CONFIRMED (IonQ release): IonQ has signed a definitive agreement to buy Elisity. The deal has not closed. IonQ expects it to close in the fourth quarter of 2026, subject to regulatory approval. It is an all-stock deal, not cash, and the “up to $1.3bn” includes up to $150m that depends on Elisity’s performance.
Quantum computing company IonQ (NYSE: IONQ) said on 12 October 2026 that it has agreed to acquire Elisity, Inc., a Zero Trust security company, “in an all-stock transaction valued at up to $1.3 billion” [1]. The Wall Street Journal (Lauren Thomas) was first to report the deal, at 7:00am ET on 12 October, citing executives who spoke to the paper [2].
The deal terms
IonQ will pay in its own shares, not cash. The value of “up to $1.3 billion” includes “up to $150 million in earnout opportunity subject to performance of the Elisity business” [1]. An earnout is extra payment made later only if the acquired business hits agreed targets.
The number of IonQ shares will be set at closing, using the volume weighted average price of IonQ stock over 20 trading days before closing. IonQ said: “The number of IonQ shares to be issued in the transaction will be calculated at closing based on the volume weighted average price of IonQ common stock for the 20 trading days prior to, but not including, the third business day before the closing date, but that price will not be greater than $49.61 or less than $33.07 per share” [1].
The deal “is expected to close in the fourth quarter of 2026 and is subject to customary closing conditions, including receipt of required regulatory approval” [1]. After closing, Elisity will keep serving its customers under its current leadership, including CEO James Winebrenner, IonQ said [1].
What the companies do, in plain terms
Zero Trust microsegmentation (Elisity). “Zero Trust” means a network does not automatically trust anyone or anything just because it is already inside; each connection has to be allowed. Microsegmentation splits a network into many small zones, so each user, device or program can talk only to what it needs. If an attacker gets in, they are harder to spread. Elisity says its IdentityGraph tool informs “least-privilege access policy for users, devices, workloads and AI agents” and lets teams simulate policies before limiting each identity to the communications it needs [1].
Post-quantum cryptography, or PQC (IonQ). New encryption methods designed to stay secure even against future quantum computers, which could break some of the encryption widely used today. It runs as software on ordinary computers.
Quantum key distribution, or QKD (IonQ). A way of sharing secret encryption keys using particles of light, where any attempt to eavesdrop disturbs the signal and can be detected.
IonQ said the deal pairs its PQC and QKD capabilities with Elisity’s Zero Trust platform, and that a shared roadmap will extend IdentityGraph with “cryptographic inventory and risk information” [1].
What the companies claim
COMPANY CLAIM, unaudited. The following figures come from IonQ’s release and have not been independently checked [1]:
- Elisity has “more than 100 global customer deployments”.
- Elisity has “a strong track record of doubling its revenue and its customer base year-over-year with zero churn among deployed customers”.
- IonQ describes a “more than $10 billion microsegmentation market”.
- In the second quarter of 2026, IonQ “delivered 40% year-over-year growth in multiproduct revenue”.
Elisity’s revenue was not disclosed. Elisity was founded in 2019 [1].
What they said
Niccolo de Masi, Chairman and CEO of IonQ, said: “Q-Day is coming much faster than predicted.” He added: “Just as adding SkyWater Technology expanded IonQ’s capabilities in chip design, fabrication and packaging, Elisity will bring proven enterprise policy enforcement scale and deployment experience to our quantum security strategy and will give IonQ a strong growth platform to serve customers and create value for our shareholders” [1].
James Winebrenner, CEO of Elisity, said: “Our customers need to prioritize post-quantum cryptography initiatives while securing existing assets to keep essential operations running” [1].
What happens next
The deal still needs regulatory approval and other customary conditions before it can close, which IonQ expects in the fourth quarter of 2026 [1]. The final number of IonQ shares issued will depend on IonQ’s share price before closing, within the $33.07 to $49.61 range [1].
Sources
- IonQ, “IonQ to Acquire Elisity to Accelerate Zero Trust for the Quantum Era”, College Park, MD, 12 October 2026. https://ionq.com/news/ionq-to-acquire-elisity-to-accelerate-zero-trust-for-the-quantum-era
- The Wall Street Journal (Lauren Thomas), 12 October 2026, 7:00am ET (paywalled; first to report). https://www.wsj.com/business/deals/quantum-computing-company-ionq-to-buy-cybersecurity-firm-for-up-to-1-3-billion-65af65bd
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