US quantum computing firm IonQ acquired a majority stake in quantum networking provider ID Quantique.
The transaction consideration will be paid in IonQ common stock, with the company noting that under the terms of the deal, it would acquire 300 quantum networking patents from ID Quantique.
IonQ also announced it had signed a Memorandum of Understanding with SK Telecom to form a “global quantum strategic partnership.”
The company expects the ID Quantique acquisition to be completed in the next nine months, subject to customary closing conditions. This acquisition marks the second purchase for IonQ in the last six months and the third since 2023.
In November 2024, the company announced plans to acquire quantum networking startup Qubitekk for an undisclosed amount, following its purchase of Canadian quantum startup Entangled Networks in January 2023.
“This strategic transaction and the expertise of ID Quantique furthers IonQ’s role as a global leader in next-generation secure communications,” said Peter Chapman, executive chair of IonQ. “And once finalized, we expect that our intended strategic partnership with SK Telecom, one of the most powerful technology companies in Asia, will significantly enhance the distribution of IonQ quantum technology, leading to many commercial and technical opportunities.”
Chapman, who had been president and CEO at IonQ since 2019, this week transitioned into the role of executive chair, with Niccolo de Masi taking over as president and CEO. Niccolo has served on IonQ’s board of directors since 2021 and has held a number of previous CEO and chairman positions.
The announcements came as IonQ published its 2024 revenue, with the company posting full-year bookings of $95.6 million. FY2024 revenue saw a year-on-year increase of 95 percent, totaling $43.1 million, while revenue for Q4 2024 was $11.7 million, exceeding the company’s previously announced guidance range.
For the fourth quarter, net loss was $202 million and adjusted EBITDA loss was $32.8 million, while full-year net loss was $331.6 million and adjusted EBITDA loss was $107.2 million, an improvement on IonQ’s full-year Adjusted EBITDA financial outlook.
“We had IonQ’s best year yet in 2024, exceeding the high ends of both our bookings and revenue guidance ranges and making truly significant technical strides,” said Chapman. “As we enter 2025, IonQ has a strong pipeline that we believe will enable us to lead in the era of commercial advantage. Last year, our rapidly expanding quantum networking business line closed three major networking contracts.”
