IonQ Becomes The First Publicly Traded, Pure-Play Quantum Computing Company

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College Park, MDOctober 11, 2021

IonQ and University of Maryland Researchers Demonstrate Fault-Tolerant Error Correction, Critical for Unlocking the Full Potential of Quantum Computers

New study shows how trapped ions can be encoded to create qubits that are robust against errors

Team is first to demonstrate fault-tolerant error correction in practice, identifying and correcting errors without the risk of creating more

Results show promise for scaling error-corrected qubits, a necessary step to building more powerful quantum computers

Researchers from The University of Maryland and IonQ, Inc. (“IonQ”) (NYSE: IONQ), a leader in trapped-ion quantum computing, on Monday published results in the journal Nature that show a significant breakthrough in error correction technology for quantum computers. In collaboration with scientists from Duke University and the Georgia Institute of Technology, this work demonstrates for the first time how quantum computers can overcome quantum computing errors, a key technical obstacle to large-scale use cases like financial market prediction or drug discovery.

Quantum computers suffer from errors when qubits encounter environmental interference. Quantum error correction works by combining multiple qubits together to form a “logical qubit” that more securely stores quantum information. But storing information by itself is not enough; quantum algorithms also need to access and manipulate the information. To interact with information in a logical qubit without creating more errors, the logical qubit needs to be “fault-tolerant.”

“This is about significantly reducing the overhead in computational power that is typically required for error correction in quantum computers," said Peter Chapman, President and CEO of IonQ. "If a computer spends all its time and power correcting errors, that's not a useful computer. What this paper shows is how the trapped ion approach used in IonQ systems can leapfrog others to fault tolerance by taking small, unreliable parts and turning them into a very reliable device. Competitors are likely to need orders of magnitude more qubits to achieve similar error correction results.”

Behind today’s study are recently graduated UMD PhD students and current IonQ quantum engineers, Laird Egan and Daiwei Zhu, IonQ cofounder Chris Monroe as well as IonQ technical advisor and Duke Professor Ken Brown. Coauthors of the paper include: UMD and Joint Quantum Institute (JQI) research scientist Marko Cetina; postdoctoral researcher Crystal Noel; graduate students Andrew Risinger and Debopriyo Biswas; Duke University graduate student Dripto M. Debroy and postdoctoral researcher Michael Newman; and Georgia Institute of Technology graduate student Muyuan Li.

The news follows on the heels of other significant technological developments from IonQ. The company recently demonstrated the industry’s first Reconfigurable Multicore Quantum Architecture (RMQA) technology, which can dynamically configure 4 chains of 16 ions into quantum computing cores. The company also recently debuted patent-pending evaporated glass traps: technology that lays the foundation for continual improvements to IonQ’s hardware and supports a significant increase in the number of ions that can be trapped in IonQ’s quantum computers. Furthermore, it recently became the first quantum computer company whose systems are available for use via all major cloud providers. Last week, IonQ also became the first publicly-traded, pure-play quantum computing company.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful trapped-ion 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 the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

About the University of Maryland

The University of Maryland, College Park is the state's flagship university and one of the nation's preeminent public research universities. A global leader in research, entrepreneurship and innovation, the university is home to more than 40,000 students,10,000 faculty and staff, and 297 academic programs. As one of the nation’s top producers of Fulbright scholars, its faculty includes two Nobel laureates, three Pulitzer Prize winners and 58 members of the national academies. The institution has a $2.2 billion operating budget and secures more than $1 billion annually in research funding together with the University of Maryland, Baltimore. For more information about the University of Maryland, College Park, visit www.umd.edu.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to the Company’s ability to further develop and advance its quantum computers and achieve scale; and the ability of competitors to achieve similar error correction results. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and the Company’s products, services and solutions; the ability of the Company to protect its intellectual property; changes in the competitive industries in which the Company operates; changes in laws and regulations affecting the Company’s business; the Company’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and other documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.

Contacts

IonQ Media contact:
Mission North
[email protected]

IonQ Investor Contact:
Michael Bowen and Ryan Gardella
[email protected]

University of Maryland Media contact:
Sara Gavin
University of Maryland
[email protected]