{
  "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": 8,
  "pageCount": 183,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a 'villain' framing to attack the company's credibility and valuation.",
  "elementsJson": [
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/8",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The investor presentation indicates they only have three quantum computers in service, implying >$500 million of market cap per machine.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd7a-2fa44d060cd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "Source: IonQ website Jan 2022, cached copy https://web.archive.org/web/20220122164236/https://ionq.com/; IonQ Sept 2021 investor presentation https://s28.q4cdn.com/828571518/files/doc_presentation/2021/09/IonQ_Investor_Presentation_-_Sept_2021_Updates_v092121.pdf",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ef562ad-3741-4112-b04b-2950e1ab8040",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "image",
      "text": "IonQ investor presentation chart",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "231f6af5-a233-40cd-80b3-ed9d41b69186",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.39
      },
      "kind": "image",
      "text": "IonQ homepage banner",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8503f7c1-6dab-4d0b-bcf8-372ccf7664d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.48,
        "y": 0.78
      },
      "kind": "legend",
      "text": "Each orange box appears to represent a quantum computer in service",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5967b2d-e2a3-42e7-a2cb-7cc68dbe2259",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "market cap per machine: $500 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd7a-314b0d359123",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "IonQ listed via a SPAC in October 2021 as “The First Publicly Traded, Pure-Play Quantum Computing Company,” a “historic listing” as the company reminds every sucker with a banner on its homepage. The market loves a pure play, fueling a short-lived run to $36/share. Despite an 80% fall to $8, it still sports a preposterous market cap of $1.6B. The investor presentation indicates they only have three quantum computers in service, implying >$500 million of market cap per machine.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1f2ea7d-513a-4511-8f48-ff01940cd9dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "8d4c1752-9c4f-4b8c-ad2d-f86a34f9425c",
      "evidence": "Frames IonQ as a 'villain' using 'sucker' and 'preposterous' language.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}