You can be on Entrepreneur’s cover!

The First Quantum Computing Company Makes Wall Street Debut IonQ made history by becoming the first quantum computing hardware company to go public.

By The Epoch Times

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

IonQ made its debut on Wall Street with a stock market listing on Friday, making history by becoming the first quantum computing hardware company to go public.

The listing of IonQ was done through merging with a special purpose acquisition company (SPAC). The merger injected IonQ with $636 million capital which the company hopes to deploy towards bringing quantum computing out from experimental research into the hands of the end-user.

IonQ is a pure-play quantum computing company. With a $2 billion valuation, the company has the backing of notable investors like Amazon Web Services, Google Ventures, and Bill Gates' Breakthrough Energy.

IonQ was founded in 2015 by Chris Monroe and Jungsang Kim with $2 million in seed funding from New Enterprise Associates (NEA). Since then, the company has raised $20 million from Amazon Web Services, GV (formerly Google Ventures), and NEA. Another round of funding in 2019 earned $55 million from Abu Dhabi-based Mubadala and Samsung. The same year, they made quantum computing ability available via the cloud.

Currently, the company's primary product is a 32 qubit system that provides 22 Algorithmic Qubits made available to a select number of partners. Their cloud offerings can be found on Amazon Braket, Microsoft Azure Quantum, and Google Cloud.

A qubit is a basic unit of information in a quantum computer, like bits in a normal computer.

"IonQ's qubits are ionized ytterbium atoms, a silvery rare-earth metal," reads IonQ's homepage. "Moreover, once prepared in a particular stable quantum state, [ytterbium atoms] can remain in that state for very long periods of time—they're so consistent they're used in one of the most accurate atomic clocks ever built."

Maintaining the stability of atoms is a fundamental barrier to achieving progress in quantum computing.

Quantum enthusiasts have long propagated the benefits of the tech when compared to silicon-based classical computer chips. It has become increasingly harder to add more transistors on silicon. Based on current technology, the etching on silicon chips has become incredibly small, down to 10 nanometers. If it goes beyond that, to seven nanometers, the laws of conventional computing break down, and quantum physics comes into play. Quantum is widely considered to be the next stage in computing.

Proponents claim that adding a single qubit doubles the power of a quantum machine. These advanced machines need to grow to approximately 1,000 qubits before competing with supercomputers, which is expected to take another half-decade or so.

"There's a very high probability that quantum is going to be an industry that's worth hundreds of billions of dollars in market cap because it's going to power the future of the cloud," said Niccolo de Masi, CEO of the dMY Technology Group SPAC that took IonQ public, in a Sept. 24 MIS Insider interview. "IonQ wouldn't have Amazon as a shareholder and Google as a shareholder if it weren't important to the trillions of dollars of market cap each of these companies have."

Peter Chapman, the former Amazon executive who heads IonQ, predicts revenue of about $522 million in 2026, when companies could start using quantum tech in daily applications, according to an FT report.

The sector is dynamically interesting with new players offering varied technologies. PsiQuantum, based out of Palo Alto, is building quantum computers based on photons, and has raised $450 million in private financing in 2021.

IonQ ended the day 13.21 percent lower than the starting price of $10.41.

By Naveen Athrappully

The Epoch Times, founded in 2000, is headquartered in Manhattan, New York, with a mission to provide independent and accurate information free of political bias or corporate influence. The organization was established in response to censorship within China and a lack of global awareness regarding the Chinese regime's repression of the spiritual practice Falun Gong.

The Epoch Times is a widely read newspaper that is distributed in 33 countries and is available in 21 languages. The publication has been critical in providing balanced and detailed reporting on major global events such as the 2003 SARS pandemic and the 2008 financial crisis. Notably, the organization has played a key role in exposing corruption inside China.

Aside from its human rights coverage, The Epoch Times has made significant contributions in a variety of fields. It has received praise for its in-depth analysis and expert perspectives on business, the economy and U.S. politics. The newspaper has also received praise for its broad coverage of these topics.

A series of editorials titled "Nine Commentaries on the Communist Party" appeared in The Epoch Times in 2004. It asserts that freedom and prosperity in China can only be achieved by eliminating the Communist Party, which violated China's cultural and spiritual values. In addition, the organization led the Tuidang movement, which resulted in over 400 million Chinese citizens quitting the Communist Party. In spite of this, 90% of websites referring to the "Nine Commentaries" were blocked by the Chinese regime.

The Epoch Times has been at the forefront of investigating high-level corruption cases within the Chinese regime, with its reporters taking significant risks to uncover these stories. The organization has received several awards for its investigative journalism.

The organization has received several awards for its investigative journalism. For more, visit www.theepochtimes.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Resumes & Interviewing

Build a Better Resume with This $35 Subscription

AI Resume Builder promises to help you apply to jobs twice as fast.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.

Marketing

I Got Over 225,000 Views in Just 3 Months With Short-Form Video — Here's Why It's the New Era of Marketing

Thanks to our new short-form video content strategy, we've amassed over 225,000 video views in just three months. Learn how to increase brand awareness through short-form video content.

Business News

Samsung Makes 6 Day Workweeks Mandatory for Executives as the Company Enters 'Emergency Mode'

Samsung said its performance "fell short of expectations" last year. Now executives are required to work weekends.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Leadership

You Won't Have a Strong Leadership Presence Until You Master These 5 Attributes

If you are a poor leader internally, you will be a poor leader externally.