Networked Quantum Computers: IonQ Acquires Assets of Entangled Networks

• Entangled Networks team joins IonQ to work on next generation networked quantum computer architectures and full-stack quantum compilers

• Acquisition supports IonQ’s efforts to build large-scale quantum computers by enabling computation across multiple distributed quantum processors

• IonQ expands investment in Canada, with Entangled Networks team serving as beachhead for IonQ in Toronto

Today, IonQ, Inc. (NYSE: IONQ), announced its acquisition of the operating assets of Entangled Networks Ltd. (“Entangled Networks”), a Toronto-based company focused on enabling computation across multiple distributed quantum processors. As part of the transaction, the Entangled Networks team will join IonQ to launch IonQ Canada, strengthening IonQ’s already growing international presence. Entangled Networks, previously funded by investors like OurCrowd, marks IonQ’s first corporate acquisition, demonstrating ongoing market and industry leadership.

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Classical supercomputers are made by putting as many cores as possible onto a single processor, and then networking those processors/computers together. Applications are divided across multiple cores and processors to distribute the workload, with networking used to communicate between the various processors.

For quantum computing to scale significantly, they need to follow a similar model. Future quantum computers will need to be built from multiple processors and networked together. But unlike classical networking, quantum computers allow entanglement across cores to form a single, much large quantum computer. Quantum computers use the network for computation, not communication.

The acquisition of Entangled Networks further realizes IonQ’s goal of developing quantum systems capable of supporting the quantum networks of the future. IonQ’s own quantum networking hardware is currently under development, and IonQ expects to demonstrate an early version of a quantum network between two quantum computers in 2023.

“We believe IonQ is a clear market leader, both commercially and in system performance, which is why our team is so excited to join forces,” said Aharon Brodutch, co-founder and CEO of Entangled Networks. “We are ready to work on amplifying IonQ’s quantum computing solutions to bring even more powerful applications to our customers.”

“Partnering with Entangled Networks furthers our goal of making IonQ the world’s best performing quantum computing company,” said Peter Chapman, IonQ’s President and CEO. “In acquiring the Entangled Networks assets, IonQ will benefit from not only some of the top experts in quantum architecture, but also from software tools that we intend to use to drive substantial speed-ups in our system performance. We are also excited about the opening of IonQ Canada. This expansion will help us better support the thriving quantum computing community in Canada and further our collaborations with IonQ partners and customers.”

Following a year in which the quantum industry experienced tremendous growth, technological advancements, and outside investments, IonQ has positioned itself as a leader in the field for delivering powerful and commercially available quantum systems. Additionally, IonQ’s strong financial standing has attracted some of the brightest minds from around the world, assisting in our goal of achieving industry-first quantum research, hardware and software achievements.

IonQ is best known for its industry-leading hardware, including IonQ Aria, the most powerful known quantum computer in the world with 25 algorithmic qubits. Aria is publicly available via Microsoft Azure and Dell Hybrid Quantum Computing Solution. More recently, IonQ has established a dominant position in quantum software as well, boasting applications partnerships with customers like Airbus, GE, Dow Chemistry and Hyundai Motors, and contracts with the United States Air Force Research Laboratory and the University of Maryland.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ's current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, including IonQ Aria, a system that boasts industry-leading 25 algorithmic qubits. Along with record performance, 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 Dr. Christopher Monroe and Dr. Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

IonQ 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 benefits of the transaction with Entangled Networks; IonQ’s ability to develop quantum systems capable of supporting the quantum networks of the future; IonQ’s ability to demonstrate an early version of a quantum network in 2023; the success of IonQ’s international expansion; IonQ’s ability to drive substantial speed-ups in our system performance; the potential benefits of quantum computing and IonQ’s collaborations and partnerships; and IonQ’s market opportunity, anticipated growth, and future financial performance. 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 IonQ’s products, services and solutions; the ability of IonQ to protect its intellectual property; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ’s business; IonQ’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 and/or increased inflationary pressures. 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 IonQ’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and other documents filed by IonQ 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 IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.

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