IonQ, a leader in quantum computing and networking, has announced its agreement to acquire Oxford Ionics, a move that is expected to accelerate the development of quantum computing technologies. The transaction is valued at $1.075 billion, consisting of $1.065 billion in shares of IonQ common stock and approximately $10 million in cash.
The combined entity aims to deliver the world’s most powerful quantum computers by leveraging complementary technologies. By 2026, the company expects to build systems with 256 physical qubits at accuracies of 99.99%, advancing to over 10,000 physical qubits with logical accuracies of 99.99999% by 2027. Furthermore, the company anticipates reaching 2 million physical qubits in its quantum computers by 2030, enabling logical qubit accuracies exceeding 99.9999999999%.
The quantum computing market is projected to create up to $850 billion of global economic value by 2040, according to the Boston Consulting Group. IonQ believes that the acquisition of Oxford Ionics will drive the creation of disruptive applications, enabling substantial revenue growth opportunities.
Oxford Ionics' founders, Dr. Chris Ballance and Dr. Tom Harty, are expected to remain with IonQ after the acquisition, continuing their pioneering work on quantum technology development in the UK. The combined company also plans to expand its workforce in Oxford to further develop the UK’s position as a leader in quantum computing.
The transaction is subject to customary closing conditions, including receipt of required regulatory approvals, and is expected to close in 2025.
IonQ is making quantum computing more accessible and impactful than ever before, with its current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, boasting 36 algorithmic qubits. The company's technology and growth were recognized in Newsweek’s 2025 Excellence Index 1000, Forbes’ 2025 Most Successful Mid-Cap Companies list, and Built In’s 2025 100 Best Midsize Places to Work in Washington DC and Seattle.
Oxford Ionics, co-founded in 2019, rapidly commercialized its technology in 2024, selling full-stack quantum computers to the UK’s National Quantum Computing Centre (NQCC) and Germany’s Cyberagentur. The company also holds world records in the three most important metrics for quantum performance: single* and two-qubit gate fidelity and quantum state preparation and measurement (SPAM). Following these announcements, the company's shares moved 6.44%, and are now trading at a price of $39.02. For more information, read the company's full 8-K submission here.
