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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.

Cisco Unveils Quantum Networking Chip, Opens New Lab to Advance Future of Quantum Connectivity

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Cisco Systems revealed a prototype quantum networking chip on Tuesday and announced the opening of a new quantum research lab in Santa Monica, California, marking the company’s formal entry into the fast-evolving field of quantum computing.

Unlike competitors focused on building standalone quantum computers with increasingly more qubits, Cisco’s efforts aim to link quantum systems together, enabling larger-scale quantum computing through networking. The chip, developed in partnership with researchers from UC Santa Barbara, facilitates quantum entanglement between pairs of photons, which can then be transmitted to separate quantum computers—allowing them to share entangled states and communicate instantaneously over long distances.

“There are a whole bunch of use cases,” said Vijoy Pandey, SVP of Cisco’s Outshift innovation incubator. These include high-precision time synchronization for financial trading, global scientific coordination, and even space research applications like meteorite detection.

Quantum entanglement—the same phenomenon Albert Einstein called “spooky action at a distance”—is at the heart of Cisco’s chip design. For now, the technology remains in the prototype phase with no immediate revenue timeline, but Cisco views it as the first building block toward a scalable quantum internet.

Cisco joins a growing list of major tech firms—including Google, Microsoft, Amazon, and Nvidia—racing to lead in quantum innovation. While others build the processors, Cisco is positioning itself as the quantum network infrastructure provider.

PsiQuantum Raising $750 Million to Advance Quantum Computing Technology

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PsiQuantum, a quantum computing startup, is in the process of raising at least $750 million at a $6 billion pre-money valuation, as reported by sources familiar with the matter. BlackRock is reportedly leading the fundraising initiative, which has not yet been finalized.

The company distinguishes itself from other quantum computing startups by modifying traditional manufacturing techniques from the semiconductor industry, using existing photonics technology. This technology, commonly used for fiber-optic communications, is being applied at a factory operated by GlobalFoundries in New York. PsiQuantum aims to produce millions of quantum chips, with plans to scale production significantly, a process that requires substantial investment.

Quantum computing is poised to solve problems that would be impossible for conventional computers, such as simulating molecular interactions and predicting material behaviors. This technology holds the potential to revolutionize fields like battery development and drug discovery. Major tech companies, including Alphabet’s Google, Microsoft, and Amazon, are also pursuing quantum computing, with Nvidia recently announcing plans for a quantum computing research center in Boston.

PsiQuantum has partnerships with the U.S. and Australian governments to build quantum computers in Chicago and Brisbane, respectively. Despite the long-standing history of quantum computing, advancements have only recently been made in reducing errors and improving chip reliability. PsiQuantum aims to have a functional quantum machine by 2029, a goal echoed by Google, which predicts useful quantum applications within the next five years.