IONQ Inc (IONQ) 2025 Q2 法說會逐字稿

Good day, and welcome to the IonQ second-quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 IonQ 2025 年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would like to turn the conference over to Hanley Donofrio, Investor Relations Director. Please go ahead.

接下來，我將把會議交給投資者關係總監漢利·多諾弗里奧。請繼續。

Good afternoon, everyone, and welcome to IonQ's Second Quarter 2025 Earnings Call.

各位下午好，歡迎參加 IonQ 2025 年第二季財報電話會議。

My name is Hanley Donofrio, and I am the Investor Relations Director here at IonQ. I'm pleased to be joined on today's call by Niccolo de Masi, IonQ's Chairman and Chief Executive Officer; Thomas Kramer, our Chief Financial Officer; Jordan Shapiro, our President and General Manager of Quantum Networking; Frank Backes, President of Capella; and Dean Kassmann, our Senior Vice President of Engineering and Technology. By now, everyone should have access to the company's second quarter 2025 earnings press release issued this afternoon, which is available on the Investor Relations section of our website at investors.ionq.com.

我叫漢利‧多諾弗里奧，我是 IonQ 的投資者關係總監。今天我很高興與 IonQ 董事長兼執行長 Niccolo de Masi、財務長 Thomas Kramer、量子網路總裁兼總經理 Jordan Shapiro、Capella 總裁 Frank Backes 以及工程和技術高級副總裁 Dean Kassmann 一起參加電話會議。現在，所有人都應該可以查閱公司今天下午發布的 2025 年第二季度收益新聞稿，該新聞稿可在我們網站 investors.ionq.com 的投資者關係部分找到。

Please note that on today's call, management will refer to adjusted EBITDA, which is a non-GAAP financial measure. While the company believes this non-GAAP financial measure provides useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. You are directed to our press release for a reconciliation of adjusted EBITDA to its closest comparable GAAP measure.

請注意，在今天的電話會議上，管理層將提及調整後的 EBITDA，這是非 GAAP 財務指標。雖然該公司認為這種非GAAP財務指標可以為投資者提供有用的信息，但該信息的呈現不應被孤立地看待，也不應被視為替代按照GAAP編制的財務信息。請查閱我們的新聞稿，以了解調整後 EBITDA 與其最接近的可比較 GAAP 指標的調整。

During the call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our 10-Q that we have filed with the SEC today. We undertake no obligation to revise any statements to reflect changes that occur after this call, except as required by law.

在電話會議中，我們將討論我們的業務前景並發表前瞻性聲明。這些評論是基於我們截至目前為止的預測和預期。實際事件或結果可能因許多風險和不確定因素而與預期有重大差異，包括我們今天向美國證券交易委員會提交的 10-Q 表格中提到的那些風險和不確定因素。除法律另有規定外，我們不承擔任何義務修改任何聲明以反映本次通話後發生的變更。

Now I'll turn it over to Niccolo de Masi, Chairman and CEO of IonQ.

現在我將把發言權交給 IonQ 的董事長兼執行長 Niccolo de Masi。

Good afternoon, everyone, and thank you for joining us.

各位下午好，感謝各位的參與。

I would like to begin today's call with an update from our Board, which earlier today announced my appointment as Chairman. Peter Chapman, our previous Chairman, has now stepped down from his position at IonQ. I want to thank Peter for his long-time service to IonQ over the last 6 years and wish him the very best in his retirement from IonQ. I'm honored to receive this further vote of confidence in me by the Board as IonQ continues to extend its leadership in Quantum Computing and Quantum Networking. As I take on these additional responsibilities, I'm excited to continue executing on our strategic priorities and extending IonQ's leadership position in the quantum era. IonQ is experiencing incredible momentum, and I've never been more confident in our potential as we have look ahead.

今天，我想先向董事會報告最新情況。董事會今天早些時候宣布任命我為董事長。我們前任董事長彼得·查普曼現已卸任 IonQ 的職務。我要感謝 Peter 在過去 6 年為 IonQ 做出的長期貢獻，並祝他在 IonQ 退休後一切順利。我很榮幸能再次獲得董事會的信任，IonQ 將繼續鞏固其在量子運算和量子網路領域的領先地位。在承擔這些額外職責的同時，我很高興能夠繼續執行我們的策略重點，並鞏固 IonQ 在量子時代的領導地位。IonQ 正經歷著巨大的發展勢頭，展望未來，我對我們的潛力從未如此充滿信心。

With that, let's get into our latest results. We had an exciting quarter at IonQ. Revenue beat the top end of guidance by 15%, and we completed the largest capital raise from a single institution in the quantum industry, growing our net cash position by $1 billion. While our CFO will detail last month's investment from an affiliate of Susquehanna in greater detail, the $1 billion investment was closed at a premium to the prior market close. It is an endorsement of all we have achieved thus far and are poised to deliver in the coming quarters and years.

接下來，讓我們來看看我們最新的研究成果。IonQ 度過了一個令人興奮的季度。營收超出預期上限 15%，我們完成了量子產業中來自單一機構的最大規模融資，使我們的淨現金部位增加了 10 億美元。雖然我們的財務長將更詳細地介紹上個月來自 Susquehanna 附屬公司的投資，但這項 10 億美元的投資是以高於前一交易日收盤價的價格完成的。這是對我們迄今為止所取得成就的認可，也是對我們未來幾季和幾年內將要取得的成就的肯定。

This quarter, we significantly expanded our global footprint, solidifying our role as the partner of choice by countries building their quantum economies. We signed an MOU designed to advance quantum computing in Japan with AIST's G-QuAT, the country's premier R&D center for quantum and AI. We were also recently named the primary quantum partner by South Korea's KISTI Institute to build their National Quantum Center of Excellence. In the US, we announced a $22 million deal to build the first commercial quantum computing and networking hub in America with EPB, a pioneering power and telecommunications company. Additionally, our partnership with the US government continues with our selection by DARPA to help inform quantum industry standards.

本季度，我們大幅擴大了全球商業版圖，鞏固了我們作為建構量子經濟的國家首選合作夥伴的地位。我們與日本產業技術綜合研究所 (AIST) 的 G-QuAT（日本頂尖的量子和人工智慧研發中心）簽署了一份諒解備忘錄，旨在推動日本的量子運算發展。我們最近也被韓國科學技術研究院 (KISTI) 指定為主要量子合作夥伴，負責建造其國家量子卓越中心。在美國，我們宣布了一項價值 2,200 萬美元的協議，與電力和電信先驅公司 EPB 合作，在美國建立第一個商業量子計算和網路中心。此外，我們與美國政府的合作仍在繼續，我們被美國國防高級研究計劃局 (DARPA) 選中，為量子產業標準的製定提供協助。

Beyond building these ecosystem partnerships, we are proving our value on critical commercial applications. For example, we launched a world-first collaboration with AstraZeneca, AWS and NVIDIA that demonstrated a 20 times performance speed up for a key drug development workflow, showcasing practical quantum advantage. IonQ is also tackling critical national energy issues in partnership with Oak Ridge National Laboratory and the US Department of Energy.

除了建構這些生態系統合作關係之外，我們還在關鍵的商業應用領域證明了我們的價值。例如，我們與阿斯特捷利康、AWS 和 NVIDIA 進行了全球首創的合作，在關鍵藥物開發工作流程中實現了 20 倍的性能提升，展現了量子技術的實際優勢。IonQ 也與橡樹嶺國家實驗室和美國能源部合作，致力於解決關鍵的國家能源問題。

We have developed a new hybrid quantum classical computing approach that helps determine the optimal schedule for power generators to meet electricity demand at minimal cost. This accomplishment establishes a clear path for our systems to address the staggering 60% of energy currently lost due to grid inefficiencies.

我們開發了一種新的混合量子經典計算方法，可以幫助確定發電廠的最佳調度方案，以最低的成本滿足電力需求。這項成就為我們的系統解決目前因電網效率低下而損失的高達 60% 的能源問題指明了清晰的方向。

As we continue shaping the global quantum landscape, my prepared remarks today will focus on 2 key areas: first, our tremendous strategic progress; and second, the strides we're making to attract the world's top quantum talent. I'm pleased to report that our strategy has progressed rapidly and gained considerable momentum this past quarter. By our acquisition of Lightsynq and planned acquisition of Oxford Ionics, we have created the most advanced, accelerated and powerful quantum computing road map in the world.

在我們繼續塑造全球量子格局之際，我今天準備的演講將重點放在兩個關鍵領域：第一，我們取得的巨大戰略進展；第二，我們為吸引世界頂尖量子人才所取得的成就。我很高興地報告，我們的策略在過去一個季度進展迅速，並取得了相當大的進展。透過收購 Lightsynq 和計畫收購 Oxford Ionics，我們打造了世界上最先進、最快速、最強大的量子運算路線圖。

As we outlined on our webinar on June 9, we believe the combination of IonQ hardware and software prowess, Oxford's implementation of an ion trap on a chip provides the team, IP technology momentum to achieve 800 logical qubits in 2027 and 80,000 logical qubits in 2030. We already have a manufacturing center in Seattle and with the anticipated addition of Oxford Ionics in the UK, we have an additional site to expand both core computing R&D and manufacturing for EMEA.

正如我們在 6 月 9 日的網路研討會上所概述的那樣，我們相信 IonQ 硬體和軟體實力與牛津大學在晶片上實現離子阱相結合，為團隊提供了 IP 技術動力，使其能夠在 2027 年實現 800 個邏輯量子比特，並在 2030 年實現 80,000 個邏輯量子位元。我們在西雅圖已經有一個製造中心，隨著英國 Oxford Ionics 的預期加入，我們又多了一個基地，可以擴大 EMEA 地區的核心計算研發和製造規模。

We also announced the close of our acquisition of Capella in July, representing a significant step forward in recognizing our vision of a space-based quantum key distribution network. Frank Backes, CEO of Capella, will speak to this in more detail shortly. All of my colleagues, both veteran and new, are tremendously excited about the power of our talent density and combined capabilities. There is room for upside in our road map as we continue to integrate and operationalize our technologies. But best of all is a truly fantastic combination of low bill of material costs and near limitless extensibility. These attributes of IonQ's quantum computing approach are protected by over 1,000 patents and patents pending, ensuring winning unit economics at every stage of the quantum revolution.

我們也宣佈在 7 月完成了對 Capella 的收購，這標誌著我們在實現基於太空的量子金鑰分發網路的願景方面邁出了重要一步。Capella執行長弗蘭克·巴克斯稍後將對此進行更詳細的說明。我的所有同事，無論是資深同事還是新同事，都對我們的人才密度和綜合能力感到無比興奮。隨著我們不斷整合和實施各項技術，我們的發展路線圖仍有進步空間。但最棒的是，它完美地結合了低物料成本和近乎無限的可擴展性。IonQ 的量子計算方法的這些特性受到 1000 多項已獲專利和正在申請的專利的保護，確保在量子革命的每個階段都能獲得成功的單位經濟效益。

Our road map assumes Oxford Ionics can reach 2 million qubits per chip. However, our ambitions are to continue increasing ion density and driving down costs on Oxford Ionics chips to someday have 10 million ion traps on a single chip. Then using IonQ's modular scaling approach, we will break the single processor barrier. By connecting 2 quantum processors via Lightsynq photonic interconnect technology, we plan to scale to tens of millions of logical qubits and deliver immense computational power.

我們的路線圖假設 Oxford Ionics 能夠實現每個晶片 200 萬個量子位元。然而，我們的目標是繼續提高牛津離子晶片的離子密度並降低成本，以便有朝一日在單一晶片上實現 1,000 萬個離子阱。然後，利用 IonQ 的模組化擴充方法，我們將突破單處理器瓶頸。透過 Lightsynq 光子互連技術連接 2 個量子處理器，我們計劃擴展到數千萬個邏輯量子位元，並提供巨大的運算能力。

IonQ's founders have been working on ion traps since the mid-1990s. We find that many announcements from competitors today reflect the progress our founders had made by 2010 or even as far back as 2001. Our lead enabled us to put our machines on all major hyperscaler public clouds in 2021. Today, we have developed applications aimed at delivering commercial advantage for customers and partners such as NVIDIA, AWS, AstraZeneca, Ansys, General Dynamics, Oak Ridge and many more. We are vertically integrated with decades of engineering improvements under our belt and decades more to come.

IonQ 的創始人自 1990 年代中期以來一直致力於離子阱的研究。我們發現，如今許多競爭對手發布的公告反映的，正是我們創辦人在 2010 年甚至早在 2001 年就取得的進展。憑藉我們的領先優勢，我們得以在 2021 年將我們的機器部署到所有主要的超大規模公有雲。如今，我們開發了旨在為客戶和合作夥伴（如 NVIDIA、AWS、阿斯特捷利康、Ansys、通用動力、橡樹嶺等）帶來商業優勢的應用程式。我們是一家垂直整合型企業，擁有數十年的工程改進經驗，未來幾十年也將持續改進。

The beautiful thing about IonQ's quantum computers is they have worked since before we went public, and we've sold powerful systems for running real-world applications that customers are taking advantage of today. We expect our bill of materials cost to remain in the 8 figures even when we have 80,000 logical qubits and millions of physical qubits. We think constantly about unit economics as the history of computing shows that smaller, energy-efficient, easily operable, low-cost computers always win. It is, of course, also enormously helpful to have the most powerful and useful computers as well, ones that have the highest fidelity and the lowest errors, so the most impactful applications can run on them.

IonQ 量子電腦的妙處在於，它們在我們上市之前就已經運作良好，而且我們已經銷售了功能強大的系統來運行現實世界的應用程序，客戶現在正在使用這些系統。即使我們有 8 萬個邏輯量子位元和數百萬個實體量子位元，我們預計我們的物料清單成本仍將保持在八位數。我們一直在考慮單位經濟效益，因為電腦發展史表明，體積更小、能效更高、操作更簡便、成本更低的電腦總是會勝出。當然，擁有功能最強大、效能最佳的電腦也大有裨益，這些電腦具有最高的保真度和最低的錯誤率，因此最具影響力的應用程式可以在其上運行。

We also made very tangible progress on delivering our number AQ 64 benchmark, the primary technical milestone we set for 2025, and all indications are that will be reached in the near term. Meanwhile, our Quantum Networking vision has expanded considerably this past quarter with the acquisitions of ID Quantique, Capella and Lightsynq. We believe our Quantum Networking solutions will be table stakes, not only in a world where RSA encryption can be cracked by quantum computers, but also today to protect against the best resourced classical cybersecurity boasts.

我們在實現 AQ 64 基準方面也取得了非常切實的進展，這是我們為 2025 年設定的主要技術里程碑，所有跡像都表明，我們將在近期內實現這一目標。同時，在過去一個季度裡，我們透過收購 ID Quantique、Capella 和 Lightsynq，大大擴展了我們的量子網路願景。我們相信，我們的量子網路解決方案將成為基本要求，不僅在量子電腦可以破解 RSA 加密的世界中如此，而且在今天也能抵禦資源最豐富的傳統網路安全威脅。

Capella extends both our quantum computing and Quantum Networking vision into space in a critical race to secure our nation against global bad actors. Our networking products are production grade and are used by some of the world's household name financial services, telecom and government agencies. IonQ Quantum Networking offers the ultimate in communication security. It's based on a simple law of physics, any attempt to ease drop on the quantum channel disturbs the single, guaranteeing immediate detection. This isn't just a better firewall. It's a better paradigm that provides our customers with absolute certainty that their communications lines are secure, something no classical system can offer.

Capella 將我們的量子運算和量子網路願景擴展到了太空，在保護我們國家免受全球不良行為者侵害的關鍵競賽中發揮了重要作用。我們的網路產品均為生產級產品，並被一些世界知名的金融服務、電信和政府機構所使用。IonQ量子網路提供極致的通訊安全保障。這是基於一個簡單的物理定律：任何試圖減輕量子通道上訊號衰減的嘗試都會幹擾訊號本身，從而保證立即被偵測到。這不僅僅是一個更好的防火牆。它是一種更好的模式，能夠讓我們的客戶絕對確信他們的通訊線路是安全的，這是任何傳統系統都無法提供的。

Moving on now to talent. I'll begin with the wonderful news that our Co-Founder, Dr. Chris Monroe, has assumed the role of Chief Scientific Advisor. He holds the current world record for remote entanglement generation and trapped ion technology, an achievement that opens the door to scalable quantum networks. He'll be spending significant time with our other world record holder in this area, Dr. Mihir Bhaskar, former CEO and Co-Founder of Lightsynq. Dr. Monroe, of course, also previously held a world record for qubit fidelity, a record currently held by Dr. Chris Ballance at Oxford Ionics. It's, of course, both exciting and delightful that IonQ now has world record holders in all our key scaling vectors collaborating on a daily basis to accelerate our momentum towards full fault tolerance.

接下來談談人才。首先我要宣布一個好消息，我們的共同創辦人克里斯·門羅博士已擔任首席科學顧問一職。他保持著遠端糾纏生成和囚禁離子技術的世界紀錄，這項成就為可擴展的量子網路打開了大門。他將與我們在該領域的另一位世界紀錄保持者、Lightsynq 前首席執行官兼聯合創始人 Mihir Bhaskar 博士一起度過大量時間。當然，門羅博士先前也曾保持過量子比特保真度的世界紀錄，目前由牛津離子公司的克里斯巴蘭斯博士保持。當然，令人興奮和欣喜的是，IonQ 現在在我們所有關鍵擴展向量方面都擁有世界紀錄保持者，他們每天都在合作，以加快我們實現完全容錯的步伐。

On the networking side, we're also very pleased that ID Quantique's founder, Dr. Gregoire Ribordy, will remain in his role post close to continue building on his 20 years of leadership in Quantum Networking. Based in our Geneva office, Dr. Ribordy is a giant of the QKD space and has been shipping ever more impressive generations of his quantum networking equipment for over a decade now. World-renowned quantum researcher and industry figure, Dr. Marco Pistoia, joined us from JPMorgan Chase, where he previously ran all technology research at the biggest bank in the world. Dr. Pistoia is uniquely able to support our global efforts in financial services from both quantum computing and networking perspectives.

在網路方面，我們也非常高興 ID Quantique 的創辦人 Gregoire Ribordy 博士將在任期結束後繼續擔任他的職務，繼續在他 20 年的量子網路領導經驗基礎上發展壯大。Ribordy 博士常駐日內瓦辦事處，他是量子金鑰分發領域的巨擘，十多年來，他一直在不斷推出更令人印象深刻的量子網路設備。世界知名的量子研究員和產業領袖馬可·皮斯托亞博士從摩根大通加入我們，他此前在這家全球最大的銀行負責所有技術研究工作。Pistoia 博士能夠從量子運算和網路兩個角度為我們在全球金融服務領域的努力提供獨特的支援。

Dr. Rick Muller has joined us to head up Quantum Computing Systems development. As many of you know, Dr. Muller was formerly the Director of IARPA, our nation's Intelligence Advanced Research Projects Activity organization, which is tasked with leading high- risk, high payoff research for the intelligence community. Dr. Muller is also a distinguished researcher originally from Caltech with over 20 years of experience at Sandia National Labs.

Rick Muller 博士已加入我們，負責領導量子計算系統開發工作。正如你們許多人所知，穆勒博士曾任美國情報高級研究計畫署（IARPA）署長，該署負責領導情報界的高風險、高回報研究。穆勒博士也是一位傑出的研究員，他畢業於加州理工學院，在桑迪亞國家實驗室擁有超過 20 年的工作經驗。

Finally, I'm excited that Paul Dacier has joined the company as Chief Legal Officer and Corporate Secretary for IonQ. For over 26 years, Paul was the General Counsel of EMC Corporation, where he was instrumental in driving significant growth for the company. During his tenure, revenue grew from $170 million to $25 billion in 2016. Employees grew from 750 to 68,000, and the company's market cap grew from $100 million to $55 billion.

最後，我很高興地宣布 Paul Dacier 已加入 IonQ 公司，擔任首席法律官兼公司秘書。保羅在EMC公司擔任總法律顧問超過26年，為公司取得顯著成長做出了重要貢獻。在他的任期內，公司收入從 1.7 億美元成長到 2016 年的 250 億美元。員工人數從 750 人增加到 68,000 人，公司市值從 1 億美元成長到 550 億美元。

As I've said before, I believe talent is the proverbial Warren Buffett weighing machine, most relevant to any company's long-term prospects. It's tremendously validating and an outstanding vote of confidence in IonQ's progress to have such towering world-class talent depart from highly respected roles to become our colleagues at IonQ. With the support of our market-making talent, our customer ecosystem continues to grow as we build the world's leading quantum computing and networking offerings. We expect to drive our long-term success from our ability to land and expand with both our computing and networking solutions.

正如我之前所說，我認為人才就像華倫·巴菲特所說的稱重機，對任何公司的長期前景都至關重要。能夠有如此傑出的世界級人才離開備受尊敬的崗位，成為 IonQ 的同事，這對 IonQ 的發展來說是莫大的肯定，也是對 IonQ 發展投下的傑出信任票。在市場開拓型人才的支持下，隨著我們打造世界領先的量子運算和網路產品，我們的客戶生態系統也不斷發展壯大。我們期望透過拓展和推廣我們的運算和網路解決方案，推動我們的長期成功。

As a final comment, with the strongest balance sheet thus far in IonQ history, we have the ability to continue leading, pioneering and growing our ecosystem in both quantum computing and quantum networking worldwide.

最後，我要說，憑藉 IonQ 史上最強勁的資產負債表，我們有能力繼續引領、開拓和發展我們在全球量子運算和量子網路領域的生態系統。

I now hand you over to Jordan Shapiro, President and General Manager of IonQ Quantum Networking, who will touch on our networking highlights this quarter.

現在我將把發言權交給 IonQ Quantum Networking 的總裁兼總經理 Jordan Shapiro，他將談談我們本季度的網絡亮點。

Thank you, Niccolo.

謝謝你，尼可洛。

I'm excited to share that after announcing the formation of our Quantum Networking division last quarter, we are already making significant progress in positioning IonQ as the leading provider of the quantum Internet. The takeaways for today are as follows: one, Quantum Networking provides the ultimate in cybersecurity today for customers' intent on long-term security for data transmission, protecting against sophisticated classical threats from bad actors worldwide. Quantum Key Distribution or QKD, is the only provably secure protection against potential future hacking attempts made by quantum computers.

我很高興地宣布，繼上季宣布成立量子網路部門後，我們在將 IonQ 定位為量子網路領先供應商方面已經取得了重大進展。今天的重點如下：第一，量子網路為那些希望長期保障資料傳輸安全的客戶提供了當今最頂尖的網路安全保障，能夠抵禦來自世界各地惡意行為者的複雜傳統威脅。量子金鑰分發（QKD）是目前唯一可證明能夠有效抵禦量子電腦未來潛在駭客攻擊的保護措施。

Two, IonQ's QKD products are the only ones in the world to have any form of formal security certification. Three, IonQ is the only company offering commercial quantum networks at scale today that leverage quantum entanglement, meaning they can be used to connect quantum computers and other quantum devices. Four, IonQ's quantum computers are the only systems that are being developed with quantum networking built in.

第二，IonQ 的 QKD 產品是世界上唯一獲得任何形式的正式安全認證的產品。第三，IonQ 是目前唯一一家提供大規模商用量子網路的公司，該網路利用量子糾纏，這意味著它們可以用來連接量子電腦和其他量子設備。第四，IonQ 的量子電腦是目前唯一內建量子網路的正在開發的系統。

As Niccolo mentioned, our QKD products are already being used in production by leading governments, financial institutions, telecom providers, energy companies and enterprises. Customers buy QKD because it is the only technology that uses the principles of quantum physics to ensure that no one can steal their data. Software techniques like post-quantum cryptography algorithms, while offering some protection are not provably secure. Over time, their security is decreasing and vulnerabilities are rising. Our customers trust IonQ because our QKD products are already manufactured at scale, fit into a 1-unit high rack mountable server and are used every day to protect information across the globe.

正如尼科洛所提到的，我們的 QKD 產品已被領先的政府機構、金融機構、電信營運商、能源公司和企業投入生產使用。客戶購買 QKD 是因為它是唯一利用量子物理原理來確保資料不會被竊取的技術。後量子密碼演算法等軟體技術雖然提供了一定的保護，但並不能證明其安全性。隨著時間的推移，它們的安全性正在下降，漏洞正在增加。我們的客戶信賴 IonQ，因為我們的 QKD 產品已經大規模生產，可以安裝在 1 個單元高的機架式伺服器中，並且每天都在用於保護全球各地的資訊。

Moreover, our cutting-edge Clavis devices produced by ID Quantique received the world's first-ever security certification for QKD earlier this year via South Korea's National Intelligence Service. Meanwhile, IonQ is the only company building the quantum Internet at commercial scale. We are working with customers to bring all forms of quantum edge devices onto our quantum networks from security endpoints to quantum computers. IonQ customers will soon be able to cluster quantum computers for extremely powerful processing, send ultra secure data from one quantum computer to another and seamlessly transmit data from quantum sensors to quantum computers.

此外，我們 ID Quantique 生產的尖端 Clavis 設備於今年稍早通過韓國國家情報院獲得了全球首個 QKD 安全認證。同時，IonQ 是唯一一家以商業規模建構量子網路的公司。我們正在與客戶合作，將各種形式的量子邊緣設備（從安全終端到量子電腦）連接到我們的量子網路。IonQ 的客戶很快就能將量子電腦集群化，實現極其強大的處理能力，將超安全的資料從一台量子電腦發送到另一台量子計算機，以及將資料從量子感測器無縫傳輸到量子電腦。

A key milestone in this road map is our ability to build quantum networks over standard telecom fiber, which requires technology to convert wavelengths from these quantum devices to wavelengths compatible with classical networks. We are working on that technology with customers today and expect to be the first company in the world to achieve it. Across all dimensions, the infrastructure for the quantum Internet is being built here at IonQ.

該路線圖的關鍵里程碑是我們能夠在標準電信光纖上建立量子網絡，這需要將這些量子設備的波長轉換為與經典網路相容的波長的技術。我們目前正在與客戶共同研發這項技術，並期望成為世界上第一家實現這項技術的公司。在 IonQ，量子互聯網的基礎設施正在各個層面上建造。

Now I'd like to hand the call over to Frank Backes, CEO of Capella.

現在我想把電話交給卡佩拉公司執行長弗蘭克·巴克斯。

Thank you, Jordan.

謝謝你，喬丹。

As both Jordan and Niccolo have highlighted, we are witnessing a revolution in the global computing and networking landscape driven by the maturation and deployment of quantum technologies. Today, I'd like to offer the perspective of the space sector on how quantum-enhanced space systems and sensors are poised to transform the future of computing and networking infrastructure, integrating advanced capabilities into everyday applications.

正如 Jordan 和 Niccolo 都強調的那樣，我們正在見證一場由量子技術的成熟和部署所驅動的全球運算和網路格局的革命。今天，我想從航太領域的角度談談量子增強型太空系統和感測器將如何改變未來的運算和網路基礎設施，並將先進功能整合到日常應用中。

Newly a part of IonQ, Capella is focused on taking quantum technologies into orbit. We design, manufacture, own and operate a proliferated constellation of low earth orbit satellites that we plan to outfit with quantum communication devices, quantum sensors and one day quantum computers. We believe that our quantum-enabled satellites will be highly differentiated in the market, paving the way for a new generation of ultra secure, extremely powerful computing and networking infrastructure with a global footprint.

作為 IonQ 的一部分，Capella 致力於將量子技術送入軌道。我們設計、製造、擁有和營運著一個龐大的低地球軌道衛星星座，我們計劃為這些衛星配備量子通訊設備、量子感測器，並有朝一日配備量子電腦。我們相信，我們的量子衛星將在市場上具有高度差異化優勢，為新一代超安全、強大的運算和網路基礎設施鋪平道路，並實現全球覆蓋。

Capella has already proven we can put production-grade satellites into orbit. Today, we are producing streams of earth observation data with a constellation of satellites that operate day or night through clouds and in other challenging conditions, bringing critical information to leading defense, government and enterprise customers. IonQ will be expanding Capella's proliferated low earth orbit constellation to meet global demand.

Capella已經證明我們有能力將生產級衛星送入軌道。今天，我們利用由衛星組成的星座，晝夜不停地在雲層和其他具有挑戰性的條件下運行，產生地球觀測資料流，為領先的國防、政府和企業客戶提供關鍵資訊。IonQ 將擴展 Capella 廣泛分佈的低地球軌道星座，以滿足全球需求。

The integration of IonQ Technologies means we will be able to collect and process data in never before seen ways and transmit that data in a way that is probably secure even from the threat of quantum computers. We are committed to pioneering the new frontier of quantum technologies in space, providing our customers with an accelerated path to secure, high-performance and resilient solutions for the future.

整合 IonQ Technologies 意味著我們將能夠以前所未有的方式收集和處理數據，並以一種即使面對量子電腦的威脅也可能安全的方式傳輸這些數據。我們致力於開拓太空量子技術的新領域，為客戶提供一條通往未來安全、高性能和高彈性解決方案的加速之路。

Now I'd like to hand the call over to Thomas Kramer, IonQ's CFO.

現在我想把電話交給 IonQ 的財務長 Thomas Kramer。

Thank you, Niccolo, Jordan and Frank.

謝謝尼科洛、喬丹和弗蘭克。

It has been truly an exciting quarter on the commercial front, and our financials are no exception. Let's walk through this quarter's financial results in more detail. As Niccolo mentioned, we had a fantastic quarter, recognizing revenue of $20.7 million, beating the high end of our guidance by 15%. In addition, we are making new investments to accelerate our road map as well as entering new segments of the market, and we expect to continue to invest in the ecosystems that support our customers. Accordingly, we saw an adjusted EBITDA loss for the second quarter of $36.5 million compared to a $23.7 million loss in the prior-year period.

本季在商業方面確實令人振奮，我們的財務狀況也不例外。讓我們更詳細地分析一下本季的財務表現。正如尼科洛所提到的，我們本季業績非常出色，營收達到 2,070 萬美元，比我們預期的上限高出 15%。此外，我們正在進行新的投資，以加快我們的發展路線圖，並進入新的市場領域，我們預計將繼續投資於支持我們客戶的生態系統。因此，我們第二季的調整後 EBITDA 虧損為 3,650 萬美元，而去年同期虧損為 2,370 萬美元。

To understand the key drivers behind that number, let's turn to our expenses. Total operating costs for the second quarter were $181.3 million, up 201% from $60.3 million in the prior-year period, but within our plan for the year. To break this down further, our research and development costs for the second quarter were $103.4 million, up 231% from $31.2 million in the prior-year period. Recall that we are investing heavily in R&D and growing our R&D headcount to support our road map and customer commitments.

要了解這個數字背後的關鍵驅動因素，讓我們來看看我們的支出。第二季總營運成本為 1.813 億美元，比上年同期的 6,030 萬美元成長了 201%，但仍在年度計畫之內。進一步細分來看，我們第二季的研發成本為 1.034 億美元，比去年同期的 3,120 萬美元成長了 231%。請記住，我們正在大力投資研發，並不斷增加研發人員數量，以支持我們的產品路線圖和對客戶的承諾。

Our sales and marketing costs in the second quarter were $10.9 million, up 77% from $6.1 million in the prior-year period. This increase was due to us growing both our marketing and sales teams as we continue investing in our commercial efforts. Our general and administrative costs in the second quarter were $48.1 million, up 269% from $13.1 million in the prior-year period. These increases were primarily driven by an increase in professional services and payroll-related expenses.

第二季我們的銷售和行銷成本為 1,090 萬美元，比去年同期的 610 萬美元成長了 77%。這一成長是由於我們不斷增加對商業活動的投入，從而擴大了行銷和銷售團隊。第二季一般及行政費用為 4,810 萬美元，比上年同期的 1,310 萬美元成長了 269%。這些成長主要是由專業服務和薪資相關支出的增加所致。

All of this resulted in a net loss of $177.5 million in the second quarter compared to a $37.6 million net loss in the prior-year period. Accounting for warrants can be confusing, so we have always pointed out the impact they have on our results. This Q2 loss includes a noncash loss of $39.6 million for the second quarter related to the fair value of our warrant liabilities.

所有這些因素導致第二季淨虧損 1.775 億美元，而去年同期淨虧損為 3,760 萬美元。認股權證的會計處理可能會令人困惑，因此我們一直強調它們對我們業績的影響。第二季虧損包括與認股權證負債公允價值相關的第二季非現金虧損 3,960 萬美元。

This is a pure accounting artifact that is not representative of the operating performance of our business. These results also include growth in stock-based compensation expense related to our headcount growth, which was $99.2 million for the second quarter compared to $21 million in the prior-year period. This elevated stock-based compensation expense was due primarily to incentives issued to newly acquired and hired employees.

這純粹是會計上的產物，並不能代表我們業務的實際經營績效。這些業績還包括與員工人數成長相關的股權激勵支出成長，第二季為 9,920 萬美元，而上年同期為 2,100 萬美元。股權激勵費用的增加主要是因為向新收購和新聘員工發放的激勵措施所致。

Turning now to our balance sheet. Cash, cash equivalents and investments as of June 30, 2025, were $656.8 million. As we announced previously, in July, we raised $1 billion in an equity offering priced at a 25% premium above our closing price for the prior trading session. This investment, to our knowledge, is the largest investment by a single investor into quantum computing and networking, and we are honored to be the recipient. The equity offering also included 7-year warrants at $99.88 per share, a strong indication of confidence in IonQ's longer-term prospects. Our pro forma cash balance as of July 9, 2025, was $1.6 billion, making IonQ the most well-capitalized pure-play quantum provider in the market today.

現在來看我們的資產負債表。截至 2025 年 6 月 30 日，現金、現金等價物及投資為 6.568 億美元。正如我們之前宣布的那樣，7 月份，我們透過股權發行籌集了 10 億美元，發行價較前一交易日的收盤價溢價 25%。據我們所知，這是單一投資者對量子運算和網路領域最大的投資，我們很榮幸成為這筆投資的受益者。此次股權發行還包括每股 99.88 美元的 7 年期認股權證，這強烈表明了對 IonQ 長期前景的信心。截至 2025 年 7 月 9 日，我們的預期現金餘額為 16 億美元，這使得 IonQ 成為當今市場上資本最雄厚的純量子計算提供者。

Continuing now to our financial outlook. We are increasing our revenue guidance for the full year 2025 to be between $82 million and $100 million and expect revenue for the third quarter to be between $25 million and $29 million. Last quarter, we projected an adjusted EBITDA loss of $162 million for the full year 2025. Pending the close of the Oxford Ionics acquisition, we anticipate that integration and our continued investments into to accelerate our road map will result in an increase to our cost base for the year. We envision this will widen our adjusted EBITDA loss up to 30% or a total of $211 million.

接下來我們繼續討論財務展望。我們將 2025 年全年營收預期提高至 8,200 萬美元至 1 億美元之間，並預計第三季營收將在 2,500 萬美元至 2,900 萬美元之間。上個季度，我們預測 2025 年全年調整後 EBITDA 虧損為 1.62 億美元。在完成 Oxford Ionics 的收購之前，我們預計整合以及我們為加速實現路線圖而持續進行的投資將導致我們今年的成本基礎增加。我們預計這將使我們的調整後 EBITDA 虧損擴大至 30%，即總計 2.11 億美元。

Now back to you, Niccolo.

現在把鏡頭交還給尼可洛。

Our customer ecosystem now includes not only the winning quantum computing road map, but also the clear global leader in quantum networking. We, in fact, expect our unit economics advantage in the fully fault tolerant era to be 1 to 2 orders of magnitude lower than competitor efforts. IonQ has commercialized considerably faster than start-ups who do not have our 30-year heritage. We were first to operate on all 3 of the Google, Amazon and Microsoft public clouds 5 years ago.

我們的客戶生態系統現在不僅包括成功的量子運算路線圖，還包括量子網路領域公認的全球領導者。事實上，我們預期在完全容錯時代，我們的單位經濟優勢將比競爭對手低 1 到 2 個數量級。IonQ 的商業化速度遠遠超過那些沒有我們 30 年歷史傳承的新創公司。5 年前，我們率先在Google、亞馬遜和微軟三大公有雲平台上開展業務。

Looking forward, we believe our unit economic advantages will underpin IonQ's long-term market share leadership. IonQ also intends to accelerate its investment in our application road map, which we outlined in our June 9 webinar. Given our unparalleled unit economics at scale, we have a clear opportunity in the coming years to profitably address long hypothesized quantum classics such as the traveling salesperson problem as well as Shor's algorithm.

展望未來，我們相信我們的單位經濟優勢將鞏固 IonQ 的長期市佔率領先地位。IonQ 還計劃加快對我們應用路線圖的投資，我們在 6 月 9 日的網路研討會上概述了該路線圖。鑑於我們無與倫比的規模化單位經濟效益，未來幾年我們將有機會以盈利的方式解決長期以來假設的量子經典問題，例如旅行商問題和 Shor 演算法。

I'll now turn this over to the operator for Q&A.

現在我將把這個問題交給接線員進行問答。

(Operator Instructions) Quinn Bolton, Needham & Co.

（操作說明）Quinn Bolton，Needham & Co.

Congratulations on all the progress again this quarter. I guess I wanted to start with the revenue that came in better than expected. That's great to see. You guys are diversifying the revenue stream now with the Quantum Key Distribution, quantum networking efforts. And I was wondering if you could give us some sense how much revenue are you starting to generate from the non-quantum computing efforts in the business? And then I've got a follow-up.

恭喜你們本季再次取得的所有進展。我想先從超出預期的收入說起。很高興看到這一點。你們現在正透過量子金鑰分發和量子網路等項目實現收入來源多元化。我想請您介紹一下，貴公司目前從非量子運算業務中獲得的收入是多少？然後我還有一個後續問題。

So thank you for those words and a great question. We are continuing to deliver on our plans for the year, and the beat on this quarter was primarily due to 2 projects for existing customers where we've been able to accelerate the pace of implementation.

非常感謝您的這些話和提出的好問題。我們正繼續推進今年的計劃，本季業績超預期主要歸功於我們加快了現有客戶的兩個專案的實施速度。

And were those mostly on the quantum computing side? Or could that include like the Air Force Research Lab on quantum networking? Just some sense on the mix. Is it still predominantly quantum computing?

這些主要集中在量子計算領域嗎？或者這是否包括像空軍研究實驗室在量子網路領域的研究？就混音方面提點建議。現在還是以量子計算為主嗎？

It's an excellent question. But as we've said in previous quarters, many of these projects, in particular, the AFRL one contains both sides of the coin. It's quantum computing and networking.

這是一個很好的問題。但正如我們在前幾個季度所說，這些項目中的許多，特別是 AFRL 的項目，都包含了硬幣的兩面性。這是量子計算和網路技術。

Got it. Second question is you guys on the -- I guess, in June, you announced the acquisition of Oxford Ionics, you were selected for the DARP quantum benchmarking program back in early April. And I guess, as you guys have pivoted the road map now or accelerated the road map with Oxford Ionics, can you just sort of address how are you feeling about progressing from Stage A to Stage B in QBI?

知道了。第二個問題是，你們——我猜，你們在六月宣布收購了 Oxford Ionics，你們在四月初被選中參加 DARP 量子基準測試計畫。我想，既然你們現在已經調整了路線圖，或者說透過 Oxford Ionics 加快了路線圖，你們能否談談你們對於 QBI 從 A 階段到 B 階段的進展有何感想？

Yes. No, I'm happy to take this. It's Niccolo. Well, look, the fantastic thing about the talent density and the technology that we've assembled at IonQ is that Oxford Ionics itself was also put into the DARPA/QBI initiative earlier this year. So IonQ is in a fantastic position overall. Both ourselves and our announced acquisition, obviously, are considered fantastic businesses in their own right.

是的。不，我很樂意接受。是尼可洛。你看，IonQ 匯聚的人才密度和技術最棒的地方在於，牛津離子公司本身也在今年稍早加入了 DARPA/QBI 計畫。所以總的來說，IonQ 的處境非常有利。顯然，我們自身以及我們宣布的收購目標，本身就是非常優秀的企業。

On a combined basis, we think it's, of course, an even stronger offering. So I think it's safe to say that we continue to progress as two shots on goal, if you will, until the acquisition closes. But once it closes, we'll be progressing as a single unified road map that we think is extremely powerful when you think about not just how many logical qubits we're going to have pretty soon, but also the unit economics involved, we feel very good about our prospects, both in Phase B and ultimately in Phase C.

綜合來看，我們認為這當然是一個更強大的產品。所以我覺得可以肯定地說，在收購完成之前，我們將繼續以兩次射門的方式取得進展。但一旦專案完成，我們將按照一個統一的路線圖推進，我們認為這個路線圖非常強大，不僅因為我們很快就能擁有多少邏輯量子比特，還因為其中涉及的單位經濟效益，我們對B階段和最終的C階段的前景都非常樂觀。

Excellent. And maybe last, Niccolo, just any update on the timing of the close on Oxford Ionics. Could you just give us an update where you are on any regulatory approvals that you need? Do you still expect to close that transaction later in calendar '25?

出色的。最後，Niccolo，能否告知 Oxford Ionics 的收盤時間？能否告知一下您在獲得所需監管審批方面目前的進展？您是否仍預計在 2025 年稍後完成該筆交易？

Yes, we absolutely do still expect it to close later. This is, of course, subject to regulatory approval in the UK And that is proceeding constructively, but we are not able to give a precise date on this call, although I think it's safe to say that both Oxford and IonQ, of course, look forward to a closing as soon as possible.

是的，我們仍然預計它會在稍後關閉。當然，這還需獲得英國監管部門的批准。目前進展順利，但我們無法在本次電話會議上給出確切的日期，不過可以肯定的是，牛津大學和IonQ都期待盡快完成交易。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Gentlemen, congrats on all the progress and milestones here.

各位先生，祝賀你們在這裡取得的所有進展和里程碑。

Thank you.

謝謝。

So Niccolo, maybe for you, first of all, 80,000 logical qubits by 2030. At that level, can you just talk about what type of encryption are you guys crashing? Or how advanced is the quantum computer at that point?

所以尼可洛，或許對你來說，首先是到 2030 年實現 8 萬個邏輯量子位元。到了這個層面，你們能不能直接說說你們破壞的是哪一種加密方式？或者說，到那時量子電腦的發展程度如何？

Yes. I mean, Troy, I think we have the leading logical qubit road map bar none on a global basis. And I say that not only because of the sheer number of logical qubits, but also the cost of a machine of that size, which is very low compared to competitors you might run into, Troy, that probably will have machines that will cost 10 or 100 times more for a similar number of logical qubits. We published an application road map on June 9 at our webinar, and we showed you every year on our road map, what we can do from an applications perspective. So we're showing you what we can do even at 1,500 logical qubits. We're showing we can do at 10,000 logical qubits, and we're showing you can do, of course, at 8,000.

是的。我的意思是，Troy，我認為我們擁有全球領先的邏輯量子位元路線圖，沒有之一。我這麼說不僅是因為邏輯量子位元的數量非常多，還因為這種規模的機器的成本非常低，與你可能會遇到的競爭對手相比，Troy，他們的機器對於類似數量的邏輯量子位元來說，成本可能是我們的 10 倍甚至 100 倍。我們在 6 月 9 日的網路研討會上發布了應用程式路線圖，並且每年都會在路線圖中向大家展示，從應用程式的角度來看，我們能做些什麼。所以我們要向你們展示，即使只有 1500 個邏輯量子比特，我們也能做到什麼。我們證明了我們可以實現 10,000 個邏輯量子比特，當然，我們也證明了你們可以實現 8,000 個邏輯量子比特。

What I think I would highlight is these are just the known application areas that we've identified that we already are working on. As you've seen throughout the compute space, Troy, from CPUs to GPUs to now our QPUs, much of the upside and value comes from problems that you haven't thought of addressing yet. And it comes -- it kind of emerges, if you will, as an emerging phenomenon as you start solving problems with ever more doubly exponentially powerful machines as IonQ has.

我想強調的是，這些只是我們已經確定並正在努力開發的已知應用領域。Troy，正如你在整個運算領域所看到的，從 CPU 到 GPU，再到現在的 QPU，許多優點和價值都來自於你還沒想到要解決的問題。而且，隨著像 IonQ 這樣功能日益強大的機器開始解決問題，它就像一種新興現像一樣出現。

So I think there's tremendous upside in the app road map from quantum AI and quantum machine learning in particular. We've already made some industrial AI applications as far back as World Quantum Day on April 13, 14 earlier this year. We're continuing to make progress with a number of partners, not just in the AI space, but of course, in the drug discovery space. You saw announcements from us on protein folding as well as, of course, with AstraZeneca.

所以我認為，量子人工智慧，尤其是量子機器學習，在應用發展路線圖方面具有巨大的潛力。早在今年 4 月 13 日、14 日的世界量子日，我們就已經開始了一些工業人工智慧應用。我們正與眾多合作夥伴不斷取得進展，不僅在人工智慧領域，當然也在藥物研發領域。你們都看到了我們發布的關於蛋白質折疊的公告，當然還有與阿斯特捷利康合作的公告。

You've seen announcements with partners looking at the energy grid and optimizations there. And of course, we work closely with the Electric Power Board of Tennessee and Oak Ridge National Labs already. So I think it's safe to say that we've got a commanding lead in solving useful applications today even on just 36 qubit systems. Imagine where we're going to be in the next year, 1.5 years, 2 years as we move to 256 qubits and at some point soon, 10,000 physical qubits in combination with our friends at Oxford Ionics. It unlocks a whole world, frankly, of value add for every industry category we're in already today.

你們已經看到一些公告，其中提到合作夥伴正在研究能源網路及其優化方案。當然，我們已經與田納西州電力局和橡樹嶺國家實驗室建立了密切的合作關係。所以我覺得可以肯定地說，即使只使用 36 個量子位元系統，我們在解決當今有用的應用方面也取得了絕對領先優勢。想像一下，在接下來的1年、1.5年、2年裡，當我們邁向256個量子比特，並在不久的將來與牛津離子公司的朋友們一起實現10000個物理量子比特時，我們會達到怎樣的水平。坦白說，它為我們目前所在的每個行業類別開啟了一個充滿增值潛力的全新世界。

We think that you can start to do useful Shor's algorithm work probably in the 2027 time horizon, if you look at our road map, low thousands of logical qubits starts to become interesting for us on the encryption cracking front. The traveling sales sourcing problem, I believe, is about 1,000 logical qubits as well. And so a lot of work in logistics optimizations will get unlocked in the next 18 months or so.

我們認為，到 2027 年左右，您或許可以開始進行有用的 Shor 演算法工作。如果你看看我們的路線圖，你會發現，在加密破解方面，幾千個邏輯量子位元開始變得對我們有意義。我認為，旅行銷售採購問題也大約相當於 1000 個邏輯量子位元。因此，未來 18 個月左右，物流優化的大量工作將得以進行。

And obviously, I think if you see it before, Troy, our app team is growing as quickly as we can find the talent. We recognize that it's a unique set of skills to be able to run quantum applications on our machines and then translate those for each of the verticals that have slightly different problems that we've gone after. But as I mentioned in my prepared remarks, it's a key investment area for us. So we recognize that the path for growth for us goes right through our applications in all these different areas.

顯然，特洛伊，如果你之前關注過，就會知道我們的應用程式團隊正在以最快的速度發展壯大，只要我們能找到人才。我們認識到，能夠在我們的機器上運行量子應用程序，然後將其轉換到我們所針對的每個垂直領域（這些領域都有略微不同的問題），這是一套獨特的技能。但正如我在事先準備好的演講稿中所提到的，這是我們一個重點的投資領域。因此我們認識到，我們的發展之路就在於我們在所有這些不同領域的應用。

Great answers. Just like a follow-up and kind of a couple of things together here. Just can you talk about just the acquisitions you've done? I think it's like 6 now, integrating all these businesses. I've seen companies struggle doing one or two acquisitions, you guys doing a lot at the same time here. You got a lot of money on your balance sheet. Thoughts on kind of more consolidation? Or if you could just address that topic, that would be great.

很好的答案。就像後續報道一樣，也算是把幾件事連結起來了。您能否談談您已經完成的收購項目？我覺得現在已經是第六個了，整合了所有這些企業。我看過一些公司在進行一兩項收購時都舉步維艱，而你們卻同時進行了這麼多收購。你的資產負債表上有很多錢。關於進一步整合的看法？如果您能談談這個話題，那就太好了。

Yes. I mean, look, we have a couple of things. So I've made more than 50 acquisitions in my career as a public company leader across over a dozen public companies. And so I'd like to think we get better at these things over time. You heard from Frank Backes, who is actually on this call. Frank and I were very focused on cultural fit early on. We're all professional managers of our firm. We both want to make the industrial logic work. It's the same with Oxford Ionics and Lightsynq and our friends at Qubitech and Entangled Networks from earlier this year and last year.

是的。我的意思是，你看，我們有幾件事。因此，在我擔任上市公司領導者的職業生涯中，我已在十幾家上市公司完成了 50 多項收購。所以我認為隨著時間的推移，我們會在這方面做得越來越好。你聽到的正是弗蘭克·巴克斯的聲音，他現在就在電話會議上。我和弗蘭克很早就非常注重文化契合度。我們都是公司的專業經理人。我們都希望工業邏輯能夠奏效。牛津離子公司、Lightsynq 公司以及我們今年稍早和去年的合作夥伴 Qubitech 和 Entangled Networks 公司的情況也是如此。

And what we're finding actually is 1 plus 1 doesn't just equal 3, it equals 13 or 30. And there is mutual curiosity when we merge with new entities. Everyone is aligned and, of course, taking stock in an enlarged IonQ. And so everyone is able to both work together to rally on our biggest revenue opportunities, but also to continue growing their business in its own right. So we're investing in the infrastructure we need to make sure integrations go well. We've got experience on it, whether it's IT through to the actual technical road maps and of course, the soft side, if you will, of making sure that people have similar cultural definitions and understandings of success.

我們發現，1 加 1 其實不只等於 3，它還等於 13 或 30。當我們與新的實體合併時，彼此都會產生好奇心。大家目標一致，當然，都在關注擴大後的 IonQ。因此，大家既可以齊心協力抓住最大的收入機會，也可以繼續發展各自的業務。因此，我們正在投資必要的基礎設施，以確保整合順利進行。我們在這方面有經驗，無論是 IT 方面，還是實際的技術路線圖，當然還有軟性方面，例如確保人們對成功的文化定義和理解相似。

But honestly, we don't lose any sleep about this because there is so much to gain together. The teams are proactively excited and reaching out to one another and doing the integration, honestly, on their own in a lot of ways. So yes, I mean, look, we will continue to monitor the landscape. We now have 2 big growth vectors for our business, right, computing and networking. Networking, we're doing both on the ground, but also ground to space, space to space and space to ground, the most vulnerable pieces of our communications infrastructure.

但說實話，我們對此並不擔心，因為我們一起能獲得很多好處。各個團隊都積極主動地互相交流，坦白說，在很多方面，他們都是自發性地進行整合。所以，是的，我的意思是，我們會繼續關注形勢發展。現在，我們的業務有兩大成長點，對吧？那就是電腦和網路。我們正在進行網路建設，既包括地面網絡，也包括地面到太空、太空到太空以及太空到地面的網絡，這些都是我們通訊基礎設施中最脆弱的部分。

And I think we're finding that new opportunities are unlocking themselves, frankly, every week. We have put together a unique asset and business here, right? No one else in the world can do networking on the ground, in space and computing. And right now, sovereign nations in the friendly world want more of everything that IonQ has to offer. And so we're supply limited, not demand limited, if that makes sense.

坦白說，我認為我們發現每週都有新的機會湧現。我們已經在這裡打造了一項獨特的資產和業務，對吧？世界上沒有其他人能夠同時在地面、太空和電腦領域進行網路建置。而現在，友善世界的各個主權國家都希望獲得更多 IonQ 所能提供的一切。所以，我們面臨的是供應受限，而不是需求受限，如果這樣說你能理解的話。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I wanted to ask about Chris Monroe coming back. I am getting kind of questions about it. It seems like it's great news. He's obviously -- you characterized his capabilities, but it caused some consternation when he left. And just maybe if you could address, is there anything to sort of read into the fact that he left and then came back now?

我想問克里斯門羅是否會回歸。我收到了一些關於這方面的問題。看來這是個好消息。很明顯——你對他的能力做了很好的描述，但他的離開引起了一些不安。或許您能解答一下，他離開後又回來這件事，有沒有什麼值得我們深思的地方？

Well, I like -- look, it's Niccolo. I'd like to say that there's something to be read into all of the tremendous talent that's joined IonQ in the past quarter. So whether it's Rick Muller or Marco Pistoia, Chris Monroe, Paul Dacier, we've also added a long list actually of VPs to the business in the last quarter in areas from business development through to actually acquisition integrations. And so I think everyone is recognizing that -- As want to work with As and talent success helps attract yet more of it.

嗯，我喜歡──你看，是尼可洛。我想說，過去一個季度加入 IonQ 的眾多傑出人才背後，一定蘊含著一些值得我們深思的訊息。所以，無論是 Rick Muller、Marco Pistoia、Chris Monroe、Paul Dacier，實際上，在上個季度，我們也為公司增加了一長串副總裁，涵蓋從業務發展到收購整合的各個領域。所以我覺得大家都意識到了這一點——優秀的人都想和優秀的人一起工作，而人才的成功也有助於吸引更多優秀的人才。

I think, Chris, spending more time with us is a tremendous vote of confidence, not just in our computing road map, but also our networking road map. I think it speaks very highly of what he thinks about Chris Ballance and Mihir Bhaskar as well. And I think you're seeing that you've got four world records, if you will, held by individuals who are all at IonQ, both on the fidelity side as well as the networking side. And they want to continue pioneering the future together right here at IonQ, right?

克里斯，我認為，您花更多的時間和我們在一起，是對我們電腦發展路線圖以及網路發展路線圖的巨大信任。我認為這充分體現了他對克里斯·巴蘭斯和米希爾·巴斯卡的評價很高。我想你們可以看到，IonQ 公司擁有四項世界紀錄，這些紀錄的維持者都是該公司的員工，包括投資和人脈的員工。他們希望繼續在 IonQ 一起開拓未來，對嗎？

So we're excited to have everyone. We welcome ever more world-class talent. I think we've attracted some in the organization that haven't been announced today, but continue to join us from nation's finest laboratories. And on a global basis, we're always on the lookout for the very best, most experienced everywhere from networking to computing to applications. So I'd say, look, in summary, it is, I think, a vindication of our strategy. We're excited to have Chris here, and we're excited to have everyone else that we've

所以我們很高興大家都能來。我們歡迎更多世界一流人才。我認為我們已經吸引了一些今天尚未公佈的人員加入我們的組織，他們正陸續從全國最好的實驗室加入我們。在全球範圍內，我們始終在網路、運算、應用等各個領域尋找最優秀、最有經驗的人才。所以，總而言之，我認為這證明了我們策略的正確性。我們很高興克里斯能來，也很高興其他人能來。

announced today all working together because we recognize that we're at the intersection of pioneering technology that has never done what we've done in the last decade or two. And the next 5 years, 10 years has even more to be built together.

今天宣布大家齊心協力，因為我們意識到我們正處於開創性技術的交匯點，這項技術在過去一二十年中從未實現我們所做的一切。接下來的5年、10年，還有更多需要我們共同建構的未來。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

This is Tyler on for Richard Shannon. I was wondering, can Lightsynq be ran at room temperature for compute or sensing purposes? And if so, what is the plan for those? And I'll let you go from there. I have a follow-up.

這裡是泰勒，替理查德·香農為您報道。我想知道，Lightsynq 能否在室溫下運行，用於計算或感測目的？如果是這樣，那麼對這些人來說有什麼計劃？接下來就交給你了。我還有一個後續問題。

This is Dean. So the overall technology that Lightsynq has in their quantum memories does require cryogenic kind of mild cryogenic temperatures to be able to achieve. And so they're similar to the cryogenic enhanced vacuum systems that are used in other trapped ion systems. And so it's not super exotic, but it does require lower temperatures to be able to realize that quantum memory.

這是迪恩。因此，Lightsynq 的量子記憶體所採用的整體技術確實需要低溫（或稱溫和的低溫）才能實現。因此，它們類似於其他囚禁離子系統中使用的低溫增強真空系統。所以它雖然不是特別稀奇古怪，但確實需要較低的溫度才能實現量子儲存。

We're always developing the next generation of all of our hardware. So as Dean put it, mild cryogenic, we hope becomes milder, and we hope the size also of these repeaters shrinks and it should every generation also.

我們一直在研發下一代硬體產品。正如迪恩所說，我們希望溫和的低溫技術能夠變得更溫和，我們也希望這些中繼器的尺寸能夠縮小，而且每一代都應該如此。

Yes. And then just for you and everybody else, I do understand that diamond memories tend to be cryogenically cooled. I was just wondering if it wasn't cooled, would it be used for compute or sensing or if it always had to be. Okay. And then when you're considering the combination of Oxford Ionics and IonQ, what is the plan with these 2 different processors? Is this -- are we keeping these separate? Or are we putting these together? And then what are the goalposts for emergence? And if you can comment on Iceberg Quantum and how that relates to QBA?

是的。還有一點要說明的是，我知道鑽石記憶體通常採用低溫冷卻技術。我只是想知道，如果它沒有冷卻裝置，是用於計算還是感測，或者它是否必須有冷卻裝置。好的。那麼，當您考慮將 Oxford Ionics 和 IonQ 結合起來時，您對這兩個不同的處理器有什麼計劃？我們是要把它們分開嗎？還是我們要把它們放在一起？那麼，湧現的目標是什麼呢？您能否談談Iceberg Quantum以及它與QBA的關係？

So Tyler, on the two different technology stacks, we are absolutely integrating them together. As we look at our integration plans moving forward, right, being able to what Niccolo indicated is putting more qubits on a chip as well as the technology for the quantum memory and doing photon capture on those chips to be able to network them together. That is absolutely coupled technology on the computing side as we kind of scale out. Those different pieces come in at different parts of our road map as we move out to thousands and millions of qubits, but they're definitely intertwined as we move forward.

所以泰勒，在兩種不同的技術堆疊上，我們正​​在將它們完全整合在一起。當我們展望未來的整合計劃時，正如尼科洛所指出的那樣，能夠在一個晶片上放置更多的量子比特，以及量子記憶體技術，並在這些晶片上進行光子捕獲，以便將它們聯網在一起。在計算方面，隨著我們進行橫向擴展，這完全是耦合技術。隨著我們朝著成千上萬個量子位元邁進，這些不同的部分會在我們路線圖的不同階段出現，但它們在我們前進的過程中肯定是相互交織的。

David Williams, Benchmark.

David Williams，基準。

Congrats on all the really great progress. And I guess maybe first, Niccolo, can you kind of run through just kind of given how much progress you've had, all the exciting things that's going on at IonQ? Is there a way you kind of rank order what gets you most energized and maybe where you're most excited?

祝賀你們取得的巨大進步。我想首先，Niccolo，鑑於你們取得瞭如此大的進展，IonQ 目前正在發生哪些令人興奮的事情，你能簡單介紹一下嗎？你有沒有辦法對最能激勵你活力、最讓你興奮的事情進行排序？

There's so much goodness going on in the last 6 months. I don't actually think of it that way. I think that we're in the business of quantum in every sense. And quantum for us is both on the compute side and the networking side. And we care about having the leading technical road map on both sides of the house. We also care about being the leading commercialization player or partner, if you will, on both sides of the house.

過去六個月發生了太多美好的事情。我其實不那麼想。我認為我們在各方面都從事量子領域的工作。對我們來說，量子技術既體現在運算方面，也體現在網路方面。我們非常重視在公司上下都擁有領先的技術路線圖。我們也希望成為雙方領先的商業化參與者或合作夥伴。

And we believe that the interconnection of the two provides a moat that is very difficult to counteract or amount if you are a competitor of ours. The fact that we can build the world's best quantum networks, quantum computers and we can build the repeaters and we can maintain information security as it's transmitted between quantum computers gives us a phenomenal range of solutions to sell to nations and Fortune 100 companies.

我們相信，這兩者之間的相互連結形成了一道護城河，如果我們的競爭對手想要對抗或超越這道護城河，將會非常困難。我們能夠建構世界上最好的量子網路、量子計算機，能夠建構中繼器，並且能夠維護量子計算機之間傳輸的資訊安全，這為我們提供了種類繁多的解決方案，可以出售給各國和財富 100 強企業。

If you look at the acquisitions we made and the talent we've attracted, you can see that we are investing on both sides of the house to do exactly what I said. We want to make sure we always have the leading technical road map, the best unit economics and to make sure we continue to win market share. And we'll continue to invest to achieve all three or four of those objectives.

如果你看看我們進行的收購和我們吸引的人才，你會發現我們正在從各個方面進行投資，以實現我所說的目標。我們希望確保始終擁有領先的技術路線圖、最佳的單位經濟效益，並確保我們持續贏得市場份額。我們將繼續投資，以實現這三到四個目標。

I've been delighted with every acquisition that we've consummated since I assumed this position, and I've been really delighted with the acceleration in global technical talent and talent in general that we've been able to attract. And we're just getting started here, right? I've been in this role for six, seven months on a full-time basis. And so I think it bodes very well for the future. We want to carry on doing what we've done in the last two or three quarters -- in the next two or three quarters and the next 20 or 30 quarters.

自從我擔任這個職位以來，我們完成的每項收購都令我非常滿意，而且我們能夠吸引到全球技術人才和各類人才，這種加速成長的勢頭也讓我感到非常高興。我們才剛開始，對吧？我全職擔任這個職位已經有六、七個月了。所以我認為這預示著美好的未來。我們希望繼續保持過去兩三個季度以來所做的工作——在接下來的兩三個季度以及接下來的20到30個季度繼續這樣做。

The reality is, I think people tend to underestimate how much progress we are making on a monthly, quarterly and annual basis. They tend to underestimate the progress that quantum computing at IonQ is making because of the double exponential nature of improvements in every generation. And they underestimate the need for quantum networking because of the threats, if you will, from not just bad state actors in a classical sense, but because there are bad state actors that are working on so-called Q-Day and cracking RSA2048. And so both sides of our business on the ground and up in space are poised, I think, to have inflection points in the coming quarters and years.

事實上，我認為人們往往低估了我們每月、每季和每年的進步。由於每一代量子運算技術都呈現雙指數級成長，人們往往低估了 IonQ 量子運算所取得的進展。他們低估了量子網路的需求，因為威脅不僅來自經典意義上的不良國家行為者，還來自正在研究所謂的 Q 日並破解 RSA2048 的不良國家行為者。因此，我認為，我們地面業務和太空業務這兩個方面都將在未來幾季和幾年內迎來轉捩點。

Great, fantastic color there and then maybe just for you, Thomas, given these acquisitions, how should we think about the OpEx trends and maybe the break even point there, is there a potential maybe to accelerate the path to profitability, maybe faster than what you thought previously just kind of give the different revenue bases and opportunities you have in front of you?

太棒了，顏色真漂亮！湯瑪斯，考慮到這些收購，我們應該如何看待營運支出趨勢以及損益平衡點？是否有可能加快獲利進程，比你之前預想的更快？考慮到你面前不同的收入來源和機會。

I think that our primary objective is to accelerate the road map and also to find and delight customers because this is a giant space and whoever gets there first, and we are the leading contender will reap huge rewards. We obviously will take great care when we decide what to spend on. But right now, we've been able to contract our road map so much that this will save us a lot of money in the long term.

我認為我們的首要目標是加快產品路線圖的實施，同時尋找並取悅客戶，因為這是一個巨大的領域，誰先進入這個領域，而我們是領先的競爭者，誰就能獲得巨大的回報。我們當然會在決定花錢的地方時非常謹慎。但目前，我們已經大幅縮短了專案路線圖，從長遠來看，這將為我們節省很多錢。

Yes. Look, I'd add to that. I think Thomas is spot on, right? I mean when you look at competitor announcements that have come out subsequent to our June 9 webinar. You've seen big companies putting out announcements about being five years behind us. And I think they're the closer competitors, honestly, in the quantum computing space. It is a commanding lead that we have been able to build in the last six or seven months.

是的。我還要補充一點。我覺得湯瑪斯說得完全正確，對吧？我的意思是，看看競爭對手在我們 6 月 9 日網路研討會之後發布的公告。你已經看到一些大公司發佈公告，說他們落後我們五年。說實話，我認為他們在量子運算領域才是最接近的競爭對手。在過去的六、七個月裡，我們已經建立了巨大的領先優勢。

Kevin Garrigan, Rosenblatt Securities.

Kevin Garrigan，Rosenblatt Securities。

Let me echo my congrats on all the progress. Going off of Troy's acquisition question, any other areas of the business you can point out where you might still be missing a piece the puzzle?

我也要再次祝賀你們所取得的所有進展。接續 Troy 提出的收購問題，您能否指出公司其他方面是否仍有一些尚未解決的問題？

Well, look, I mean, I always like to jokingly say that although I'm a physicist, I never finished the PhD. And so our superpower here is I'm not trying to defend my PhD dissertation at any point of the week. I'm happy to defend the PhD dissertations of our fantastic engineering leadership and physicists that we've both hired and acquired, right? And so we're in the early ages and era, if you will, of the quantum revolution, which is the biggest revolution in computing and networking, I think, since computer networking got going, frankly, 80 years ago.

嗯，你看，我的意思是，我總是喜歡開玩笑說，雖然我是物理學家，但我從未完成博士學位。因此，我的超能力就是我一週內不需要在任何時候為我的博士論文進行答辯。我很樂意為我們聘請和引進的傑出工程領導和物理學家的博士論文進行辯護，對吧？因此，我們正處於量子革命的早期階段，我認為，這是自電腦網路誕生以來（坦白說，已有 80 年的歷史）電腦和網路領域最大的革命。

And so as we become a bigger business, as Thomas rightly pointed out, where we see opportunities to bring road maps in and move things from -- moving things to the left effectively in our road maps, we'll always look at that. We have a fully-fledged vision, obviously, for the quantum Internet that we talked about in the last couple of calls. The quantum Internet someday will be not only quantum sensors that are capturing information, but quantum computers that are processing that information, performing calculations and quantum networks that allow you to transmit that information and keep it safe throughout the whole system.

因此，正如托馬斯正確指出的那樣，隨著我們業務的擴大，當我們看到機會引入路線圖並有效地將事情向左移動時，我們總是會考慮這一點。顯然，我們對量子網路已經有了一個完整的願景，我們在最近幾次電話會議中也談到了這一點。未來的量子互聯網不僅包括捕獲資訊的量子感測器，還包括處理資訊、執行計算的量子計算機，以及能夠傳輸資訊並在整個系統中保持資訊安全的量子網路。

And so that overall vision is a North Star, if you will, for us. And we intend to be the leader in the quantum Internet and all of its components as that plays out and as there's an acceleration in spend, not just from governments, but from Fortune 100 and Fortune 1000 companies ultimately.

因此，這個整體願景就像北極星一樣，指引著我們前進。隨著量子互聯網及其所有組成部分的發展和支出加速成長（不僅來自政府，最終也來自財富 100 強和財富 1000 強公司），我們打算成為該領域的領導者。

Okay. I appreciate that color. And then as a follow-up, I'm still getting a lot of investor questions regarding the intersection of quantum and AI. So wondering if you can give some details on the collaboration with AIST that is focusing on real-world quantum AI applications and what some of those applications are?

好的。我喜歡這個顏色。此外，我還收到許多投資者關於量子計算和人工智慧交叉領域的問題。所以我想請您詳細介紹一下與AIST在現實世界量子人工智慧應用的合作，以及這些應用具體有哪些？

Well, let me talk more generally than just on AIST, right? So if you think about what we announced back in April at World Quantum Day, we showed real-world industrial AI examples in categories like reducing defects in steel and, of course, training generative adversarial networks to learn faster. And we're continuing to see great progress there, right? I mean you can actually look at most of our application successes this year through the lens of machine learning, whether you want to call that AI or branded AI, it depends both up to you and on the specific application.

好吧，那我就泛泛而談，不只談AIST吧？所以，如果你回想一下我們在四月世界量子日上宣布的內容，我們展示了現實世界的工業人工智慧案例，例如減少鋼鐵缺陷，當然還有訓練生成對抗網路以更快地學習。而且我們那方面也持續取得了巨大進展，對吧？我的意思是，實際上你可以從機器學習的角度來看待我們今年的大多數應用成功案例，無論你想稱之為人工智慧還是品牌人工智慧，這都取決於你以及具體的應用。

But I would argue that when you have 20 times speedups in computational drug design with NVIDIA, AWS, AstraZeneca, you're very much demonstrating machine learning and AI through our quantum systems. The pieces of problems that we're able to take down today and deliver quantum advantage on continue to expand. They are still pieces of problems and workflows as opposed to a one- stop shop for a workflow from soup to nuts from start to finish. And so you can see that we're collaborating with hyperscalers and the world's biggest GPU makers because we realize that together, we can deliver the one-stop shop, soup to nuts solution for companies in many verticals, right?

但我認為，當你在 NVIDIA、AWS 和阿斯特捷利康的合作下，將計算藥物設計速度提高 20 倍時，你就是在透過我們的量子系統充分展示機器學習和人工智慧。我們今天能夠解決的問題以及能夠帶來巨大優勢的問題範圍正在擴大。它們仍然是問題和工作流程的組成部分，而不是從頭到尾一站式的工作流程解決方案。所以你可以看到，我們正在與超大規模資料中心營運商和全球最大的 GPU 製造商合作，因為我們意識到，透過合作，我們可以為許多垂直行業的公司提供一站式、從頭到尾的解決方案，對吧？

And I think you'll continue to see that, frankly. So you'll see us partnering with industry expertise. You'll see us partnering with GPU and cloud leaders. And you're also going to see us expand the lens of subsectors that we were going to work in from logistics to a fair amount of pharma into areas like financial services. We hired Marco Pistoia, who we're honored is working with us not only because he's generated a lot of IP himself, but also because, of course, he knows more about the financial services industry in quantum computing and quantum networking than probably anybody on the planet, right?

坦白說，我認為這種情況還會繼續發生。所以你會看到我們與行業專家合作。你會看到我們與GPU和雲端領域的領導者建立合作關係。你也會看到我們將業務範圍從物流和相當一部分製藥領域擴展到金融服務等領域。我們聘請了 Marco Pistoia，我們很榮幸能與他合作，不僅因為他自己創造了很多智慧財產權，而且當然，他對量子運算和量子網路領域的金融服務業的了解可能比地球上的任何人都多，對吧？

And the great thing about financial services is that ultimately, you don't need a lot of infrastructure to address really valuable problems really quickly. I talked back at the IPO about financial services and the fact that there's whole chunks of it that have been postulated for a decade or two to be perfect for quantum computers. We are now at the point whereby our quantum computers are big enough to start delivering that quantum advantage at scale and at speed, frankly. And so we are investing across the verticals that you've seen in our investor deck, and we've talked on prior calls, but we continue to look for new verticals.

金融服務最棒的地方在於，歸根究底，你不需要大量的基礎建設就能快速解決真正有價值的問題。在IPO大會上，我談到了金融服務，以及過去一二十年來人們一直認為金融服務的許多領域非常適合量子電腦的事實。坦白說，我們現在已經到了量子電腦規模足夠大，可以開始大規模、快速地提供量子優勢的階段了。因此，我們正在投資您在我們投資者簡報中看到的、以及我們在之前的電話會議中討論過的各個垂直領域，但我們將繼續尋找新的垂直領域。

And the delightful thing about our quantum computers is we're finding they can deliver better answers earlier every time we approach a new vertical than was previously forecast, right? And that will continue to be a trend here. I think early achievements, early signal detection, if you will, in every area, I think, is going to be a hallmark of what you see in the coming quarters from us.

量子電腦最令人欣喜之處在於，我們發現，每當我們涉足新的領域時，它們都能比之前預測的更快地提供更好的答案，對吧？而且這種情況還會持續下去。我認為，在各個領域取得早期成就，或者說早期訊號偵測，將會是我們未來幾季業績的標誌。

(Operator Instructions) Richard Shannon, Craig-Hallum.

（操作說明）理查德·香農，克雷格-哈勒姆。

So how many QPU deployments are there between IonQ and Oxford Ionics worldwide? And considering you're securing data in flight, is there any plan to secure stationary data as well?

那麼，IonQ 和 Oxford Ionics 在全球範圍內共部署了多少個 QPU？考慮到你們正在保護飛行中的數據，是否有計劃也保護靜止狀態下的數據？

Yes. So I think the short answer is we have sold all the systems that we've ever made at IonQ, and we continue to do that. Oxford, I think, has sold a system that has been publicly disclosed. I think it's safe to say that there is incredible demand for our 256-qubit system that's around the corner and our 10,000 qubit systems on a combined basis.

是的。所以，簡而言之，我們已經售出了 IonQ 生產的所有系統，而且我們也持續販售這些系統。我認為，牛津大學出售的這套系統已經公開披露了。我認為可以肯定地說，我們即將推出的 256 量子位元系統和我們 10,000 量子位元系統（兩者加起來）都存在著巨大的市場需求。

The quantum networking question you're asking about securing data on the ground, absolutely, right? I'll turn this over to my colleague, Jordan, but we're obviously selling entangled quantum networking solutions and Q gate solutions every day, and we've announced a number of the larger ones. But our businesses have already got quantum networks deployed in places like Tennessee and Korea, and we continue to see incredible demand from household name financial services and telecoms organizations that recognize, as I jokingly like to put it, our quantum networking solution customers are the ones that are not in the news for data breaches.

你問的關於量子網路如何保障地面資料安全的問題，完全正確，對吧？我將把這個問題交給我的同事 Jordan 來回答，但我們顯然每天都在銷售糾纏量子網路解決方案和 Q 門解決方案，而且我們已經宣布了一些規模較大的解決方案。但是，我們的企業已經在田納西州和韓國等地部署了量子網絡，而且我們不斷看到來自家喻戶曉的金融服務和電信機構的巨大需求，正如我開玩笑說的那樣，這些機構認識到，我們的量子網絡解決方案客戶是那些不會因為數據洩露而上新聞的人。

And so I think as people recognize that increasingly, we will see the demand and market penetration skyrocket, honestly. And as soon as there is a whiff of a bad state actor, if you will, making any progress whatsoever on RSA2048 cracking, I think you're going to see orders of magnitude step changes in networking demand.

所以我認為，隨著人們越來越意識到這一點，我們將會看到需求和市場滲透率飆升，這是真的。一旦有絲毫跡象表明某個不良國家行為體在破解 RSA2048 方面取得了任何進展，我認為網路需求將會出現數量級的階躍式變化。

That's right. And that's data in transit, not data at rest, but that's where QKD offers a massively powerful advantage for our customers in defending. And it's a particularly weak point in their security architectures today and one that we can help them shore up.

這是正確的。而且這是傳輸中的數據，不是靜態數據，但這正是 QKD 為我們的客戶在防禦方面提供巨大優勢的地方。這是他們目前安全架構中一個特別薄弱的環節，我們可以幫助他們加強這方面的安全。

Awesome. And then with the combined companies between Oxford Ionics and IonQ, is there a way to run all of these gates in parallel? And how many of these could you effectively run the whole system in parallel using the electrical control? And what does that effectively do to your gate speed? And then also, I just want to say, I'll get off after this, but congratulations on the road map with the logical qubit counts. That's definitely not able to sustain.

驚人的。那麼，牛津離子公司和IonQ公司合併後，有沒有辦法讓所有這些門並行運作呢？那麼，使用電氣控制，您可以有效地並行運行多少個這樣的系統？那會對你的出門速度產生什麼實際影響呢？另外，我還要說一句，我講完就下線了，祝賀你們在邏輯量子比特計數路線圖方面取得的成就。這肯定無法持續。

Awesome. Well, I'm going to turn this over to Dean. But I think the good news is the short answer is gate speeds are going up considerably as part of this road map and acquisition and merger. But Dean, over to you on the electrical control.

驚人的。好了，我把這個交給迪恩了。但我認為好消息是，簡而言之，作為該路線圖、收購和合併的一部分，閘門速度正在大幅提高。迪恩，接下來就交給你來負責電氣控制了。

Yes. Thanks, Tyler. So overall, the electronic gate control and the overall move from kind of the 1D architecture to the 2D and just the inherent way those electronic gates work allows for just a massive, I would say, increase in parallelism that can occur as you execute 2 qubit gates. And so you can expect overall throughput to really go through a step change as you go and introduce high-density kind of 2-qubit electronic gate control.

是的。謝謝，泰勒。總的來說，電子閘控制以及從一維架構到二維架構的整體轉變，以及這些電子閘固有的工作方式，使得在執行 2 個量子位元閘門時可以實現大量的並行性。因此，隨著高密度 2 量子位元電子閘控制的引入，可以預期整體吞吐量將發生質的飛躍。

And this is coupled with what Niccolo was saying is that there -- it's also just inherently faster from a gate speed perspective. And so when you're working with the qubits in those qubit-based traps, they're just simply faster. And so those 2 coupled together represent just a massive, I would say, overall throughput increase that really just drives also the unit economics that Niccolo was also mentioning before.

這與尼可洛所說的吻合，那就是──從門速度的角度來看，它本身也更快。因此，當您使用基於量子位元的陷阱中的量子位元時，它們的速度會更快。因此，這兩項結合起來，可以說帶來了巨大的整體吞吐量成長，也真正推動了尼科洛之前提到的單位經濟效益。

All right. Well, I'm going to wrap up by saying that we're pleased to have announced another quarter of progress here at IonQ. Just to recap a couple of our highlights. Firstly, we closed our quantum networking acquisitions of Lightsynq and Capella and announced the pending acquisition of Oxford Ionics, which accelerates our expected compute road map. We will achieve 800 logical qubits in 2027, 80,000 logical qubits in 2030 and expect hundreds of thousands, if not millions of logical qubits beyond that.

好的。最後，我很高興地宣布，IonQ 又取得了一季的進展。簡單回顧一下我們的幾個亮點。首先，我們完成了對 Lightsynq 和 Capella 的量子網路收購，並宣布即將收購 Oxford Ionics，這將加速我們預期的運算路線圖。我們將在 2027 年實現 800 個邏輯量子比特，在 2030 年實現 80,000 個邏輯量子比特，並預計在此之後將實現數十萬甚至數百萬個邏輯量子比特。

Secondly, we're attracting and hiring world-class talent from all walks of expertise, which we believe is the greatest indicator of long- term success that we can provide. Thirdly, we raised $1 billion in additional capital to enable IonQ to maintain its decisive lead as a full stack quantum computing and quantum networking company. Fourth, we expanded our global footprint with key government and commercial partnerships, including MOUs with Japan's AIST, G-QuAT, and South Korea's KISTI and a world-first partnership with AstraZeneca, AWS and NVIDIA, delivering a 20 times drug development speed up. We're investing to proliferate our satellite constellation with a road map to quantum networking and computing in space.

其次，我們正在吸引和聘用來自各行各業的世界級人才，我們相信這是我們能夠提供的長期成功的最大指標。第三，我們籌集了 10 億美元的額外資金，使 IonQ 能夠保持其作為全端量子運算和量子網路公司的決定性領先地位。第四，我們透過重要的政府和商業夥伴關係擴大了我們的全球影響力，包括與日本產業技術綜合研究所 (AIST)、G-QuAT 和韓國科學技術資訊研究所 (KISTI) 簽署諒解備忘錄，以及與阿斯特捷利康、AWS 和 NVIDIA 建立全球首創的合作夥伴關係，使藥物開發速度提高了 20 倍。我們正在投資擴大衛星星座規模，並制定了在太空中實現量子網路和運算的路線圖。

And last but not least, we beat the high end of revenue guidance for Q2 by 15%. We believe the steps we have taken in 2025 to date will ultimately set the stage for IonQ's long-term leadership in both quantum computing and networking, both of which we believe to be crucially important to the future of our country's national security and national economic security.

最後，也是非常重要的一點，我們第二季的營收超出預期上限 15%。我們相信，從 2025 年至今我們採取的措施，最終將為 IonQ 在量子計算和網路領域的長期領導地位奠定基礎，我們認為這兩者對我國的國家安全和國家經濟安全都至關重要。

With our closed and proposed acquisition and well-fortified balance sheet, we believe we have a clear path to millions and eventually tens of millions of qubits, leading to computing power previously unimaginable from a classical standpoint. Join us now and be the first to gain commercial advantage in your industry by leveraging the massive power of our quantum networks and computers. Thank you all for your time today, and have a great week.

憑藉我們已完成和擬議的收購以及穩健的資產負債表，我們相信我們有明確的途徑獲得數百萬甚至數千萬個量子比特，從而實現從經典角度來看以前無法想像的計算能力。立即加入我們，利用我們強大的量子網路和計算機，率先在您的行業中獲得商業優勢。感謝各位今天抽出時間，祝大家一週愉快。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝各位參加今天的報告會。您現在可以斷開連線。