Deal builds on the strategic cooperation between the United States and United Kingdom to unlock next-generation technologies, and enhances Oxford Ionics’ position as a global hub for quantum computing R&D
Combined entity intends to deliver the world’s most powerful quantum computers by bringing together complementary technologies
The combination is expected to accelerate innovation in drug discovery, materials science, financial modeling, logistics, chemistry, aerospace, cybersecurity and defense
College Park, MD and Oxford, UK – Jun 9, 2025 – IonQ and Oxford Ionics today announced they have entered into a definitive agreement for IonQ to acquire Oxford Ionics in a transaction valued at $1.075 Billion, which will consist of $1.065 Billion in shares of IonQ common stock and approximately $10 Million in cash (subject to customary closing adjustments and expenses).
IonQ is a leader in quantum computing and networking, developing high performance systems based on trapped ion technology, to help solve the world’s most complex commercial and research challenges. Oxford Ionics holds the current world records for fidelity, which measures the accuracy of quantum operations.
The transaction will bring together IonQ’s quantum compute, application and networking stack with Oxford Ionics’ groundbreaking ion-trap technology manufactured on standard semiconductor chips. The combined technologies are expected to deliver innovative, reliable quantum computers that increase in power, scale, and problem-solving capabilities. Both companies expect to benefit from the other’s complementary technologies, deep expertise, and IonQ’s global resources and established customer base.
The combined company expects to build systems with 256 physical qubits at accuracies of 99.99% by 2026 and advance to over 10,000 physical qubits with logical accuracies of 99.99999% by 2027. The combined company anticipates extending its innovation by reaching 2 million physical qubits in its quantum computers by 2030, enabling logical qubit accuracies exceeding 99.9999999999%.
The quantum computing market is projected to create up to $850 billion of global economic value by 2040 according to Boston Consulting Group. The management teams believe the transaction will enable the combined company to pioneer breakthroughs in quantum computing. IonQ expects that combining with Oxford Ionics will help drive the creation of disruptive applications that enable substantial revenue growth opportunities.
Oxford Ionics’ team is expected to play a vital role in the combined company’s future. Both Oxford Ionics founders, Dr. Chris Ballance and Dr. Tom Harty, are expected to remain with IonQ after the acquisition is completed, continuing their pioneering work on quantum technology development in the UK. The combined entity also plans to expand its workforce in Oxford to further develop the UK’s position as a leader in quantum computing.
The combined company expects to maintain all existing customer relationships, including government partnerships in both the UK and US. The company also plans to continue working with the UK National Quantum Computing Centre and the government’s Quantum Missions program, driven by the Department for Science, Innovation and Technology and Innovate UK, helping to develop practical quantum computing applications in manufacturing, pharmaceuticals, and defense.
“IonQ’s vision has always been to drive real-world impact in every era and year of quantum computing’s growth. Today’s announcement of our intention to acquire Oxford Ionics accelerates our mission to full fault-tolerant quantum computers with 2 million physical qubits and 80,000 logical qubits by 2030,” said Niccolo de Masi, CEO of IonQ. “We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications.
De Masi continued, “We are pleased to welcome Oxford Ionics founders Dr. Chris Ballance and Dr. Tom Harty, and the rest of the Oxford Ionics team to IonQ. Their groundbreaking ion-trap-on-a-chip technology will accelerate IonQ’s commercial quantum computer miniaturization and global delivery. Our combined path to millions of qubits by 2030 will help ensure unit economics, scale, and power as quantum computing rapidly evolves.”
“We’re tremendously excited to work alongside the world-class quantum computing and networking teams at IonQ. Together, we intend to move faster than any other player in the industry to deliver the leading fault-tolerant quantum computers with transformative value for customers,” said CEO of Oxford Ionics, Dr. Chris Ballance. “At Oxford Ionics, we have not only pioneered the most accurate quantum platform on the market – we have also engineered a quantum chip capable of being manufactured in standard semiconductor fabs. We look forward to integrating this innovative technology to help accelerate IonQ’s quantum computing roadmap for customers in Europe and worldwide.”
The acquisition of Oxford Ionics follows IonQ’s recent quantum computing and networking momentum, including the recent acquisition of Lightsynq and pending acquisition of Capella.
To learn more, please join “IonQ’s Path to Large-Scale, Fault-Tolerant Quantum Computing” webinar today, June 9th at 6:00 pm BST, 1:00 pm EST, 10 am PT. Register here: https://ionq.com/events#registration-form
The number of shares of IonQ common stock to be issued will not be less than 21,143,538 shares or more than 35,241,561 shares, which is expected to equate to between 7.02% and 11.46% of the outstanding IonQ shares after the issuance, after giving effect to the expected issuance of shares to Capella shareholders upon closing that transaction. The final number of shares to be issued as consideration will be calculated using the volume-weighted average price for IonQ shares for the 20 trading days immediately preceding the third business day prior to the closing, but will not be more than $50.37 per share or less than $30.22 per share. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close in 2025.
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