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  "documentTitle": "IonQ Inc. (IONQ)",
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  "notes": "This is a research note page focused on exposing a potential accounting/disclosure discrepancy regarding IonQ's revenue recognition.",
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      "kind": "callout",
      "text": "EPB is partnering with the quantum computing hardware and software company IonQ of Maryland, which will supply $15 million for the project.",
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      "text": "If this local news report is accurate, then we think de Masi badly misled investors by hiding the fact that IONQ self-financed this customer.",
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      "text": "EPB itself secured a “Community Project Funding” (CPF) earmark from a single Tennessee congressman in FY24 totaling $4 million, for the “EPB Quantum Network,” records show. The University of Tennessee secured its own $3.5 million earmark.",
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      "text": "Now bulls might argue that a deal of this size with what is essentially a municipal power company really underscores the fundamental value of IONQ’s quantum computing because EPB is not the type of company that would frivolously spend money on a pipedream.",
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      "text": "According to local reporting, IONQ itself is providing $15 million of the funding for this $22 million project. Management is apparently profoundly embarrassed that they provided ~68% of the funds for this project since they never disclose this fact.",
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      "text": "If you assume that IONQ accounted for this $22 million deal as revenue in 2025, this deal would have accounted for 50% of IONQ’s quantum computing sales this year.",
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      "text": "We are all proud that in Q1, we sold a Forte Enterprise system to EPB of Chattanooga, Tennessee. Last month, EPB purchased half of the compute capacity of a Forte Enterprise system for $22 million, bringing our latest quantum computer to their city and customers.",
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      "text": "We are all proud that in Q1, we sold a Forte Enterprise system to EPB of Chattanooga, Tennessee. Last month, EPB purchased half of the compute capacity of a Forte Enterprise system for $22 million, bringing our latest quantum computer to their city and customers. — de Masi",
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