IonQ has agreed to merge with dMY Technology Group III (NYSE: DMYI.U), a special purpose acquisition company, in a transaction that would result in the quantum computing developer becoming a publicly traded company.
The boards of directors of both companies unanimously approved the deal that gives the combined entity a valuation of approximately $2 billion, according to a joint statement released Monday.
Founded in 2015, IonQ is a College Park, Maryland-based developer of the 32 qubit quantum computer and offers quantum systems via Amazon Braket and Microsoft Azure cloud platforms and through direct API access. The company plans to build small, modular quantum computers that could be networked together by 2023.
IonQ will list on the New York Stock Exchange under the ticker symbol “IONQ” upon the deal’s completion, which is subject to the approval by dMY III stockholders and other customary closing conditions.
The transaction is expected to generate $650 million in gross proceeds, including approximately $300 million held in dMY’s trust account and $350 million through a private investment in private equity backed by Fidelity Management & Research Co., Silver Lake, Breakthrough Energy Ventures, MSD Partners, Hyundai Motor, KIA, TIME Ventures, GV, New Enterprise Associates and Mubadala Capital.
Morgan Stanley & Co. and Cooley respectively serve as exclusive financial adviser and legal counsel to IonQ in the transaction.
Goldman Sachs & Co. acts as exclusive financial adviser to dMY III, while Cleary Gottlieb Steen & Hamilton advises dMY on the transaction’s legal aspect.