If you missed yesterday’s webcast, here’s a CEO interview from Bloomberg yesterday.
https://x.com/TechInnovationz/status/2015884189653205079?s=20
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Wedbush and Needham comments
I definitely recommend watching yesterday’s webcast
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Edit.
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I’m posting a leaderboard update here for reference in case anyone is interested. Included are updated roadmaps for IONQ and QBTS (D-Wave).
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50 characters
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Article about the University of Chicago collaboration, for which the agreement was signed in November.
Highlights:
The previously stalled project to build a new science and engineering building has been revived as the IonQ Center for Engineering and Science, thanks to funding from quantum hardware and software firm IonQ.
The partnership between IonQ and the University, announced in November 2025, will create a dedicated home for the Pritzker School of Molecular Engineering. It will host a new quantum computer and an entanglement distribution quantum network, a system that distributes entanglement across multiple devices for end-user applications, similar to those located at the University of Illinois Urbana-Champaign and Argonne National Laboratory. UChicago’s quantum network will connect to and transmit data between the University, Fermi National Accelerator Laboratory, and Argonne National Laboratory.
In a press release, IonQ said that its partnership with UChicago will mark the first time a quantum computer and a quantum network will be on a single university campus.
Nadya Mason, dean of the Pritzker School of Molecular Engineering, said in an interview with the Maroon that designs for the building are expected to be completed in 2026 and construction will extend into 2030. The quantum computer will likely be set up on campus well before that date, Mason said.
“We’re combining our commercial-grade quantum computers with some of the world’s leading academic talent to generate innovations with valuable real-world applications. That research will directly benefit IonQ’s product roadmap and strengthen our competitive advantage in enterprise and government markets,” IonQ CEO Niccolo De Masi said in a public statement.
This week, IonQ also announced a collaboration with the University of Cambridge
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Meanwhile at the White House…
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Short seller Wolf Pack released a scathing report claiming IonQ has lost critical Pentagon funding that previously made up as much as 86% of its revenues between 2022 and 2024. According to the report, this funding gap created a “$54.6 million black hole” in the company’s bookings for 2025, which the short seller suggests led to the resignation of IonQ’s CEO and significant insider stock sales totaling $396.6 million.
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It seems terrible if this report is true. I don’t know how alert the SEC is these days, but at worst, De Masi will end up in prison for this.
In itself, I don’t buy the report’s claim that the revenue gap has been patched by buying lousy companies, as the OI acquisition, for example, occurred after that. It is also interesting that a Susquehanna affiliate has funded IonQ with billions after these alleged events. Did they really not do any due diligence on the largest customer and its cash flows?
The revenue loss itself is not a catastrophe. The catastrophe is if this truly involves insider trading or if the loss of Pentagon funds is indeed due to IonQ’s ability to produce cutting-edge quantum computing solutions.
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I need to look at the report more closely over the weekend when I have more time. Initial observations:
- the report was released just as the silent period began. IonQ confirmed the earnings date for the end of February yesterday.
- I don’t buy the claim right off the bat that the company is just buying revenue from wherever; to my eye, there is a clear common thread here.
- Scytalys has DoD projects; both IonQ and Oxford were selected for DARPA Stage B. Stage A applications were independent.
- IonQ doesn’t disclose everything, but for example, AFRL belongs to the Air Force and thus falls under the DoD. They have projects running there all the time (two quantum computers and a network in between).
- At least during my time holding the stock, IonQ has disclosed these investments, for example in universities, where they have been self-funding. For instance, the Chicago news just this morning. The company secures significant R&D benefits, talent, etc., from this going forward.
- At the end of the report, it is stated:
- Were Ballance and partners brought on board through fraud, i.e., “we don’t do anything honest here”? Likewise, all the Federal leadership types, etc.? Interesting.
But the most important thing is to hear what the company itself comments on this in the future.
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The market viewed it as a bit of a nothing burger, since there wasn’t more of a drop on a risk-off day like this. Almost a similar slide for other quantum stocks too. If that short report was published at 18:47, i.e., around the time of the tweet, then IONQ has risen several percent after the report’s release.
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“IonQ stock rating reiterated at Overweight by Cantor Fitzgerald”
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Finally, it’s here. Oxford Ionics’ qubits explained in plain language for the layman.
https://x.com/TechInnovationz/status/2021376355728863519?s=20
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Getting to know SKYT
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Interesting algorithm development from Iceberg (O.I.'s partner)
The Pinnacle Architecture: Reducing the cost of breaking RSA-2048 to 100 000 physical qubits using quantum LDPC codes
“With this architecture, we show that 2048-bit RSA integers can be factored with less than one hundred thousand physical qubits… We thereby demonstrate the feasibility of utility-scale quantum computing with an order of magnitude fewer physical qubits than has previously been believed necessary.”
“At a physical error
rate of p = 10−4—relevant to trapped ions [15]—the min-
imum number of physical qubits required for factoring is
53 thousand.”
As a reminder
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