{
  "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": 49,
  "pageCount": 183,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses legal terminology ('mens rea') to frame corporate disclosure changes as evidence of intent to deceive.",
  "elementsJson": [
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/49",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-49",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The 10Q referenced its 11-qubit computer, while the 10K appears to bend over backwards to avoid any mention of qubit counts at all, whether 11 or 32.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd7c-79e2f894c20c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.42
      },
      "kind": "list",
      "text": "Nov 2021 10Q filing opens with mention of an 11-qubit computer",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "546d2f65-aea6-4a5e-a7ea-0b1883f5f869",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.68
      },
      "kind": "list",
      "text": "Mar 2022 10K filing has changed the wording to “various qubit capacities”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d32a891d-b9f3-4408-89c8-0da35e077f85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "The 10K now merely refers to “quantum computers of various qubit capacities,” which we again find misleading as IonQ appears to only have one capacity – 11 qubits.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d56a7b2e-dab8-4f0b-89f9-db29ace5460b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001824920/000119312521329877/d235265d10q.htm; https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312522086738/d257705d10k.htm",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4efc012-2b62-46da-ac98-7667fdf6a76d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "subtitle",
      "text": "Today, we sell access to several quantum computers of various qubit capacities and are in the process of researching and developing technologies...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7eb5098b-75fa-4bfe-835c-24df2e907426",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.48
      },
      "kind": "subtitle",
      "text": "We are developing quantum computers designed to solve the world’s most complex problems... We sell access to a quantum computer with 11 qubits...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af3fe4e9-5c27-48b3-b31a-1793dc9b9b5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "The sudden scrubbing of IonQ’s site to remove mention of 32-qubits in relation to “the world’s most powerful computer” strikes us mens rea – a legal concept that means “guilty mind.” We note another example: a telling change in IonQ’s recent 10K filing vs. its last 10Q.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b006fe13-5e2a-45f5-971c-e7bad9f5326a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "104ecba8-707f-43bd-a8e3-820224736821",
      "evidence": "The slide explicitly frames corporate filing changes as evidence of 'mens rea' (guilty mind) to support a thesis of misleading investors.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}