IonQ (IONQ) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	IONQ, INC.
Entity Central Index Key	0001824920
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		202,595,358
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, par value $0.0001 per share
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 13,984	$ 44,367
Short-term investments	361,677	311,430
Accounts receivable	2,428	3,292
Prepaid expenses and other current assets	13,236	12,539
Total current assets	391,325	371,628
Long-term investments	133,542	182,001
Property and equipment, net	29,089	26,014
Operating lease right-of-use assets	5,605	3,753
Intangible assets, net	11,548	8,944
Goodwill	742	742
Other noncurrent assets	5,001	4,910
Total Assets	576,852	597,992
Current liabilities:
Accounts payable	4,560	3,055
Accrued expenses	9,251	6,655
Current portion of operating lease liabilities	628	591
Unearned revenue	8,428	8,729
Current portion of stock option early exercise liabilities	761	1,130
Total current liabilities	23,628	20,160
Operating lease liabilities, net of current portion	5,609	3,459
Unearned revenue, net of current portion	707	1,201
Stock option early exercise liabilities, net of current portion	643	839
Warrant liabilities	22,966	3,819
Other noncurrent liabilities	53	303
Total liabilities	53,606	29,781
Commitments and contingencies (see Note 8)
Stockholders' Equity:
Common stock $0.0001 par value; 1,000,000,000 shares authorized; 201,869,202 and 199,862,123 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	20	20
Additional paid-in capital	794,671	769,848
Accumulated deficit	(265,358)	(194,302)
Accumulated other comprehensive loss	(6,087)	(7,355)
Total stockholders' equity	523,246	568,211
Total Liabilities and Stockholders' Equity	$ 576,852	$ 597,992

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	201,869,202	199,862,123
Common stock, shares outstanding	201,869,202	199,862,123

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 5,515,000	$ 2,608,000	$ 9,800,000	$ 4,561,000
Costs and expenses:
Cost of revenue (excluding depreciation and amortization)	1,901,000	742,000	2,937,000	1,310,000
Research and development	19,869,000	9,653,000	36,102,000	16,990,000
Sales and marketing	3,575,000	2,132,000	6,242,000	4,002,000
General and administrative	10,930,000	7,558,000	21,511,000	16,752,000
Depreciation and amortization	2,329,000	1,451,000	4,120,000	2,717,000
Total operating costs and expenses	38,604,000	21,536,000	70,912,000	41,771,000
Loss from operations	(33,089,000)	(18,928,000)	(61,112,000)	(37,210,000)
Change in fair value of warrant liabilities	(15,537,000)	16,061,000	(19,147,000)	29,509,000
Interest income, net	4,877,000	1,259,000	9,108,000	1,867,000
Other income (expense), net	31,000	(46,000)	95,000	(47,000)
Loss before benefit for income taxes	(43,718,000)	(1,654,000)	(71,056,000)	(5,881,000)
Benefit for income taxes	0	0	0	0
Net loss	$ (43,718,000)	$ (1,654,000)	$ (71,056,000)	$ (5,881,000)
Net loss per share attributable to common stockholders—basic	$ (0.22)	$ (0.01)	$ (0.35)	$ (0.03)
Weighted average shares used in computing net loss per share attributable to common stockholders—basic	201,431,494	197,214,022	200,775,817	196,708,008
Net loss per share attributable to common stockholders—diluted	$ (0.22)	$ (0.01)	$ (0.35)	$ (0.03)
Weighted average shares used in computing net loss per share attributable to common stockholders—diluted	201,431,494	197,214,022	200,775,817	196,708,008

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (43,718)	$ (1,654)	$ (71,056)	$ (5,881)
Other comprehensive income (loss), net of reclassification adjustments:
Change in unrealized gain (loss) on available-for-sale securities, net	(658)	(2,241)	1,268	(6,781)
Total other comprehensive income (loss)	(658)	(2,241)	1,268	(6,781)
Total comprehensive loss	$ (44,376)	$ (3,895)	$ (69,788)	$ (12,662)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2021	$ 591,230	$ 19	$ 737,150	$ (145,791)	$ (148)
Balance (in shares) at Dec. 31, 2021		195,630,975
Net loss	(5,881)			(5,881)
Other comprehensive loss	(6,781)				(6,781)
Stock options exercised	567	$ 1	566
Stock options exercised (in shares)		1,672,676
Vesting of restricted common stock	598		598
Vesting of restricted common stock (in shares)		264,852
Issuance of common stock from the settlement of restricted stock units	473		473
Issuance of common stock from the settlement of restricted stock units (in shares)		433,172
Stock-based compensation	12,448		12,448
Warrants exercised shares		1,487
Warrants exercised	24		24
Balance at Jun. 30, 2022	592,678	$ 20	751,259	(151,672)	(6,929)
Balance (in shares) at Jun. 30, 2022		198,003,162
Balance at Mar. 31, 2022	589,783	$ 20	744,469	(150,018)	(4,688)
Balance (in shares) at Mar. 31, 2022		196,393,948
Net loss	(1,654)			(1,654)
Other comprehensive loss	(2,241)				(2,241)
Stock options exercised	435		435
Stock options exercised (in shares)		1,219,451
Vesting of restricted common stock	282		282
Vesting of restricted common stock (in shares)		125,341
Issuance of common stock from the settlement of restricted stock units	473		473
Issuance of common stock from the settlement of restricted stock units (in shares)		264,422
Stock-based compensation	5,600		5,600
Balance at Jun. 30, 2022	592,678	$ 20	751,259	(151,672)	(6,929)
Balance (in shares) at Jun. 30, 2022		198,003,162
Balance at Dec. 31, 2022	568,211	$ 20	769,848	(194,302)	(7,355)
Balance (in shares) at Dec. 31, 2022		199,862,123
Net loss	(71,056)			(71,056)
Other comprehensive loss	1,268				1,268
Stock options exercised	$ 541		541
Stock options exercised (in shares)	789,766	789,766
Vesting of restricted common stock	$ 564		564
Vesting of restricted common stock (in shares)		250,682
Issuance of common stock from the settlement of restricted stock units	2,500		2,500
Issuance of common stock from the settlement of restricted stock units (in shares)		966,631
Stock-based compensation	21,218		21,218
Balance at Jun. 30, 2023	523,246	$ 20	794,671	(265,358)	(6,087)
Balance (in shares) at Jun. 30, 2023		201,869,202
Balance at Mar. 31, 2023	552,237	$ 20	779,286	(221,640)	(5,429)
Balance (in shares) at Mar. 31, 2023		200,122,686
Net loss	(43,718)			(43,718)
Other comprehensive loss	(658)				(658)
Stock options exercised	489		489
Stock options exercised (in shares)		658,274
Vesting of restricted common stock	282		282
Vesting of restricted common stock (in shares)		125,341
Issuance of common stock from the settlement of restricted stock units	2,500		2,500
Issuance of common stock from the settlement of restricted stock units (in shares)		962,901
Stock-based compensation	12,114		12,114
Balance at Jun. 30, 2023	$ 523,246	$ 20	$ 794,671	$ (265,358)	$ (6,087)
Balance (in shares) at Jun. 30, 2023		201,869,202

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (71,056)	$ (5,881)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,120	2,717
Non-cash research and development arrangements	260	260
Stock-based compensation	21,572	12,556
Change in fair value of warrant liabilities	19,147	(29,509)
Amortization of premiums and accretion of discounts on available-for-sale securities	(4,593)	108
Other, net	736	(1,726)
Changes in operating assets and liabilities:
Accounts receivable	2,074	(801)
Prepaid expenses and other current assets	(2,928)	3,576
Accounts payable	479	1,156
Accrued expenses	2,267	484
Unearned revenue	(2,005)	264
Other assets and liabilities	26	(133)
Net cash used in operating activities	(29,901)	(16,929)
Cash flows from investing activities:
Purchases of property and equipment	(2,411)	(7,022)
Capitalized software development costs	(1,950)	(982)
Intangible asset acquisition costs	(628)	(370)
Purchases of available-for-sale securities	(185,377)	(403,899)
Maturities and sales of available-for-sale securities	189,446	73,090
Net cash used in investing activities	(920)	(339,183)
Cash flows from financing activities:
Proceeds from stock options exercised	541	567
Other financing, net	(1)	488
Net cash provided by financing activities	540	1,055
Net change in cash, cash equivalents and restricted cash	(30,281)	(355,057)
Cash, cash equivalents and restricted cash at the beginning of the period	46,367	399,025
Cash, cash equivalents and restricted cash at the end of the period	16,086	43,968
Supplemental disclosures of non-cash investing and financing transactions:
Property and equipment purchases in accounts payable and accrued expenses	1,527	1,284
Intangible asset purchases in accounts payable and accrued expenses	243	73
Operating lease right-of-use assets subject to lease liability	2,239	0
Noncash reclassification of warrant liabilities to equity upon exercise	0	8
Bonus settled in restricted stock units	$ 2,500	$ 473

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2023
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”). Commensurate with the Business Combination, dMY changed its name to IonQ, Inc. and Legacy IonQ changed its name to IonQ Quantum, Inc. Unless otherwise indicated, references in this Quarterly Report on Form 10-Q to the “Company” and “IonQ” refer to the consolidated operations of IonQ, Inc. subsequent to the Business Combination. References to “dMY” refer to the company prior to the consummation of the Business Combination and references to “Legacy IonQ” refer to IonQ, Inc. prior to the consummation of the Business Combination. IonQ is engaged in quantum computing and develops general-purpose quantum computing systems 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 computing systems, the Company has developed custom hardware, custom firmware, and an operating system to orchestrate the quantum computers. Business Combination While the legal acquirer in the Merger Agreement is dMY, for financial accounting and reporting purposes under accounting principles generally accepted in the United States of America (“U.S. GAAP”), Legacy IonQ is the accounting acquirer and the merger is accounted for as a “reverse recapitalization” (i.e., a capital transaction involving the issuance of stock by dMY for the stock of Legacy IonQ). For accounting purposes, the Business Combination was treated as the equivalent of Legacy IonQ issuing stock for the net assets of dMY, accompanied by a recapitalization. The net assets of dMY are stated at historical cost, and no goodwill or other intangible assets were recorded. Because Legacy IonQ was deemed the accounting acquirer in the Business Combination, the historical financial statements of Legacy IonQ are the historical financial statements of the Company upon the consummation of the Business Combination. As a result, the condensed consolidated financial statements included in this report reflect: (i) the historical operating results of Legacy IonQ prior to the Business Combination; (ii) the combined results of dMY and Legacy IonQ following the close of the Business Combination on September 30, 2021; and (iii) the assets and liabilities of Legacy IonQ stated at their historical cost. In accordance with guidance applicable to these circumstances, the equity structure has been retroactively restated in all comparative periods to reflect the number of shares of the Company’s common stock, $ 0.0001 par value per share, issued to Legacy IonQ’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy IonQ convertible redeemable preferred stock and warrants and Legacy IonQ common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. Legacy IonQ’s convertible redeemable preferred stock and warrants previously classified as mezzanine equity were retroactively adjusted, converted into common stock, and reclassified to permanent equity because of the reverse recapitalization. All exercise prices for stock options and customer warrants have similarly been retroactively restated to reflect the exchange ratio established in the Business Combination. Segment Reporting The Company operates as one operating segment as its chief executive officer, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2022 , and the notes thereto are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2023. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below. Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2022, included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2023 and 2022, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2023, or thereafter. All references to June 30, 2023 and 2022 , in the notes to the condensed consolidated financial statements are unaudited. Emerging Growth Company The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As a result of the market value of the Company's common stock held by non-affiliates as of June 30, 2023, exceeding $ 700.0 million, the Company will be a “large accelerated filer” under the Exchange Act as of December 31, 2023, and will no longer qualify as an emerging growth company. The Company was also a smaller reporting company as defined in the Exchange Act until June 30, 2023. However, the Company is not required to reflect the change in its smaller reporting company status, and comply with the associated increased disclosure obligations, until its first quarterly report in its next fiscal year (i.e., the quarterly report for the three-month period ended March 31, 2024). Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to: revenue recognition, capitalization of internally developed software and quantum computing costs, useful lives of long-lived assets, and fair value of available-for-sale securities. 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. 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 when they are considered to be impaired or upon initial recognition when acquired through a business combination or an asset acquisition. 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 condensed 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 in banks, checking deposits, and money market funds. 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 collateralizing letters of credit is included in other noncurrent assets in the condensed consolidated balance sheets. The Company issues letters of credits in the ordinary course of business, including for lease arrangements. As of June 30, 2023 and December 31, 2022, letters of credit totaling $ 2.1 million and $ 2.0 million were outstanding, respectively. The following table provides a reconciliation of cash and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 13,984 $ 44,367 Restricted cash 2,102 2,000 Total cash, cash equivalents and restricted cash in the condensed $ 16,086 $ 46,367 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 at (in thousands): June 30, December 31, 2023 2022 Billed accounts receivable $ 1,265 $ 1,150 Unbilled accounts receivable 1,163 2,142 Total accounts receivable $ 2,428 $ 3,292 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 no t have any allowance for credit losses as of either June 30, 2023 or December 31, 2022 . Materials and Supplies Materials and supplies are carried at average cost and recorded in prepaid expenses and other current assets in the condensed 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 for maintenance, research and development efforts or to service customer contracts are expensed when consumed. The Company capitalized $ 1.4 million and $ 2.2 million of materials and supplies to property and equipment for the three and six months ended June 30, 2023 , respectively. 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 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 condensed consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the condensed consolidated balance sheet in prepaid expenses and other current assets. As of June 30, 2023 and December 31, 2022, accrued interest receivable was $ 1.9 million and $ 1.7 million, respectively. 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 condensed 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 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: Computer equipment and acquired computer software 3 – 5 years Machinery, equipment, furniture and fixtures 5 – 7 years Quantum computing systems 3 years Leasehold improvements Shorter of the lease term or the estimated useful life of the related asset Effective October 1, 2022, the Company revised the accounting useful life of quantum computing systems, which was determined to be a change in accounting estimate and is being applied prospectively. This change in accounting estimate was not material for the three or six months ended June 30, 2023 . The estimated useful life for quantum computing systems was previously 2 years. 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 condensed consolidated balance sheets. As of June 30, 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. Amendments to a lease are 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. Capitalized Internally Developed Software Capitalized internally developed software, which is included in intangible assets, net, consists of costs to purchase and develop internal-use software, which the Company primarily uses to provide services to its customers. 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 . During the three months ended June 30, 2023 and 2022, the Company capitalized $ 2.0 million and $ 0.8 million in internal-use software costs, respectively, and during the six months ended June 30, 2023 and 2022, the Company capitalized $ 3.3 million and $ 1.3 million, respectively. The Company amortized $ 0.6 million and $ 0.3 million of capitalized internally developed software costs during the three months ended June 30, 2023 and 2022, respectively, and $ 1.1 million and $ 0.6 million of capitalized internally developed software costs during the six months ended June 30, 2023 and 2022 , respectively. 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 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 the three or six months ended June 30, 2023 and 2022 . 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 condensed 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 10). The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. 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 providing access to its quantum-computing-as-a-service (“QCaaS”), consulting services related to co-developing algorithms on the quantum computing systems, and from contracts associated with the design, development, and construction of specialized quantum computing systems together with related services. 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 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 may consist of a variable fee based on usage of its quantum computing systems or 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. 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 with revenue recognized based on the efforts incurred to date relative to the total expected effort. For contracts with a fixed transaction price, the fixed fee is recognized on a straight-line basis over the access period or associated measure of progress for the Company’s consulting services contracts. For contracts without fixed fees, variable usage fees are billed and recognized during the period of such usage. Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing systems 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. When the standalone selling price is not known, due to it being either highly variable or uncertain, the Company allocates the transaction price using the residual approach. 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. Revenue is recognized on performance obligations satisfied over time based on the efforts incurred to date relative to the total expected effort. For the three and six months ended June 30, 2023 and 2022, substantially all of the revenue recognized by the Company 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. If a contract exists under ASC 606, 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 condensed consolidated balance sheets. As of June 30, 2023, approximately $ 49.1 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts, 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. The Company expects approximately 40 % of the remaining performance obligations to be recognized as revenue within the next twelve months . The following table summarizes the changes in unearned revenue for the six months ended June 30, 2023 (in thousands): Total Balance as of December 31, 2022 $ 9,930 Revenue recognized ( 6,536 ) New deferrals, net 5,741 Balance as of June 30, 2023 $ 9,135 For contractual arrangements where consideration is paid up-front, the transfer of the quantum computing services is completed at the discretion of the customer as the customer chooses to use the services starting from the date of contract inception. As such, the up-front payment of consideration does not represent a significant financing component. 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 condensed 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 June 30, 2023 and December 31, 2022, total capitalized costs were $ 1.3 million and $ 1.0 million, respectively. Amortization expense was $ 0.2 million and zero for the three months ended June 30, 2023 and 2022, respectively, and $ 0.3 million and zero for the six months ended June 30, 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 fair value of stock awards and 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 share-based awards, including the fair value of the Company’s common stock, 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 awards 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 is measured based on the fair value of the Company’s common stock on the grant date. For awards with a performance-based vesting condition, the Company records stock-based compensation cost if it is probable that the performance condition will be achieved. 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. The Company obtained third-party valuations to estimate the fair value of its common stock for awards granted prior to the Business Combination, for purposes of measuring stock-based compensation expense. The third-party valuations were prepared using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants (“AICPA”) Accounting &Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. 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. While the Company has not experienced any losses in such accounts, the recent failure of Silicon Valley Bank (“SVB”), at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to limited credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors. The Company’s accounts receivable are derived from customers primarily located in the U.S. 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. The Company’s revenue was primarily from three significant customers for the three and six months ended June 30, 2023. The Company’s revenue was primarily from four significant customers for the three months ended June 30, 2022, and from three significant customers for the six months ended June 30, 2022 . 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 perio

Cash, Cash Equivalents, Restric

Cash, Cash Equivalents, Restricted Cash And Investments	6 Months Ended
	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, Restricted Cash And Investments	3. 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 condensed consolidated balance sheets (in thousands): As of June 30, 2023 As of December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Cash and money market funds $ 16,086 $ — $ — $ 16,086 $ 46,367 $ — $ — $ 46,367 Commercial paper 81,193 — ( 150 ) 81,043 130,141 — ( 443 ) 129,698 Corporate notes and bonds 222,936 — ( 4,582 ) 218,354 277,184 19 ( 5,993 ) 271,210 Municipal bonds 9,965 — ( 162 ) 9,803 9,905 — ( 273 ) 9,632 US government and agency 187,212 1 ( 1,194 ) 186,019 83,556 23 ( 688 ) 82,891 Total cash, cash equivalents, $ 517,392 $ 1 $ ( 6,088 ) $ 511,305 $ 547,153 $ 42 $ ( 7,397 ) $ 539,798 Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following table presents 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 as of June 30, 2023 (in thousands). As of June 30, 2023 Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Commercial paper $ 81,043 $ ( 150 ) $ — $ — $ 81,043 $ ( 150 ) Corporate notes and bonds 88,890 ( 1,071 ) 127,464 ( 3,511 ) 216,354 ( 4,582 ) Municipal bonds — — 4,804 ( 162 ) 4,804 ( 162 ) US government and agency 173,367 ( 852 ) 9,153 ( 342 ) 182,520 ( 1,194 ) Total $ 343,300 $ ( 2,073 ) $ 141,421 $ ( 4,015 ) $ 484,721 $ ( 6,088 ) There were no securities in a gross unrealized loss position for greater than twelve months as of December 31, 2022. The Company did no t have any allowance for credit losses as of either June 30, 2023 or December 31, 2022. The Company does not intend or believe 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 June 30, 2023, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands): 1 Year Greater than Total Cash and money market funds $ 13,984 $ 2,102 $ 16,086 Commercial paper 81,043 — 81,043 Corporate notes and bonds 129,769 88,585 218,354 Municipal bonds 9,803 — 9,803 US government and agency 141,062 44,957 186,019 Total $ 375,661 $ 135,644 $ 511,305

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Measurements	4. 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): Fair Value Measured as of June 30, 2023 Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash: Cash and money market funds (1) $ 16,086 $ — $ — $ 16,086 Total cash, cash equivalents and restricted cash $ 16,086 $ — $ — $ 16,086 Short-term investments: Commercial paper — 81,043 — 81,043 Corporate notes and bonds — 129,769 — 129,769 Municipal bonds — 9,803 — 9,803 US government and agency — 141,062 — 141,062 Total short-term investments $ — $ 361,677 $ — $ 361,677 Long-term investments: Corporate notes and bonds — 88,585 — 88,585 US government and agency — 44,957 — 44,957 Total long-term investments $ — $ 133,542 $ — $ 133,542 Total Assets $ 16,086 $ 495,219 $ — $ 511,305 Liabilities Public warrants $ 22,966 $ — $ — $ 22,966 Fair Value Measured as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash: Cash and money market funds (1) $ 46,367 $ — $ — $ 46,367 Total cash, cash equivalents and restricted cash $ 46,367 $ — $ — $ 46,367 Short-term investments: Commercial paper — 129,698 — 129,698 Corporate notes and bonds — 120,447 — 120,447 Municipal bonds — 4,911 — 4,911 US government and agency — 56,374 — 56,374 Total short-term investments $ — $ 311,430 $ — $ 311,430 Long-term investments: Corporate notes and bonds — 150,763 — 150,763 Municipal bonds — 4,721 — 4,721 US government and agency — 26,517 — 26,517 Total long-term investments $ — $ 182,001 $ — $ 182,001 Total Assets $ 46,367 $ 493,431 $ — $ 539,798 Liabilities Public warrants $ 3,819 $ — $ — $ 3,819 (1) Includes money market funds associated with the Company’s overnight investment sweep account and cash associated with the Company's collateralized letter of credit. 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 period. On June 30, 2023, the closing trading price of the public warrants was $ 4.39 per warrant.

Property And Equipment, Net

Property And Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property And Equipment, Net	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net is composed of the following (in thousands): June 30, December 31, 2023 2022 Computer equipment and acquired computer software $ 2,851 $ 2,407 Machinery, equipment, furniture and fixtures 8,308 7,506 Leasehold improvements 2,753 1,132 Quantum computing systems 25,472 22,430 Gross property and equipment 39,384 33,475 Less: accumulated depreciation ( 10,295 ) ( 7,461 ) Total property and equipment, net $ 29,089 $ 26,014 Depreciation expense for the three months ended June 30, 2023 and 2022 was $ 1.6 million and $ 1.1 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $ 2.8 million and $ 2.0 million, respectively.

Agreements With University Of M

Agreements With University Of Maryland And Duke University	6 Months Ended
	Jun. 30, 2023
Agreement Disclosure [Abstract]
Agreements With University Of Maryland And Duke University	6. 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 after giving effect to the recapitalization. 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 after giving effect to the recapitalization. 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 (“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 over the 5-year term was equal to an aggregate of 642,995 shares of common stock to each university after giving effect to the recapitalization. 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 after giving effect to the recapitalization, 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 $ 0.1 million of research and development expense related to the agreement with Duke during each of the three months ended June 30, 2023 and 2022 and $ 0.3 million of research and development expense related to the agreement with Duke during each of the six months ended June 30, 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

Other Balance Sheet Accounts	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Accounts	7. OTHER BALANCE SHEET ACCOUNTS Accrued expenses are composed of the following (in thousands): June 30, December 31, 2023 2022 Accrued salaries and other payroll liabilities $ 6,717 $ 4,935 Accrued professional services 678 678 Accrued equipment and services liabilities for research and development 529 489 Accrued expenses—other 1,327 553 Total accrued expenses $ 9,251 $ 6,655

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies	8. 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 condensed 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. A hearing on the motions to dismiss has yet to be scheduled. Both the IonQ Defendants and Additional Defendants believe that the allegations in the complaints are without merit and intend to defend the matters vigorously. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from the associated suit. Glatt Litigation On January 12, 2021, dMY Technology Group, Inc. II, dMY Sponsor II, LLC, dMY, and dMY Sponsor III, LLC (“Sponsor”) accepted service of a lawsuit where they were named as counterclaim defendants in an underlying action by and between GTY Technology Holdings, Inc. (“GTY”), dMY Technology Holdings Inc., dMY Sponsor, LLC, dMY Sponsor II, LLC, dMY Technology Group Inc. II, dMY and Sponsor (collectively “dMY Defendants”) and Carter Glatt (“Glatt”) and Captains Neck Holdings LLC (“Captains Neck”), an entity of which Mr. Glatt is a member. The underlying lawsuit, filed by dMY Technology Group, Inc. and dMY Sponsor, LLC, seeks a declaratory judgment that Glatt and Captains Neck are not entitled to membership units of dMY Sponsor LLC, which was formed by Harry L. You, the co-founder and former President and Chief Financial Officer of GTY when Glatt was still working at GTY. The underlying lawsuit contains claims arising from Glatt’s termination of employment from GTY, including theft and misappropriation of confidential GTY information, breach of contract, breach of the duties of loyalty and fiduciary duty and conversion. Glatt responded to the underlying lawsuit by adding members of the Sponsor and officers of dMY as additional counterclaim defendants (collectively with the dMY Defendants Glatt and Captains Neck, the “Counterclaim Defendants”) and adding Dune Acquisition Holdings LLC, a newly formed special purpose acquisition company, as a counterclaimant and asserting claims for breach of contract, fraudulent misrepresentation, negligent misrepresentation, tortious interference with business relations, quantum meruit and unjust enrichment. dMY and the Company have never employed Glatt nor maintained any business agreements with him. The Counterclaim Defendants have denied the claims against them and have filed a motion to dismiss the suit. Although the outcome of this matter cannot be predicted with certainty and the impact of the final resolution of this matter on the Company’s results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of this matter will have a material adverse effect on the Company’s future consolidated financial position, future results of operations or cash flows.

Warrant Transaction Agreement

Warrant Transaction Agreement	6 Months Ended
	Jun. 30, 2023
Warrant Transaction Agreement [Abstract]
Warrant Transaction Agreement	9. 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 to a customer warrants to acquire shares of Legacy IonQ Series B-1 preferred stock (the “Warrant Shares”), 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. As of June 30, 2023, the contract allows for the customer to acquire up to 8,301,202 shares of common stock in the Company. 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 is treated as a reduction to revenue recognized under the corresponding revenue arrangement. Approximately 6.5 % of the Warrant Shares vested and became immediately exercisable in August 2020. The fair value of the vested Warrant Shares was amortized over time as the related customer revenue was earned and was fully amortized as of December 31, 2021. The remaining Warrant Shares will vest and become exercisable upon satisfaction of certain milestones based on revenue generated under the commercial agreement with the customer, to the extent certain prepayments are made by the customer. The exercise price for the Warrant Shares is $ 1.38 per share and the warrant is exercisable through November 2029. The fair value of the Warrant Shares at the date of issuance was determined to be $ 8.7 million.

Warrant Liabilities

Warrant Liabilities	6 Months Ended
	Jun. 30, 2023
Warrant Liabilities [Abstract]
Warrant Liabilities	10. WARRANT LIABILITIES The Company assumed 7,500,000 public warrants on September 30, 2021 as part of the Business Combination. As of June 30, 2023, there were 5,231,486 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 had been redeemed by the Company as of June 30, 2023 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-Based Compensation	11. 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. Each Legacy IonQ stock option issued and outstanding immediately prior to the Business Combination was converted into an option to purchase shares of common stock of the Company equal to the product of (a) the number of shares of Legacy IonQ common stock subject to such Legacy IonQ stock option agreement immediately prior to the Business Combination and (b) the exchange ratio at an exercise price equal to the (i) the exercise price per share of such Legacy IonQ stock option divided by (ii) the exchange ratio. Such stock options 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 four 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, beginning on January 1, 2022, and continuing 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, 2023, the number of shares reserved for issuance under the 2021 Plan increased by 13,587,593 . For awards granted under the 2021 Plan, vesting terms range from one to four years from the date of grant. As of June 30, 2023, the Company had 29,533,606 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. Expected Volatility —As the Company was privately held until 2021 and there has been limited history of a public market for its common stock prior to closing the Business Combination, the expected volatility is based on the average historical stock price volatility of comparable publicly-traded companies in its industry peer group, financial, and market capitalization data. Expected Term —The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has estimated the expected term of its employee 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 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 on-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 —For options granted under the 2015 Plan, because the Company’s common stock was not yet publicly traded on the date of grant, the Company estimated the fair value of common stock prior to closing the Business Combination. The board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of Legacy IonQ’s previously Convertible Redeemable Preferred Stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. For options granted under the 2021 Plan, the Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such options. The assumptions used to estimate the fair value of stock options granted during the three and six months ended June 30, 2023 and 2022, are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Risk-free interest rate 4.09 % 2.72 % 4.09 % 2.12 % Expected term (in years) 5.50 5.50 5.50 5.58 Expected volatility 80.63 % 78.40 % 80.63 % 77.82 % Dividend yield — % — % — % — % The stock option activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2022 24,716,270 $ 2.19 7.32 $ 49.69 Granted 104,020 13.53 Exercised ( 789,766 ) 0.68 Cancelled/ Forfeited ( 361,941 ) 1.40 Outstanding as of June 30, 2023 23,668,583 $ 2.31 6.90 $ 265.65 Exercisable as of June 30, 2023 13,332,059 $ 1.22 6.21 $ 164.05 Exercisable and expected to vest as of June 30, 2023 23,668,583 $ 2.31 6.90 $ 265.65 The following table summarizes additional information on stock option grants, vesting and exercises (in millions, except per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Total intrinsic value of options exercised $ 5.6 $ 4.9 $ 6.1 $ 6.8 Aggregate grant-date fair value of options vested $ 4.8 $ 2.7 $ 8.1 $ 4.9 Weighted-average grant date fair value per share for $ 9.38 $ 3.82 $ 9.38 $ 8.10 Early Exercised Stock Options As of June 30, 2023 and December 31, 2022, there were 654,446 and 905,128 shares, respectively, subject to repurchase related to stock options early exercised and unvested. As of June 30, 2023 and December 31, 2022, the Company recorded a liability related to these shares subject to repurchase in the amount of $ 1.4 million and $ 2.0 million, respectively, in its condensed consolidated balance sheets. Restricted Stock Units The RSU activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2022 9,320,045 $ 7.02 3.21 $ 65.38 Granted 7,960,369 8.32 Vested ( 1,947,948 ) 8.39 Forfeited ( 554,407 ) 5.85 Outstanding as of June 30, 2023 14,778,059 $ 7.58 3.24 $ 112.04 Expected to vest after June 30, 2023 14,737,059 $ 7.57 3.24 $ 111.51 During the three and six months ended June 30, 2023, the Company released 360,870 RSUs related to the settlement of an accrued bonus liability. During the three and six months ended June 30, 2022, the Company released 81,134 RSUs related to the settlement of an accrued bonus liability. Stock-Based Compensation Expense Total stock-based compensation expense for stock option awards and RSU awards, which are included in the condensed consolidated financial statements, is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 433 $ 247 $ 782 $ 351 Research and development 6,354 2,368 11,634 4,066 Sales and marketing 759 503 1,523 576 General and administrative 3,758 2,766 7,633 7,563 Stock-based compensation, net of amounts capitalized $ 11,304 $ 5,884 $ 21,572 $ 12,556 Capitalized stock-based compensation—Intangibles and fixed assets 976 471 1,595 647 Total stock-based compensation $ 12,280 $ 6,355 $ 23,167 $ 13,203 Unrecognized Stock-Based Compensation A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of June 30, 2023, related to its non-vested stock options and RSU awards is presented below (in millions, except time period amounts): Unrecognized Weighted- Restricted stock units $ 104.7 1.7 Stock options $ 37.9 1.4 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, beginning on January 1, 2022, 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, 2023. 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 June 30, 2023 , no shares of common stock had been issued under the ESPP and no offering period had been set by the board of directors.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes	12. INCOME TAXES The Company had no provision for income taxes in any period presented. The effective tax rate for each period differs from the statutory rate primarily as a result of not recognizing a deferred tax asset for losses due to having a full valuation allowance against deferred tax assets. The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the net deferred tax assets as of June 30, 2023, and December 31, 2022 . The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	13. LEASES The Company has two operating leases for its facilities in College Park, Maryland, and Bothell, Washington. The College Park, Maryland facility is used for research and development and corporate functions and is leased from UMD. Refer to Note 14 for further information. The Bothell, Washington, facility is used for manufacturing, research and development and general office space. Both leases expire in 2030. As of June 30, 2023 and December 31, 2022, the weighted-average remaining lease term was 7.0 years and 7.9 years, respectively, and the weighted-average discount rate was 9.8 % and 11.9 % , 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): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost (1) Fixed lease cost $ 360 $ 191 $ 720 $ 382 Short-term cost 39 24 82 30 Total operating lease cost $ 399 $ 215 $ 802 $ 412 (1) The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 18 $ 14 $ 32 $ 28 Research and development 161 159 333 305 Sales and marketing 16 10 29 17 General and administrative 204 32 408 62 Total operating lease cost $ 399 $ 215 $ 802 $ 412 Supplemental cash flow and other information related to operating leases was as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cash payments included in the measurement of operating $ 166 $ 160 $ 332 $ 321 As of June 30, 2023, maturities of operating lease liabilities are as follows (in thousands): Amount Year Ending December 31, 2023 $ 393 2024 1,831 2025 2,309 2026 2,378 2027 2,449 Thereafter 6,385 Total lease payments $ 15,745 Less: imputed interest ( 4,626 ) Less: lease incentives ( 4,882 ) Present value of operating lease liabilities $ 6,237

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transaction [Line Items]
Related Party Transactions	14. RELATED PARTY TRANSACTIONS Transactions with UMD and Duke As described in Note 6, the Company entered into a License Agreement and Option Agreement with UMD and 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 Agreements, has purchased research and development services. The Company considers these agreements to be related party transactions because the Company’s Co-founder and Chief Technology Officer serves as a professor at Duke and the Company’s Co-founder and Chief Scientist served as a professor at UMD. During 2021, the Company’s Chief Scientist moved to Duke and each, in their role as professors at Duke, are leading the research subject to the License Agreement and Option Agreement with Duke as of June 30, 2023. In addition, the Company has an operating lease for office space with UMD, which expires in 2030. Future minimum lease payments as of June 30, 2023 are $ 6.0 million. The lease costs and cash flow related to the operating lease were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Fixed lease cost $ 191 $ 191 $ 382 $ 382 Lease payments $ 166 $ 160 $ 332 $ 321 A summary of the weighted-average remaining lease term and weighted-average discount rate is presented below: June 30, December 31, 2023 2022 Weighted-average remaining lease term (in years) 7.4 7.9 Weighted-average discount rate 11.9 % 11.9 % In September 2021, the Company entered into a contract with UMD to provide certain quantum computing services and facility access (the “UMD Quantum Agreement”) related to the National Quantum Lab at UMD in exchange for payments totaling $ 14.0 million over three years . Over the term of the contract, the Company estimates that it will make payments to UMD of approximately $ 1.4 million, including a contribution of $ 1.0 million to establish the IonQ Endowed Professorship in the College of Computer, Mathematical and Natural Sciences at UMD. The pledge and other estimated payments to UMD will not be an exchange for distinct goods or services under the provisions of ASC 606 and therefore are considered a reduction of the transaction price for the UMD Quantum Agreement. The transaction price is currently estimated at $ 12.6 million, reflecting this reduction. In July 2022, the Company entered into an agreement to provide customized quantum computing hardware to UMD for a transaction price of $ 0.7 million. The Company’s results from transactions with related parties, as reflected in the condensed consolidated statements of operations are detailed below. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue $ 1,020 $ 1,002 $ 2,012 $ 1,994 Cost of revenue 19 12 32 26 Research and development (1) 271 269 546 540 Sales and marketing (2) 11 37 31 69 General and administrative 27 29 74 58 (1) Included in research and development are expenses attributable to Duke of $ 0.1 million and $ 0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $ 0.3 million for each of the six months ended June 30, 2023 and 2022. (2) Included in sales and marketing are expenses attributable to Duke of zero for each of the three months ended June 30, 2023 and 2022, and less than $ 0.1 million and zero for the six months ended June 30, 2023 and 2022, respectively. The Company has the following balances related to transactions with related parties, as reflected in the condensed consolidated balance sheets. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): June 30, December 31, 2023 2022 Assets Accounts receivable $ 325 — Prepaid expenses and other current assets ($ 520 and $ 520 attributable 520 $ 529 Operating lease right-of-use asset 3,605 3,753 Other noncurrent assets ($ 1,065 and $ 1,325 attributable to Duke) 1,065 1,325 Liabilities Accounts payable ($ 12 and zero attributable to Duke) $ 12 $ 29 Accrued expenses 55 — Current operating lease liabilities 628 591 Unearned revenue 3,253 3,514 Non-current operating lease liabilities 3,324 3,459

Geographic Information

Geographic Information	6 Months Ended
	Jun. 30, 2023
Geographic Areas, Revenues from External Customers [Abstract]
Geographic Information	15. GEOGRAPHIC INFORMATION Revenue generated for customers located in the United States was approximately 88 % and 85 % of revenue for the three months ended June 30, 2023 and 2022, respectively, and 87 % and 86 % of revenue for the six months ended June 30, 2023 and 2022, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2022 , and the notes thereto are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2023. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below.
Basis of Preparation	Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2022, included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three and six months ended June 30, 2023 and 2022, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2023, or thereafter. All references to June 30, 2023 and 2022 , in the notes to the condensed consolidated financial statements are unaudited.
Emerging Growth Company	Emerging Growth Company The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company’s condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As a result of the market value of the Company's common stock held by non-affiliates as of June 30, 2023, exceeding $ 700.0 million, the Company will be a “large accelerated filer” under the Exchange Act as of December 31, 2023, and will no longer qualify as an emerging growth company. The Company was also a smaller reporting company as defined in the Exchange Act until June 30, 2023. However, the Company is not required to reflect the change in its smaller reporting company status, and comply with the associated increased disclosure obligations, until its first quarterly report in its next fiscal year (i.e., the quarterly report for the three-month period ended March 31, 2024).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Significant estimates and judgments are inherent in the analysis and measurement of items including, but not limited to: revenue recognition, capitalization of internally developed software and quantum computing costs, useful lives of long-lived assets, and fair value of available-for-sale securities. 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.
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 when they are considered to be impaired or upon initial recognition when acquired through a business combination or an asset acquisition. 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 condensed 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, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in banks, checking deposits, and money market funds. 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 collateralizing letters of credit is included in other noncurrent assets in the condensed consolidated balance sheets. The Company issues letters of credits in the ordinary course of business, including for lease arrangements. As of June 30, 2023 and December 31, 2022, letters of credit totaling $ 2.1 million and $ 2.0 million were outstanding, respectively. The following table provides a reconciliation of cash and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 13,984 $ 44,367 Restricted cash 2,102 2,000 Total cash, cash equivalents and restricted cash in the condensed $ 16,086 $ 46,367
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 at (in thousands): June 30, December 31, 2023 2022 Billed accounts receivable $ 1,265 $ 1,150 Unbilled accounts receivable 1,163 2,142 Total accounts receivable $ 2,428 $ 3,292 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 no t have any allowance for credit losses as of either June 30, 2023 or December 31, 2022 .
Materials and Supplies	Materials and Supplies Materials and supplies are carried at average cost and recorded in prepaid expenses and other current assets in the condensed 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 for maintenance, research and development efforts or to service customer contracts are expensed when consumed. The Company capitalized $ 1.4 million and $ 2.2 million of materials and supplies to property and equipment for the three and six months ended June 30, 2023 , respectively.
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 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 condensed consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the condensed consolidated balance sheet in prepaid expenses and other current assets. As of June 30, 2023 and December 31, 2022, accrued interest receivable was $ 1.9 million and $ 1.7 million, respectively. 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 condensed consolidated statements of operations.
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 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: Computer equipment and acquired computer software 3 – 5 years Machinery, equipment, furniture and fixtures 5 – 7 years Quantum computing systems 3 years Leasehold improvements Shorter of the lease term or the estimated useful life of the related asset Effective October 1, 2022, the Company revised the accounting useful life of quantum computing systems, which was determined to be a change in accounting estimate and is being applied prospectively. This change in accounting estimate was not material for the three or six months ended June 30, 2023 . The estimated useful life for quantum computing systems was previously 2 years.
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 condensed consolidated balance sheets. As of June 30, 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. Amendments to a lease are 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.
Capitalized Internally Developed Software	Capitalized Internally Developed Software Capitalized internally developed software, which is included in intangible assets, net, consists of costs to purchase and develop internal-use software, which the Company primarily uses to provide services to its customers. 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 . During the three months ended June 30, 2023 and 2022, the Company capitalized $ 2.0 million and $ 0.8 million in internal-use software costs, respectively, and during the six months ended June 30, 2023 and 2022, the Company capitalized $ 3.3 million and $ 1.3 million, respectively. The Company amortized $ 0.6 million and $ 0.3 million of capitalized internally developed software costs during the three months ended June 30, 2023 and 2022, respectively, and $ 1.1 million and $ 0.6 million of capitalized internally developed software costs during the six months ended June 30, 2023 and 2022 , respectively.
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 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 the three or six months ended June 30, 2023 and 2022 .
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 condensed 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 10). The determination of the fair value of the warrant liabilities may be subject to change as more current information becomes available and accordingly the actual results could differ significantly. 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	Revenue Recognition The Company derives revenue from providing access to its quantum-computing-as-a-service (“QCaaS”), consulting services related to co-developing algorithms on the quantum computing systems, and from contracts associated with the design, development, and construction of specialized quantum computing systems together with related services. 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 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 may consist of a variable fee based on usage of its quantum computing systems or 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. 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 with revenue recognized based on the efforts incurred to date relative to the total expected effort. For contracts with a fixed transaction price, the fixed fee is recognized on a straight-line basis over the access period or associated measure of progress for the Company’s consulting services contracts. For contracts without fixed fees, variable usage fees are billed and recognized during the period of such usage. Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing systems 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. When the standalone selling price is not known, due to it being either highly variable or uncertain, the Company allocates the transaction price using the residual approach. 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. Revenue is recognized on performance obligations satisfied over time based on the efforts incurred to date relative to the total expected effort. For the three and six months ended June 30, 2023 and 2022, substantially all of the revenue recognized by the Company 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. If a contract exists under ASC 606, 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 condensed consolidated balance sheets. As of June 30, 2023, approximately $ 49.1 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancelable contracts, 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. The Company expects approximately 40 % of the remaining performance obligations to be recognized as revenue within the next twelve months . The following table summarizes the changes in unearned revenue for the six months ended June 30, 2023 (in thousands): Total Balance as of December 31, 2022 $ 9,930 Revenue recognized ( 6,536 ) New deferrals, net 5,741 Balance as of June 30, 2023 $ 9,135 For contractual arrangements where consideration is paid up-front, the transfer of the quantum computing services is completed at the discretion of the customer as the customer chooses to use the services starting from the date of contract inception. As such, the up-front payment of consideration does not represent a significant financing component. 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 condensed 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 June 30, 2023 and December 31, 2022, total capitalized costs were $ 1.3 million and $ 1.0 million, respectively. Amortization expense was $ 0.2 million and zero for the three months ended June 30, 2023 and 2022, respectively, and $ 0.3 million and zero for the six months ended June 30, 2023 and 2022 , respectively.
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 fair value of stock awards and 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 share-based awards, including the fair value of the Company’s common stock, 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 awards 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 is measured based on the fair value of the Company’s common stock on the grant date. For awards with a performance-based vesting condition, the Company records stock-based compensation cost if it is probable that the performance condition will be achieved. 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. The Company obtained third-party valuations to estimate the fair value of its common stock for awards granted prior to the Business Combination, for purposes of measuring stock-based compensation expense. The third-party valuations were prepared using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants (“AICPA”) Accounting &Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.
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. While the Company has not experienced any losses in such accounts, the recent failure of Silicon Valley Bank (“SVB”), at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to limited credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors. The Company’s accounts receivable are derived from customers primarily located in the U.S. 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. The Company’s revenue was primarily from three significant customers for the three and six months ended June 30, 2023. The Company’s revenue was primarily from four significant customers for the three months ended June 30, 2022, and from three significant customers for the six months ended June 30, 2022 .
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): Three Months Ended Six Months Ended Numerator: 2023 2022 2023 2022 Net loss attributable to common stockholders $ ( 43,718 ) $ ( 1,654 ) $ ( 71,056 ) $ ( 5,881 ) Denominator: Weighted average shares used in computing net loss 201,431,494 197,214,022 200,775,817 196,708,008 Net loss per share attributable to common $ ( 0.22 ) $ ( 0.01 ) $ ( 0.35 ) $ ( 0.03 ) In periods with a reported net loss, the effect of anti-dilutive stock options, unvested restricted stock units, unvested common stock (including unvested restricted common stock) and warrants 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, as their effect would be anti-dilutive: Three Months Ended Six Months Ended 2023 2022 2023 2022 Common stock options outstanding 23,926,855 20,918,181 24,211,828 21,011,863 Warrants to purchase common stock 8,301,202 8,301,202 8,301,202 8,301,202 Public warrants 5,231,486 5,231,531 5,231,486 5,231,999 Unvested restricted stock units 14,129,488 2,635,880 11,617,371 1,970,311 Unvested common stock 717,112 1,218,477 779,783 1,285,399 Total 52,306,143 38,305,271 50,141,670 37,800,774
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, along with various updates and improvements. The standard, including subsequently issued amendments, requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the first quarter of 2023, and it did not have a material effect on the condensed consolidated financial statements and related disclosures.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Debt, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. The ASU also simplifies the diluted net income per share calculation in certain areas. The Company will adopt this guidance retroactively effective January 1, 2023, in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as it will be designated a large accelerated filer on that date. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Summary Of a Reconciliation Of Cash And Restricted Cash	The following table provides a reconciliation of cash and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands): June 30, December 31, 2023 2022 Cash and cash equivalents $ 13,984 $ 44,367 Restricted cash 2,102 2,000 Total cash, cash equivalents and restricted cash in the condensed $ 16,086 $ 46,367
Summary of Loans and Financing Receivable	Accounts receivable consists of the following at (in thousands): June 30, December 31, 2023 2022 Billed accounts receivable $ 1,265 $ 1,150 Unbilled accounts receivable 1,163 2,142 Total accounts receivable $ 2,428 $ 3,292
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: Computer equipment and acquired computer software 3 – 5 years Machinery, equipment, furniture and fixtures 5 – 7 years Quantum computing systems 3 years Leasehold improvements Shorter of the lease term or the estimated useful life of the related asset
Summary of Changes in Unearned Revenue	The following table summarizes the changes in unearned revenue for the six months ended June 30, 2023 (in thousands): Total Balance as of December 31, 2022 $ 9,930 Revenue recognized ( 6,536 ) New deferrals, net 5,741 Balance as of June 30, 2023 $ 9,135
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): Three Months Ended Six Months Ended Numerator: 2023 2022 2023 2022 Net loss attributable to common stockholders $ ( 43,718 ) $ ( 1,654 ) $ ( 71,056 ) $ ( 5,881 ) Denominator: Weighted average shares used in computing net loss 201,431,494 197,214,022 200,775,817 196,708,008 Net loss per share attributable to common $ ( 0.22 ) $ ( 0.01 ) $ ( 0.35 ) $ ( 0.03 )
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, as their effect would be anti-dilutive: Three Months Ended Six Months Ended 2023 2022 2023 2022 Common stock options outstanding 23,926,855 20,918,181 24,211,828 21,011,863 Warrants to purchase common stock 8,301,202 8,301,202 8,301,202 8,301,202 Public warrants 5,231,486 5,231,531 5,231,486 5,231,999 Unvested restricted stock units 14,129,488 2,635,880 11,617,371 1,970,311 Unvested common stock 717,112 1,218,477 779,783 1,285,399 Total 52,306,143 38,305,271 50,141,670 37,800,774

Cash, Cash Equivalents, Restr_2

Cash, Cash Equivalents, Restricted Cash And Investments (Tables)	6 Months Ended
	Jun. 30, 2023
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 condensed consolidated balance sheets (in thousands): As of June 30, 2023 As of December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Cash and money market funds $ 16,086 $ — $ — $ 16,086 $ 46,367 $ — $ — $ 46,367 Commercial paper 81,193 — ( 150 ) 81,043 130,141 — ( 443 ) 129,698 Corporate notes and bonds 222,936 — ( 4,582 ) 218,354 277,184 19 ( 5,993 ) 271,210 Municipal bonds 9,965 — ( 162 ) 9,803 9,905 — ( 273 ) 9,632 US government and agency 187,212 1 ( 1,194 ) 186,019 83,556 23 ( 688 ) 82,891 Total cash, cash equivalents, $ 517,392 $ 1 $ ( 6,088 ) $ 511,305 $ 547,153 $ 42 $ ( 7,397 ) $ 539,798
Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	The following table presents 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 as of June 30, 2023 (in thousands). As of June 30, 2023 Less than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Commercial paper $ 81,043 $ ( 150 ) $ — $ — $ 81,043 $ ( 150 ) Corporate notes and bonds 88,890 ( 1,071 ) 127,464 ( 3,511 ) 216,354 ( 4,582 ) Municipal bonds — — 4,804 ( 162 ) 4,804 ( 162 ) US government and agency 173,367 ( 852 ) 9,153 ( 342 ) 182,520 ( 1,194 ) Total $ 343,300 $ ( 2,073 ) $ 141,421 $ ( 4,015 ) $ 484,721 $ ( 6,088 )
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 June 30, 2023, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands): 1 Year Greater than Total Cash and money market funds $ 13,984 $ 2,102 $ 16,086 Commercial paper 81,043 — 81,043 Corporate notes and bonds 129,769 88,585 218,354 Municipal bonds 9,803 — 9,803 US government and agency 141,062 44,957 186,019 Total $ 375,661 $ 135,644 $ 511,305

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2023
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): Fair Value Measured as of June 30, 2023 Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash: Cash and money market funds (1) $ 16,086 $ — $ — $ 16,086 Total cash, cash equivalents and restricted cash $ 16,086 $ — $ — $ 16,086 Short-term investments: Commercial paper — 81,043 — 81,043 Corporate notes and bonds — 129,769 — 129,769 Municipal bonds — 9,803 — 9,803 US government and agency — 141,062 — 141,062 Total short-term investments $ — $ 361,677 $ — $ 361,677 Long-term investments: Corporate notes and bonds — 88,585 — 88,585 US government and agency — 44,957 — 44,957 Total long-term investments $ — $ 133,542 $ — $ 133,542 Total Assets $ 16,086 $ 495,219 $ — $ 511,305 Liabilities Public warrants $ 22,966 $ — $ — $ 22,966 Fair Value Measured as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash, cash equivalents and restricted cash: Cash and money market funds (1) $ 46,367 $ — $ — $ 46,367 Total cash, cash equivalents and restricted cash $ 46,367 $ — $ — $ 46,367 Short-term investments: Commercial paper — 129,698 — 129,698 Corporate notes and bonds — 120,447 — 120,447 Municipal bonds — 4,911 — 4,911 US government and agency — 56,374 — 56,374 Total short-term investments $ — $ 311,430 $ — $ 311,430 Long-term investments: Corporate notes and bonds — 150,763 — 150,763 Municipal bonds — 4,721 — 4,721 US government and agency — 26,517 — 26,517 Total long-term investments $ — $ 182,001 $ — $ 182,001 Total Assets $ 46,367 $ 493,431 $ — $ 539,798 Liabilities Public warrants $ 3,819 $ — $ — $ 3,819 (1) Includes money market funds associated with the Company’s overnight investment sweep account and cash associated with the Company's collateralized letter of credit.

Property And Equipment, Net (Ta

Property And Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Summary Of Property And Equipment, Net	Property and equipment, net is composed of the following (in thousands): June 30, December 31, 2023 2022 Computer equipment and acquired computer software $ 2,851 $ 2,407 Machinery, equipment, furniture and fixtures 8,308 7,506 Leasehold improvements 2,753 1,132 Quantum computing systems 25,472 22,430 Gross property and equipment 39,384 33,475 Less: accumulated depreciation ( 10,295 ) ( 7,461 ) Total property and equipment, net $ 29,089 $ 26,014

Other Balance Sheet Accounts (T

Other Balance Sheet Accounts (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of accrued expenses	Accrued expenses are composed of the following (in thousands): June 30, December 31, 2023 2022 Accrued salaries and other payroll liabilities $ 6,717 $ 4,935 Accrued professional services 678 678 Accrued equipment and services liabilities for research and development 529 489 Accrued expenses—other 1,327 553 Total accrued expenses $ 9,251 $ 6,655

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Summary of Share Based Payment Award Stock Options Valuation Assumptions	The assumptions used to estimate the fair value of stock options granted during the three and six months ended June 30, 2023 and 2022, are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Risk-free interest rate 4.09 % 2.72 % 4.09 % 2.12 % Expected term (in years) 5.50 5.50 5.50 5.58 Expected volatility 80.63 % 78.40 % 80.63 % 77.82 % Dividend yield — % — % — % — %
Summary of the Stock Option Activity	The stock option activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2022 24,716,270 $ 2.19 7.32 $ 49.69 Granted 104,020 13.53 Exercised ( 789,766 ) 0.68 Cancelled/ Forfeited ( 361,941 ) 1.40 Outstanding as of June 30, 2023 23,668,583 $ 2.31 6.90 $ 265.65 Exercisable as of June 30, 2023 13,332,059 $ 1.22 6.21 $ 164.05 Exercisable and expected to vest as of June 30, 2023 23,668,583 $ 2.31 6.90 $ 265.65
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): Three Months Ended Six Months Ended 2023 2022 2023 2022 Total intrinsic value of options exercised $ 5.6 $ 4.9 $ 6.1 $ 6.8 Aggregate grant-date fair value of options vested $ 4.8 $ 2.7 $ 8.1 $ 4.9 Weighted-average grant date fair value per share for $ 9.38 $ 3.82 $ 9.38 $ 8.10
Summary of restricted stock unit ("RSU") activity	The RSU activity is summarized in the following table: Number of Weighted Weighted Aggregate Outstanding as of December 31, 2022 9,320,045 $ 7.02 3.21 $ 65.38 Granted 7,960,369 8.32 Vested ( 1,947,948 ) 8.39 Forfeited ( 554,407 ) 5.85 Outstanding as of June 30, 2023 14,778,059 $ 7.58 3.24 $ 112.04 Expected to vest after June 30, 2023 14,737,059 $ 7.57 3.24 $ 111.51
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock	Total stock-based compensation expense for stock option awards and RSU awards, which are included in the condensed consolidated financial statements, is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 433 $ 247 $ 782 $ 351 Research and development 6,354 2,368 11,634 4,066 Sales and marketing 759 503 1,523 576 General and administrative 3,758 2,766 7,633 7,563 Stock-based compensation, net of amounts capitalized $ 11,304 $ 5,884 $ 21,572 $ 12,556 Capitalized stock-based compensation—Intangibles and fixed assets 976 471 1,595 647 Total stock-based compensation $ 12,280 $ 6,355 $ 23,167 $ 13,203
Smmary of Unrecognized Stock-Based Compensation	A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of June 30, 2023, related to its non-vested stock options and RSU awards is presented below (in millions, except time period amounts): Unrecognized Weighted- Restricted stock units $ 104.7 1.7 Stock options $ 37.9 1.4

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Lease, Cost [Abstract]
Summary of Components of lease cost	The components of lease cost were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost (1) Fixed lease cost $ 360 $ 191 $ 720 $ 382 Short-term cost 39 24 82 30 Total operating lease cost $ 399 $ 215 $ 802 $ 412
Summary of lease costs are reflected in the Statements of Operations and Comprehensive Loss	(1) The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cost of revenue $ 18 $ 14 $ 32 $ 28 Research and development 161 159 333 305 Sales and marketing 16 10 29 17 General and administrative 204 32 408 62 Total operating lease cost $ 399 $ 215 $ 802 $ 412
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): Three Months Ended Six Months Ended 2023 2022 2023 2022 Cash payments included in the measurement of operating $ 166 $ 160 $ 332 $ 321
Summary of maturities of operating lease liabilities	As of June 30, 2023, maturities of operating lease liabilities are as follows (in thousands): Amount Year Ending December 31, 2023 $ 393 2024 1,831 2025 2,309 2026 2,378 2027 2,449 Thereafter 6,385 Total lease payments $ 15,745 Less: imputed interest ( 4,626 ) Less: lease incentives ( 4,882 ) Present value of operating lease liabilities $ 6,237

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transaction [Line Items]
Summary of Lease Costs, Cash Flow Related to Operating Lease, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate	The components of lease cost were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease cost (1) Fixed lease cost $ 360 $ 191 $ 720 $ 382 Short-term cost 39 24 82 30 Total operating lease cost $ 399 $ 215 $ 802 $ 412
Schedule of Related Party Transactions	The Company’s results from transactions with related parties, as reflected in the condensed consolidated statements of operations are detailed below. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue $ 1,020 $ 1,002 $ 2,012 $ 1,994 Cost of revenue 19 12 32 26 Research and development (1) 271 269 546 540 Sales and marketing (2) 11 37 31 69 General and administrative 27 29 74 58 (1) Included in research and development are expenses attributable to Duke of $ 0.1 million and $ 0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $ 0.3 million for each of the six months ended June 30, 2023 and 2022. (2) Included in sales and marketing are expenses attributable to Duke of zero for each of the three months ended June 30, 2023 and 2022, and less than $ 0.1 million and zero for the six months ended June 30, 2023 and 2022, respectively. The Company has the following balances related to transactions with related parties, as reflected in the condensed consolidated balance sheets. Except as noted below, all transactions in the table below relate to the Company’s arrangements with UMD (in thousands): June 30, December 31, 2023 2022 Assets Accounts receivable $ 325 — Prepaid expenses and other current assets ($ 520 and $ 520 attributable 520 $ 529 Operating lease right-of-use asset 3,605 3,753 Other noncurrent assets ($ 1,065 and $ 1,325 attributable to Duke) 1,065 1,325 Liabilities Accounts payable ($ 12 and zero attributable to Duke) $ 12 $ 29 Accrued expenses 55 — Current operating lease liabilities 628 591 Unearned revenue 3,253 3,514 Non-current operating lease liabilities 3,324 3,459
UMD [Member]
Related Party Transaction [Line Items]
Summary of Lease Costs, Cash Flow Related to Operating Lease, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate	The lease costs and cash flow related to the operating lease were as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Fixed lease cost $ 191 $ 191 $ 382 $ 382 Lease payments $ 166 $ 160 $ 332 $ 321 A summary of the weighted-average remaining lease term and weighted-average discount rate is presented below: June 30, December 31, 2023 2022 Weighted-average remaining lease term (in years) 7.4 7.9 Weighted-average discount rate 11.9 % 11.9 %

Description of Business - Addi

Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023 Segment $ / shares	Dec. 31, 2022 $ / shares
Organization Business And Basis Of Presentation [Line Items]
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001
Number of operating segment | Segment	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary Of a Reconciliation Of Cash And Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 13,984	$ 44,367
Restricted cash	2,102	2,000
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows	$ 16,086	$ 46,367	$ 43,968	$ 399,025

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2,428	$ 3,292
Billed Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	1,265	1,150
Unbilled Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 1,163	$ 2,142

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Property Plant And Equipment Useful Life (Detail)	6 Months Ended
	Jun. 30, 2023
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Machinery Equipment Furniture And Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Machinery Equipment Furniture And Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Quantum Computing System [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of the lease term or the estimated useful life of the related asset

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Changes in Unearned Revenue (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Deferred Revenue [Abstract]
Beginning balance	$ 9,930
Revenue recognized	(6,536)
New deferrals, net	5,741
Ending balance	$ 9,135

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (43,718)	$ (1,654)	$ (71,056)	$ (5,881)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders – Basic	201,431,494	197,214,022	200,775,817	196,708,008
Net loss per share attributable to common stockholders - Basic	$ (0.22)	$ (0.01)	$ (0.35)	$ (0.03)
Weighted average shares used in computing net loss per share attributable to common stockholders – Diluted	201,431,494	197,214,022	200,775,817	196,708,008
Net loss per share attributable to common stockholders - Diluted	$ (0.22)	$ (0.01)	$ (0.35)	$ (0.03)

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	52,306,143	38,305,271	50,141,670	37,800,774
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	23,926,855	20,918,181	24,211,828	21,011,863
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	8,301,202	8,301,202	8,301,202	8,301,202
Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,231,486	5,231,531	5,231,486	5,231,999
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	14,129,488	2,635,880	11,617,371	1,970,311
Unvested common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	717,112	1,218,477	779,783	1,285,399

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) FinancialInstitution Customers	Jun. 30, 2022 USD ($) Customers	Jun. 30, 2023 USD ($) FinancialInstitution Customers	Jun. 30, 2022 USD ($) Customers	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 0		$ 0		$ 0
Impairment of Long-Lived Assets to be Disposed of	0	$ 0	0	$ 0
Accrued interest receivable on available-for-sale investments	1,900		1,900		1,700
Capitalized materials and supplies	1,400		2,200
Letters of credit outstanding amount	$ 2,100		$ 2,100		2,000
Number of financial institutions | FinancialInstitution	3		3
Capitalized Commissions [Member]
Significant Accounting Policies [Line Items]
Capitalized contract cost	$ 1,300		$ 1,300		$ 1,000
Capitalized contract cost amortization expense	200	$ 0	$ 300	$ 0
Quantum Computer Systems [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life			2 years
ASC 606 [Member]
Significant Accounting Policies [Line Items]
Revenue, remaining performance obligation, amount	$ 49,100		$ 49,100
Percentage Of Remaining Performance Obligation	40%		40%
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation			twelve months
Minimum [Member]
Significant Accounting Policies [Line Items]
Market value of the Company's common stock			$ 700,000
Revenue Benchmark [Member]
Significant Accounting Policies [Line Items]
Number of customers over ten percent benchmark | Customers	3	4	3	3
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Concentration risk, percentage			10%
Software and Software Development Costs [Member]
Significant Accounting Policies [Line Items]
Intangible asset capitalized during period	$ 2,000	$ 800	$ 3,300	$ 1,300
Finite lived intangible asset, useful life			3 years
Internally Developed Software [Member]
Significant Accounting Policies [Line Items]
Amortization of intangible assets	$ 600	$ 300	$ 1,100	$ 600

Cash, Cash Equivalents, Restr_3

Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 517,392	$ 547,153
Gross Unrealized Gains	1	42
Gross Unrealized Losses	(6,088)	(7,397)
Estimated Fair Value	511,305	539,798
Cash and money market funds [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	16,086	46,367
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	16,086	46,367
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	81,193	130,141
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(150)	(443)
Estimated Fair Value	81,043	129,698
Corporate Notes And Bonds [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	222,936	277,184
Gross Unrealized Gains	0	19
Gross Unrealized Losses	(4,582)	(5,993)
Estimated Fair Value	218,354	271,210
Municipal Bonds [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	9,965	9,905
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(162)	(273)
Estimated Fair Value	9,803	9,632
US Government Corporations and Agencies Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	187,212	83,556
Gross Unrealized Gains	1	23
Gross Unrealized Losses	(1,194)	(688)
Estimated Fair Value	$ 186,019	$ 82,891

Cash, Cash Equivalents, Restr_4

Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Detail) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	$ 343,300,000
Less than 12 Months, Gross Unrealized Losses	(2,073,000)
12 Months or Longer, Fair value	141,421,000	$ 0
12 Months or Longer, Gross Unrealized Losses	(4,015,000)
Total, Fair value	484,721,000
Total, Gross Unrealized Loses	(6,088,000)
Commercial Paper [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	81,043,000
Less than 12 Months, Gross Unrealized Losses	(150,000)
Total, Fair value	81,043,000
Total, Gross Unrealized Loses	(150,000)
Corporate Notes and Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	88,890,000
Less than 12 Months, Gross Unrealized Losses	(1,071,000)
12 Months or Longer, Fair value	127,464,000
12 Months or Longer, Gross Unrealized Losses	(3,511,000)
Total, Fair value	216,354,000
Total, Gross Unrealized Loses	(4,582,000)
Municipal Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
12 Months or Longer, Fair value	4,804,000
12 Months or Longer, Gross Unrealized Losses	(162,000)
Total, Fair value	4,804,000
Total, Gross Unrealized Loses	(162,000)
US government and agency
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	173,367,000
Less than 12 Months, Gross Unrealized Losses	(852,000)
12 Months or Longer, Fair value	9,153,000
12 Months or Longer, Gross Unrealized Losses	(342,000)
Total, Fair value	182,520,000
Total, Gross Unrealized Loses	$ (1,194,000)

Cash Equivalents, Restricted Ca

Cash Equivalents, Restricted Cash And Investments - Additional Information - (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$ 141,421,000	$ 0
Allowance for credit losses	$ 0	$ 0

Cash, Cash Equivalents, Restr_5

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	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
1 Year or Less	$ 375,661
Greater than 1 Year	135,644
Total	511,305	$ 539,798
Cash and money market funds [Member]
Cash and Cash Equivalents [Line Items]
1 Year or Less	13,984
Greater than 1 Year	2,102
Total	16,086	46,367
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
1 Year or Less	81,043
Greater than 1 Year	0
Total	81,043	129,698
Corporate Notes and Bonds [Member]
Cash and Cash Equivalents [Line Items]
1 Year or Less	129,769
Greater than 1 Year	88,585
Total	218,354	271,210
Municipal Bonds [Member]
Cash and Cash Equivalents [Line Items]
1 Year or Less	9,803
Greater than 1 Year	0
Total	9,803	9,632
US government and agency [Member]
Cash and Cash Equivalents [Line Items]
1 Year or Less	141,062
Greater than 1 Year	44,957
Total	$ 186,019	$ 82,891

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2023 $ / 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	$ 4.39

Fair Value Measurements - Summa

Fair Value Measurements - Summary of fair value measurements on a recurring basis and the level of inputs (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 16,086	$ 46,367
Total Assets		511,305	539,798
Liabilities:
Public warrants		22,966	3,819
Short-term Investments [Member]
Assets:
Investments		361,677	311,430
Other Long-term Investments [Member]
Assets:
Investments		133,542	182,001
Cash and money market funds [Member]
Assets:
Cash and cash equivalents	[1]	16,086	46,367
Commercial Paper [Member] | Short-term Investments [Member]
Assets:
Investments		81,043	129,698
Municipal Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		9,803	4,911
Municipal Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments			4,721
Corporate Notes And Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		129,769	120,447
Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments		88,585	150,763
US government and agency | Short-term Investments [Member]
Assets:
Investments		141,062	56,374
US government and agency | Other Long-term Investments [Member]
Assets:
Investments		44,957	26,517
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash and cash equivalents		16,086	46,367
Total Assets		16,086	46,367
Liabilities:
Public warrants		22,966	3,819
Quoted Prices in Active Markets (Level 1) [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | Other Long-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | Cash and money market funds [Member]
Assets:
Cash and cash equivalents	[1]	16,086	46,367
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | Municipal Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | Municipal Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments			0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | US government and agency | Short-term Investments [Member]
Assets:
Investments		0	0
Quoted Prices in Active Markets (Level 1) [Member] | US government and agency | Other Long-term Investments [Member]
Assets:
Investments		0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash and cash equivalents		0	0
Total Assets		495,219	493,431
Liabilities:
Public warrants		0	0
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member]
Assets:
Investments		361,677	311,430
Significant Other Observable Inputs (Level 2) [Member] | Other Long-term Investments [Member]
Assets:
Investments		133,542	182,001
Significant Other Observable Inputs (Level 2) [Member] | Cash and money market funds [Member]
Assets:
Cash and cash equivalents	[1]	0	0
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | Short-term Investments [Member]
Assets:
Investments		81,043	129,698
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		9,803	4,911
Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments			4,721
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		129,769	120,447
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments		88,585	150,763
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | Short-term Investments [Member]
Assets:
Investments		141,062	56,374
Significant Other Observable Inputs (Level 2) [Member] | US government and agency | Other Long-term Investments [Member]
Assets:
Investments		44,957	26,517
Unobservable Inputs (Level 3) [Member]
Assets:
Cash and cash equivalents		0	0
Total Assets		0	0
Liabilities:
Public warrants		0	0
Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | Other Long-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | Cash and money market funds [Member]
Assets:
Cash and cash equivalents	[1]	0	0
Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments			0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | US government and agency | Short-term Investments [Member]
Assets:
Investments		0	0
Unobservable Inputs (Level 3) [Member] | US government and agency | Other Long-term Investments [Member]
Assets:
Investments		$ 0	$ 0
[1] Includes money market funds associated with the Company’s overnight investment sweep account and cash associated with the Company's collateralized letter of credit.

Property And Equipment, Net - S

Property And Equipment, Net - Summary Of Property And Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 39,384	$ 33,475
Less: accumulated depreciation	(10,295)	(7,461)
Total property and equipment, net	29,089	26,014
Computer equipment and acquired computer software
Property, Plant and Equipment [Line Items]
Gross property and equipment	2,851	2,407
Machinery, equipment, furniture, and fixtures
Property, Plant and Equipment [Line Items]
Gross property and equipment	8,308	7,506
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	2,753	1,132
Quantum computing systems [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 25,472	$ 22,430

Property And Equipment, Net - A

Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 1.6	$ 1.1	$ 2.8	$ 2

Agreements With University Of_2

Agreements With University Of Maryland And Duke University - Additional information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 01, 2021	Jul. 31, 2016	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020	Dec. 31, 2016
Agreement Disclosure [Line Items]
Research and development expense			$ 19,869	$ 9,653	$ 36,102	$ 16,990
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			$ 100	$ 100	$ 300	$ 300
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 -

Other Balance Sheet Accounts - Summary of accrued expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued salaries and other payroll liabilities	$ 6,717	$ 4,935
Accrued professional services	678	678
Accrued equipment and services liabilities for research and development	529	489
Accrued expenses—other	1,327	553
Total accrued expenses	$ 9,251	$ 6,655

Warrant Transaction Agreement -

Warrant Transaction Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2023	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
Percent of warrant shares will vest and be immediately exercisable		6.50%
Class of warrant or right, exercise price of warrants or rights	$ 1.38
Fair value of the warrant shares			$ 8.7

Warrant Liabilities - Additiona

Warrant Liabilities - Additional Information (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2023	Sep. 30, 2021
Warrant issue price	$ 11.50
Public Warrants [Member]
Number of warrants or rights outstanding	5,231,486	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	$ 0.10
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

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	4.09%	2.72%	4.09%	2.12%
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months	5 years 6 months 29 days
Expected volatility	80.63%	78.40%	80.63%	77.82%
Dividend yield	0%	0%	0%	0%

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of the Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Option Shares, Beginning Balance | shares	24,716,270
Number of Option Shares, Granted | shares	104,020
Number of Option Shares, Exercised | shares	(789,766)
Number of Option Shares, Cancelled/ Forfeited | shares	(361,941)
Number of Option Shares, Ending Balance | shares	23,668,583	24,716,270
Number of Option Shares, Exercisable | shares	13,332,059
Number of Option Shares, Exercisable and expected to vest | shares	23,668,583
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 2.19
Weighted Average Exercise Price, Granted | $ / shares	13.53
Weighted Average Exercise Price, Exercised | $ / shares	0.68
Weighted Average Exercise Price, Cancelled/ Forfeited | $ / shares	1.40
Weighted Average Exercise Price, Ending Balance | $ / shares	2.31	$ 2.19
Weighted Average Exercise Price, Exercisable | $ / shares	1.22
Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares	$ 2.31
Weighted-average Remaining Contractual Term, Outstanding	6 years 10 months 24 days	7 years 3 months 25 days
Weighted-average Remaining Contractual Term, Exercisable	6 years 2 months 15 days
Weighted-average Remaining Contractual Term, Exercisable and expected to vest	6 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 265,650	$ 49,690
Aggregate Intrinsic Value, Exercisable | $	164,050
Aggregate Intrinsic Value, Exercisable and expected to vest | $	$ 265,650

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of stock option grants, vesting and exercises (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Total intrinsic value of options exercised	$ 5.6	$ 4.9	$ 6.1	$ 6.8
Aggregate grant-date fair value of options vested	$ 4.8	$ 2.7	$ 8.1	$ 4.9
Weighted-average grant date fair value per share for options granted	$ 9.38	$ 3.82	$ 9.38	$ 8.10

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of restricted stock unit ("RSU") activity (Detail) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Option Shares, Beginning Balance	9,320,045
RSUs, Granted	7,960,369
RSUs, Vested	(1,947,948)
RSUs, Forfeited	(554,407)
Number of Option Shares, Ending Balance	14,778,059	9,320,045
RSUs, Expected to vest after June 30, 2023	14,737,059
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 7.02
Weighted Average Grant Date Fair Value, Granted | $ / shares	8.32
Weighted Average Grant Date Fair Value, Vested | $ / shares	8.39
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	5.85
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 7.58	$ 7.02
Weighted Average Grant Date Fair Value, Expected to vest	7.57
Weighted Average Remaining Contractual Term (Years)	3 years 2 months 26 days	3 years 2 months 15 days
Weighted Average Remaining Contractual Term (Years), Expected to vest	3 years 2 months 26 days
Aggregate Fair Value (in millions), Beginning Balance | $	$ 65,380
Aggregate Fair Value (in millions), Ending Balance | $	112,040	$ 65,380
Aggregate Fair Value (in millions), Expected to vest | $	$ 111,510

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,280	$ 6,355	$ 23,167	$ 13,203
Cost of Sales [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	433	247	782	351
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,354	2,368	11,634	4,066
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	759	503	1,523	576
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,758	2,766	7,633	7,563
Stock-based Compensation, Net Of Amounts Capitalized [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	11,304	5,884	21,572	12,556
Capitalized Stock-based Compensation – Intangibles And Fixed Assets [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 976	$ 471	$ 1,595	$ 647

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Unrecognized Stock-Based Compensation (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]
Unrecognized Expense	$ 104.7
Weighted- Average Amortization Period (Years)	1 year 8 months 12 days
Share-based Payment Arrangement, Option [Member]
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]
Unrecognized Expense	$ 37.9
Weighted- Average Amortization Period (Years)	1 year 4 months 24 days

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-average remaining contractual term outstanding				6 years 10 months 24 days		7 years 3 months 25 days
Stock subject to repurchase related to stock options early exercised and unvested		654,446		654,446		905,128
Stock repurchase program, remaining authorized repurchase amount		$ 1.4		$ 1.4		$ 2
Time Based Restricted Stock Units Rsu [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share baded compensation arrangement, settlement of accrued bonus liability		360,870	81,134	360,870	81,134
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]
Shares reserved for issuances							13,587,593
Weighted-average remaining contractual term outstanding				10 years
Number of Shares Available for Grant		29,533,606		29,533,606
Share based compensation arrangement by share based payment award cumulative annual increase percentage				5%
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%
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%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
Valuation allowance against net deferred tax assets			full valuation allowance		full valuation allowance

Leases - Summary Of Components

Leases - Summary Of Components Of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease, Cost [Abstract]
Fixed lease cost	$ 360	$ 191	$ 720	$ 382
Short-term lease cost	39	24	82	30
Total operating lease cost	$ 399	$ 215	$ 802	$ 412

Leases - Summary Of Lease Costs

Leases - Summary Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]
Total operating lease cost	$ 399	$ 215	$ 802	$ 412
Cost of revenue
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]
Total operating lease cost	18	14	32	28
Research and development
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]
Total operating lease cost	161	159	333	305
Sales and marketing
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]
Total operating lease cost	16	10	29	17
General and administrative
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]
Total operating lease cost	$ 204	$ 32	$ 408	$ 62

Leases - Summary Of Supplementa

Leases - Summary Of Supplemental Cash Flow And Other Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash payments included in the measurement of operating lease liabilities	$ 166	$ 160	$ 332	$ 321

Leases - Summary Of Maturities

Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 393
2024	1,831
2025	2,309
2026	2,378
2027	2,449
Thereafter	6,385
Total lease payments	15,745
Less: imputed interest	(4,626)
Less: lease incentives	(4,882)
Present value of operating lease liabilities	$ 6,237

Leases - Additional Information

Leases - Additional Information (Detail)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
weighted-average remaining lease term	7 years	7 years 10 months 24 days
weighted-average discount rate	9.80%	11.90%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Jul. 31, 2022	Sep. 30, 2021	Jun. 30, 2023
Related Party Transaction [Line Items]
Related party transaction, Term		3 years
Future minimum lease liability payment due			$ 15,745
UMD [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 14,000
Related party transaction, estimated price			12,600
Transaction price	$ 700
Contractual obligation		1,400
Contractual obligation including pledge to establish endowed professorship contribution		$ 1,000
Future minimum lease liability payment due			$ 6,000

Related Party Transactions - Su

Related Party Transactions - Summary of Lease Cost and Cash Flow Related to Operating Lease (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Fixed lease cost	$ 360	$ 191	$ 720	$ 382
Lease payments	166	160	332	321
UMD [Member]
Related Party Transaction [Line Items]
Fixed lease cost	191	191	382	382
Lease payments	$ 166	$ 160	$ 332	$ 321

Related Party Transactions - _2

Related Party Transactions - Summary of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate (Detail)	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
weighted-average remaining lease term	7 years	7 years 10 months 24 days
weighted-average discount rate	9.80%	11.90%
UMD [Member]
Related Party Transaction [Line Items]
weighted-average remaining lease term	7 years 4 months 24 days	7 years 10 months 24 days
weighted-average discount rate	11.90%	11.90%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Detail) - UMD and Duke [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue	$ 1,020	$ 1,002	$ 2,012	$ 1,994
Cost of revenue	19	12	32	26
Research and development	271	269	546	540
Sales and marketing	11	37	31	69
General and administrative	27	$ 29	74	$ 58
Assets
Accounts receivable	325		325		$ 0
Prepaid expenses and other current assets	520		520		529
Operating lease right-of-use asset	3,605		3,605		3,753
Other noncurrent assets	1,065		1,065		1,325
Liabilities
Accounts payable	12		12		29
Accrued expenses	55		55		0
Current operating lease liabilities	628		628		591
Unearned revenue	3,253		3,253		3,514
Non-current operating lease liabilities	$ 3,324		$ 3,324		$ 3,459

Related Party Transactions - _3

Related Party Transactions - Schedule of Related Party Transactions (Parenthetical) (Detail) - Duke [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Prepaid expenses and other current assets	$ 520		$ 520		$ 520
Other noncurrent assets	1,065		1,065		1,325
Accounts payable	12		12		$ 0
Sales and marketing	0	$ 0		$ 0
Research and development	$ 100	$ 200	300	$ 300
Maximum [Member]
Related Party Transaction [Line Items]
Sales and marketing			$ 100

Geographic Information - Additi

Geographic Information - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
UNITED STATES | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Revenue From Contract With Customer Percentage	88%	85%	87%	86%