companies from public offerings.

There were rumors last year that IonQ was considering an IPO. But rather than raising capital with a conventional IPO, IonQ chose to go public by using a merger with dMY Technology Group III, a SPAC (special-purpose acquisition company). The deal will create a combined entity estimated to be worth about $2 billion.

A few days after the announcement, Patrick Moorhead, president of Moor Insights & Strategy, and I had an interesting conversation with Peter Chapman, CEO and President of IonQ, and Niccolo de Masi, CEO of dMY. There are hundreds of articles explaining details about the transaction and its structure. Our focus here is primarily on IonQ’s cash injection and IonQ’s plans for the money.