IonQ is set to go public via special purpose acquisition company DMY Technology Group Inc III DMYI with a pro forma implied market cap of approximately $2 billion.
IonQ CEO Peter Chapman appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Thursday.
Quantum computing allows computers to solve the world's most complex problems.
Chapman told Benzinga that IonQ has many big name investors and partners that either have a need for a quantum computer or believe that quantum computing is the future of the computer industry.
Investors and partners in IonQ include Alphabet Inc GOOG, Amazon.com Inc AMZN, Microsoft Corp MSFT and more. The fact that the company's competition has partnered with or invested in IonQ is an indication of where it stands in the quantum ecosystem, Chapman said: "we are that far ahead."
See the full interview here:
Key IonQ Highlights:
- IonQ is the only public pure-play quantum opportunity.
- IonQ runs on Google, Amazon and Microsoft cloud platforms.
- The company is working on error reduction in the first phase of quantum computing. It will enter phase two by perfecting error correction.
- Benchmark initiated coverage on DMY Technology Group Inc III with a Buy rating and announced a price target of $18. The IonQ CEO expects more analyst coverage.
- "This is a stock and a story that everyone is really interested in," Chapman said.
- IonQ has a partnership with Softbank that should help accelerate global expansion.
- The company has no plans to raise any further capital.
SPAC Notes: IonQ decided to go public via SPAC merger with DMY Technology Group Inc III because it wanted a partner with experience in the technology sector, Chapman said.
Pending shareholder approval, IonQ will be listed on the New York Stock Exchange and trade under the ticker symbol “IONQ.”
DMYI Price Action: DMY Technology Group Inc III has traded as high as $15.39 and as low as $9.88 since its IPO in November 2020.
At last close Thursday, the stock was up 0.5% at $9.96.
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