IonQ Will Merge With dMY Technology Group
Quantum computing startup IonQ is making plans to go public by merging with blank-check company dMY Technology Group (DMYI). The deal values the combined entity at about $2 billion.
If the deal takes place, IonQ will be the first publicly-traded company specifically specializing in commercializing quantum-computing software and hardware. The company competes against several tech giants which are also working on quantum computing technology including Google (GOOGL) and Microsoft (MSFT).
What Is Quantum Computing?
Quantum computers use quantum physics to analyze a vast number of possibilities to find a probable solution. These calculations happen within a fraction of a second. The technology has applications in industries from finance to drug development.
Quantum computing is booming. Analysts expect that 20% of organizations around the world will budget for quantum computing projects by 2023, including companies and governments. In 2018, under 1% of organizations were investing in quantum computing.
Manufacturing New Hardware
With the money raised from its listing, IonQ plans to manufacture a new quantum computing machine. It will be about the size of an Xbox console and it will be able to run at room temperature.
Most machines on the market today are significantly larger than this product and require supercooling technology, so IonQ’s machine would have significant advantages for customers. The company plans to finish building the device by 2023. Many investors expect that quantum computing will continue to gain traction in the coming years, and IonQ could be an important part of this growth.
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