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  "documentTitle": "IonQ Inc. (IONQ)",
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      "text": "Because the government is Capella's main customer, IONQ could also conflate Capella's meaningless satellite revenue numbers with the unannounced missing Pentagon quantum computing and networking revenues, effectively covering up the hole.",
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      "text": "We believe IONQ's proposed $1.8 billion cash and stock deal with SkyWater Technologies (SKYT), is ridiculous, and it appears the market agrees (if you can judge by the massive selloff on the day it was announced).",
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      "text": "Our analysis indicates that the two largest revenue contributors acquired by IONQ in 2025 will be Capella Space and Vector Atomics.",
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      "text": "IONQ's management has done its best to link this acquisition to quantum by claiming that this is a move to vertically integrate because SKYT's foundry will be able to \"pull forward functional testing of its 200,000 qubit [Quantum Processing Units] QPUs in 2028 enabling over 8,000 ultra-",
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      "text": "We did say on the previous call that the revenue guidance for the year included organic and inorganic sources.",
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      "text": "IONQ Triples Down on Its Revenue Backfilling Strategy with the Purchase of SkyWater Technologies",
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