Oxford Ionics is to be acquired by US firm IonQ in a deal worth an estimated $1.075bn (£790m).
The purchase will consist of $1.065bn in shares of IonQ stock and $10m in cash.
IonQ is described as 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 99.999999999%.
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.
“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.”
CEO of Oxford Ionics Dr Chris Ballance (pictured) added: “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.
“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.”