IonQ, a full-stack quantum platform and foundry, announced a definitive agreement to acquire Zero Trust security company Elisity in an all-stock transaction valued at up to US$1.3 billion. The deal includes up to US$150 million in earnout opportunity tied to Elisity's performance. The transaction is expected to close in the fourth quarter of 2026, subject to customary conditions and regulatory approval.
Combining Quantum Security With Zero Trust
The acquisition pairs IonQ's post-quantum cryptography and quantum key distribution capabilities with Elisity's enterprise Zero Trust technology platform. The combined offering is designed to help enterprise and government customers address current threats from large language models and emerging quantum risks. IonQ said the move expands its ability to secure critical infrastructure through the transition to the quantum era.
Elisity brings an established global enterprise customer base, deep chief information security officer relationships, and recurring revenue in the more than US$10 billion microsegmentation market. The company has more than 100 global customer deployments and has doubled revenue year over year with zero churn. Its leadership team, led by CEO James Winebrenner, will continue serving customers under IonQ ownership.
IdentityGraph and Crypto-Agility Roadmap
Elisity's IdentityGraph platform combines native asset identity with partner-enriched context and risk information to inform least-privilege access policies for users, devices, workloads, and AI agents. Teams can simulate policies before limiting each identity to required communications, reducing attack surface and containing potential lateral movement. IonQ and Elisity plan to extend IdentityGraph with cryptographic inventory and risk information to support multiyear crypto-agility programs.
The integrated roadmap aims to combine cryptographic protection for sensitive information with identity-based controls that limit unauthorized access across enterprise networks. IonQ said the shared offering will help customers address quantum-related security risks while strengthening defenses against current cyberattacks, including threats involving AI agents. The companies also expect opportunities to cross-sell complementary security solutions and develop integrated offerings for enterprise and government networks.
Leadership and Market Context
IonQ Chairman and CEO Niccolo de Masi said Q-Day is coming much faster than predicted and the company is building a vertically integrated full-stack quantum platform across computing, networking, sensing, and cybersecurity. He compared the acquisition to adding SkyWater Technology, which expanded chip design, fabrication, and packaging capabilities. De Masi said Elisity will bring proven enterprise policy enforcement scale and deployment experience to IonQ's quantum security strategy.
James Winebrenner, CEO of Elisity, said customers need to prioritize post-quantum cryptography initiatives while securing existing assets to keep essential operations running. He added that with IonQ, Elisity will be well positioned to modernize crypto-agility programs, accelerate post-quantum cryptography capabilities, and advance holistic Zero Trust postures. The announcement follows recent White House executive orders advancing quantum innovation and accelerating the federal government's migration to post-quantum cryptography.
Transaction Terms and Growth
Under the terms of the agreement, IonQ will issue shares based on the volume weighted average price of its common stock for the 20 trading days before the third business day prior to closing. The share price used in the calculation will not be greater than US$49.61 or less than US$33.07 per share. The all-stock transaction includes up to US$150 million in earnout opportunity subject to the performance of the Elisity business.
IonQ has deployed some of the largest quantum-safe national communications networks in the world, including in Switzerland, Poland, Romania, and Slovakia. The company reported 40% year-over-year growth in multiproduct revenue in the second quarter of 2026, indicating demand for integrated solutions. IonQ and Elisity expect the transaction to expand relationships with enterprise and government customers and accelerate adoption of combined security offerings.
The acquisition positions IonQ to offer a broader cybersecurity platform addressing current machine-speed attacks and future quantum threats. By integrating Elisity's identity-based Zero Trust controls with IonQ's quantum-safe communications technologies, the combined company aims to help customers manage a multiyear security transition. If completed, the deal will deepen IonQ's presence in the fast-growing microsegmentation market and support its multiproduct revenue strategy.