06:30 AM EDT, 06/09/2025 (MT Newswires) -- IonQ ( IONQ ) shares advanced early Monday after the quantum computing hardware and software firm agreed to acquire UK-based Oxford Ionics in a cash-and-stock deal worth about $1.08 billion.

The transaction comprises $1.07 billion of IonQ ( IONQ ) shares and roughly $10 million in cash, the companies said in a joint statement. IonQ ( IONQ ) shares gained 3.9% in the most recent premarket activity.

The companies plan to combine their technologies to make quantum computers of scale, power and problem-solving capabilities. The combined entity expects to build systems with 256 physical qubits by 2026 and with over 10,000 physical qubits by the following year. It also aims to reach 2 million physical qubits in its quantum computers by 2030, the statement said.

"Today's announcement of our intention to acquire Oxford Ionics accelerates our mission to full fault-tolerant quantum computers with 2 million physical qubits and 80,000 logical qubits by 2030," IonQ ( IONQ ) Chief Executive Niccolo de Masi said in the statement. "We believe the advantages of our combined technologies will set a new standard within quantum computing."

IonQ ( IONQ ) anticipates "substantial" revenue growth opportunities from the combination. The deal, which requires approval from regulators, is expected to complete this year.

Oxford Ionics intends to integrate its technology to "help accelerate IonQ's ( IONQ ) quantum computing roadmap for customers in Europe and worldwide," CEO and co-founder Chris Ballance said.

Ballance and fellow Oxford Ionics co-founder Tom Harty are set to remain with IonQ ( IONQ ) after the transaction completes, while the combined entity plans to expand its workforce in Oxford. The companies aim to maintain all current customer relationships, including government partnerships in the US and the UK.

Earlier in June, IonQ ( IONQ ) completed its acquisition of Boston-based photonic interconnects and quantum memory startup Lightsynq Technologies. In May, the firm announced plans to purchase space company Capella Space.