IonQ J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

IonQ J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

IonQ Neutral

IONQ, IONQ US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$51.95

Semiconductors & Semiconductor

Capital Equipment / IT Hardware

Mayur Ramdhani AC

Inder Singh, IonQ’s CFO and COO, presented at our 54th annual J.P. Morgan TMC (1-212) 622-1664

mayur.ramdhani@jpmorgan.com

Conference.

Harlan Sur

• Trapped-ion modality durability reaffirmed; the team expects multi- (1-415)harlan.sur@jpmorgan.com315-6700

modality coexistence over the longer term. Management reiterated that J.P. Morgan Securities LLC

trapped ions start with a fundamental fidelity advantage and that laser-based

control works well through the ~100-200 qubit range before scaling,

maintenance, and cycle time become prohibitive. The Oxford Ionics

acquisition is the bridge – moving electronic qubit control onto a

semiconductor manufacturing roadmap to enable both the 256-qubit and 10K-

qubit platforms. The team framed the broader competitive landscape as a

multi-modality world (trapped ion, superconducting, photonics, neutral atoms,

etc.) but flagged IonQ’s lead specifically within trapped ion, citing the team is

ahead of its primary trapped-ion competitor on the 5th- and 6th-generation

systems.

• Roadmap execution on track – 256-qubit ahead of schedule, multiplexing

unlocks the path to 10K, and interconnect provides the path to millions of

qubits over the longer term. The team confirmed the 256-qubit chip is

developed and multiple prototypes are being built, with quarterly milestone

updates planned and the program already ahead of internal schedule.

Management framed the step from 256 to 10K as the next major milestone –

anchored in CMOS-environment leverage, multiplexing, and mature