Aeon Q He has purchased the UK-based Quantum Computing Startup Oxford Ionics on a nearly $1.1 billion deal.
Stocks rose approximately 3%.
In this release, the company said the agreement combines IONQ’s quantum computing hardware and software knowledge with Oxford Ionics’ semiconductor chip technology. The company aims to provide breakthroughs in this area and leverage its increased revenue opportunities.
“We believe that the benefits of our combined technology will set new standards within quantum computing and provide superior value to our customers through market-leading enterprise applications,” IONQ CEO Niccolo de Masi said in a release.
The deal, which is scheduled to close this year, includes $1.065 billion worth of IONQ shares and about $10 million in cash. The merged company plans to build a system with 256 qubits by 2026, exceeding 10,000 by 2027, and 2 million by 2030.
Interest in quantum computing spiked a few months after the tech giant Microsoft and alphabet We have announced a breakthrough in our new chips. Experts advertise the technology’s ability to solve complex computing tasks that other computers cannot achieve.
The CEO of IONQ previously told CNBC that he hopes the company will become a “800-pound gorilla” in the quantum world.
The Maryland-based company, which was published through a special purpose acquisition company in late 2021, has dropped approximately 6% per year. Stocks have skyrocketed over 400% over a year ago.
Watch: IONQ CEO on revenue: Leading the world with Quantum Internet
