IonQ and Oxford Ionics today announced they have entered into a definitive agreement for IonQ to acquire Oxford Ionics in a transaction valued at $1.075 Billion, which will consist of $1.065 Billion in shares of IonQ common stock and approximately $10 Million in cash (subject to customary closing adjustments and expenses).
IonQ is a leader in quantum computing and networking, developing high performance systems based on trapped ion technology, to help solve the world’s most complex commercial and research challenges. Oxford Ionics holds the current world records for fidelity, which measures the accuracy of quantum operations.
The transaction will bring together IonQ’s quantum compute, application and networking stack with Oxford Ionics’ groundbreaking ion-trap technology manufactured on standard semiconductor chips. The combined technologies are expected to deliver innovative, reliable quantum computers that increase in power, scale, and problem-solving capabilities. Both companies expect to benefit from the other’s complementary technologies, deep expertise, and IonQ’s global resources and established customer base.
The combined company expects to build systems with 256 physical qubits at accuracies of 99.99% by 2026 and advance to over 10,000 physical qubits with logical accuracies of 99.99999% by 2027. The combined company anticipates extending its innovation by 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 Boston Consulting Group. The management teams believe the transaction will enable the combined company to pioneer breakthroughs in quantum computing. IonQ expects that combining with Oxford Ionics will help drive the creation of disruptive applications that enable substantial revenue growth opportunities.
Oxford Ionics’ team is expected to play a vital role in the combined company's future. Both Oxford Ionics founders, Dr. Chris Ballance and Dr. Tom Harty, are expected to remain with IonQ after the acquisition is completed, continuing their pioneering work on quantum technology development in the UK. The combined entity also plans to expand its workforce in Oxford to further develop the UK's position as a leader in quantum computing.
The combined company expects to maintain all existing customer relationships, including government partnerships in both the UK and US. The company also plans to continue working with the UK National Quantum Computing Centre and the government's Quantum Missions program, driven by the Department for Science, Innovation and Technology and Innovate UK, helping to develop practical quantum computing applications in manufacturing, pharmaceuticals, and defence.
“IonQ’s vision has always been to drive real-world impact in every era and year of quantum computing’s growth. Today’s announcement of our intention to acquire Oxford Ionics accelerates our mission to full fault-tolerant quantum computers with 2 million physical qubits and 80,000 logical qubits by 2030,” said Niccolo de Masi, CEO of IonQ. “We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications.
De Masi continued, “We are pleased to welcome Oxford Ionics founders Dr. Chris Ballance and Dr. Tom Harty, and the rest of the Oxford Ionics team to IonQ. Their groundbreaking ion-trap-on-a-chip technology will accelerate IonQ’s commercial quantum computer miniaturization and global delivery. Our combined path to millions of qubits by 2030 will help ensure unit economics, scale, and power as quantum computing rapidly evolves.”
“We're tremendously excited to work alongside the world-class quantum computing and networking teams at IonQ. Together, we intend to move faster than any other player in the industry to deliver the leading fault-tolerant quantum computers with transformative value for customers,” said CEO of Oxford Ionics, Dr. Chris Ballance. “At Oxford Ionics, we have not only pioneered the most accurate quantum platform on the market – we have also engineered a quantum chip capable of being manufactured in standard semiconductor fabs. We look forward to integrating this innovative technology to help accelerate IonQ’s quantum computing roadmap for customers in Europe and worldwide.”
The acquisition of Oxford Ionics follows IonQ’s recent quantum computing and networking momentum, including the recent acquisition of Lightsynq and pending acquisition of Capella.
Advisors
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to IonQ. Hogan Lovells is serving as legal counsel to Oxford Ionics. Morgan Stanley & Co. LLC served as financial advisor to Oxford Ionics. Oxford Ionics were also advised by Torch Partners.
About IonQ
IonQ is a leader in the quantum computing and networking industries, delivering high-performance systems aimed at solving the world’s largest and most complex commercial and research use cases. IonQ’s current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The company’s innovative technology and rapid 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, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at IonQ.com.
About Oxford Ionics
Oxford Ionics was co-founded in 2019 by Dr. Chris Ballance and Dr. Tom Harty who both hold world records in quantum breakthroughs. The team includes 80 global experts across physics, quantum architecture, engineering and software. Oxford Ionics’ investors include OSE, Braavos, Lansdowne Partners, Prosus Ventures, 2xN, and Hermann Hauser (founder of chip giant ARM). In 2024, Oxford Ionics rapidly commercialized its technology, selling full-stack quantum computers to the UK’s National Quantum Computing Centre (NQCC) and Germany’s Cyberagentur. The company also holds the world records in the three most important metrics for quantum performance: single- and two-qubit gate fidelity and quantum state preparation and measurement (SPAM). For more information, visit our website www.oxionics.com.