Quantum Leap: IonQ nabs former JPMorgan head of quantum computing

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

ADVANCED CRYOGENIC PACKAGING: D-Wave Quantum (QBTS) announced a new strategic development initiative focused on advanced cryogenic packaging to advance and scale both gate model and annealing quantum processor development. The initiative will expand the company’s multichip packaging capabilities, equipment, and processes. As part of this, D-Wave is leveraging expertise and processes at the NASA Jet Propulsion Laboratory and has demonstrated end-to-end superconducting interconnect between chips. D-Wave believes that superconducting bump bonds will be key to the scalable control of fluxonium and to interconnectivity in multichip quantum processor architectures. D-Wave is also acquiring equipment and developing processes with a goal to increase circuit densities in its pioneering superconducting printed-circuit-board manufacturing, required for both scaling to larger processors and supporting analog-digital quantum computing technology. “Scaling both annealing and gate-model quantum computers requires high performance packaging,” said Dr. Trevor Lanting, chief development officer at D-Wave. “We believe this strategic initiative will allow us to further extend our leadership position in quantum systems technology development and support our exciting and aggressive product roadmap on the path to 100,000 qubits.”

SKA EDGE CONTROLLER: Arqit Quantum (ARQQ) announced the launch of SKA Edge Controller, a ruggedized, quantum-safe symmetric key agreement communications platform designed to meet the needs of forward-deployed defense operations. The system enables rapid setup of secure, scalable command and control nodes in high-threat environments. SKA-EC extends Arqit’s SKA-Platform to the tactical edge. It enables distributed and mobile force elements to operate using small form-factor hardware appliances including BioDigitalPC cards, COTS servers or virtualized cloud nodes. “Defense operations demand more than just connectivity, they require quantum-safe, resilient communications that can be deployed fast and operate under pressure,” said Paul Feenan, chief commercial cfficer at Arqit. “SKA-EC delivers that capability as a secure-by-design, crypto-agile solution ready for the modern defense operating environment.”

SHARE SALE: Quantum Computing (QUBT) filed to sell 1.9M shares of common stock for holders on Tuesday.

PROMOTION: IonQ (IONQ) announced the appointment of Marco Pistoia as senior VP of industry relations. Pistoia is an IBM inventor and former global head of applied research and quantum computing at JPMorganChase (JPM), where he achieved the rank of “distinguished engineer” – the highest technology title in the bank. He will play a leadership role in driving strategic partnerships, collaborations, and advocacy efforts to advance IonQ’s position within the quantum computing and quantum networking sectors.

QUANTUM RESILIENT: WISeKey (WKEY), via its subsidiary WISeSat.Space, and EnduroSat announced the signing of a memorandum of understanding to establish a framework aimed at achieving a strategic partnership to extend the development and deployment of ultra-secure, quantum-resilient nanosatellite systems for Internet of Things applications. The cooperation targets the integration of Sealsq (LAES) secure elements, such as the VaultIC292, VaultIC408, and QS7001, into satellite payloads and ground-level endpoints. The project aims to implement post-quantum cryptographic algorithms, aligned with NIST recommendations such as CRYSTALS-Kyber and CRYSTALS-Dilithium, to safeguard against future quantum computing threats. WISeSat will provide the PQC algorithmic stack and support, while EnduroSat will incorporate these into its satellite and communication platform. EnduroSat will lead the physical integration of Sealsq secure components into next-generation satellite buses and contribute to the overall mission architecture. WISeSat will support cryptographic integration and field engineering resources. The partnership further outlines the future integration of post-quantum cryptographic solutions and secure elements into both EnduroSat and WISeSat satellite infrastructures. EnduroSat will also support the design and deployment of WISeSat’s future missions, ensuring compliance with defined security and performance requirements.

ANALYST COMMENTARY: Rosenblatt initiated coverage of IonQ with a Buy rating and $70 price target. The firm views IonQ as an attractive way to gain exposure to the quantum computing market, a market it believes provides the next era of computing. The quantum computing market is positioned to be a “multiple winner market and not a winner takes all market,” the analyst tells investors in a research note. Rosenblatt thinks IonQ is well positioned to be a winner and notes it will be exiting 2025 with annualized revenues in excess of $100M, nearly doubling in 2026, and could be on track for $1B in revenue over the next few years. Rosenblatt also started coverage of D-Wave Quantum with a Buy rating and $30 price target. The firm believes D-Wave offers a differentiated way to gain exposure to the rapidly growing quantum computing market. Rosenblatt added that it believes quantum annealing, a subsector of quantum computing, offers advantages over both classical computing and gate-based quantum systems for optimization workloads.