Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>IonQ is accelerating its expansion beyond quantum computing with a definitive agreement to acquire privately held cybersecurity firm Elisity in an all-stock transaction valued at up to $1.3 billion.</li><li>Announced on October 12, 2026, the deal includes $1.15 billion in initial stock consideration and up to $150 million in performance-based earnouts.</li><li>Founded in 2019, Elisity specializes in Zero Trust cybersecurity and microsegmentation, helping organizations prevent ransomware, unauthorized access, and cyberattacks from spreading across enterprise networks.</li></ul>

IonQ is accelerating its expansion beyond quantum computing with a definitive agreement to acquire privately held cybersecurity firm Elisity in an all-stock transaction valued at up to $1.3 billion.Announced on October 12, 2026, the deal includes $1.15 billion in initial stock consideration and up to $150 million in performance-based earnouts.Founded in 2019, Elisity specializes in Zero Trust cybersecurity and microsegmentation, helping organizations prevent ransomware, unauthorized access, and cyberattacks from spreading across enterprise networks.

IonQ’s $1.3 Billion Elisity Buyout: Four Reasons This Deal Could Reshape Its Future!

<ul><li>IonQ reported its strongest quarter in company history in the second quarter of 2026, with GAAP revenues of $80.1 million reflecting 287% year-over-year growth and exceeding management’s expectations by 20%.</li><li>This marks the fifth consecutive quarter of record performance, driven primarily by the deployment of its fifth-generation quantum computing systems and expansion in international markets, which accounted for 50% of quarterly revenues across more than 50 countries.</li><li>The company’s commercial customer base represented 60% of revenue, indicating a shift beyond primarily government-funded research toward broader market applications.</li></ul>

IonQ reported its strongest quarter in company history in the second quarter of 2026, with GAAP revenues of $80.1 million reflecting 287% year-over-year growth and exceeding management’s expectations by 20%.This marks the fifth consecutive quarter of record performance, driven primarily by the deployment of its fifth-generation quantum computing systems and expansion in international markets, which accounted for 50% of quarterly revenues across more than 50 countries.The company’s commercial customer base represented 60% of revenue, indicating a shift beyond primarily government-funded research toward broader market applications.

IonQ’s $1.8 Billion SkyWater Bet: Can Vertical Integration Reshape Quantum Computing?

<ul><li>IonQ has moved from acquisition intent to execution, completing its purchase of SkyWater Technology on July 31, 2026, after receiving the required regulatory approvals.</li><li>The transaction combines IonQ’s quantum computing, networking, sensing, and security portfolio with the largest exclusively U.S.-based semiconductor foundry, creating a vertically integrated quantum platform spanning design, fabrication, advanced packaging, deployment, and commercialization.</li><li>SkyWater shareholders received $15.00 in cash and 0.4883 IonQ shares for each share held at closing, while SkyWater will continue operating under its existing name as an IonQ subsidiary led by CEO Thomas Sonderman.</li></ul>

IonQ has moved from acquisition intent to execution, completing its purchase of SkyWater Technology on July 31, 2026, after receiving the required regulatory approvals.The transaction combines IonQ’s quantum computing, networking, sensing, and security portfolio with the largest exclusively U.S.-based semiconductor foundry, creating a vertically integrated quantum platform spanning design, fabrication, advanced packaging, deployment, and commercialization.SkyWater shareholders received $15.00 in cash and 0.4883 IonQ shares for each share held at closing, while SkyWater will continue operating under its existing name as an IonQ subsidiary led by CEO Thomas Sonderman.

IonQ’s SkyWater Acquisition Could Reshape Quantum Computing!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantinuum-inc" target="_blank" data-smartkarma-citation="entities:49399:1" rel="noopener">Quantinuum (QNT US)</a> will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.</li>
<li>Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.</li>
<li>There are inflows for <a href="https://www.smartkarma.com/entities/honeywell-aerospace-inc" target="_blank" data-smartkarma-citation="entities:50307:1" rel="noopener">Honeywell Aerospace</a>, <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International</a> and <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor</a> and outflows for <a href="https://www.smartkarma.com/entities/arqit-quantum-inc" target="_blank" data-smartkarma-citation="entities:35381:1" rel="noopener">Arqit Quantum</a>, <a href="https://www.smartkarma.com/entities/horizon-quantum-holdings-ltd" target="_blank" data-smartkarma-citation="entities:36891:1" rel="noopener">Horizon Quantum Holdings</a> and <a href="https://www.smartkarma.com/entities/global-unichip-corp" target="_blank" data-smartkarma-citation="entities:10305:1" rel="noopener">Global Unichip</a>.</li>
</ul>



Quantinuum (QNT US) will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.
Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.
There are inflows for Honeywell Aerospace, Honeywell International and On Semiconductor and outflows for Arqit Quantum, Horizon Quantum Holdings and Global Unichip.


BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in &lt;5 mins that would take a supercomputer 10 septillion years</li>
<li>Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. </li>
<li>D-Wave &amp; Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. </li>
</ul>


Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in &lt;5 mins that would take a supercomputer 10 septillion years
Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. 
D-Wave &amp; Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. 


Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

United States

IonQ, Inc. operates as a computing hardware and software company. The Company develops a general-purpose trapped ion quantum computer and software to generate, optimize, and execute quantum circuits. IonQ serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

IonQ (IONQ US)

IonQ’s $1.3 Billion Elisity Buyout: Four Reasons This Deal Could Reshape Its Future!

IonQ is accelerating its expansion beyond quantum computing with a definitive agreement to acquire privately held cybersecurity firm Elisity in an...

Baptista Research

IonQ’s $1.8 Billion SkyWater Bet: Can Vertical Integration Reshape Quantum Computing?

IonQ reported its strongest quarter in company history in the second quarter of 2026, with GAAP revenues of $80.1 million reflecting 287%...

Baptista Research

IonQ’s SkyWater Acquisition Could Reshape Quantum Computing!

IonQ has moved from acquisition intent to execution, completing its purchase of SkyWater Technology on July 31, 2026, after receiving the required...

Baptista Research

BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

There is 1 add for BQTUM in Sep. Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with multiple...

Brian Freitas

Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

The recent launch of Google Quantum AI's latest quantum computing chip Willow has sparked a frenzy of interest by investors that's seen the share...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)