Quantum Leap: IonQ doubles down on serving federal customers

Welcome to the latest edition of “Quantum Leap” where The Fly decodes news and activity in the quantum computing space.

GOING FEDERAL: IonQ (IONQ) announced the organization of IonQ Federal aimed at integrating IonQ’s proprietary technologies to serve the U.S. government and its allies. “We are excited to announce IonQ Federal in support of the continued success of the U.S. government and its allies,” said Niccolo de Masi, Chairman and CEO of IonQ. “IonQ has a long history of providing cutting-edge quantum solutions to federal and defense entities, including over $100 million in contracts with the United States Air Force Research Lab and extensive work with DARPA, Oak Ridge National Labs, and ARLIS. The formation of IonQ Federal will provide our government customers with additional dedicated resources committed to the further application of quantum computing and quantum networking solutions across their programs.” IonQ also announced the appointment of Dean Acosta as chief corporate affairs and government relations officer. In this new position for IonQ, Acosta will oversee all corporate and government affairs activities, reporting directly to Niccolo de Masi, chairman and CEO of IonQ. Acosta most recently served as senior VP and chief communications officer at Lockheed Martin (LMT).

ONE DOWN, ONE TO GO: Sealsq (LAES) reported first half revenue of $4.8M as well as cash reserves of $121M as of June 30. The company also laid out its FY25 and FY26 expectations in the report. Carlos Moreira, CEO of Sealsq, commented: “With our H1 results now in hand, we have clear visibility into what promised to be a transformative second half of 2025. Sealsq enters this period with a strong balance sheet, a deep pipeline, and the successful completion of several strategic milestones, including the IC’ALPS acquisition and the Quantix Edge Security Joint Venture. These achievements significantly strengthen our capabilities across semiconductor design, AI-enabled security, and next-generation cryptographic solutions. As global demand for advanced cybersecurity intensifies, Sealsq is uniquely positioned to lead the transition to quantum-resilient security standards. By combining innovation, execution, and strategic partnerships, we are building the backbone of tomorrow’s trusted digital ecosystems, enabling enterprises, governments, and consumers to securely operate in an increasingly connected and quantum-ready world. With these foundations in place, we are confident in our ability to accelerate growth, expand market share, and create sustainable value for our stakeholders.”

FUNDING ROUND: PsiQuantum announced it has raised $1B in funding for its Series E round to build the world’s first commercially useful, fault-tolerant quantum computers. This funding will equip the company to break ground on utility-scale quantum computing sites in Brisbane and Chicago, deploy large-scale prototype systems to validate systems architecture and integration, and further advance the performance of its quantum photonic chips and fault-tolerant architecture, the company said. Led by funds and accounts managed by affiliates of BlackRock (BLK), along with Temasek and Baillie Gifford, this fundraising values the company at $7B and brings in new investors, including entities administered by Macquarie Capital, Ribbit Capital, NVentures – Nvidia’s (NVDA) venture capital arm, Adage Capital Management, Qatar Investment Authority, Type One Ventures, Counterpoint Global – Morgan Stanley (MS), 1789 Capital, and S Ventures – SentinelOne (S). The round also included participation from existing investors including Blackbird, Third Point Ventures, and T. Rowe Price Associates. In addition to investment support from NVentures, PsiQuantum is collaborating with Nvidia across a broad range of development areas, including quantum algorithms and software, GPU-QPU integration and PsiQuantum’s silicon photonics platform.

PQC CAPABILITY: Sealsq announced progress in its mission to deliver trusted hardware security modules designed for the quantum future. Sealsq is on track to deliver the first PQC-capable TPM samples featuring native hardware support for ML-DSA-87 and ML-KEM-1024 and to bring certified production parts to market, making Sealsq among the earliest vendors to enable quantum-resistant Trusted Platform Modules aligned with the latest Trusted Computing Group standard for TPM 2.0 V185, updated in July to include PQC algorithms. Sealsq’s QVault TPM will offer full PQC capability across all TPM functions, integrated directly into the chip’s design. This involves incorporating PQC algorithms into the chip’s firmware and hardware logic. “The countdown to 2027 has already started,” said Moreira. “Our customers, governments, enterprises, and critical infrastructure operators, require trusted hardware that not only meets today’s standards but is certified to withstand tomorrow’s threats. With QVault TPM, Sealsq is proud to lead the way.”

$10B VALUATION: Honeywell (HON) announced an approximately $600M equity capital raise for Quantinuum, developer of quantum computers, at a pre-money equity valuation of $10B. Quanta Computer, NVentures and QED Investors have joined existing shareholders JPMorganChase, Mitsui, Amgen, Cambridge Quantum Holdings, Serendipity Capital and Honeywell – all of whom have reinvested in this round. The round also includes participation from new investors MESH and Korea Investment Partners.

QUANTUM-GRADE DIAMOND FILMS: IonQ announced a breakthrough in creating essential hardware for building large-scale quantum networks and clustered compute. In collaboration with Element Six, a De Beers Group company specializing in synthetic diamond materials for industrial applications, the team has developed high-quality, quantum-grade diamond films. These films allow diamond-based devices to be made using standard semiconductor manufacturing techniques.

SUCCESSION: IonQ announced the appointment of Inder Singh as CFO and COO. Singh succeeds Thomas Kramer, who will remain at IonQ in an advisory capacity for up to 60 days. In connection with his appointment as CFO and COO, Singh has stepped down from IonQ’s board of directors. Singh most recently served as CFO of Arm (ARM) from April 2019 until December 2022.