IonQ Triples Expectation for 2021 Contract Bookings

Rhea-AI Summary

IonQ has announced an increase in its 2021 total contract bookings expectation from $5 million to $15 million, highlighting a strong demand for quantum computing solutions. The company attributes this growth to increased adoption among enterprise customers and aims to recognize revenue over the next 36 months. IonQ's recent efforts include a partnership with the University of Maryland to establish the National Quantum Lab and its technology's availability on major cloud platforms. Following a stockholder vote, IonQ is set to merge with dMY Technology Group, Inc. III (NYSE: DMYI), becoming the first publicly traded pure-play quantum computing company.

Positive

• Tripled contract bookings expectation for 2021 from $5 million to $15 million.
• Plans to recognize revenue over the next 36 months from new bookings.
• Partnership to establish the National Quantum Lab with the University of Maryland.
• First quantum computing hardware provider on Google Cloud Marketplace.
• Available on major cloud platforms: Google Cloud, Microsoft Azure, Amazon Web Services.

Negative

• Pending stockholder vote for merger with dMY Technology Group introduces risks of approval delays.
• Potential market volatility and operational disruptions during the merger process.

COLLEGE PARK, Md.--(BUSINESS WIRE)-- IonQ, the leader in quantum computing, today announced that it is tripling its expectation for 2021 total contract bookings from its previously announced target of $5 million to $15 million. For IonQ, this commercial success demonstrates the real and rapidly accelerating need for quantum computing among enterprise customers and cements its leadership position in quantum computing. IonQ anticipates these bookings to generate recognized revenue over the next 36 months.

“We could not be more thrilled with the progress we are seeing in IonQ’s commercial efforts as a growing number of customers are adopting quantum computing. Quantum computing has arrived and is solving real-world problems in 2021. We fully expect to see more marquee wins as our industry-leading technology continues to advance,” said Peter Chapman, President and CEO of IonQ. “Tripling our expectation for bookings validates that the market for quantum computing is here now. We are bringing quantum computing to the Fortune 500, along with leading governmental and academic institutions. The future looks bright for IonQ, and we are just getting started.”

IonQ recent operating momentum includes:

• A deal with the University of Maryland to create the National Quantum Lab, the world’s first on-campus, commercial-grade quantum user facility, as part of the University’s $20 million initiative to invest in quantum computing.
• Unveiling the industry’s first Reconfigurable Multicore Quantum Architecture technology, which allows IonQ to dramatically increase the number of qubits and resulting power of its quantum computing systems.
• Availability on Google Cloud Marketplace, making IonQ the first quantum computing hardware provider on the platform, and the only supplier whose quantum systems are available on all three major cloud providers, including Microsoft Azure and Amazon Web Services.
• Integration with IBM’s Qiskit quantum software development kit, lowering the barrier to entry for quantum programmers to drive innovation using IonQ’s quantum hardware.
• Partnership with SoftBank Investment Advisors to deploy quantum-first solutions in large enterprises around the world.

Later this month, following a stockholder vote, IonQ expects to complete a merger with dMY Technology Group, Inc. III (NYSE: DMYI) (“dMY III”), a publicly traded special purpose acquisition company. Following the merger, IonQ will be the world’s first publicly-traded pure-play quantum computing company.

“The demand for IonQ’s quantum computers has never been clearer.” said Niccolo de Masi, CEO of dMY Technologies III. “dMY has an established track record of identifying and accelerating category-disrupting technologies. All of dMY’s investments focus on bringing innovative technological solutions to the market, and the proof of our investment thesis for all of them is their ability to outperform expectations.”

About IonQ, Inc.

IonQ, Inc. is the leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s 32-qubit quantum computer is the world’s most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Chris Monroe and Jungsang Kim based on 25 years of pioneering research at the University of Maryland and Duke University. To learn more, visit www.IonQ.com.

About dMY Technology Group, Inc. III

dMY III is a special purpose acquisition company founded by Harry L. You and Niccolo de Masi for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.

Important Information About the Merger and Where to Find It

This communication may be deemed solicitation material in respect of the proposed business combination between dMY III and IonQ (the “Business Combination”). The Business Combination has been submitted to the stockholders of dMY III and IonQ for their approval. In connection with the vote of dMY’s stockholders, dMY III Technology Group, Inc. III has filed relevant materials with the SEC, including a registration statement on Form S-4, which includes a proxy statement/prospectus. This communication does not contain all the information that should be considered concerning the proposed Business Combination and the other matters to be voted upon at the annual meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. dMY III’s stockholders and other interested parties are urged to read the definitive proxy statement, dated August 12, 2021, and any other relevant documents that are filed or furnished or will be filed or will be furnished with the SEC carefully and in their entirety in connection with dMY III’s solicitation of proxies for the special meeting to be held to approve the Business Combination and other related matters, as these materials will contain important information about IonQ and dMY III and the proposed Business Combination. On or about August 12, 2021, dMY III mailed the definitive proxy statement/prospectus and a proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. Such stockholders are also be able to obtain copies of these materials, without charge, at the SEC’s website at http://www.sec.gov, at the Company’s website at https://www.dmytechnology.com/ or by written request to dMY Technology Group, Inc. III, 11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA 90025.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be made directly in this communication. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of dMY’s securities; (ii) the risk that the transaction may not be completed by dMY’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by dMY; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval of the merger agreement by the stockholders of dMY, the satisfaction of the minimum trust account amount following any redemptions by dMY's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the inability to complete the PIPE transaction; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (vii) the effect of the announcement or pendency of the transaction on IonQ’s business relationships, operating results and business generally; (viii) risks that the proposed transaction disrupts current plans and operations of IonQ; (ix) the outcome of any legal proceedings that may be instituted against IonQ or against dMY related to the merger agreement or the proposed transaction; (x) the ability to maintain the listing of dMY’s securities on a national securities exchange; (xi) changes in the competitive industries in which IonQ operates, variations in operating performance across competitors, changes in laws and regulations affecting IonQ’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xiii) the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic; and (xiv) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and other documents filed by dMY from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and dMY and IonQ assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither dMY nor IonQ gives any assurance that either dMY or IonQ, or the combined company, will achieve its expectations.

No Offer or Solicitation

This communication is for informational purposes only and does not constitute an offer or invitation for the sale or purchase of securities, assets or the business described herein or a commitment to the Company or the IonQ with respect to any of the foregoing, and this communication shall not form the basis of any contract, nor is it a solicitation of any vote, consent, or approval in any jurisdiction pursuant to or in connection with the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Participants in Solicitation

dMY III and IonQ, and their respective directors and executive officers, may be deemed participants in the solicitation of proxies of dMY III’s stockholders in respect of the Business Combination. Information about the directors and executive officers of dMY III is set forth in the Company’s Form dMY III’s filings with the SEC. Information about the directors and executive officers of IonQ and more detailed information regarding the identity of all potential participants, and their direct and indirect interests by security holdings or otherwise, are set forth in the definitive proxy statement/prospectus for the Business Combination. Additional information regarding the identity of all potential participants in the solicitation of proxies to dMY III’s stockholders in connection with the proposed Business Combination and other matters to be voted upon at the special meeting, and their direct and indirect interests, by security holdings or otherwise, are included in the definitive proxy statement/prospectus.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005328/en/

For IonQ:



Investor Contact:

Michael Bowen and Ryan Gardella

IonQIR@icrinc.com



Media Contact:

Mission North

ionq@missionnorth.com



For dMY III:



Investor Contact:

Niccolo de Masi

dMY Technology Group, Inc. III

niccolo@dmytechnology.com

310-600-6667



Media Contact:

ICR Inc.

dmypr@icrinc.com

Source: dMY Technology Group, Inc. III

FAQ

What is IonQ's new total contract bookings expectation for 2021?

IonQ has raised its total contract bookings expectation for 2021 from $5 million to $15 million.

When is IonQ merging with dMY Technology Group, Inc. III (NYSE: DMYI)?

The merger is expected to be completed following a stockholder vote later this month.

What impact will IonQ's merger with dMY Technology Group have?

After the merger, IonQ will become the world's first publicly-traded pure-play quantum computing company.

How does IonQ plan to recognize revenue from its bookings?

IonQ anticipates recognizing revenue from the new bookings over the next 36 months.

What partnerships has IonQ established recently?

IonQ has partnered with the University of Maryland to create the National Quantum Lab.