{ "docId": "019dd923-622c-750b-8b9a-1cc056790523", "docSlug": "340e94a59fc0", "documentTitle": "IonQ Inc. (IONQ)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-05-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 138, "pageCount": 183, "prevPage": 137, "nextPage": 139, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to expose the lack of commercial traction for IonQ's hardware through a partner's testimony.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/138", "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-138", "components": [ { "bbox": null, "kind": "callout", "text": "there’s no money involved in the current partnership and no money changing hands", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d2-7501-bd83-014ed800d6c1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "list", "text": "QCWare has only found 4 customers to introduce to IonQ’s technology\nQ: “How many customers have you proposed them to?”\nA: “I don’t have an exact count. Less than a handful, maybe three or four, not more than that. Over a year, year-and-a-half.”\nQ: “Why didn’t you introduce them to a lot more people?”\nA: “Because clients are hard to come by. We’re talking about R&D projects. All of these clients are R&D departments of Fortune 200 companies. And then we sign up the client, QC Ware does that, and then if the client has enough interest and things are going well, we might propose that we go and do an experiment on actual hardware..” – Executive of a key IonQ partner, QCWare", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "40f078ac-793a-408f-9684-a16468ec9859", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "list", "text": "Partner states that “there’s no money involved in the current partnership”\n“Right now, there’s no money involved in the current partnership we have. We just tell them we want access to the latest and greatest machine, a machine that might not be available on Amazon Braket. Therefore, we bring the customer to you, IonQ, to run this, and so, you, IonQ, benefit by running this experiment and getting your name associated with the customer like a Goldman Sachs. That’s the kind of customers we would bring to them. And therefore, there’s no money changing hands between QC Ware or IonQ in this partnership. That’s how we are set up to work for the time being.” – Executive of a key IonQ partner, QCWare", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7c13f85-9c9f-4401-95d8-f6f65c131806", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "Given QCWare’s troubling feedback, we were not surprised when one of their executives stated that “there’s no money involved in the current partnership” and “no money changing hands,” which suggests that despite the hype, IonQ can’t get anyone to even pay to use their “world’s leading” quantum computer. Furthermore, he indicated that prospective customers “are hard to come by” and that QCWare hasn’t even proposed IonQ’s hardware to more than three or four customers in about a year and a half.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "38d9726b-7628-4048-b724-6fd600cd7747", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I don’t have an exact count. Less than a handful, maybe three or four, not more than that. Over a year, year-and-a-half.” — Executive of a key IonQ partner, QCWare; “Right now, there’s no money involved in the current partnership we have. We just tell them we want access to the latest and greatest machine... there’s no money changing hands between QC Ware or IonQ in this partnership.” — Executive of a key IonQ partner, QCWare", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-f5d2-7501-bd83-05a655b85db8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a7a88b41-ddeb-4597-94b8-fc248f112c77", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "e1523159-228b-44af-96ae-9f7d7d926c17", "evidence": "The slide explicitly uses expert testimony to undermine the company's public claims about commercial viability.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }