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IonQ Becomes First Publicly Traded, Pure-Play Quantum Computing Company; Closes Business Combination with dMY Technology Group III

·5 min read
  • IonQ ushers in the era of quantum computing, lists on public market to begin trading on NYSE under ticker "IONQ" today, October 1, 2021

  • IonQ received gross proceeds of $636 million from transaction to fund growth and accelerate the commercialization of industry-leading quantum computers

COLLEGE PARK, Md., October 01, 2021--(BUSINESS WIRE)--IonQ, Inc. ("IonQ" or the "Company") (NYSE: IONQ), a leader in quantum computing, completed its previously announced business combination with dMY Technology Group, Inc. III ("dMY") (formerly NYSE: DMYI), a publicly traded special purpose acquisition company, on September 30, 2021. Starting this morning, the common stock and warrants of the combined company, IonQ Inc., will be listed on the New York Stock Exchange under the ticker symbols "IONQ" and "IONQ.WS," respectively.

IonQ is a trailblazer in quantum computing with the world’s most powerful trapped-ion quantum computer, and is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud. This business combination provided IonQ with $636 million in gross proceeds to fund future growth and accelerate the commercialization of its industry-leading quantum computers.

"Quantum is here, and IonQ is leading the industry with our revolutionary trapped-ion technology," said Peter Chapman, President and CEO of IonQ. "Over the past six years, we have taken this critical technology out of the lab and have developed it into a commercial product. This year, we are proud to have tripled our bookings expectations for 2021, and are further thrilled to have announced collaborations with Goldman Sachs, Fidelity Center for Applied Technology, GE Research and the University of Maryland. We are humbled by the interest in our public listing and are confident in our ability to deliver against our business plan. I’m incredibly grateful to the entire IonQ ecosystem of employees, customers and stakeholders – this is just the beginning."

Last month, IonQ announced that it had tripled its expectation for 2021 total contract bookings from its previously announced target of $5 million to $15 million. IonQ believes this is a demonstration of the real and rapidly accelerating need for quantum computing among enterprise customers and cements IonQ as a leader in quantum computing.

"IonQ’s listing today marks an incredibly significant milestone for quantum computing – the demand for this technology is real and the path to commercialization and scale is tangible," said Niccolo de Masi, CEO of dMY Technology group of companies. "We’re thrilled to continue to partner with the IonQ management team and look forward to celebrating the company’s future accomplishments and milestones."

Morgan Stanley & Co. LLC served as the exclusive financial advisor to IonQ. Goldman Sachs & Co. LLC served as the exclusive financial advisor to dMY III. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC also acted as co-lead placement agents on the PIPE. Needham & Company also acted as placement agent on the PIPE. Cooley LLP and Cleary Gottlieb Steen & Hamilton LLP represented IonQ and dMY III, respectively, as legal counsel.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful trapped-ion quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. These statements include those related to the Company’s ability to accelerate the commercialization of its industry-leading quantum computers and anticipated use of capital to fund growth and achieve scale; and the accelerating need for quantum computing among enterprise customers. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and the Company’s products, services and solutions; the ability of the Company to protect its intellectual property; changes in the competitive industries in which the Company operates; changes in laws and regulations affecting the Company’s business; the Company’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the registration statement on Form S-4 and other documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211001005358/en/

Contacts

IonQ Media contact:
Mission North
ionq@missionnorth.com

IonQ Investor Contact:
Michael Bowen and Ryan Gardella
IonQIR@icrinc.com