IONQBullish

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The best thing about $IONQ Superion 256 isn't that it's a more potent QPU. The best thing is the gross margin expansion. Internal fab control through Skywater lowers per-qubit manufacturing costs. Superion sales will carry higher hardware gross margins compared to past generations. As Chris Ballance has indicated before, it's unit economics, and unit economics change completely at foundry scale. There's little doubt $IONQ's $1.2B backlog will be converted into actual cash flow as deliveries begin in late 2027.

IONQBullish

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$IONQ has historically priced its systems in the $20M-$30M range. Superion 256-qubit system carries enterprise CMOS integration, so it deserves a premium. Let's say it's in the range $45M-$65M. With Skywater, their initial 2027 Superion capacity sits at 4 to 6 units. My lower figure is $270M, my higher figure is $390M in 2027 revenue coming exclusively from on-premises Superion hardware sales. That's before cloud compute, government contracts, and external foundry revenue.

IONQBullishQBTSD-Wave QuantumNeutralD-Wave Quantum

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$QBTS's triple-digit increase in year-to-date bookings is a positive for $IONQ. $QBTS is a Skywater customer. Now we know why $IONQ extended their collaboration with $QBTS. https://t.co/lxgIVMwRjZ https://t.co/ZOgH9IW6LL

NeutralIONQIBMInternational Business MachinesInternational Business Machines

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The global research and advisory company Gartner positions $IONQ as a market shaper in quantum. That reflects high potential for market disruption and high potential to execute. Being alongside major players like $IBM is institutional validation of $IONQ's roadmap and execution.

NeutralIONQINFQInfleqtion, Inc.Infleqtion, Inc.

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$INFQ CEO says China has out-invested the US in quantum, but the US is catching up. A year ago, the Department of Commerce evaluated individual quantum companies. Now, the Department of Energy, Department of Defense, NASA, DARPA, and the National Science Foundation are co-funding them. China likely assumed a top-down approach: The government says what quantum companies should do. The US government supports quantum companies too, but more importantly, it's mobilized capital markets. We've seen how this works with, e.g., with $IONQ that can raise billions of dollars through equity offerings. I believe market liquidity will eventually win the race.