IonQ Agrees to SPAC Merger With dMY Technology Group III

Slated to become first publicly traded pure-play quantum computing company

Washington, DC – March 19, 2021 – Cooley advised IonQ, a quantum computing hardware and software company, on its merger agreement with special purpose acquisition company dMY Technology Group III. Resulting in $650 million in gross proceeds, including $350 million from a fully committed PIPE, the transaction will make IonQ the first publicly traded pure-play hardware and software company in the quantum computing space. Partners Adam Ruttenberg, John McKenna, David Silverman, Jaime Chase and Mike Lincoln led the Cooley team advising IonQ.

Upon closing, IonQ will list on the New York Stock Exchange under the symbol “IONQ.” The pro forma implied market capitalization of the combined company is approximately $2 billion.

“This transaction advances IonQ’s mission to solve critical problems that impact nearly every aspect of society,” Peter Chapman, CEO and president of IonQ, said in a news release. “With our key strategic partners, such as Breakthrough Energy Ventures, Hyundai Motor Company and Kia Corporation, we look forward to leveraging the power of quantum computing in the fight against climate change.”

IonQ is a leader in quantum computing, with a proven track record of innovation and deployment. The company’s 32 qubit quantum computer is the world’s most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through both the Amazon Braket and Microsoft Azure clouds, as well as through direct API access.

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Related Contacts
Adam Ruttenberg  Partner Washington, DC, Reston
John McKenna  Partner Palo Alto
David Silverman  Partner New York
Jaime L. Chase  Partner Washington, DC
Mike Lincoln  Vice Chair Reston, Washington, DC
Alex Weaver  Associate Washington, DC
Charles York  Associate New York
Rasha Printz  Associate Reston
Jacqueline Grise  Partner Washington, DC
Randy Sabett  Special Counsel Washington, DC
Tiana Demas  Partner Chicago, New York
Eileen Marshall  Partner Washington, DC, Palo Alto
Rick Jantz  Associate Los Angeles – Santa Monica, Los Angeles – Downtown
Helenanne Connolly  Partner Reston
Sharon Connaughton  Special Counsel Washington, DC
Howard Morse  Partner Washington, DC
David Walsh  Partner Reston
Mary Maher Lewis  Associate Reston
Kevin King  Partner Washington, DC
Sarah Oliai  Associate Washington, DC
Dillon Martinson  Special Counsel Washington, DC
Karen Tsai  Special Counsel Washington, DC
Matthew D. Silverman  Special Counsel San Diego