Quantum computing firm IonQ (NYSE: IONQ) said it raised a net $360 million from an “at-the-market” (ATM) equity offering program, selling about 16 million shares.
After terminating the sale, the College Park, Md.-based company said it “determined that it has raised a sufficient amount to meet its currently anticipated capital needs.”
“We are pleased to have been able to raise over $350 million, even in the recent turbulent markets. On a pro-forma basis, this brings our cash balance on December 31, 2024 to over $700 million,” said IonQ CEO Niccolo De Masi. “We are confident that we now have the capital we need for continued global leadership in both our quantum computing and quantum networking divisions.”
Exec Chairman to Sell Shares
Even though the ATM program was terminated, IonQ said its officers and directors can sell shares in the currently open trading window March 14, subject to general rules. Only Executive Chairman Peter Chapman planned to sell up to 2 million shares, the company said. Chapman said the planned sale was intended to meet near-term capital needs related to a personal real estate purchase and to pay taxes associated with exercise of options. Over the past six years, Chapman has not exercised options or sold shares, and what he may sell represents less than 23% of his vested equity interests.
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Late last year, the decade-old company acquired quantum networking company Qubitekk and last week said it has secured a controlling stake in Switzerland’s ID Quantique (IDQ), a quantum safe networking and sensing company. The IDQ transaction brings nearly 250 networking patents, adding to about 150 granted or pending quantum networking patents it already has.
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IonQ was founded in 2015 by Chris Monroe of the University of Maryland and Jungsang Kim of Duke University with $2 million in seed funding from New Enterprise Associates (NEA), and licenses to technology developed by them at their respective universities. The company has since raised $20 million more from Google’s venture arm GV, Amazon Web Services and NEA, and built two quantum computers. Its other investors include Samsung and Mubadala, the sovereign wealth fund of Abdu Dhabi. IonQ completed an initial public offering in 2021.
IonQ has two quantum networking contracts with the U.S. Air Force Research Laboratory (AFRL), and another with the Applied Research Laboratory for Intelligence and Security (ARLIS) to build and install quantum network infrastructure.
