IonQ slides after $2 bln stock-and-warrants sale

IONQ

10/10/2025 16:39

** IonQ's IONQ.N shares down 6.9% at $72.19 on Fri after quantum computing firm announces $2 bln equity raise

** College Park, Maryland-based IONQ to sell ~21.5 mln shares, including ~5 mln pre-funded warrants, to Heights Capital Management

** Offering price of $93 is 20% above stock's last close on Thurs

** It will also sell 7-yr warrants to buy ~43 mln additional shares; warrants' exercise price of $155 is double the stock's last close

** Co intends to use net offering proceeds for working capital and other general purposes, and says may use a portion for strategic acquisitions and partnerships, according to the prospectus

** JP Morgan sole underwriter for the offering

** In July, IONQ sold $1 bln worth of stock and warrants to Susquehanna affiliate Heights Capital at offering price of $55.49

** Prior to latest offering, IONQ had ~330.9 mln shares outstanding for roughly $26 bln market cap through Thurs

** With move on Fri, shares up ~72% YTD and up ~175% over the past six months

** 6 of 8 analysts covering IONQ rate stock "buy", 2 have "hold", their median PT is $67.50, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))