Hyundai, Kia and existing investor GV are contributing to a $350 PIPE in support of a reverse takeover that will value the merged company at $2bn.

IonQ, a US-based quantum computing technology developer backed by corporates Samsung, Hewlett Packard Enterprise, Airbus Ventures, Alphabet and Amazon, agreed yesterday to list through a reverse takeover.

The company is merging with dMY Technology Group, a special purpose acquisition company that floated on the New York Stock Exchange in a $275m initial public offering in November 2020. The combined business will have a pro forma implied valuation of $2bn.

The transaction will be supported by $350m in private investment in…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.