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Research and explainers, with their evidence close at hand.
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A prospectus supplement filed with the SEC on October 14 sets a combined price of $40.00 for each share or pre-funded warrant, sold with two Series C warrants. Proceeds before expenses total about $1.99 billion. Any later cash from the warrants depends on holders choosing to exercise them.
Read the brief : IonQ prices a $2 billion sale of stock and warrantsDARPA announced on October 7 that four companies had advanced to Stage C of its Quantum Benchmarking Initiative. Beyond IonQ, covered separately, IBM gives a 2029 delivery target, Atom Computing a funding ceiling of up to $300 million, and Diraq an initial US$51 million tranche. DARPA's own release states no dollar amounts.
Read the brief : IBM, Atom Computing and Diraq join DARPA's final stage; only Diraq names an initial amountThe Department of War's Office of Strategic Capital announced a conditional loan commitment to PsiQuantum on October 8. PsiQuantum says the money would equip its Milpitas, California, hub, and that a final loan depends on conditions it must still satisfy.
Read the brief : PsiQuantum gets a conditional loan commitment of up to $150 million; the loan is not finalDARPA confirmed IonQ's move into the final phase of its quantum benchmarking program. The milestone brings deeper technical scrutiny, while the company describes the potential funding as conditional.
Read the brief : IonQ enters DARPA's next test; funding remains conditionalA historical comparison of company-reported FY2025 results. Revenue, bookings and liquid assets answer different questions; these figures are not current balances or an investment ranking.
Read the explainer : IonQ and D-Wave: reading the FY2025 numbers without mixing the measuresAn educational framework for reading quantum-company claims, financial statements and technology categories. Start with the actual evidence, then ask which business activity an investment represents.
Read the explainer : A quantum investing checklist: connect the experiment to the businessProtecting quantum information is a prerequisite for useful computation. The Willow paper and IBM architecture discussion explain why a memory milestone alone does not demonstrate a universal fault-tolerant computer.
Read the explainer : What a quantum memory result can tell an investorA dated guide to the published surface-code memory experiment and its later figure correction. The lesson is to ask what was protected, what was computed and which source version you are reading.
Read the explainer : What Willow demonstrated: a stronger quantum memory, with a correction to keep in viewNIST's August research account describes a way to enlarge a device that detects individual particles of light. The result concerns a component used to collect faint signals in quantum experiments.
Read the explainer : Wider photon detectors could help experiments capture faint lightIBM’s Starling announcement is a useful historical example of how to separate an issuer’s target from research evidence. Read the promised capability, the evidence category and the limitations together.
Read the explainer : Reading a quantum roadmap: targets and evidenceA smaller count of measurement operations is promising. The size of the improvement depends on which method it replaces.
Read the explainer : Read the metric behind IonQ’s quantum speedup claim