Oxford Ionics, a UK quantum computing firm, is set to be acquired by NASDAQ-listed IonQ in a deal estimated to be worth £790 million. The purchase will comprise both £790 million in IonQ shares and around £7.3 million in cash.
The transaction aims to combine IonQ’s quantum compute, application, and networking stack with Oxford Ionics’ ion-trap technology, manufactured on standard semiconductor chips. The combined entities expect to build systems with 256 physical qubits at 99.99% accuracy by 2026, advancing to over 10,000 physical qubits with higher logical accuracies by 2027. Long-term projections aim for 2 million physical qubits by 2030.
Oxford Ionics founders, Dr. Chris Ballance and Dr. Tom Harty, are expected to remain with IonQ post-acquisition, continuing their pioneering work in the UK. The combined company also plans to expand its workforce in Oxford, aiming to bolster the UK’s position in quantum computing. It will maintain existing customer relationships and continue collaborations with UK government quantum programmes.
Niccolo de Masi, CEO of IonQ, stated: “Today’s announcement of our intention to acquire Oxford Ionics accelerates our mission to full fault-tolerant quantum computers with 2 million physical qubits and 80,000 logical qubits 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.”
Dr. Chris Ballance, CEO of Oxford Ionics, added: “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.”
Image source: Oxford Ionics
