June 9 (UPI) -- IonQ announced an agreement Monday to buy Oxford Ionics for $1.075 Billion.
This agreement consists of $1.065 shares in IonQ common stock and approximately $10 Million in cash.
"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.
IonQDevelops high-performance systems based on trapped ion technology, with Oxford Ionics holds the current records for fidelity to measure the accuracy of quantum operations.
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The combined companies aim to use IonQ's quantum compete, application and networking stack with Oxford Ionics' ion-trap technology on standard semiconductor chips. They are expecting to build systems with 256 qubits by 2026, over 10,000 by 2027 and 2 million by 2030.
"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," said IonQ CEO Niccolo De Masi in a release."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."
Quantum computing's interest has been growing. After Microsoft and Alphabet announced their new chip breakthroughs.
The quantum computing market is projected to create $850 billion of global economic value by 2024 according to Boston Consulting Group.
