Feb. 3 at 8:23 PM
$IONQ A lot of people are worried about dilution. I get it — nobody loves seeing their % shrink short term. But you have to look at what the dilution is funding.
IonQ isn’t diluting to survive. They’re diluting to acquire infrastructure.
SkyWater wasn’t a vanity buy. It locks in domestic fabrication, rad-hard chips, and trusted supply chain control. That’s critical if IonQ wants defense, aerospace, and long-term government contracts. You don’t become infrastructure by renting your manufacturing.
This is the transition from a quantum tech company → a quantum platform.
Platforms get contracts. Platforms get lock-in. Platforms get recurring revenue.
Short term: share count goes up.
Long term: addressable market explodes.
Markets always punish the build phase before they reward the control phase. If the acquisitions execute, today’s dilution is the price of owning the rails, not just riding them
