IonQ Inc

“At SkyWater, we were pleased to welcome Qolab, founded by Nobel Prize winner John Martinis, as a new quantum customer. We also extended our multi-year collaboration with D-Wave and launched our OnRamp Foundry Initiative to accelerate quantum startups from laboratory prototype to commercial manufacturing.

De Masi is turning the SkyWater acquisition into a revenue stream from rivals, with D-Wave renewing and a new foundry program courting quantum startups that need manufacturing. That makes IonQ a picks-and-shovels supplier to the sector alongside its role as a competitor in it, right as IBM's Anderon spinoff moves into the same foundry lane.

“We are deeply proud that IonQ is the only trapped-ion company to advance to DARPA Stage C. This final stage of DARPA's Quantum Benchmarking Initiative includes a potential program value of up to $300 million. In addition, NVIDIA will deploy a Superion 256 system as the first on-premise quantum computer at its Accelerated Quantum Research Center – connected directly to its AI supercomputing infrastructure.

De Masi is tying an $11.4 billion valuation to two outside validators: a DARPA final-stage program worth up to $300 million, and Nvidia putting a Superion 256 on site next to its AI supercomputers. Atom Computing, Diraq and IBM also made Stage C, so the differentiator here is trapped ion rather than exclusive selection.

“I am pleased to report that IonQ delivered its sixth consecutive quarter of record results and the strongest quarter in our company's history. Third quarter revenue of $173.8 million reflects increasing demand for our quantum technologies and the benefits of our vertically integrated quantum manufacturing capabilities through SkyWater.

De Masi is framing the SkyWater acquisition as the engine behind the quarter, which turns IonQ from a research-stage story into a chipmaker with its own fab economics. For an $11.4 billion quantum name, a sixth straight record quarter is the only thing holding up the valuation.

“One of our customers' most urgent needs today is cybersecurity that protects them now and keeps them protected as post-quantum standards evolve. Our acquisition of Elisity extends our strategy to meet that need, adding Zero Trust technology that is both a perfect complement and accelerant to our PQC and QKD solutions.

De Masi is buying revenue today to fund the quantum-security bet of tomorrow: Elisity's Zero Trust networking sells into enterprise budgets now, while post-quantum cryptography and quantum key distribution wait on standards. For an $11.4 billion company still years from commercial-scale quantum, that near-term security business is how the story gets funded.