Dave Williams

Singh said SkyWater's Texas/Florida/Minnesota capacity exceeds IonQ's near-term needs, requiring mainly tooling and quantum-ready clean-room upgrades rather than major fab buildout; de Masi noted bespoke tooling is typically funded via customer commercial agreements and the largest near-term investment is paying off SkyWater's assumed debt at close; Singh added SkyWater's CapEx-to-revenue is low single digits.

Singh said IonQ is scaling capacity and investing in deployment engineers; Tempo is built in the Seattle factory and the chip-based 256 (2027) will leverage lower-cost mature-node fabs, so manufacturing capacity is adequate to meet 2026 demand even though demand is exceeding supply.

Ballance argued IonQ's physical qubits outperform rivals' logical qubits and cited scalability, reliability, and semiconductor-fab manufacturing.

Kramer prioritized roadmap acceleration over near-term breakeven, saying contracting the roadmap saves money long term.

de Masi declined to rank, framing computing plus networking as an integrated moat across technical roadmap and commercialization.

Kramer said the deals strengthen future revenue and are accretive over time but gave no specific figures, noting interim investment periods.

Chapman explained repeaters/quantum memory extend network range and described ground and space-based build-out with Capella.

Chapman said the raise funds the new networking TAM (targeted to be first to cash-flow positive) plus the applications business.

Asked about consolidation and the patent portfolio; de Masi framed quantum as increasingly a bigger-company's game, both defensively and offensively.

Management described the hybrid vision of quantum as a GPU accelerator for simultaneous computing but gave limited quarter-specific progress.

Management confirmed Rigetti was not in DARPA's initial Phase B group but received constructive feedback on error correction and coupling.

Management expressed high confidence in a 100-plus qubit system at 99.5% fidelity by year-end via the chiplet approach.

Management said 15 superconducting companies including IBM advanced to Stage A, with narrowing expected in later phases.

Management cited close to 230 patents, the open modular architecture, and chiplets as key differentiators versus IBM and Google.

Baratz declined revenue timing given varied recognition but said the system-sale pipeline is robust and QCaaS deals are getting larger.

Baratz framed defense work as solving hard problems today; the next Davidson step is securing the system for classified applications.

Baratz said superconducting interconnect, developed faster than expected via NASA JPL, is key to scaling both multi-chip annealing and the gate-model program.

Markovich said areas could be scaled faster but they were still evaluating; Baratz cited multi-chip scaling, the gate-model program, and a larger go-to-market team.

Trent said it depends on product mix and internal vs external sourcing. Said the upside path should be very similar to the downside path in terms of linearity.

El-Khoury said local Chinese SiC suppliers aren't competing at ON's performance level. Competition is global peers. Trench architecture keeps technology lead.