AUS
NZ
UK
CA
USA
IND
Source: Shutterstock
Summary
- Quantum computing firm IonQ is reportedly planning to go public via a reverse merger with special public acquisition company (SPAC) DMY Technology Group Inc III.
- DMY III has recorded a stock price growth of nearly seven per cent in February.
- Sources said that the merged entity is estimated to be worth about US$ 2 billion.
Quantum computing firm IonQ is reportedly planning to go public via a reverse merger with special public acquisition company (SPAC) DMY Technology Group Inc III (NYSE:DMYI, DMYI:US). The Maryland-based tech enterprise is said to be in “advanced talks” with the blank check company to form one of the first public quantum computing firms ever, said reports quoting sources close to the matter.
Once the deal goes through, which is expected to be officially announced in coming weeks, sources said that the merged entity is estimated to be worth about US$ 2 billion.
The transaction will reportedly see a private investment in public equity (PIPE) financing, in which companies such as Bill Gates’ Breakthrough Energy, Silver Lake, MSD Partners, etc. are expected to take part. DMY Technology III is also said to be looking into raising equity from institutional investors.
While rumors are running high, representatives from either of the companies are yet to come out with any official statement about the matter.
©Kalkine Group 2020
More About DMY Technology III & IonQ
DMY Technology III, a Las Vegas-based SPAC led by CEO Niccolo De Masi, has recorded a stock price growth of nearly seven per cent in February. The blank check firm held its initial public offering (IPO) back in November last year, raising about US$ 300 million in gross proceeds.
Founded in 2015, IonQ came into being with the support of a seed funding of US$ 2 million from US-based venture capital firm New Enterprise Associates. In the next three years, the quantum computing startup roped in major investors such as Amazon Web Services, Samsung Catalyst Fund, GV, etc. to score a funding of about US$ 20 million.
Quantum is often dubbed as a revolutionizing technology that will impact global tech landscape in the near future. Currently, major tech giants such as Intel Corp, Microsoft Corp, etc. are said to be working on advance quantum computing.
