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March 8, 2021, 6:16 a.m. EST

IonQ to become first publicly traded quantum computing company via merger with SPAC dMY Technology Group

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By Ciara Linnane

DMYI

IonQ Inc. said Monday it will become the first publicly traded pure-play quantum computing company when it completes a merger with special purpose acquisition corporation dMY Technology "Group III /zigman2/quotes/223592399/composite DMYI +0.19% . The deal has a pro forma implied market capitalization for the combined company of about 2 billion, the companies said in a joint statement. Once the deal closes, IonQ shares will trade on the New York Stock Exchange, under the ticker symbol 'IONQ.' The deal will generate $650 million in gross proceeds and will include investment from Fidelity Management & Research Company LLC, Silver Lake, Breakthrough Energy Ventures, MSD Partners, L.P., Hyundai Motor Company and Kia Corporation, and other institutional investors. "In addition to producing the first and only quantum computer available via the cloud on both Amazon Braket and Microsoft Azure, IonQ has defined what it believes to be the best path forward to scaling quantum computing power," the company said. "By 2023, IonQ plans to develop modular quantum computers small enough to be networked together, which could pave the way for broad quantum advantage by 2025."

/zigman2/quotes/223592399/composite
US : U.S.: NYSE
$ 10.32
+0.02 +0.19%
Volume: 152,451
April 21, 2021 1:56p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$386.25 million
Rev. per Employee
N/A
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