Qubitekk’s renowned team, technology, products,
and patent portfolio to join IonQ
Acquisition to continue expansion of IonQ's
trajectory into the quantum networking market
Today, IonQ (NYSE: IONQ) announced that it has reached a
definitive agreement to acquire substantially all of the operating
assets of Qubitekk, Inc., a leading Vista, CA-based quantum
networking company. As part of the transaction, the Qubitekk team
will join IonQ to further enhance IonQ’s leading position in the
quantum networking industry. IonQ anticipates closing the
acquisition within the next six months, subject to the satisfaction
of certain closing conditions.
Quantum networks are expected to become essential
infrastructure, enabling critical applications especially in the
defense, finance, and energy sectors. The technology enables
multiple nodes to communicate via entangled qubits, offering
ultra-secure communications, precise timing synchronization, a
foundation for distributed quantum computing, and a transport layer
for quantum sensing. Having designed and deployed the nation’s
first commercially available quantum network in Chattanooga
Tennessee, the EPB Quantum Network, Qubitekk has distinctive acumen
in the quantum networking category.
From the start, IonQ has prioritized quantum networking as a key
strategy for scaling its quantum computers. Specifically, IonQ’s
architecture plans to use photonic interconnects to link multiple
quantum computers together, creating a more powerful cluster. The
years that IonQ has dedicated to developing this technology for its
computing efforts have allowed IonQ to quickly advance its
offerings in the quantum networking industry.
Once closed, the Qubitekk acquisition will represent a major
addition to IonQ’s quantum networking capabilities and customer
set. IonQ believes the transaction will contribute to near-term
bookings and revenue opportunities, extending IonQ’s commercial
leadership in quantum networking.
“Our acquisition of Qubitekk will mark a significant step in
IonQ’s expansion into the quantum networking market, where IonQ
will be a clear leader in both quantum networking and quantum
computing,” said Peter Chapman, President and CEO of IonQ. “The
combination of Qubitekk and IonQ will allow us to continue our
momentum in quantum networking. Quantum networking and quantum
computing are highly synergistic for IonQ. I expect that the
quantum networking part of IonQ could be the first division to be
cash flow positive.”
Qubitekk’s executive team and employee base including
physicists, engineers, software developers, and others will join
IonQ to further drive quantum networking efforts. The Qubitekk team
joining IonQ includes Co-Founder and CEO Stan Ellis, Co-Founder and
CTO Dr. Duncan Earl, Chief Revenue Officer Corey McClelland, and
President Keith Clark.
The deal will also significantly expand IonQ’s quantum
networking expertise and technology portfolio with 118 U.S. and
international patents in the areas of quantum networking hardware
and quantum network security and protection.
“Qubitekk is thrilled to be joining IonQ to capitalize on our
early advantage in the quantum networking space,” said Stan Ellis,
Co-Founder and CEO of Qubitekk. “We have admired IonQ as the
pioneering quantum company, with powerful computing systems and a
demonstrated commitment to quantum networking as critical
infrastructure. Uniting Qubitekk with IonQ will allow us to pursue
the quantum-enabled internet as a near-term reality.”
IonQ’s acquisition of Qubitekk follows closely on the heels of a
series of recent quantum networking announcements from IonQ. In
September, IonQ announced the largest known 2024 U.S. Quantum
Contract Award of $54.5 million with United States Air Force
Research Lab (AFRL) to design, develop and deliver quantum
networking technology. Recently, IonQ demonstrated remote ion-ion
entanglement as a key milestone towards scaling its compute across
multiple quantum processors using photonic interconnects. Earlier
this year, IonQ announced that it was selected by the Applied
Research Laboratory for Intelligence and Security (ARLIS) for a
quantum networking contract to design a first-of-its-kind,
networked system for blind quantum computing. Blind quantum
computing enables quantum computers to operate while remaining
‘blind’ to what information is being processed through them.
Advisor
Wilson Sonsini Goodrich & Rosati is serving as legal counsel
to IonQ.
About IonQ
IonQ, Inc. is a leader in quantum computing that delivers
high-performance systems capable of solving the world’s largest and
most complex commercial and research use cases. IonQ’s current
generation quantum computer, IonQ Forte, is the latest in a line of
cutting-edge systems, boasting 36 algorithmic qubits. The company’s
innovative technology and rapid growth were recognized in Fast
Company’s 2023 Next Big Things in Tech List and Deloitte’s 2023
Technology Fast 500™ List, respectively. Available through all
major cloud providers, IonQ is making quantum computing more
accessible and impactful than ever before. Learn more at
IonQ.com.
About Qubitekk
Qubitekk designs, builds, and integrates the hardware and
software for quantum networks, precursors to the quantum-enabled
internet, while championing the growth of a robust quantum
ecosystem through education, advocacy, and collaboration.
Qubitekk’s comprehensive entanglement distribution technology is at
the core of the Bohr-IV Metro Quantum Network solution deployed at
EPB and utilized in its Quantum Network Essentials product line and
secure network solutions being developed for drones, satellite
communications, and the electric grid.
Co-founded by Dr. Duncan Earl, a nationally recognized pioneer
in the field of practical quantum applications, Qubitekk has been
recognized with an Edison Gold Award and R&D World’s R&D
100 Award. Qubitekk’s quantum technology is empowering the next
generation of solutions for AI, machine learning, automation,
sensing applications, cybersecurity, and secure communications. The
company’s growing list of partners and customers includes NASA, GE,
Verizon, Juniper, the United States Department of Energy, and the
United States Department of Defense. For more information, visit
Qubitekk.com.
IonQ 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 terms “accelerate,“advance,”
“aim,” “believe,” “benefit,” “collaboration,” “design,” “enable,”
“exceed,” “expect,” “expected to,” “intend,” “next-generation,”
“will,” “would,” and other similar expressions are intended to
identify forward-looking statements. These statements include those
related to the anticipated closing of the transaction, the
acquisition of Qubitekk customer contracts, IonQ’s expansion into
the quantum networking market, the expectation that the Qubitekk
acquisition will contribute to IonQ’s near-term bookings and
revenue, the expected hiring of Qubitekk employees; the expansion
of IonQ’s expertise, capabilities and technologies, Qubitekk
personnel joining IonQ, and IonQ’s market position. 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: the conditions for closing
the transaction not being met, including the entry into certain
contracts and amendments to contracts; changes in the competitive
industries in which IonQ operates, including development of
competing technologies; IonQ’s inability to enter new markets and
exploit new technologies; IonQ’s ability to deliver on Qubitekk
customer contracts; IonQ’s inability to hire and maintain the
services of Qubitekk personnel; IonQ’s ability to implement its
business plans, forecasts and other expectations, identify and
realize partnerships and opportunities, and to engage new and
existing customers. You should carefully consider the foregoing
factors and the other risks and uncertainties disclosed in the
Company’s filings, including but not limited to those described in
the “Risk Factors” section of IonQ’s most recent Quarterly Report
on Form 10-Q and other documents filed by IonQ 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 IonQ assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise. IonQ does not give any
assurance that it will achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20241106146038/en/
IonQ Media contact: Tyler Ogoshi press@ionq.com
IonQ Investor Contact: investors@ionq.com
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