IonQ reported second-quarter revenue of $20.7 million, beating the top end of its guidance by 15% but posting a net loss of $177.5 million. The quantum-computing company strengthened its balance sheet with a $1 billion equity offering, bringing pro-forma cash, cash equivalents and investments to about $1.6 billion. Alongside the results, IonQ unveiled plans to acquire U.K.-based Oxford Ionics for roughly $1.075 billion. Management said combining Oxford’s ion-trap-on-a-chip technology with IonQ’s hardware should accelerate the roadmap to 800 logical qubits by 2027 and 80,000 by 2030. The deal follows the recently completed purchases of Lightsynq and Capella, which expand IonQ’s ambitions in quantum networking. For the full year, IonQ projects revenue of $82 million to $100 million and sees third-quarter revenue between $25 million and $29 million. The board promoted Chief Executive Officer Niccolo de Masi to chairman, replacing Peter Chapman. After the announcement, Needham reiterated its Buy rating with a $60 price target, while DA Davidson downgraded the shares to Neutral with a $35 target.