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  "documentTitle": "IonQ Inc. (IONQ)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-05-03 00:00:00",
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  "notes": "Uses SEC filing excerpts to highlight related-party dependency.",
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      "text": "When IonQ says that UMD and Duke are its key “customers” of compute resources, it’s admitting that its largest customer is itself – i.e., its co-founders and their own academic organizations.",
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      "text": "In particular, our quantum computing technology is dependent on our license agreement with University of Maryland and Duke University (the “Universities”). Significant intellectual property developed by our co-founders... is required to be assigned to the Universities.",
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      "text": "Licensing of intellectual property is of critical importance to our business. For example, we license patents (some of which are foundational patents) and other intellectual property from the University of Maryland and Duke University on an exclusive basis.",
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      "text": "The Related Party section of the filing then explained why IonQ’s revenue is a farce: the two customers that drove 70% of its revenue in Q3 are the University of Maryland (UMD) and Duke - which spun off IonQ.",
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      "text": "Licensing of intellectual property is of critical importance to our business. For example, we license patents (some of which are foundational patents) and other intellectual property from the University of Maryland and Duke University on an exclusive basis. — IonQ 10Q filing for Q3 2021",
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      "text": "Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312521329877/d235265d10q.htm#",
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      "text": "Excerpts from IonQ 10Q filing for Q3 2021",
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