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IonQ to Acquire Oxford Ionics for $1.08 Billion to Boost Quantum Computing Research

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U.S.-based quantum computing company IonQ announced on Monday that it will acquire British peer Oxford Ionics for $1.08 billion in a cash-and-stock deal, aiming to strengthen its expertise in the rapidly growing quantum technology sector. IonQ’s shares rose nearly 4% in premarket trading following the announcement, with the company’s market valuation standing at $10.15 billion as of the last close.

Quantum computing, which leverages quantum bits or qubits to perform complex calculations faster and more efficiently than classical computers, has attracted significant investments from tech giants like Microsoft, Google, and IBM. Oxford Ionics specializes in innovative methods to control qubits, a critical focus area in advancing quantum computer performance.

The founders of Oxford Ionics, Chris Balance and Tom Harty, who are also researchers, will continue to work with IonQ after the acquisition closes. The transaction price per share will be set between $30.22 and $50.37 based on IonQ’s stock price in the 20 days preceding deal closure, expected within this year.

Although revenues remain modest for quantum computing companies including IonQ and competitor Rigetti, the technology is viewed as vital for national security and has promising applications in fields such as medical research and cybersecurity.

IonQ has actively expanded its capabilities through acquisitions, including last year’s purchase of Boston startup Lightsynq, which focuses on quantum memory. Meanwhile, Nvidia’s CEO Jensen Huang announced plans to open a quantum computing research lab, signaling growing industry momentum, despite some skepticism about when the technology will be practically applicable.

EPAM Systems Lifts 2025 Outlook, Names New CEO as Shares Surge 10%

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EPAM Systems raised its annual revenue and earnings forecast on Thursday and announced a major leadership transition, sending its stock up about 10% in premarket trading.

The IT services and consulting firm said founder and long-time CEO Arkadiy Dobkin will become executive chairman effective September 1, while current Chief Revenue Officer Balazs Fejes will take over as the new Chief Executive Officer.

Financial Highlights:

  • 2025 revenue growth is now projected at 11.5% to 14.5%, up from the previous 10% to 14% range.

  • Full-year adjusted EPS forecast increased to $10.70–$10.95, from $10.45–$10.75.

  • Q1 revenue: $1.30 billion vs. $1.28 billion expected (LSEG data)

  • Q1 adjusted EPS: $2.41 vs. $2.27 expected

Strategic and Market Context:

  • EPAM’s diversified IT consulting services have helped it outperform peers during a cautious tech spending environment.

  • Larger rivals such as Accenture and IBM have recently faced setbacks due to U.S. federal contract cutbacks amid Trump administration spending reductions.

  • EPAM’s recent acquisition of FD Technologies’ consulting unit is strengthening its positioning in AI-driven financial services.

Looking Ahead:

  • The company also issued a second-quarter forecast that topped Wall Street expectations for both revenue and profit.

  • The leadership transition comes at a time when EPAM is shifting deeper into AI and digital transformation services, and the company says the change is aimed at accelerating innovation and global growth.

Kyndryl Shares Drop After Gotham City Alleges Financial Manipulation

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Shares of Kyndryl (KD.N) fell nearly 13% on Thursday following allegations from short-seller Gotham City Research that the IT services company manipulated its financial metrics.

Allegations from Gotham City

  • Inflated Financial Metrics: Gotham City claims Kyndryl misrepresented adjusted EBITDA and adjusted free cash flow to appear profitable while actually losing money and burning cash.

  • Declining Revenue: The report argues Kyndryl has never generated free cash flow and has seen yearly revenue declines since its separation from IBM.

  • Hidden IBM Costs: Kyndryl allegedly understates its true costs to IBM, with the firm predicting a $1-2 billion increase in service costs over the coming years.

  • Accounting & Disclosure Irregularities: Gotham City also flagged questionable financial reporting related to IBM payments from 2019 to 2023.

Kyndryl’s Response

  • The company strongly denied the allegations, calling the report inaccurate and designed to manipulate the stock.

  • A Kyndryl spokesperson stated that the firm was never contacted by Gotham City and would have refuted the claims if given the opportunity.