#heightscapitalmanagement

The Heights Capital $2 billion equity investment in quantum leader IonQ is historic.

Heights Capital Management

Quantum computing leader IonQ priced a $2.0 billion equity offering. This historic investment was made by Heights Capital Management, Inc. (the “investor”), a significant affiliate of Wall Street giant Susquehanna International Group. “IonQ believes this transaction represents the largest common-stock single-institutional investment in the quantum industry,” said IonQ chairman and CEO Niccolo de Masi.

$2 Billion Offering Structure Details

The $2.0 billion equity transaction includes ordinary shares and financial warrants. Heights Capital Management, Inc. buys securities from the underwriter.

The agreement includes selling 16,500,000 IonQ common stock at $93 each. On October 9, 2025, IonQ closed 20% lower that this share price.

In addition to common shares, the sale sells pre-funded and standard seven-year warrants. Heights Capital Management will buy $93 pre-funded warrants to buy 5,005,400 IonQ common stock. The quantum computer manufacturer said investors will pay most of these pre-funded warrants upfront.

The arrangement includes seven-year warrants to buy 43,010,800 IonQ common stock. These common warrants will exercise for $155 per share. Amazingly, this exercise price is 100% more than IonQ's stock closing price on October 9, 2025. Heights Capital bought 45 million stock warrants.

Strategic Reasoning and Executive Commentary

IonQ executives stressed the investment's strategic importance. CEO Niccolo de Masi said the $2 billion investment would enable the company expand globally and commercialize quantum. According to De Masi, the funding helps IonQ develop and strengthen its ecosystem.

De Masi called IonQ “one of the only quantum companies in the world capable of delivering advanced computing, networking, and sensing solutions across every theatre on the ground, in the air, and in space,” highlighting its competitive advantages. He owes IonQ's improved posture to its strong net cash position, world-class workforce, and accelerated technology pipeline.

IonQ Recent Acquisitions and Technology Roadmap

With trapped-ion technology, IonQ aims to solve the world's biggest problems. The IonQ Forte and IonQ Forte Enterprise, its current-generation quantum computers, have helped AstraZeneca, Amazon Web Services, and NVIDIA achieve 20x performance achievements. Using electrically charged atoms, Forte Enterprise has 36 qubits. Data is encoded, calculated, and read using lasers.

Business is developing Tempo, a more advanced quantum chip. Tempo is expected to have 95% uptime and approximately double the algorithmic qubit score of Forte Enterprise.

IonQ has a bold long-term engineering approach. The goal is 10,000 qubits by 2027 and 20,000 by 2028. By 2030, the business intends to deliver the most powerful quantum computers with 2 million qubits. Financial modeling, drug development, logistics, materials science, defense, and cybersecurity will advance faster.

This hastened schedule follows a series of recent business actions, including the July acquisition of Oxford Ionics Ltd., a quantum gear rival, for $1.075 billion in stock and cash. Oxford Ionics' technology programs ion-based qubits using tiny electrodes embedded into the host device, which they believe is more scalable and easier to build than laser equipment. IonQ also bought Boston-based Lightsynq Technologies Inc., which made an optical, diamond-based connection, in July to cluster quantum machines.

Heights Capital Management Inc

IonQ Posts Heights Capital Management Inc. $1.0 Billion Equity Offering Pricing

Today, well-known commercial  quantum computing and networking company IonQ reported a successful $1.0 billion equity offering. This is a remarkable financial event in the fast-growing quantum business. Heights Capital Management, Inc. (the “investor”) exclusively acquired this large investment, which included common shares, pre-funded warrants, and a seven-year warrant, through J.P. Morgan, the sole underwriter.

IonQ is estimated to have $1.68 billion in pro-forma cash by March 31, 2025, thus the historic purchase should boost its finances. This robust and well-capitalized position will support IonQ's aggressive worldwide quantum computing and networking expansion plans and help the company's growth trajectory and novel quantum commercialisation initiatives.

Historic Offering Information The carefully prepared $1.0 billion offering comprises several key features to bolster IonQ's capital base and provide long-term flexibility:

The sale includes 14.165,708 IonQ common stock and pre-funded rights to buy 3,855,557 more. At $55.49 per share or pre-funded warrant, both were 25% more expensive than IonQ's closing stock price on July 3, 2025. This premium shows investor confidence in the company's valuation and future.

Heights Capital Management will receive seven-year warrants to buy 36,042,530 more IonQ common stock as part of the arrangement. These warrants offer upside potential tied to IonQ's long-term stock performance at $99.88 per share with no extra consideration.

Outstanding Industry Step and Validation. IonQ President and CEO Niccolo de Masi said, “It believe this is the largest common-stock single-institutional investment in the history of the quantum industry.” Besides financial backing, De Masi called this record-breaking capital infusion a “tremendous validation” of IonQ's strong technological progress, recent strategic acquisitions, robust IP portfolio, and high talent density.

He also noted that this purchase would strengthen IonQ's balance sheet, supporting its growth and global quantum commercialisation leadership. The investment highlights IonQ's dominance in the fast-changing commercial quantum computing and networking business.

Important Transaction Participants With pride, J.P. Morgan was the sole underwriter for this large stock offering. Paul, Weiss, Rifkind, Wharton & Garrison LLP represented IonQ, while Simpson Thacher & Bartlett LLP advised J.P. Morgan on this complex transaction. Skadden, Arps, Slate, Meagher & Flom LLP handled the legal details for Heights Capital Management, Inc.

About IonQ:

Inventing Quantum Solutions for Hard Problems The well-known commercial quantum computing and networking firm IonQ consistently delivers high-performance systems to solve the world's most difficult problems. Customers and partners like Amazon Web Services, AstraZeneca, and NVIDIA have achieved 20x performance results with the company's existing quantum computers, particularly the IonQ Forte and Forte Enterprise.

IonQ is fast pursuing its technology roadmap to build the most powerful quantum computers with 2 million qubits by 2030. This quantum computing power boost is expected to revolutionise drug discovery, sophisticated materials science, sophisticated financial modelling, efficient logistics, complex chemistry, aerospace engineering, strong cybersecurity, and national defence.

Through its powerful quantum solutions on all major cloud providers, IonQ is democratising quantum computing and making it more influential and accessible than ever. Several major financial institutions and telecommunications companies worldwide employ IonQ's advanced quantum networking solutions, proving their commercial viability.

IonQ is known for its rapid growth and innovative technology. It was named to Forbes' 2025 Most Successful Mid-Cap Companies list, Newsweek's 2025 Excellence Index 1000, and Built on's 2025 100 Best Midsize Places to Work lists for Seattle and Washington, D.C.

Important Investor Information and Promising Remarks Prospective investors and other interested parties should be informed that a shelf registration statement containing a detailed prospectus for these securities has been submitted to the SEC and is currently in effect. Before investing, investors should read the prospectus supplement, supporting prospectus, and other IonQ SEC filings for company and offering information. No securities are offered or solicited in this news release, and any transactions will comply with SEC registration requirements.

This news release contains estimates and predictions based on current expectations and assumptions. Risks and uncertainty threaten claims. Forward-looking statements in this press release may not be accurate for many reasons. Due to its ability to execute its ambitious technical roadmap, unanticipated changes in its fiercely competitive industries (such as the emergence of rival technologies), continuing to provide value to its customers, achieving higher speed and fidelity gates with fewer errors in its quantum systems, and selling to major corporations and large government entities, IonQ does not update or amend these forward Use these statements sparingly.

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