Cover Page - USD ($) $ in Billions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Feb. 19, 2025 |
Jun. 30, 2024 |
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| Entity Information [Line Items] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Registrant Name | IONQ, INC. | ||
| Entity Central Index Key | 0001824920 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Document Transition Report | false | ||
| Document Annual Report | true | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity File Number | 001-39694 | ||
| Entity Tax Identification Number | 85-2992192 | ||
| Entity Address, Address Line One | 4505 Campus Drive | ||
| Entity Address, City or Town | College Park | ||
| Entity Address, State or Province | MD | ||
| Entity Address, Postal Zip Code | 20740 | ||
| City Area Code | 301 | ||
| Local Phone Number | 298-7997 | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Entity Shell Company | false | ||
| Entity Common Stock, Shares Outstanding | 222,842,179 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Public Float | $ 1.2 | ||
| ICFR Auditor Attestation Flag | true | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Documents Incorporated by Reference [Text Block] | Certain information required in Item 10 through Item 14 of Part III of this Annual Report on Form 10-K is incorporated herein by reference to the Registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which shall be filed with the Securities and Exchange Commission pursuant to Regulation 14A of the Securities Act of 1934, as amended. |
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| Auditor Name | Ernst & Young LLP | ||
| Auditor Firm ID | 42 | ||
| Auditor Location | Tysons, Virginia | ||
| Auditor Opinion [Text Block] | We have audited the accompanying consolidated balance sheets of IonQ, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. |
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| Warrant [Member] | |||
| Entity Information [Line Items] | |||
| Trading Symbol | IONQ WS | ||
| Title of 12(b) Security | Warrants, each exercisable for one share of common stock for $11.50 per share | ||
| Security Exchange Name | NYSE | ||
| Common Stock [Member] | |||
| Entity Information [Line Items] | |||
| Trading Symbol | IONQ | ||
| Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
| Security Exchange Name | NYSE |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Common stock, par value | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
| Common stock, shares issued | 221,919,191 | 206,611,704 |
| Common stock, shares outstanding | 221,919,191 | 206,611,704 |
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net loss | $ (331,647) | $ (157,771) | $ (48,511) |
| Other comprehensive income (loss), net of reclassification adjustments: | |||
| Change in unrealized gain (loss) on available-for-sale securities, net | 2,127 | 5,398 | (7,207) |
| Currency translation adjustments | (3) | (10) | 0 |
| Total other comprehensive income (loss) | 2,124 | 5,388 | (7,207) |
| Total comprehensive loss | $ (329,523) | $ (152,383) | $ (55,718) |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (331,647) | $ (157,771) | $ (48,511) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Rule 10b5-1 Arrangement Modified | false |
| Non-Rule 10b5-1 Arrangement Modified | false |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity. Cybersecurity Risk Management and Strategy We recognize the importance of identifying and managing cybersecurity risks and have integrated cybersecurity risk management into our overall risk management processes. We have implemented processes to identify, assess, detect, evaluate, and mitigate ongoing security threats to our information technology systems and data as well as those of third parties upon which we rely. We conduct periodic and ad-hoc risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. As part of our risk management process, we conduct application security and vulnerability assessments, undergo third-party penetration testing of both our digital and physical assets, maintain ongoing risk assessments, and monitor various third-party risk feeds. Our risk management processes also assess third party risks, and we perform third-party risk management to identify and mitigate risks from third parties such as vendors, suppliers, and other business partners. In evaluating our response to our application security assessments, penetration tests, and risk feeds, our team collaborates with technical and business stakeholders to further analyze the risk to the company, and form detection, mitigation and remediation strategies to enhance our current security program. Our security program is aligned to the National Institute of Standards and Technology Cybersecurity Framework Special Publication (NIST) 800-53 standard, and we have obtained a SOC 2 Type 2 Certification. Although we refer to such frameworks in developing our cybersecurity risk management approaches, our use of them as guides is not intended to suggest that we meet any particular technical standards, specifications, or requirements set forth therein. We maintain an incident response plan which includes, among other areas, prioritization guidelines, data collection and evidence handling, communication channels and partners, and if required, law enforcement engagement. We maintain relationships with both local and national law enforcement agencies. We evaluate security incidents on a scale of severity to determine the appropriate incident handling protocols. We require all employees to undertake data protection and security training at least annually. We provide specialized training to targeted groups of employees depending on their role and the larger threat landscape. We are briefed regularly by national law enforcement, and work with external consulting firms on custom training and evaluations. While we have experienced cybersecurity incidents in the past, to date, none have materially affected the Company or our financial position, results of operations, or cash flows. We continue to invest in the cybersecurity and resiliency of our systems and networks and to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information they contain. Additional information about cybersecurity risks we face is discussed in Item 1A of Part I, “Risk Factors,” under the heading “If our information technology systems, data, or physical facilities, or those of third parties upon which we rely, are or were compromised, we could experience adverse business consequences resulting from such compromise,” which should be read in conjunction with the information contained within Item 1C, Cybersecurity. Cybersecurity Governance The Company’s Board of Directors oversees the overall risk management process, including cybersecurity risks, directly and through its committees. Our Audit Committee is responsible for the oversight of cybersecurity risks, including our assessment of potential vulnerabilities and threats, evaluation of incidents, and monitoring of the implementation of key actions and/or projects to further enhance our ability to detect and manage ongoing security threats. Key members of management, including our security officer, provide updates to our Audit Committee on at least a semi annual basis. In addition to committee updates, our security officer also meets with the full Board of Directors at least annually to discuss the Company’s overall risk profile and associated ongoing mitigation efforts. The briefings provided to our Audit Committee and Board of Directors include updates on the Company’s key cyber risks and threats, the status of projects to strengthen our information security systems and incident readiness programs, assessments of the information security program and our key assets, as well as the emerging threat landscape. Our security officer has over a decade of management and executive level information technology experience and reports to our SVP of Engineering and Technology. Our security officer is a member of the senior leadership team, collaborates closely with key members of management including our Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, SVP of Engineering and Technology, and SVP of Product to continuously monitor and evaluate our ongoing risk profile and mitigation strategies. Our security officer also provides ad hoc updates to management on cybersecurity-related news and events and discusses any updates to our cybersecurity risk management and strategy programs as a result of these matters. Where in the past we leveraged an outside fractional Chief Information Security Officer (“CISO”), during the year we transitioned to an in-house security leadership team. Our team includes personnel for supply chain security, governance risk and compliance and security engineering. We continue to leverage external industry partners in key areas including penetration testing, forensics, and for our security operations center. We use industry standard security tools across our program and reevaluate these annually as we digest the evolving threat landscape. The Company’s overall risks and assessments are monitored via a cross functional team composed of members of senior management, security, legal, and financial reporting. A partnership exists between these aforementioned individuals and departments so that identified issues are addressed in a timely manner and incidents are escalated to the appropriate parties as required. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We recognize the importance of identifying and managing cybersecurity risks and have integrated cybersecurity risk management into our overall risk management processes. We have implemented processes to identify, assess, detect, evaluate, and mitigate ongoing security threats to our information technology systems and data as well as those of third parties upon which we rely. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Company’s Board of Directors oversees the overall risk management process, including cybersecurity risks, directly and through its committees. Our Audit Committee is responsible for the oversight of cybersecurity risks, including our assessment of potential vulnerabilities and threats, evaluation of incidents, and monitoring of the implementation of key actions and/or projects to further enhance our ability to detect and manage ongoing security threats. Key members of management, including our security officer, provide updates to our Audit Committee on at least a semi annual basis. In addition to committee updates, our security officer also meets with the full Board of Directors at least annually to discuss the Company’s overall risk profile and associated ongoing mitigation efforts. The briefings provided to our Audit Committee and Board of Directors include updates on the Company’s key cyber risks and threats, the status of projects to strengthen our information security systems and incident readiness programs, assessments of the information security program and our key assets, as well as the emerging threat landscape. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Audit Committee is responsible for the oversight of cybersecurity risks, including our assessment of potential vulnerabilities and threats, evaluation of incidents, and monitoring of the implementation of key actions and/or projects to further enhance our ability to detect and manage ongoing security threats. Key members of management, including our security officer, provide updates to our Audit Committee on at least a semi annual basis. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | In addition to committee updates, our security officer also meets with the full Board of Directors at least annually to discuss the Company’s overall risk profile and associated ongoing mitigation efforts. |
| Cybersecurity Risk Role of Management [Text Block] | Our security officer has over a decade of management and executive level information technology experience and reports to our SVP of Engineering and Technology. Our security officer is a member of the senior leadership team, collaborates closely with key members of management including our Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, SVP of Engineering and Technology, and SVP of Product to continuously monitor and evaluate our ongoing risk profile and mitigation strategies. Our security officer also provides ad hoc updates to management on cybersecurity-related news and events and discusses any updates to our cybersecurity risk management and strategy programs as a result of these matters. Where in the past we leveraged an outside fractional Chief Information Security Officer (“CISO”), during the year we transitioned to an in-house security leadership team. Our team includes personnel for supply chain security, governance risk and compliance and security engineering. We continue to leverage external industry partners in key areas including penetration testing, forensics, and for our security operations center. We use industry standard security tools across our program and reevaluate these annually as we digest the evolving threat landscape. The Company’s overall risks and assessments are monitored via a cross functional team composed of members of senior management, security, legal, and financial reporting. A partnership exists between these aforementioned individuals and departments so that identified issues are addressed in a timely manner and incidents are escalated to the appropriate parties as required. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our security officer also provides ad hoc updates to management on cybersecurity-related news and events and discusses any updates to our cybersecurity risk management and strategy programs as a result of these matters. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our security officer has over a decade of management and executive level information technology experience and reports to our SVP of Engineering and Technology. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Company’s overall risks and assessments are monitored via a cross functional team composed of members of senior management, security, legal, and financial reporting. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business | 1. DESCRIPTION OF BUSINESS IonQ, Inc. (“IonQ” or the “Company”), formerly known as dMY Technology Group, Inc. III (“dMY”), was incorporated in the state of Delaware in September 2020 and formed as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. IonQ Quantum, Inc. (formerly known as IonQ, Inc., and referred to as “Legacy IonQ” herein), was incorporated in the state of Delaware in September 2015 and is headquartered in College Park, Maryland. On March 7, 2021, Legacy IonQ entered into an Agreement and Plan of Merger (the “Merger Agreement”) with dMY and Ion Trap Acquisition Inc. (“Merger Sub”), a direct, wholly owned subsidiary of dMY. Pursuant to the Merger Agreement, on September 30, 2021 (“the Closing Date”), the Merger Sub was merged with and into Legacy IonQ with Legacy IonQ continuing as the surviving corporation following the merger, becoming a wholly owned subsidiary of dMY and the separate corporate existence of the Merger Sub ceased (the “Business Combination”). Contemporaneously with the Business Combination, dMY changed its name to IonQ, Inc. and Legacy IonQ changed its name to IonQ Quantum, Inc. IonQ develops quantum computers and networks designed to solve some of the world’s most complex problems, and transform business, society, and the planet for the better. To operate the quantum computers and networks, the Company has developed custom hardware, custom firmware, and an operating system to orchestrate the quantum computers. |
Summary of Significant Accounting Policies |
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| Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as determined by the Financial Accounting Standards Board (“FASB”). Such consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, estimates of the fair value of intangible assets acquired in business combinations, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates. Foreign Currency The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the consolidated statements of operations. Fair Value Measurements The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1—Observable inputs, which include quoted prices in active markets; • Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; • Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value upon initial recognition when acquired through a business combination or an asset acquisition or when they are considered to be impaired. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. Due to their short-term nature, the carrying amounts reported in the Company’s consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and checking deposits, money market funds, and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash for collateralizing letters of credit and corporate credit cards is included in other noncurrent assets in the consolidated balance sheets. The Company issues letters of credit in the ordinary course of business, including for lease arrangements. As of December 31, 2024 and 2023, letters of credit totaling $2.1 million were outstanding. The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets to the amounts included in the consolidated statements of cash flows (in thousands):
Accounts Receivable and Allowance for Credit Losses Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):
On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable. The Company did not have any allowance for credit losses as of either December 31, 2024 or 2023. Materials and Supplies, Net Materials and supplies, including spare parts, are carried at average cost and recorded in prepaid expenses and other current assets in the consolidated balance sheets. Materials and supplies used in the production of quantum computing systems to be made commercially available are capitalized to property and equipment when installed. Materials and supplies used to support customer contracts, for maintenance, or for research and development efforts are expensed when consumed. The Company capitalized $7.2 million, $3.6 million and $1.3 million of materials and supplies to property and equipment for the years ended December 31, 2024, 2023 and 2022, respectively. Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. Excess and obsolescence charges were $1.3 million during the year ended December 31, 2024, and less than $0.1 million during the years ended December 31, 2023 and 2022. The following table summarizes the activity in the Company’s excess and obsolescence reserve against materials and supplies (in thousands):
Investments Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents, with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the consolidated balance sheets in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the consolidated balance sheets in prepaid expenses and other current assets. The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems and supporting equipment are capitalized in the period the costs are incurred when it is probable that such costs will provide future economic benefit. The costs of quantum computing systems and supporting equipment that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:
The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s consolidated balance sheets. As of December 31, 2024 and 2023, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease. The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases the Company also reassesses the lease classification as of the effective date of the modification. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities. Intangible Assets, Net The Company’s intangible assets include website domain costs, patents, intellectual property, customer relationships, developed technology and trademarks. Intangible assets with identifiable useful lives are initially valued at acquisition cost and are amortized over their estimated useful lives using the straight-line method. With respect to patents, acquisition costs include external legal and patent application costs. Intangible assets with indefinite useful lives, such as trademarks, are assessed for impairment at least annually. Software Development Costs The Company incurs software development costs for internal-use software, which the Company primarily uses to provide services to its customers, as well as for external-use software that will be part of a product to be sold, leased, or marketed. Internal-Use Software The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the consolidated balance sheets. During the years ended December 31, 2024, 2023 and 2022, the Company capitalized $6.8 million, $8.0 million and $3.2 million in internal-use software costs, respectively. The Company amortized $5.3 million, $2.9 million and $1.5 million of capitalized internal-use software costs during the years ended December 31, 2024, 2023 and 2022, respectively. External-Use Software Costs incurred in researching and developing external-use software are expensed as incurred until technological feasibility is established. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to production. No external-use software costs were capitalized during any of the years ended December 31, 2024, 2023 and 2022. Goodwill Goodwill is the excess of the purchase price over the fair values assigned to the net assets acquired in a business combination. The Company tests goodwill for impairment on an annual basis, which it has determined to be the first day of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company tests goodwill qualitatively, or quantitatively by comparing the fair value of the reporting unit with the unit’s carrying amount. No impairment loss was recognized for any of the years ended December 31, 2024, 2023 and 2022. Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Goodwill as of the acquisition date represents the excess of the purchase consideration of an acquired business over the fair value of the underlying net tangible and intangible assets acquired net of liabilities assumed. The purchase consideration is determined based on the fair value of the assets transferred and liabilities assumed after considering any transactions that are separate from the business combination. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. No impairment loss was recognized for any of the years ended December 31, 2024, 2023 and 2022. Early Exercise of Stock Options Stock options granted under the Company's 2015 Equity Incentive Plan provide employee option holders, if approved by the Board, the right to exercise unvested options in exchange for restricted common stock, which is subject to a repurchase right held by the Company at the lower of (i) the fair market value of its common stock on the date of repurchase or (ii) the original purchase price. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are recorded as a liability. These amounts are reclassified to common stock and additional paid-in capital as the underlying shares vest. Warrant Liabilities The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised warrants, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period (as more fully described in Note 14). Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Revenue Recognition The Company derives revenue from the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from providing access to its quantum-computing-as-a-service (“QCaaS” or “Platform” services), and from consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To support this core principle, the Company applies the following five step approach: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support. Such contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. To date, the Company has estimated the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin. In limited situations, for certain contracts executed in prior years, when the standalone selling price was not known, due to it being either highly variable or uncertain, the Company allocated the transaction price using the residual approach. Estimates related to standalone selling price have not had a material impact on revenue recognized in recent periods. The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time. Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company's historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For the years ended December 31, 2024, 2023 and 2022, substantially all revenue was recognized based on transfer of service over time. Revenues recognized at a point in time were not material. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user. The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service. The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. Advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of December 31, 2024 and 2023, total capitalized costs were $2.4 million and $2.8 million, respectively. Amortization expense was $1.7 million, $0.6 million and less than $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in sales and marketing in the consolidated statements of operations. Cost of Revenue Cost of revenue primarily consists of expenses related to construction of specialized quantum computing hardware and delivery of our services, including personnel-related expenses, hardware costs, allocated overhead costs for customer facing functions, and costs associated with maintaining the Company's in-service quantum computing systems to ensure proper calibration as well as costs incurred for maintaining the cloud on which the QCaaS resides. Personnel-related expenses include salaries, benefits, and stock-based compensation. Cost of revenue excludes depreciation and amortization related to our quantum computing systems and related software. Research and Development Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation, and allocated overhead costs for the Company’s research and development function. Unlike a standard computer, design and development efforts continue throughout the useful life of the Company’s quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements. Under an agreement with Duke University (“Duke”), the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The agreement is considered a research and development service arrangement and is recorded as a prepayment based on the fair value of the common stock issued and is amortized over the term of the arrangement as services are received and is recognized in research and development in the consolidated statements of operations. Refer to Note 9 for further information on the Duke agreements. Advertising Costs Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. These costs were $0.2 million, $0.9 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Stock-Based Compensation The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur. Stock-based compensation cost for restricted stock units and performance-based restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment. The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period. Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized. Excess tax benefits or tax deficiencies from stock option exercises are recognized in the income tax provision in the period in which they occur. The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is not more-likely-than-not that some portion or all of its deferred tax assets will be realized. For certain income tax positions, the Company uses a more-likely-than-not threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the consolidated financial statements. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. There were no amounts recognized relating to interest and penalties in the consolidated statements of operations for any of the years ended December 31, 2024, 2023 and 2022. The Company had no uncertain income tax positions as of either December 31, 2024 or 2023. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with three financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation. The Company’s accounts receivable are derived from customers primarily located in the U.S., including the U.S. government. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material. Significant customers are those that represent more than 10% of the Company’s total revenue. For the year ended December 31, 2024, the Company had two significant customers that accounted for 77% of total revenue. For the year ended December 31, 2023, the Company had two significant customers that accounted for 58% of total revenue. For the year ended December 31, 2022, the Company had three significant customers that accounted for 70% of total revenue. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):
In periods with a reported net loss, the effect of stock options, warrants, unvested restricted stock units, unvested performance-based restricted stock units, and unvested common stock (including unvested restricted common stock) are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:
Recently Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this standard for the year ended December 31, 2024, and has applied the standard retrospectively to all prior periods presented in the consolidated financial statements. Refer to Note 22 for further details. Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional expense disclosures by public business entities in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statement disclosures. |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||
| Business Combinations | 3. BUSINESS COMBINATIONS Qubitekk Federal, LLC On December 27, 2024, the Company acquired Qubitekk Federal, LLC (“Qubitekk”) for total consideration of approximately $22.1 million of cash consideration, of which $15.5 million was paid at closing, with the remainder to be paid over the next eighteen months, subject to reductions for indemnities, working capital adjustments, and certain other conditions that existed at the acquisition date. The holdback liabilities are recorded in accrued expenses and other current liabilities and other noncurrent liabilities on the consolidated balance sheets. The acquisition supports the Company’s quantum networking capabilities by expanding its quantum networking expertise and technology portfolio. The Company incurred approximately $1.5 million in acquisition costs, which were primarily related to fees associated with financial and legal advisors and were recorded in general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2024. The Company utilized a benchmarking approach based on comparable transactions within the Company's industry peer group to determine the preliminary fair values of intangible assets acquired. Upon completion of the final purchase price allocation, the final fair values of assets acquired and resulting goodwill may differ materially from the preliminary assessment. The following table summarizes the preliminary fair values of Qubitekk assets acquired as of the acquisition date (in thousands):
The goodwill of $9.2 million is primarily attributable to Qubitekk's specialized assembled workforce and expected future synergies from combining operations. We expect the goodwill from this acquisition will be deductible for income tax purposes. Identifiable intangibles recognized consists of $7.7 million in customer relationships and $4.0 million in developed technology, each with useful lives of 5 years, and $0.2 million in trademarks with an indefinite useful life. The Company has included the revenue and expenses of Qubitekk in its consolidated financial statements from the date of acquisition. Qubitekk's financial results are not material to the Company's results of operations. No summarized unaudited pro forma results are provided for the Qubitekk acquisition due to the immateriality of this acquisition relative to the Company's consolidated financial position and results of operations. |
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| Cash, Cash Equivalents, Restricted Cash and Investments | 4. CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the consolidated balance sheets (in thousands):
Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):
The Company did not have any allowance for credit losses as of either December 31, 2024 or 2023. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis. The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of December 31, 2024, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):
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Fair Value Measurements |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
(1) Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards. Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. On December 31, 2024, the closing trading price of the public warrants was $30.46 per warrant. |
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Property And Equipment, Net |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property And Equipment, Net | 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net is composed of the following (in thousands):
Depreciation expense for the years ended December 31, 2024, 2023 and 2022, was $13.0 million, $7.2 million and $4.0 million, respectively. |
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Intangible Assets, Net |
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| Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net is composed of the following (in thousands, except as otherwise noted):
Total amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022, was $5.6 million, $3.2 million and $1.6 million, respectively. As of December 31, 2024, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands):
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Goodwill |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | 8. GOODWILL Changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023, were as follows:
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Agreements With University Of Maryland And Duke University |
12 Months Ended |
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Dec. 31, 2024 | |
| Agreement Disclosure [Abstract] | |
| Agreements With University Of Maryland And Duke University | 9. AGREEMENTS WITH UNIVERSITY OF MARYLAND AND DUKE UNIVERSITY Exclusive License Agreement The Company entered into an exclusive license agreement (“License Agreement”) in July 2016 with the University of Maryland (“UMD”) and Duke University (“Duke”). The License Agreement grants to the Company an exclusive, perpetual license (“Initial Patents”) to certain patents, know-how and other intellectual property utilized in trapped-ion quantum computing systems. The license granted to the Company is exclusive for all patents (and non-exclusive for other types of intellectual property), subject to certain governmental rights and retained rights by UMD and Duke and other non-profit institutions to use and practice the Licensed Patents (as defined below) and technology for internal research and other non-profit purposes. In exchange for the Initial Patents, UMD and Duke received an aggregate of 142,886 shares of common stock. On February 1, 2021, the Company and UMD executed two amendments to the License Agreement granting exclusive rights to license additional intellectual property in exchange for a total of 257,198 shares of common stock. Management evaluated the amendments and concluded that the arrangements qualify as equity-classified instruments and recorded an intangible asset and additional paid-in capital based on the fair value of the shares at the date the amendments were executed of $1.6 million. The shares for each executed amendment were issued during the year ended December 31, 2021. Exclusive Option Agreements The Company also entered into an exclusive option agreement (the “Option Agreement”) with each of UMD and Duke in 2016 whereby on the anniversary of the effective date of the License Agreement for a period of 5 years, the Company has the right to exclusively license additional intellectual property developed by UMD and Duke (the “Additional Patents” and together with the Initial Patents, the “Licensed Patents”) by exercising an annual option and issuing shares of common stock each to Duke and UMD in consideration for the Additional Patents. The amount issued to UMD and Duke pursuant to the Option Agreement over the 5-year term was equal to an aggregate of 642,995 shares of common stock to each university. The Company may elect not to exercise the option if there was not a minimum number of intellectual property developed in a given year and then the Option Agreement would extend another year. In December 2020, the Company amended its Option Agreement with Duke, and under this amendment, the Company issued 1,214,317 shares of common stock to Duke in consideration for research and development services through July 15, 2026. Under the terms of the amended Option Agreement, the issuance of shares is a nonrefundable upfront payment in exchange for research and development services by Duke whereby the Company will obtain rights to any potential future intellectual property developed during the term. As such, the fair value of the shares of common stock was recorded as a prepaid expense and is being amortized over the term of the arrangement as services are received. The Company recognized $0.5 million of research and development expense related to the agreement with Duke during each of the years ended December 31, 2024, 2023 and 2022. The useful life of the Licensed Patents derived from the License Agreement and the Option Agreement is the remaining legal life at the time of acquisition. The value of the Licensed Patents is based on the fair value of the common stock given as consideration on the effective date of each agreement and exercise of option. The asset is amortized over the useful life of the Licensed Patents. |
Other Balance Sheet Accounts |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Balance Sheet Accounts | 10. OTHER BALANCE SHEET ACCOUNTS Prepaid expenses and other current assets are composed of the following (in thousands):
Accrued expenses and other current liabilities are composed of the following (in thousands):
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES Warranties and Indemnification The Company’s commercial services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s documentation under normal use and circumstances. The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe third- party intellectual property rights. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying consolidated financial statements. Stockholder Lawsuit In May 2022, a securities class action complaint captioned Leacock v. IonQ, Inc. et al., Case No. 8:22-cv-01306, was filed by a stockholder of the Company in the United States District Court for the District of Maryland (the “Leacock Litigation”) against the Company and certain of the Company’s current officers. In June 2022, a securities class action complaint captioned Fisher v. IonQ, Inc., Case No. 8:22-cv-01306-DLB (the “Fisher Litigation”) was filed by a stockholder against the Company and certain of the Company’s current officers (“IonQ Defendants”). Both the Leacock Litigation and Fisher Litigation, which have been consolidated into a single action, allege violations of Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act and seek damages. In September 2022, the Court appointed lead plaintiffs and counsel for lead plaintiffs, and ordered lead plaintiffs to file a consolidated amended complaint. The consolidated amended complaint was filed on November 22, 2022. As part of the consolidated amended complaint, certain members of the Company’s board of directors as well as other dMY-related defendants (“Additional Defendants”) have been added as defendants to the case. On February 7, 2023, the IonQ Defendants and the Additional Defendants each filed a motion to dismiss the consolidated amended complaint. On March 23, 2023, lead plaintiffs filed their omnibus opposition to the motions to dismiss. On April 26, 2023, the IonQ Defendants and the Additional Defendants each filed a reply in support of the motions to dismiss. On September 28, 2023, the District Court of Maryland issued an order dismissing plaintiffs' claims against the IonQ Defendants and the Additional Defendants with prejudice and directed the clerk to close the case. On October 26, 2023, the plaintiffs filed a motion for post-judgment relief, seeking to amend their consolidated amended complaint. The IonQ Defendants and Additional Defendants filed oppositions to plaintiffs’ motion on December 1, 2023, and plaintiffs filed their reply on January 8, 2024. On July 10, 2024, the plaintiffs' motion for post-judgment relief was denied and the District Court of Maryland directed the clerk to close the case. On July 26, 2024, the plaintiffs filed a Notice of Appeal with the Fourth Circuit Court of Appeals seeking to review the trial court's decision. Plaintiffs filed their Opening Brief in the Fourth Circuit on September 9, 2024. A response brief by IonQ Defendants was filed on October 8, 2024 and plaintiffs’ reply brief was filed on October 29, 2024. Oral argument in the Fourth Circuit occurred on January 31, 2025. Given the uncertainty of litigation and the legal standards that must be met for, among other things, success on the case merits, the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from the associated suit. |
Stockholders' Equity |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY Our second amended and restated certificate of incorporation authorizes us to issue up to 1,000,000,000 shares of common stock, $0.0001 par value per share, and 20,000,000 shares of preferred stock, par value $0.0001 per share. Preferred Stock Under our second amended and restated certificate of incorporation, our board of directors may, without further action by our stockholders, fix the rights, preferences, privileges and restrictions of up to an aggregate of 20,000,000 shares of preferred stock in one or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. Any issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders would receive dividend payments and payments on liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action. No shares of preferred stock have been issued as of December 31, 2024. Common Stock The terms, rights, preference, and privileges of the common stock are as follows: Voting Rights Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, each holder of common stock possess all voting power for the election of our directors and all other matters requiring stockholder action. Holders of common stock are entitled to one vote per share on matters to be voted on by stockholders. The Company’s second amended and restated certificate of incorporation and bylaws do not provide for cumulative voting rights. Dividends Subject to preferences that may be applicable to any then outstanding preferred stock, the holders of common stock may be entitled to receive dividends out of legally available funds if the board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that the board of directors may determine. We do not anticipate paying any cash dividends in the foreseeable future. Liquidation In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock, if any, have been satisfied. Rights and Preference Holders of the Company’s common stock have no preemptive or other subscription rights, and there are no sinking fund or redemption provisions applicable to the common stock. The rights, preferences, and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of the Company’s preferred stock that may be issued. Common Stock Reserved for Issuance The Company’s common stock reserved for future issuances are as follows:
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Warrant Transaction Agreement |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Warrant Transaction Agreement [Abstract] | |
| Warrant Transaction Agreement | 13. WARRANT TRANSACTION AGREEMENT In November 2019, contemporaneously with a revenue arrangement, the Company entered into a contract, pursuant to which the Company agreed to issue warrants to acquire shares of Legacy IonQ Series B-1 preferred stock (the “Warrant Shares”) to a customer, subject to certain vesting events. Upon closing of the Business Combination, these warrants exercisable for Legacy IonQ Series B-1 preferred stock were assumed by the Company and converted into a warrant to purchase shares of common stock. Except as specifically provided in the Merger Agreement, the Warrant Shares will have the same terms and be subject to the same conditions (including applicable vesting conditions) as set forth in the Legacy IonQ warrant agreement. The contract allowed for the customer to acquire up to 8,301,202 shares of common stock in the Company. The fair value of the Warrant Shares at the date of issuance was determined to be $8.7 million. As the Warrant Shares were issued in connection with an existing commercial agreement with a customer, the value of the Warrant Shares was determined to be consideration payable to the customer and consequently was treated as a reduction to revenue recognized under the corresponding revenue arrangement. In August 2020, 543,152 of the Warrant Shares vested and became immediately exercisable. The exercise price for the vested Warrant Shares is $1.38 per share and the warrant is exercisable through November 2029. As of December 31, 2024, no additional Warrant Shares can be vested pursuant to the terms of the warrant agreement and accordingly, the remaining 7,758,050 unvested Warrant Shares were forfeited. |
Warrant Liabilities |
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Dec. 31, 2024 | |
| Warrant Liabilities [Abstract] | |
| Warrant Liabilities | 14. WARRANT LIABILITIES The Company assumed 7,500,000 public warrants on September 30, 2021 as part of the Business Combination. As of December 31, 2024, there were 2,320,696 public warrants to purchase common stock outstanding. Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share. Public warrants The public warrants may be exercised on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering of dMY; provided in each case that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the public warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their public warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The public warrants became exercisable on November 17, 2021. Redemption of warrants when the price per share of common stock equals or exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants for cash: • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the closing price of common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. Redemption of warrants for when the price per share of common stock equals or exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants: • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the fair market value (as defined within the warrant agreement) of the common stock except as otherwise described within the warrant agreement; and upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the closing price of common stock equals or exceeds $10.00 per public share (as adjusted) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends notice of redemption to the warrant holders. No public warrants have been redeemed by the Company as of December 31, 2024. |
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| Revenue | 15. REVENUE Disaggregated Revenue The Company's revenues disaggregated by revenue source is as follows (in thousands):
The Company's revenues disaggregated by customer location is as follows (in thousands):
Remaining Performance Obligations As of December 31, 2024, approximately $77.2 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 40% of the remaining performance obligations to be recognized as revenue within the next twelve months. Unearned Revenue The following table summarizes the changes in unearned revenue for the years ended December 31, 2024, 2023 and 2022 (in thousands):
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Stock-Based Compensation |
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| Stock-Based Compensation | 16. STOCK-BASED COMPENSATION Equity Incentive Plans The Company has a 2015 Equity Incentive Plan (the “2015 Plan”), which provided for the grant of share-based compensation to certain officers, directors, employees, consultants, and advisors. Upon the closing of the Business Combination, no further awards were made pursuant to the 2015 Plan and all outstanding Legacy IonQ stock options under the 2015 Plan were assumed by the Company. Such stock options granted under the 2015 Plan will continue to be governed by the terms of the 2015 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire by their terms. For awards granted under the 2015 Plan, vesting generally occurs over to five years from the date of grant. In August 2021, the Company’s board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which was subsequently approved by the Company’s stockholders in September 2021, and became effective upon the closing of the Business Combination. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (“RSU”), performance awards and other forms of awards to employees, directors, and consultants. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year, through and including January 1, 2031, by 5% of the Fully Diluted Common Stock (as defined in the 2021 Plan) outstanding on December 31 of the preceding year, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of January 1, 2025, the number of shares reserved for issuance under the 2021 Plan increased by 14,532,010. For awards granted under the 2021 Plan, vesting terms range from to four years from the date of grant. As of December 31, 2024, the Company had 22,532,379 shares available for grant under the 2021 Plan. Under both equity incentive plans, all options granted have a contractual term of 10 years. Stock Options The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. For stock options granted during the years ended December 31, 2024, 2023 and 2022, the assumptions for the Black-Scholes option-pricing model were developed as follows: Expected Volatility—The expected volatility was based on the average historical stock price volatility of comparable publicly-traded companies in the Company's industry peer group, financial, and market capitalization data, due to the limited history of a public market for the Company's common stock prior to closing the Business Combination relative to the expected term of the options. Expected Term—The expected term of the Company’s options represents the period that the stock options are expected to be outstanding. The Company has estimated the expected term of its employee stock option awards using the SAB Topic 14 Simplified Method allowed by the FASB and SEC for calculating expected term, as it has limited historical exercise data to provide a reasonable basis upon which to otherwise estimate expected term. Certain of the Company’s stock options began vesting prior to the grant date, in which case the Company uses the remaining vesting term at the grant date in the expected term calculation. Risk-Free Interest Rate—The Company estimates its risk-free interest rate by using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term. Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. Fair Value of Underlying Common Stock—The Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such stock options in the Black-Scholes option-pricing model. The assumptions used to estimate the fair value of stock options granted are as follows:
The stock option activity is summarized in the following table:
The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts):
Early Exercised Stock Options As of December 31, 2024 and 2023, there were 211,184 and 403,764 shares, respectively, subject to repurchase related to stock options early exercised and unvested. As of December 31, 2024 and 2023, the Company recorded a liability related to these shares subject to repurchase in the amount of $0.4 million and $0.8 million, respectively, in its consolidated balance sheets. Restricted Stock Units The RSU activity is summarized in the following table:
The following table summarizes additional information on RSU grants and vesting (in millions, except per share amounts):
During the years ended December 31, 2024, 2023 and 2022, the Company released 1,064,518, 566,389 and 81,134 RSUs, respectively, related to the settlement of an accrued bonus liability. Performance-Based Restricted Stock Units The Company grants performance-based restricted stock unit awards (“PSU”) to certain officers and employees, which vest over approximately to four years. The number of shares that can be earned will range from 0% to 300% of the target number of shares, based on the Company's achievement of certain financial and technical goals, as well as a stock price hurdle requirement for a portion of the awards. In the event that the stock price hurdle is not met at the time the PSUs vest, the maximum PSU opportunity shall be limited to target (100%) performance. The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable of vesting as of December 31, 2024. For the portion of the PSUs subject to the stock price hurdle, the fair value was determined using a Monte Carlo simulation model. The Monte Carlo simulation model requires estimates of subjective assumptions, which affect the fair value of each PSU. For PSUs granted during the years ended December 31, 2024, 2023 and 2022, the assumptions for the Monte Carlo simulation model were developed as follows: Expected Volatility—The expected volatility in 2024 was determined based on the Company's historical and implied stock price volatility. The expected volatility in 2023 was based on the average historical stock price volatility of comparable publicly traded companies in the Company's industry peer group, financial, and market capitalization data, due to the limited history of a public market for the Company's common stock prior to closing the Business Combination. Contractual Term—The Company utilizes the remaining performance period on the date of grant as the contractual term, which represents the period that the PSUs are expected to be outstanding. Risk-Free Interest Rate—The Company estimates its risk-free interest rate by using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term. Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero. Fair Value of Underlying Common Stock—The Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such PSUs in the Monte Carlo simulation model. The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:
The PSU activity is summarized in the following table, based on awards at target:
(1) Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.
The following table summarizes additional information on PSU grants:
Stock-Based Compensation Expense Total stock-based compensation expense for stock option awards, RSUs and PSUs, which are included in the consolidated financial statements, is as follows (in thousands):
Unrecognized Stock-Based Compensation A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2024, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):
Employee Stock Purchase Plan In August 2021, the Company’s board of directors adopted the Employee Stock Purchase Plan (the “ESPP”), which was subsequently approved by the Company’s stockholders in September 2021, and became effective upon the closing of the Business Combination. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The number of shares of common stock initially reserved for issuance under the ESPP was 5,354,000 shares. The ESPP provides for an annual increase on January 1 of each year and continuing through and including January 1, 2031, equal to the lesser of (i) 1% of the fully diluted shares of common stock outstanding on the last day of the prior fiscal year, (ii) 10,708,000 shares, or (iii) a lesser number of shares determined by the Company’s board of directors prior to such increase. The board of directors elected not to approve the annual increase of ESPP shares on January 1, 2025. Under the terms of the ESPP, eligible employees can elect to acquire shares of the Company’s common stock through periodic payroll deductions during a series of offering periods. Purchases under the ESPP are affected on the last business day of each offering period at a 15% discount to the lower of closing price on that day or the closing price on the first day of the offering period. As of December 31, 2024, no shares of common stock had been issued under the ESPP and no offering period had been set by the board of directors. |
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| Income Taxes | 17. INCOME TAXES The current and deferred components of the provision for income taxes for federal, state and foreign jurisdictions are as follows (in thousands):
The Company’s provision for income taxes differs from the amount determined by applying the applicable federal statutory tax rate to the loss before income taxes due to the valuation allowance for the net deferred income tax assets. A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):
The Company had U.S. federal and state net operating loss carryforwards of approximately $224.2 million and $148.1 million, respectively, as of December 31, 2024. The Company’s net operating loss carryforwards generated prior to January 1, 2018 of $1.1 million will begin to expire, if not utilized, in 2036. The Company’s net operating loss carry forwards generated after December 31, 2017, will carryforward indefinitely. As of December 31, 2024, the Company had U.S. federal and state tax credit carryforwards of $30.0 million. The tax credit carryforwards will expire between 2025 and 2044. The deductibility of such credits and net operating losses (“NOL”) may be limited. Under Sections 383 and 382 of the Internal Revenue Code of 1986, as amended (the “Code”), and corresponding provisions of state law, if a corporation undergoes an “ownership change,” which generally occurs if the percentage of the corporation’s stock owned by 5% stockholders increases by more than 50% over a three-year period, the corporation’s ability to use its pre-change credits and NOL carryforwards and other pre-change tax attributes to offset its post-change income, may be limited. The Company has not determined if it has experienced Section 383/382 ownership changes in the past and if a portion of its NOL and tax credit carryforwards are subject to an annual limitation. In addition, the Company may experience ownership changes in the future as a result of subsequent shifts in its stock ownership, some of which may be outside of its control. If the Company determines that an ownership change has occurred and its ability to use its historical NOL and tax credit carryforwards is significantly limited, it would harm the Company’s future operating results by effectively increasing its future tax obligations. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position as of December 31, 2024 and 2023, the Company has concluded that it is not more likely than not that its net deferred income tax assets will be realized. Accordingly, the Company has provided a full valuation allowance as of December 31, 2024 and 2023. The net increase in the valuation allowance of $75.3 million is due to the impact of capitalized research and development and current year operating losses. The Company is generally subject to a three-year statute of limitations by major tax jurisdictions. The current tax years that are subject for examination are tax years , although tax years dating back to 2016 remain open up to the tax attribute amounts carried forward for future use. |
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 18. LEASES The Company has operating leases for its various facilities, including its primary locations in College Park, Maryland; Bothell, Washington; and Arlesheim, Switzerland. The College Park, Maryland facility is used for research and development, servicing customers and corporate functions and is leased from UMD. The Bothell, Washington facility is used for manufacturing, research and development, servicing customers, and general office space. The Arlesheim, Switzerland facility is used for servicing customers and general office space. Both the College Park, Maryland, and Bothell, Washington, leases expire in 2030 and the Arlesheim, Switzerland lease expires in 2029. As of December 31, 2024 and 2023, the Company's weighted-average remaining lease term was 5.2 years and 6.5 years, respectively, and the weighted-average discount rate was 8.2% and 9.0%, respectively. The Bothell, Washington facility lease includes a landlord-provided tenant improvement allowance to offset a portion of the costs of the construction of leasehold improvements. The Company determined that the leasehold improvements will be Company-owned, and as such, reflected the lease incentive as a reduction of lease payments used to measure the operating lease liability and ROU asset as of the lease commencement date. The components of lease cost were as follows (in thousands):
(1) The lease costs are reflected in the consolidated statements of operations as follows (in thousands):
Supplemental cash flow and other information related to operating leases was as follows (in thousands):
As of December 31, 2024, maturities of operating lease liabilities are as follows (in thousands):
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2024 | |
| Retirement Benefits [Abstract] | |
| Employee Benefit Plans | 19. EMPLOYEE BENEFIT PLAN The Company has a 401(k) savings plan (the “401(k) Plan”), which qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer-matching contribution. The Company made a matching contribution of $2.4 million, $1.6 million and $0.9 million to the 401(k) Plan for the years ended December 31, 2024, 2023 and 2022, respectively. |
Related Party Transactions |
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| Related Party Transactions | 20. RELATED PARTY TRANSACTIONS Transactions with University of Maryland The Company has contracts with UMD, including contracts to provide certain quantum computing services and facility access, to provide customized quantum computing hardware, and an operating lease. Following the departure of the Company's Chief Scientist, UMD is no longer considered a related party as of January 1, 2024. Revenue recognized from contracts entered into while UMD was a related party was $3.5 million, $4.6 million and $4.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company had the following balances related to contracts entered into while UMD was a related party, as reflected in the consolidated balance sheets (in thousands):
Transactions with Duke University In July 2016, the Company entered into an exclusive license agreement (the “License Agreement”) and an exclusive option agreement (the “Option Agreement”) with Duke whereby the Company, in the normal course of business, has licensed certain intellectual property and, in the case of the amendments to the Option Agreement, has purchased research and development services. Following the departure of the Company's Chief Technology Officer, Duke is no longer considered a related party as of July 1, 2024. The Company has the following balances related to agreements entered into while Duke was a related party, as reflected in the consolidated balance sheets (in thousands):
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Geographic Information |
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| Geographic Information | 21. GEOGRAPHIC INFORMATION The following table summarizes long-lived asset balances, which includes property and equipment, net and operating lease right-of-use assets, for geographic areas that individually accounted for 10% or more of the respective totals, as well as aggregate amounts for the remaining geographic areas (in thousands):
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | 22. SEGMENT INFORMATION The Company operates as one operating segment as its , who is the chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Consolidated net loss as reported on the consolidated statements of operations is used to evaluate performance and allocate resources. The chief operating decision maker evaluates actual results compared to forecasted results for consolidated net loss, including significant expenses, when making decisions about allocating resources. The following table presents revenue, significant expenses, and segment profit and loss (in thousands):
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Subsequent Events |
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Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 23. SUBSEQUENT EVENTS In February 2025, the Company entered into a definitive agreement to acquire a controlling stake of ID Quantique SA, a global leader in quantum networking and sensing, headquartered in Geneva, Switzerland, in an all-stock transaction for up to approximately 5.2 million shares of common stock. The transaction is expected to close in the next nine months, subject to customary closing conditions. |
Summary of Significant Accounting Policies (Policies) |
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| Basis of Preparation | Basis of Preparation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as determined by the Financial Accounting Standards Board (“FASB”). Such consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation |
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| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, estimates of the fair value of intangible assets acquired in business combinations, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates. |
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| Foreign Currency | Foreign Currency The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the consolidated statements of operations. |
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| Fair Value Measurements | Fair Value Measurements The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1—Observable inputs, which include quoted prices in active markets; • Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; • Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value upon initial recognition when acquired through a business combination or an asset acquisition or when they are considered to be impaired. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models. Due to their short-term nature, the carrying amounts reported in the Company’s consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. |
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| Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and checking deposits, money market funds, and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash for collateralizing letters of credit and corporate credit cards is included in other noncurrent assets in the consolidated balance sheets. The Company issues letters of credit in the ordinary course of business, including for lease arrangements. As of December 31, 2024 and 2023, letters of credit totaling $2.1 million were outstanding. The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets to the amounts included in the consolidated statements of cash flows (in thousands):
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| Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):
On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable. The Company did not have any allowance for credit losses as of either December 31, 2024 or 2023. |
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| Materials and Supplies, Net | Materials and Supplies, Net Materials and supplies, including spare parts, are carried at average cost and recorded in prepaid expenses and other current assets in the consolidated balance sheets. Materials and supplies used in the production of quantum computing systems to be made commercially available are capitalized to property and equipment when installed. Materials and supplies used to support customer contracts, for maintenance, or for research and development efforts are expensed when consumed. The Company capitalized $7.2 million, $3.6 million and $1.3 million of materials and supplies to property and equipment for the years ended December 31, 2024, 2023 and 2022, respectively. Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. Excess and obsolescence charges were $1.3 million during the year ended December 31, 2024, and less than $0.1 million during the years ended December 31, 2023 and 2022. The following table summarizes the activity in the Company’s excess and obsolescence reserve against materials and supplies (in thousands):
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| Investments | Investments Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents, with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the consolidated balance sheets in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the consolidated balance sheets in prepaid expenses and other current assets. The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations. |
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| Property and Equipment, Net | Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems and supporting equipment are capitalized in the period the costs are incurred when it is probable that such costs will provide future economic benefit. The costs of quantum computing systems and supporting equipment that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:
The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment. |
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| Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s consolidated balance sheets. As of December 31, 2024 and 2023, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease. The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases the Company also reassesses the lease classification as of the effective date of the modification. The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities. |
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| Intangible Assets, Net | Intangible Assets, Net The Company’s intangible assets include website domain costs, patents, intellectual property, customer relationships, developed technology and trademarks. Intangible assets with identifiable useful lives are initially valued at acquisition cost and are amortized over their estimated useful lives using the straight-line method. With respect to patents, acquisition costs include external legal and patent application costs. Intangible assets with indefinite useful lives, such as trademarks, are assessed for impairment at least annually. |
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| Software Development Costs | Software Development Costs The Company incurs software development costs for internal-use software, which the Company primarily uses to provide services to its customers, as well as for external-use software that will be part of a product to be sold, leased, or marketed. Internal-Use Software The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the consolidated balance sheets. During the years ended December 31, 2024, 2023 and 2022, the Company capitalized $6.8 million, $8.0 million and $3.2 million in internal-use software costs, respectively. The Company amortized $5.3 million, $2.9 million and $1.5 million of capitalized internal-use software costs during the years ended December 31, 2024, 2023 and 2022, respectively. External-Use Software Costs incurred in researching and developing external-use software are expensed as incurred until technological feasibility is established. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to production. No external-use software costs were capitalized during any of the years ended December 31, 2024, 2023 and 2022. |
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| Goodwill | Goodwill Goodwill is the excess of the purchase price over the fair values assigned to the net assets acquired in a business combination. The Company tests goodwill for impairment on an annual basis, which it has determined to be the first day of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company tests goodwill qualitatively, or quantitatively by comparing the fair value of the reporting unit with the unit’s carrying amount. No impairment loss was recognized for any of the years ended December 31, 2024, 2023 and 2022. |
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| Business Combinations | Business Combinations The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Goodwill as of the acquisition date represents the excess of the purchase consideration of an acquired business over the fair value of the underlying net tangible and intangible assets acquired net of liabilities assumed. The purchase consideration is determined based on the fair value of the assets transferred and liabilities assumed after considering any transactions that are separate from the business combination. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. |
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. No impairment loss was recognized for any of the years ended December 31, 2024, 2023 and 2022. |
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| Early Exercise of Stock Options | Early Exercise of Stock Options Stock options granted under the Company's 2015 Equity Incentive Plan provide employee option holders, if approved by the Board, the right to exercise unvested options in exchange for restricted common stock, which is subject to a repurchase right held by the Company at the lower of (i) the fair market value of its common stock on the date of repurchase or (ii) the original purchase price. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are recorded as a liability. These amounts are reclassified to common stock and additional paid-in capital as the underlying shares vest. |
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| Warrant Liabilities | Warrant Liabilities The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised warrants, with changes in the fair value reported in the consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period (as more fully described in Note 14). Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. |
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| Revenue Recognition | Revenue Recognition The Company derives revenue from the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from providing access to its quantum-computing-as-a-service (“QCaaS” or “Platform” services), and from consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To support this core principle, the Company applies the following five step approach: 1. Identify the contract with the customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support. Such contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. To date, the Company has estimated the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin. In limited situations, for certain contracts executed in prior years, when the standalone selling price was not known, due to it being either highly variable or uncertain, the Company allocated the transaction price using the residual approach. Estimates related to standalone selling price have not had a material impact on revenue recognized in recent periods. The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time. Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company's historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For the years ended December 31, 2024, 2023 and 2022, substantially all revenue was recognized based on transfer of service over time. Revenues recognized at a point in time were not material. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user. The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service. The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. Advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of December 31, 2024 and 2023, total capitalized costs were $2.4 million and $2.8 million, respectively. Amortization expense was $1.7 million, $0.6 million and less than $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in sales and marketing in the consolidated statements of operations. |
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| Cost of Revenue | Cost of Revenue Cost of revenue primarily consists of expenses related to construction of specialized quantum computing hardware and delivery of our services, including personnel-related expenses, hardware costs, allocated overhead costs for customer facing functions, and costs associated with maintaining the Company's in-service quantum computing systems to ensure proper calibration as well as costs incurred for maintaining the cloud on which the QCaaS resides. Personnel-related expenses include salaries, benefits, and stock-based compensation. Cost of revenue excludes depreciation and amortization related to our quantum computing systems and related software. |
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| Research and Development | Research and Development Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation, and allocated overhead costs for the Company’s research and development function. Unlike a standard computer, design and development efforts continue throughout the useful life of the Company’s quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements. Under an agreement with Duke University (“Duke”), the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The agreement is considered a research and development service arrangement and is recorded as a prepayment based on the fair value of the common stock issued and is amortized over the term of the arrangement as services are received and is recognized in research and development in the consolidated statements of operations. Refer to Note 9 for further information on the Duke agreements. |
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| Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and are included in sales and marketing expenses in the consolidated statements of operations. These costs were $0.2 million, $0.9 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. |
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| Stock-Based Compensation | Stock-Based Compensation The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur. Stock-based compensation cost for restricted stock units and performance-based restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment. The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period. |
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| Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized. Excess tax benefits or tax deficiencies from stock option exercises are recognized in the income tax provision in the period in which they occur. The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is not more-likely-than-not that some portion or all of its deferred tax assets will be realized. For certain income tax positions, the Company uses a more-likely-than-not threshold based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the consolidated financial statements. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. There were no amounts recognized relating to interest and penalties in the consolidated statements of operations for any of the years ended December 31, 2024, 2023 and 2022. The Company had no uncertain income tax positions as of either December 31, 2024 or 2023. |
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| Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with three financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation. The Company’s accounts receivable are derived from customers primarily located in the U.S., including the U.S. government. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material. Significant customers are those that represent more than 10% of the Company’s total revenue. For the year ended December 31, 2024, the Company had two significant customers that accounted for 77% of total revenue. For the year ended December 31, 2023, the Company had two significant customers that accounted for 58% of total revenue. For the year ended December 31, 2022, the Company had three significant customers that accounted for 70% of total revenue. |
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| Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):
In periods with a reported net loss, the effect of stock options, warrants, unvested restricted stock units, unvested performance-based restricted stock units, and unvested common stock (including unvested restricted common stock) are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:
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| Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company adopted this standard for the year ended December 31, 2024, and has applied the standard retrospectively to all prior periods presented in the consolidated financial statements. Refer to Note 22 for further details. |
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| Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional expense disclosures by public business entities in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statement disclosures. |
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Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets to the amounts included in the consolidated statements of cash flows (in thousands):
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| Summary of Loans and Financing Receivable | Accounts receivable consists of the following (in thousands):
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| Schedule of Excess and Obsolescence Reserve | The following table summarizes the activity in the Company’s excess and obsolescence reserve against materials and supplies (in thousands):
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| Summary of Property Plant And Equipment Useful Life | Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:
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| Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):
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| Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:
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Business Combinations (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||||||||||||||||||||||||||||||||||||
| Summary of Preliminary Fair Values of Qubitekk Assets Acquired | The following table summarizes the preliminary fair values of Qubitekk assets acquired as of the acquisition date (in thousands):
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Cash, Cash Equivalents, Restricted Cash And Investments (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments | The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the consolidated balance sheets (in thousands):
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| Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):
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| Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities | The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of December 31, 2024, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):
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Fair Value Measurement (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of fair value measurements on a recurring basis and the level of inputs | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letter of credit and corporate credit cards. |
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Property And Equipment, Net (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary Of Property And Equipment, Net | Property and equipment, net is composed of the following (in thousands):
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Intangible Assets, Net (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Intangible Assets, Net | Intangible assets, net is composed of the following (in thousands, except as otherwise noted):
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| Summary of the Projected Annual Amortization Expense for the Company's Intangible Assets | Total amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022, was $5.6 million, $3.2 million and $1.6 million, respectively. As of December 31, 2024, the projected annual amortization expense for the Company’s intangible assets is as follows (in thousands):
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Goodwill (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023, were as follows:
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Other Balance Sheet Accounts (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets are composed of the following (in thousands):
|
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| Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities are composed of the following (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Redeemable Preferred Stock And Stockholders' Deficit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Common Stock Reserved for Future Issuance | The Company’s common stock reserved for future issuances are as follows:
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue Disaggregated by Revenue | The Company's revenues disaggregated by revenue source is as follows (in thousands):
The Company's revenues disaggregated by customer location is as follows (in thousands):
|
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| Summary of Changes in Unearned Revenue | The following table summarizes the changes in unearned revenue for the years ended December 31, 2024, 2023 and 2022 (in thousands):
|
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Stock-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the Stock Option Activity | The stock option activity is summarized in the following table:
|
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| Summary of stock option grants, vesting and exercises | The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts):
|
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| Summary of restricted stock unit ("RSU") activity | The RSU activity is summarized in the following table:
|
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| Summary of RSU Grants and Vesting | The following table summarizes additional information on RSU grants and vesting (in millions, except per share amounts):
|
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| Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target | The PSU activity is summarized in the following table, based on awards at target:
(1) Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.
The following table summarizes additional information on PSU grants:
|
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| Summary of Unrecognized Stock-Based Compensation | A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of December 31, 2024, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):
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| Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock | Total stock-based compensation expense for stock option awards, RSUs and PSUs, which are included in the consolidated financial statements, is as follows (in thousands):
|
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| Stock Options [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Share Based Payment Award Stock Options Valuation Assumptions | The assumptions used to estimate the fair value of stock options granted are as follows:
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| Performance Based Restricted Stock Units [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Share Based Payment Award Stock Options Valuation Assumptions | The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Current and Deferred Components of Provision for Income Taxes for Federal, State and Foreign Jurisdictions | The current and deferred components of the provision for income taxes for federal, state and foreign jurisdictions are as follows (in thousands):
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| Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit) | A reconciliation of the U.S. statutory tax rate to our effective tax rate is presented below:
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| Summary of net deferred tax assets | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
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| Summary of valuation allowance against its gross deferred tax assets | The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of lease cost | The components of lease cost were as follows (in thousands):
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| Summary of lease costs are reflected in the Statements of Operations and Comprehensive Loss | (1) The lease costs are reflected in the consolidated statements of operations as follows (in thousands):
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| Summary of Supplemental cash flow and other information related to operating leases | Supplemental cash flow and other information related to operating leases was as follows (in thousands):
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| Summary of maturities of operating lease liabilities | As of December 31, 2024, maturities of operating lease liabilities are as follows (in thousands):
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Related Party Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The Company had the following balances related to contracts entered into while UMD was a related party, as reflected in the consolidated balance sheets (in thousands):
The Company has the following balances related to agreements entered into while Duke was a related party, as reflected in the consolidated balance sheets (in thousands):
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Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments, Geographical Areas [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Long-lived Assets Including Property Plant and Equipment, Net, Operating Lease Right of Use Assets for Geographic Areas | The following table summarizes long-lived asset balances, which includes property and equipment, net and operating lease right-of-use assets, for geographic areas that individually accounted for 10% or more of the respective totals, as well as aggregate amounts for the remaining geographic areas (in thousands):
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Revenue, Significant Expenses, and Segment Profit and Loss | The following table presents revenue, significant expenses, and segment profit and loss (in thousands):
|
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Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Cash and Cash Equivalents [Abstract] | ||||
| Cash and cash equivalents | $ 54,393 | $ 35,665 | ||
| Restricted cash | 2,447 | 2,416 | ||
| Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows | $ 56,840 | $ 38,081 | $ 46,367 | $ 399,025 |
Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Accounts receivable | $ 10,188 | $ 11,467 |
| Billed Accounts Receivable [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Accounts receivable | 6,516 | 8,564 |
| Unbilled Accounts Receivable [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Accounts receivable | $ 3,672 | $ 2,903 |
Summary of Significant Accounting Policies - Schedule of Excess and Obsolescence Reserve (Details) - Excess and Obsolescence [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Excess And Obsolescence Reserve [Line Items] | ||
| Beginning balance | $ 65 | $ 0 |
| Provisions | 1,331 | 65 |
| Recoveries | (55) | 0 |
| Ending balance | $ 1,341 | $ 65 |
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Numerator: | |||
| Net loss attributable to common stockholders | $ (331,647) | $ (157,771) | $ (48,511) |
| Denominator: | |||
| Weighted average shares used in computing net loss per share attributable to common stockholders – Basic | 213,029,365 | 202,576,492 | 197,727,642 |
| Net loss per share attributable to common stockholders - Basic | $ (1.56) | $ (0.78) | $ (0.25) |
| Weighted average shares used in computing net loss per share attributable to common stockholders – Diluted | 213,029,365 | 202,576,492 | 197,727,642 |
| Net loss per share attributable to common stockholders - Diluted | $ (1.56) | $ (0.78) | $ (0.25) |
Business Combinations - Summary of Preliminary Fair Values of Qubitekk Assets Acquired (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 27, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||
| Goodwill | $ 9,904 | $ 742 | $ 742 | |
| Qubitekk Federal, LLC [Member] | ||||
| Business Acquisition [Line Items] | ||||
| Accounts receivable | $ 400 | |||
| Prepaid expenses and other current assets | 531 | |||
| Intangible assets | 11,900 | |||
| Goodwill | 9,220 | |||
| Other noncurrent assets | 3 | |||
| Total fair value of net assets acquired | $ 22,054 |
Cash, Cash Equivalents, Restricted Cash And Investments - Additional Information (Detail) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents [Abstract] | ||
| Allowance for credit losses | $ 0 | $ 0 |
Cash, Cash Equivalents, Restricted Cash And Investments - Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents [Line Items] | ||
| 1 Year or Less | $ 340,331 | |
| Greater than 1 Year | 25,950 | |
| Total | 366,281 | $ 458,346 |
| Cash and money market funds [Member] | ||
| Cash and Cash Equivalents [Line Items] | ||
| 1 Year or Less | 30,799 | |
| Greater than 1 Year | 2,405 | |
| Total | 33,204 | 25,131 |
| Commercial Paper [Member] | ||
| Cash and Cash Equivalents [Line Items] | ||
| Total | 0 | 16,360 |
| Corporate Notes and Bonds [Member] | ||
| Cash and Cash Equivalents [Line Items] | ||
| 1 Year or Less | 43,868 | |
| Greater than 1 Year | 1,924 | |
| Total | 45,792 | 174,977 |
| Municipal Bonds [Member] | ||
| Cash and Cash Equivalents [Line Items] | ||
| Total | 0 | 4,947 |
| US government and agency [Member] | ||
| Cash and Cash Equivalents [Line Items] | ||
| 1 Year or Less | 265,664 | |
| Greater than 1 Year | 21,621 | |
| Total | $ 287,285 | $ 236,931 |
Fair Value Measurements - Additional Information (Detail) |
Dec. 31, 2024
$ / shares
|
|---|---|
| Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items] | |
| Class of warrants, exercise price per share | $ 1.38 |
| Public Warrants [Member] | |
| Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items] | |
| Class of warrants, exercise price per share | $ 30.46 |
Property And Equipment, Net - Summary Of Property And Equipment (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Gross property and equipment | $ 80,373 | $ 52,114 |
| Less: accumulated depreciation | (27,612) | (14,599) |
| Total property and equipment, net | 52,761 | 37,515 |
| Quantum computing systems [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross property and equipment | 38,374 | 28,296 |
| Leasehold improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross property and equipment | 17,921 | 10,043 |
| Machinery, equipment, furniture, and fixtures | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross property and equipment | 16,683 | 9,238 |
| Computer equipment and acquired computer software | ||
| Property, Plant and Equipment [Line Items] | ||
| Gross property and equipment | $ 7,395 | $ 4,537 |
Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation | $ 13.0 | $ 7.2 | $ 4.0 |
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Finite-Lived Intangible Assets, Gross Carrying Amount | $ 41,010 | $ 21,006 |
| Trademark | 377 | 154 |
| Finite-Lived Intangible Assets, Accumulated Amortization | (11,541) | (5,929) |
| Finite-Lived Intangible Assets, Net Amount | 29,092 | |
| Intangible assets, Net Amount | $ 29,469 | $ 15,077 |
| Internal-use Software [Member] | ||
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Weighted Average Remaining Useful Life (Years) | 2 years 1 month 6 days | 2 years 3 months 18 days |
| Finite-Lived Intangible Assets, Gross Carrying Amount | $ 21,301 | $ 14,524 |
| Finite-Lived Intangible Assets, Accumulated Amortization | (10,701) | (5,445) |
| Finite-Lived Intangible Assets, Net Amount | $ 10,600 | $ 9,079 |
| Customer Relationships [Member] | ||
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Weighted Average Remaining Useful Life (Years) | 5 years | |
| Finite-Lived Intangible Assets, Gross Carrying Amount | $ 7,700 | |
| Finite-Lived Intangible Assets, Accumulated Amortization | 0 | |
| Finite-Lived Intangible Assets, Net Amount | $ 7,700 | |
| Patents [Member] | ||
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Weighted Average Remaining Useful Life (Years) | 15 years 1 month 6 days | 15 years 10 months 24 days |
| Finite-Lived Intangible Assets, Gross Carrying Amount | $ 7,112 | $ 5,783 |
| Finite-Lived Intangible Assets, Accumulated Amortization | (487) | (287) |
| Finite-Lived Intangible Assets, Net Amount | $ 6,625 | $ 5,496 |
| Developed Technology [Member] | ||
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Weighted Average Remaining Useful Life (Years) | 5 years | 1 year |
| Finite-Lived Intangible Assets, Gross Carrying Amount | $ 4,293 | $ 318 |
| Finite-Lived Intangible Assets, Accumulated Amortization | (293) | (159) |
| Finite-Lived Intangible Assets, Net Amount | $ 4,000 | $ 159 |
| Trademark [Member] | ||
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Weighted Average Remaining Useful Life (Years) | Indefinite | Indefinite |
| Indefinite-Lived Intangible Assets Accumulated Amortization | $ 0 | $ 0 |
| Website and Other [Member] | ||
| Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items] | ||
| Weighted Average Remaining Useful Life (Years) | 7 years 10 months 24 days | 8 years 10 months 24 days |
| Finite-Lived Intangible Assets, Gross Carrying Amount | $ 227 | $ 227 |
| Finite-Lived Intangible Assets, Accumulated Amortization | (60) | (38) |
| Finite-Lived Intangible Assets, Net Amount | $ 167 | $ 189 |
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
| Finite lived intangible assets amortization expense | $ 5.6 | $ 3.2 | $ 1.6 |
Intangible Assets, Net - Summary of the Projected Annual Amortization Expense for the Company's Intangible Assets (Detail) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
| 2025 | $ 8,164 |
| 2026 | 6,495 |
| 2027 | 3,660 |
| 2028 | 2,573 |
| 2029 | 2,570 |
| Thereafter | 5,630 |
| Total amortization expense | $ 29,092 |
Goodwill - Summary of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Roll Forward] | ||
| Beginning Balance | $ 742 | $ 742 |
| Acquisitions | 9,220 | 0 |
| Foreign currency translation | (58) | 0 |
| Ending Balance | $ 9,904 | $ 742 |
Agreements With University Of Maryland And Duke University - Additional information (Detail) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Feb. 01, 2021 |
Jul. 31, 2016 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2020 |
Dec. 31, 2016 |
|
| Agreement Disclosure [Line Items] | |||||||
| Common stock, capital shares reserved for future issuance | 73,863,844 | 82,654,698 | |||||
| Research and development expense | $ 136,827 | $ 92,321 | $ 43,978 | ||||
| Option Agreement [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Agreement, option to extend | extend another year | ||||||
| Option Agreement [Member] | University Of Maryland [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Agreement term | 5 years | ||||||
| Common stock, capital shares reserved for future issuance | 642,995 | ||||||
| Option Agreement [Member] | Duke [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Research and development expense | $ 500 | $ 500 | $ 500 | ||||
| Option Agreement [Member] | University Of Maryland And Duke [Member] | Patents [Member] | Initial Patents Received [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Stock issued during the period purchase of assets | 142,886 | ||||||
| Amended License Agreement [Member] | University Of Maryland [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Option agreement indexed to equity, shares available for issuance, fair value | $ 1,600 | ||||||
| Amended License Agreement [Member] | University Of Maryland [Member] | Common Stock [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Stock issued during the period purchase of assets | 257,198 | ||||||
| Amended Option Agreement [Member] | Duke [Member] | Common Stock [Member] | |||||||
| Agreement Disclosure [Line Items] | |||||||
| Option agreement, remaining number of shares available for issuance | 1,214,317 | ||||||
Other Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Materials and supplies | $ 18,658 | $ 12,476 |
| Prepaid expenses | 4,890 | 5,696 |
| Accrued interest receivable | 2,221 | 2,109 |
| Other current assets | 2,556 | 2,800 |
| Total prepaid expenses and other current assets | $ 28,325 | $ 23,081 |
Other Balance Sheet Accounts - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Accrued salaries and other payroll liabilities | $ 10,368 | $ 15,950 |
| Acquisition holdback liabilities | 3,300 | 0 |
| Accrued professional services | 936 | 605 |
| Accrued equipment and services liabilities for research and development | 534 | 112 |
| Accrued expenses—other | 1,286 | 1,709 |
| Total accrued expenses and other current liabilities | $ 16,424 | $ 18,376 |
Stockholders' Equity - Additional Information (Detail) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Class of Stock [Line Items] | ||
| Common stock voting right | one vote per share | |
| Preferred stock, shares authorized | 20,000,000 | |
| Preferred stock, shares issued | 0 | |
| Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
| Common stock, par value | $ 0.0001 | $ 0.0001 |
| Amended And Restated Certificate Of Incorporation [Member] | ||
| Class of Stock [Line Items] | ||
| Preferred stock, par or stated value per share | $ 0.0001 | |
| Preferred stock, shares authorized | 20,000,000 | |
| Common stock, shares authorized | 1,000,000,000 | |
| Common stock, par value | $ 0.0001 |
Stockholders' Equity - Summary of Company's Common Stock Reserved for Future Issuance (Detail) - shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 73,863,844 | 82,654,698 |
| Stock Options [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 16,687,129 | 21,664,377 |
| Warrants To Acquire Common Stock [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 543,152 | 8,301,202 |
| Public Warrants Outstanding [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 2,320,696 | 5,228,253 |
| Restricted Stock Units Outstanding [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 14,509,717 | 15,107,535 |
| Performance-Based Restricted Stock Units [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 11,916,771 | 12,923,499 |
| Shares Available for Grant under the 2021 Equity Incentive Plan [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 22,532,379 | 14,075,832 |
| Shares Available for Issuance under the Employee Stock Purchase Plan [Member] | ||
| Class of Stock [Line Items] | ||
| Common shares reserved for future issuance | 5,354,000 | 5,354,000 |
Warrant Transaction Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
Dec. 31, 2024 |
Aug. 31, 2020 |
Nov. 30, 2019 |
|---|---|---|---|
| Warrant Transaction Agreement [Abstract] | |||
| Class of warrant or right, number of securities called by warrants or rights | 8,301,202 | ||
| Class of warrant or right, exercise price of warrants or rights | $ 1.38 | ||
| Fair value of the warrant shares | $ 8.7 | ||
| Class of warrants or rights vested and execisable | 0 | 543,152 | |
| Remaining Unvested Warrant Shares | 7,758,050 |
Warrant Liabilities - Additional Information (Detail) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Sep. 30, 2021 |
|
| Warrant issue price | $ 11.5 | |
| Public Warrants [Member] | ||
| Number of warrants or rights outstanding | 2,320,696 | 7,500,000 |
| Public Warrants will become exercisable | on the later of (a) 30 days after the completion of a Business Combination or (b) 12 months from the closing of the Initial Public Offering | |
| Public warrant for redemption price | at a price of $0.01 per warrant | |
| Public warrants expire date | upon a minimum of 30 days’ prior written notice of redemption | |
| Class of warrant redeemed | 0 | |
| Common Class A [Member] | Public Warrants [Member] | Redemption Price One [Member] | ||
| Redemption price of warrants per unit | $ 0.01 | |
| Number of consecutive trading days for which the stock price is to be maintained | 20 days | |
| Number of trading days | 30 days | |
| Common Class A [Member] | Public Warrants [Member] | Redemption Price Two [Member] | ||
| Redemption price of warrants per unit | $ 0.1 | |
| Number of consecutive trading days for which the stock price is to be maintained | 20 days | |
| Number of trading days | 30 days | |
| Common Class A [Member] | Public Warrants [Member] | Minimum [Member] | Redemption Price One [Member] | ||
| Share price | $ 18 | |
| Common Class A [Member] | Public Warrants [Member] | Minimum [Member] | Redemption Price Two [Member] | ||
| Share price | $ 10 |
Revenue - Schedule of Revenue Disaggregated by Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 43,073 | $ 22,042 | $ 11,131 |
| Specialized Quantum Computing Hardware [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 21,594 | 7,083 | 239 |
| Platform, Consulting and Support Services [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 21,479 | $ 14,959 | $ 10,892 |
Revenue - Schedule of Revenue Disaggregated by Customer Location (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 43,073 | $ 22,042 | $ 11,131 |
| United States [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | 40,714 | 18,703 | 9,175 |
| International [Member] | |||
| Disaggregation of Revenue [Line Items] | |||
| Total revenue | $ 2,359 | $ 3,339 | $ 1,956 |
Revenue - Additional Information (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Revenue from Contract with Customer [Abstract] | |
| Revenue, remaining performance obligation, amount | $ 77.2 |
| Percentage Of Remaining Performance Obligation | 40.00% |
| Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation | twelve months |
Revenue - Summary of Changes in Unearned Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Deferred Revenue [Abstract] | |||
| Beginning balance | $ 12,534 | $ 9,930 | $ 4,963 |
| Revenue recognized | (11,911) | (8,660) | (4,216) |
| New deferrals, net | 10,055 | 11,264 | 9,183 |
| Ending balance | $ 10,678 | $ 12,534 | $ 9,930 |
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Aug. 31, 2021 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jan. 01, 2025 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Shares reserved for issuances | 73,863,844 | 82,654,698 | |||
| Weighted-average remaining contractual term outstanding | 5 years 5 months 1 day | ||||
| Stock subject to repurchase related to stock options early exercised and unvested | 211,184 | 403,764 | |||
| Stock repurchase program, remaining authorized repurchase amount | $ 0.4 | $ 0.8 | |||
| Time Based Restricted Stock Units Rsu [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| PSUs ,Granted | 1,064,518 | 566,389 | 81,134 | ||
| Performance Based Restricted Stock Units [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| PSUs ,Granted | 565,498 | ||||
| Dividend yield | 0.00% | 0.00% | 0.00% | ||
| Target percentage of number of shares earned | 100.00% | ||||
| Performance Based Restricted Stock Units [Member] | Maximum [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Percentage of number of shares earned | 300.00% | ||||
| Share based compensation by share based award vesting term | 4 years | ||||
| Performance Based Restricted Stock Units [Member] | Minimum [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Percentage of number of shares earned | 0.00% | ||||
| Share based compensation by share based award vesting term | 2 years | ||||
| Stock Options [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Dividend yield | 0.00% | 0.00% | 0.00% | ||
| 2015 Equity Incentive Plan [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Weighted-average remaining contractual term outstanding | 10 years | ||||
| 2015 Equity Incentive Plan [Member] | Maximum [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Share based compensation by share based award vesting term | 5 years | ||||
| 2015 Equity Incentive Plan [Member] | Minimum [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Share based compensation by share based award vesting term | 4 years | ||||
| 2021 Equity Incentive Plan [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Weighted-average remaining contractual term outstanding | 10 years | ||||
| Number of Shares Available for Grant | 22,532,379 | ||||
| Share based compensation arrangement by share based payment award cumulative annual increase percentage | 5.00% | ||||
| 2021 Equity Incentive Plan [Member] | Subsequent Event [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Shares reserved for issuances | 14,532,010 | ||||
| 2021 Equity Incentive Plan [Member] | Maximum [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Share based compensation by share based award vesting term | 4 years | ||||
| 2021 Equity Incentive Plan [Member] | Minimum [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Share based compensation by share based award vesting term | 1 year | ||||
| Employee Stock Purchase Plan [Member] | |||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
| Shares reserved for issuances | 5,354,000 | ||||
| Number of shares issued under share based compensation | 0 | ||||
| Share Based Compensation Arrangement, Cumulative Annual Increase,Shares | 10,708,000 | ||||
| Share Based Compensation Arrangement, Cumulative Annual Increase Percentage Of fully Diluted Shares Of Common stock outstanding | 1.00% | ||||
| Percentage of discount to the lower of closing price on that day or the closing price on the first day of the offering period | 15.00% | ||||
Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Stock Options [Member] | |||
| Risk-free interest rate | 4.31% | 4.09% | 2.60% |
| Expected term (in years) | 6 years | 5 years 6 months | 5 years 9 months 25 days |
| Expected volatility | 79.33% | 80.63% | 75.82% |
| Dividend yield | 0.00% | 0.00% | 0.00% |
| Performance Based Restricted Stock Units [Member] | |||
| Risk-free interest rate | 4.63% | 4.59% | 0.00% |
| Expected term (in years) | 2 years 5 months 15 days | 3 years 4 months 13 days | 0 years |
| Expected volatility | 89.98% | 80.00% | 0.00% |
| Dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Summary of the Stock Option Activity (Detail) $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Number of Option Shares, Beginning Balance | shares | 21,664,377 |
| Number of Option Shares, Granted | shares | 52,640 |
| Number of Option Shares, Exercised | shares | (4,918,156) |
| Number of Option Shares, Cancelled/ Forfeited | shares | (111,732) |
| Number of Option Shares, Ending Balance | shares | 16,687,129 |
| Number of Option Shares, Exercisable | shares | 13,651,675 |
| Number of Option Shares, Exercisable and expected to vest | shares | 16,687,129 |
| Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 2.26 |
| Weighted Average Exercise Price, Granted | $ / shares | 11.24 |
| Weighted Average Exercise Price, Exercised | $ / shares | 1.84 |
| Weighted Average Exercise Price, Cancelled/ Forfeited | $ / shares | 4.81 |
| Weighted Average Exercise Price, Ending Balance | $ / shares | 2.4 |
| Weighted Average Exercise Price, Exercisable | $ / shares | 1.81 |
| Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares | $ 2.4 |
| Weighted-average Remaining Contractual Term, Outstanding | 5 years 5 months 1 day |
| Weighted-average Remaining Contractual Term, Exercisable | 5 years 29 days |
| Weighted-average Remaining Contractual Term, Exercisable and expected to vest | 5 years 5 months 1 day |
| Aggregate Intrinsic Value, Outstanding | $ | $ 656,980 |
| Aggregate Intrinsic Value, Exercisable | $ | 545,490 |
| Aggregate Intrinsic Value, Exercisable and expected to vest | $ | $ 656,980 |
Stock-Based Compensation - Summary of stock option grants, vesting and exercises (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Total intrinsic value of options exercised | $ 58.8 | $ 18.6 | $ 6.7 |
| Aggregate grant-date fair value of options vested | $ 12.5 | $ 15.5 | $ 9.9 |
| Weighted-average grant date fair value per share for options granted | $ 7.98 | $ 9.38 | $ 5.58 |
Stock-Based Compensation - Summary of restricted stock unit ("RSU") activity (Detail) - Restricted Stock Units Outstanding [Member] $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Dec. 31, 2022
$ / shares
|
|
| Number of Shares, Beginning Balance | 15,107,535 | ||
| RSUs, Granted | 8,856,201 | ||
| RSUs, Vested | (7,388,376) | ||
| RSUs, Forfeited | (2,065,643) | ||
| Number of Shares, Ending Balance | 14,509,717 | 15,107,535 | |
| RSUs, Expected to vest after December 31, 2024 | 14,489,217 | ||
| Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 8.9 | ||
| Weighted Average Grant Date Fair Value, Granted | $ / shares | 10.36 | $ 9.97 | $ 7.34 |
| Weighted Average Grant Date Fair Value, Vested | $ / shares | 9.15 | ||
| Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 9.78 | ||
| Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 9.54 | $ 8.9 | |
| Weighted Average Grant Date Fair Value, Expected to vest | 9.53 | ||
| Weighted Average Remaining Contractual Term (Years) | 2 years 6 months 29 days | ||
| Weighted Average Remaining Contractual Term (Years), Expected to vest | 2 years 6 months 29 days | ||
| Aggregate Fair Value (in millions), Outstanding as of December 31, 2024 | $ | $ 606,070 | ||
| Aggregate Fair Value (in millions), Expected to Vest | $ | $ 605,210 | ||
Stock-Based Compensation - Summary of RSU Grants and Vesting (Details) - Restricted Stock Units Outstanding [Member] - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Total fair value of RSUs that vested | $ 102.0 | $ 63.4 | $ 8.6 |
| Weighted-average grant date fair value per share for RSUs granted | $ 10.36 | $ 9.97 | $ 7.34 |
Stock-Based Compensation - Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target (Details) - Performance Based Restricted Stock Units [Member] $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
$ / shares
shares
|
Dec. 31, 2023
$ / shares
shares
|
Dec. 31, 2022
$ / shares
|
|
| Number of Shares, Beginning Balance | 4,307,833 | ||
| PSUs ,Granted | 565,498 | ||
| PSUs,Forfeited | (901,074) | ||
| Number of Shares, Ending Balance | 3,972,257 | 4,307,833 | |
| PSUs,Expected to vest after December 31, 2024 | 9,930,643 | ||
| Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 15.75 | ||
| Weighted Average Grant Date Fair Value, Granted | $ / shares | 18.41 | $ 15.74 | $ 0 |
| Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 15.56 | ||
| Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 16.17 | $ 15.75 | |
| Weighted Average Grant Date Fair Value, Expected to vest | 14.93 | ||
| Weighted Average Remaining Contractual Term (Years) | 2 years 1 month 28 days | ||
| Weighted Average Remaining Contractual Term (Years), Expected to vest | 2 years 1 month 28 days | ||
| Aggregate Fair Value (in millions), Outstanding as of December 31, 2024 | $ | $ 165,920 | ||
| Aggregate Fair Value (in millions), Expected to vest | $ | $ 414,800 | ||
Stock-Based Compensation - Summary of Additional PSU Grants (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Performance-Based Restricted Stock Units [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Weighted-average grant date fair value per share for PSUs granted | $ 18.41 | $ 15.74 | $ 0 |
Stock-Based Compensation - Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | $ 112,066 | $ 74,445 | $ 33,197 |
| Cost of Sales [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | 4,740 | 2,819 | 902 |
| Research and Development Expense [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | 58,696 | 40,103 | 13,472 |
| Selling and Marketing Expense [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | 13,788 | 6,762 | 1,298 |
| General and Administrative Expense [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | 29,654 | 20,059 | 15,784 |
| Stock-based Compensation, Net Of Amounts Capitalized [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | 106,878 | 69,743 | 31,456 |
| Capitalized Stock-based Compensation – Intangibles And Fixed Assets [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expense | $ 5,188 | $ 4,702 | $ 1,741 |
Stock-Based Compensation - Summary of Unrecognized Stock-Based Compensation (Detail) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Restricted Stock Units Outstanding [Member] | |
| Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
| Unrecognized Expense | $ 130.1 |
| Weighted- Average Amortization Period (Years) | 2 years 8 months 12 days |
| Performance Based Restricted Stock Units [Member] | |
| Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
| Unrecognized Expense | $ 98.3 |
| Weighted- Average Amortization Period (Years) | 2 years 2 months 12 days |
| Stock Options [Member] | |
| Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items] | |
| Unrecognized Expense | $ 14.4 |
| Weighted- Average Amortization Period (Years) | 1 year 3 months 18 days |
Income Taxes - Summary of Current and Deferred Components of Provision for Income Taxes for Federal, State and Foreign Jurisdictions (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current: | |||
| Federal | $ 0 | $ 0 | $ 0 |
| State | 0 | 0 | 0 |
| Foreign | 59 | 48 | 0 |
| Total current tax expense (benefit) | 59 | 48 | 0 |
| Deferred: | |||
| Federal | 0 | 0 | 0 |
| State | 0 | 0 | 0 |
| Foreign | 0 | 0 | 0 |
| Total deferred tax expense (benefit) | 0 | 0 | 0 |
| Total tax expense (benefit) | $ 59 | $ 48 | $ 0 |
Income Taxes - Summary of reconciliation of the statutory federal income tax rate (benefit) and effective tax rate (benefit) (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| U.S federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
| State and local income taxes | 3.20% | 4.50% | 7.40% |
| R&D tax credits | 5.30% | 3.10% | 5.90% |
| Compensation | 0.70% | 2.60% | (5.10%) |
| Warrant (gain) loss | (7.40%) | (2.50%) | 13.00% |
| Change in tax rates | 0.00% | (0.40%) | 0.40% |
| Provision to return and deferred tax adjustments | 0.10% | (0.20%) | 10.90% |
| Valuation allowance | (22.90%) | (28.00%) | (53.40%) |
| Other | 0.00% | (0.10%) | (0.10%) |
| Effective tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Summary of net deferred tax assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Deferred tax assets: | ||||
| Accrued bonus | $ 2,036 | $ 3,652 | ||
| Unearned revenue | 158 | 1,233 | ||
| Stock-based compensation | 9,793 | 7,308 | ||
| Depreciation and amortization | 3,109 | 2,843 | ||
| Capitalized R&D costs | 62,939 | 27,432 | ||
| Lease liabilities | 4,483 | 2,031 | ||
| R&D credit carryforwards | 29,800 | 11,428 | ||
| Net operating loss carryforwards | 56,204 | 36,197 | ||
| Other | 677 | 686 | ||
| Total deferred tax assets | 169,199 | 92,810 | ||
| Valuation allowance | (166,287) | (90,963) | $ (48,212) | $ (20,388) |
| Total deferred tax assets net of valuation allowance | 2,912 | 1,847 | ||
| Deferred tax liabilities: | ||||
| Right of use assets | (2,386) | (1,142) | ||
| Other | (526) | (705) | ||
| Total deferred tax liabilities | (2,912) | (1,847) | ||
| Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Summary of Valuation Allowance against its Gross Deferred Tax Assets (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Beginning balance | $ 90,963 | $ 48,212 | $ 20,388 |
| Charged to costs and expenses | 75,780 | 44,123 | 25,925 |
| Charged (credited) to other accounts | (456) | (1,372) | 1,899 |
| Ending balance | $ 166,287 | $ 90,963 | $ 48,212 |
Income Tax - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2017 |
|
| Income Tax Disclosure [Line Items] | ||||
| Provision for income taxes | $ 59 | $ 48 | $ 0 | |
| Net operating loss carryforwards | $ 1,100 | |||
| Tax credit carry forward | $ 30,000 | |||
| Percentage of stock owned by shareholder | 5.00% | |||
| Cumulative loss position period | 3 years | 3 years | ||
| Valuation allowance against net deferred tax assets | full valuation allowance | full valuation allowance | ||
| Percentage of increase of stock owned By shareholder | 50.00% | |||
| Testing Period In which Shareholding Increase By Shareholder Considered | 3 years | |||
| Valuation allowance deferred tax asset increase amount | $ 75,300 | |||
| Years of statute of limitations by major tax Jurisdictions | 3 years | |||
| Current tax year subject for examination | 2021 2022 2023 | |||
| Tax year remaining open | 2016 | |||
| U.S Federal [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Net operating loss carryforwards | $ 224,200 | |||
| State [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Net operating loss carryforwards | $ 148,100 | |||
| Earliest Tax Year [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Tax credit carryforwards expiration date | 2025 | |||
| Latest Tax Year [Member] | ||||
| Income Tax Disclosure [Line Items] | ||||
| Tax credit carryforwards expiration date | 2044 | |||
Leases - Additional Information (Detail) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lessee, Lease, Description [Line Items] | ||
| Weighted-average remaining lease term | 5 years 2 months 12 days | 6 years 6 months |
| Weighted-average discount rate | 8.20% | 9.00% |
| College Park, Maryland, and Bothell, Washington Lease [Member] | ||
| Lessee, Lease, Description [Line Items] | ||
| Lease expiration year | 2030 | |
| Arlesheim, Switzerland Lease [Member] | ||
| Lessee, Lease, Description [Line Items] | ||
| Lease expiration year | 2029 |
Leases - Summary Of Components Of Lease Cost (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Lease, Cost [Abstract] | |||
| Fixed lease cost | $ 2,522 | $ 1,458 | $ 763 |
| Short-term cost | 221 | 145 | 79 |
| Total operating lease cost | $ 2,743 | $ 1,603 | $ 842 |
Leases - Summary Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | |||
| Total operating lease cost | $ 2,743 | $ 1,603 | $ 842 |
| Cost of revenue | |||
| Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | |||
| Total operating lease cost | 254 | 145 | 53 |
| Research and development | |||
| Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | |||
| Total operating lease cost | 1,670 | 722 | 612 |
| Sales and marketing | |||
| Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | |||
| Total operating lease cost | 175 | 84 | 46 |
| General and administrative | |||
| Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items] | |||
| Total operating lease cost | $ 644 | $ 652 | $ 131 |
Leases - Summary Of Supplemental Cash Flow And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Cash payments (receipts) included in the measurement of operating lease liabilities, net | $ (2,251) | $ (1,790) | $ 644 |
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |
| 2025 | $ 3,663 |
| 2026 | 4,193 |
| 2027 | 4,257 |
| 2028 | 4,358 |
| 2029 | 3,933 |
| Thereafter | 1,511 |
| Total lease payments | 21,915 |
| Less: imputed interest | (4,190) |
| Present value of operating lease liabilities | $ 17,725 |
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Retirement Benefits [Abstract] | |||
| Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||
| Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2.4 | $ 1.6 | $ 0.9 |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Related Party Transaction [Line Items] | |||
| Future minimum lease liability payment due | $ 21,915 | ||
| Revenue | 43,073 | $ 22,042 | $ 11,131 |
| UMD [Member] | |||
| Related Party Transaction [Line Items] | |||
| Revenue | $ 3,500 | $ 4,600 | $ 4,000 |
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Related Party Transaction [Line Items] | |||
| Research and development | $ 136,827 | $ 92,321 | $ 43,978 |
| Sales and marketing | 28,395 | 18,270 | 8,385 |
| General and administrative | 71,055 | 50,722 | $ 35,966 |
| Assets | |||
| Prepaid expenses and other current assets | 28,325 | 23,081 | |
| Operating lease right-of-use assets | 9,470 | 4,613 | |
| Other noncurrent assets | 4,437 | 5,155 | |
| Liabilities | |||
| Accounts payable | 5,230 | 5,599 | |
| Current portion of operating lease liabilities | 3,366 | 710 | |
| Unearned revenue | 10,678 | 12,087 | |
| Operating lease liabilities, net of current portion | 14,359 | 7,395 | |
| UMD [Member] | |||
| Assets | |||
| Operating lease right-of-use assets | 3,120 | 3,452 | |
| Liabilities | |||
| Current portion of operating lease liabilities | 681 | 661 | |
| Unearned revenue | 204 | 2,670 | |
| Operating lease liabilities, net of current portion | 2,843 | 3,181 | |
| Duke [Member] | |||
| Assets | |||
| Prepaid expenses and other current assets | 520 | 520 | |
| Other noncurrent assets | $ 285 | $ 805 | |
Geographic Information - Additional Information (Detail) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| UNITED STATES | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |
| Revenue From Contract With Customer Percentage | 10.00% |
Geographic Information - Summary of Long-lived Assets Including Property Plant and Equipment, Net, Operating Lease Right of Use Assets for Geographic Areas (Detail) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | $ 62,231 | $ 42,128 |
| United States | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | 52,723 | 41,955 |
| Switzerland | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | 9,357 | 0 |
| Other International | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | $ 151 | $ 173 |
Segment Information - Additional Information (Detail) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
Segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segment | 1 |
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | srt:ChiefExecutiveOfficerMember |
| Segment reporting, CODM, profit (loss) measure, description | Consolidated net loss as reported on the consolidated statements of operations is used to evaluate performance and allocate resources. The chief operating decision maker evaluates actual results compared to forecasted results for consolidated net loss, including significant expenses, when making decisions about allocating resources. |
Segment Information - Schedule of Revenue, Significant Expenses, and Segment Profit and Loss (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 43,073 | $ 22,042 | $ 11,131 |
| Operating costs and expenses excluding stock-based compensation: | |||
| Cost of revenue (excluding depreciation and amortization) | 20,597 | 8,108 | 2,944 |
| Research and development | 136,827 | 92,321 | 43,978 |
| Sales and marketing | 28,395 | 18,270 | 8,385 |
| General and administrative | 71,055 | 50,722 | 35,966 |
| Stock-based compensation | 112,066 | 74,445 | 33,197 |
| Other segment items: | |||
| (Gain) loss on change in fair value of warrant liabilities | 117,107 | 19,206 | (30,136) |
| Other (income) expense, net | 275 | 85 | (6) |
| Income tax (benefit) expense | 59 | 48 | 0 |
| Net loss | (331,647) | (157,771) | (48,511) |
| Operating Segment [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 43,073 | 22,042 | 11,131 |
| Operating costs and expenses excluding stock-based compensation: | |||
| Cost of revenue (excluding depreciation and amortization) | 15,857 | 5,289 | 2,042 |
| Research and development | 78,131 | 52,218 | 30,506 |
| Sales and marketing | 14,607 | 11,508 | 7,087 |
| General and administrative | 41,401 | 30,663 | 20,182 |
| Stock-based compensation | 106,878 | 69,743 | 31,456 |
| Depreciation and amortization | 18,654 | 10,375 | 5,604 |
| Other segment items: | |||
| (Gain) loss on change in fair value of warrant liabilities | 117,107 | 19,206 | (30,136) |
| Interest income, net | (18,249) | (19,322) | (7,093) |
| Other (income) expense, net | 275 | 85 | (6) |
| Income tax (benefit) expense | 59 | 48 | 0 |
| Net loss | $ (331,647) | $ (157,771) | $ (48,511) |
Subsequent Events - Additional Information (Detail) shares in Millions |
Feb. 26, 2025
shares
|
|---|---|
| ID Quantique SA | Subsequent Event | Maximum | |
| Subsequent Event [Line Items] | |
| Number of shares issued in stock transaction | 5.2 |