IonQ makes plans to go public

FeaturedMoney

Written by:

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).

Related: Amazon’s plans for brick-and-mortar grocery stores

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.

Learn more:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

 

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Featured Image Credit: IonQ.

AlertMe