Justin@iewney
$IONQ $OKLO
[A transparency post]
As some of you might know, I've not been able to make as many thoughtful posts as I would've liked due to the demand of my job. It occupies 85% of my time and mental capacity. AI is coming. AI is here. And work is enabling me to be at the forefront of AI design, development, and adoption. It's right where I want to be.
With that being said, here's an update on my portfolio. From peak-to-trough, I'm down about ~$6.5M.
What have I done?
I have not sold a single share and I've been buying the dips.
Why?
Because my investment thesis and horizon haven't changed.
Both quantum computing and nuclear energy continue to be national security priorities and global leadership must-win imperatives.
$IONQ's recent notable achievements (from Gemini):
- Technical Milestones & Roadmap: Launched the AQ 64 Tempo system and is on track for a 256-qubit system by late 2026, marking their sixth-generation quantum computer.
- Financial Growth & Strength: Reported 202% year-over-year revenue growth, exceeding $100M in GAAP revenue, and entered 2026 with roughly $3.3 billion in cash and investments to fund R&D and acquisitions.
- Strategic Expansion & Partnerships: Announced the acquisition of SkyWater Technology to bolster manufacturing, and expanded partnerships with organizations including QuantumBasel, SK Telecom, Hyundai, and KISTI.
- Full-Stack Development: Beyond computing, $IONQ is scaling in quantum networking, sensing (e.g., experimentation with the X37B space plane), and security.
- Commercial Adoption: Increased remaining performance obligations to $370 million, reflecting strong demand for their, as of, 100-qubit systems.
- Record-Setting Performance: Achieved 99.99% two-qubit gate fidelity, marking the highest performance in the industry, enabling more complex algorithms and advancing their roadmap toward million-qubit systems by 2030.
$OKLO's recent notable achievements from Gemini):
- $META Platforms Agreement (Jan 2026): $OKLO signed a landmark deal with Meta to develop a 1.2-gigawatt nuclear energy campus in Ohio. This agreement includes a prepayment mechanism for power, providing upfront funding to advance project certainty and fuel procurement.
- Fuel Supply Chain: $OKLO secured a $2 billion partnership with newcleo for fuel fabrication facilities and is collaborating with Centrus Energy to secure LEU (Low-Enriched Uranium) and fuel materials from government reserves.
- Acquisition of Atomic Alchemy: The $25M acquisition provides a subsidiary focusing on isotope production, with plans to turn on a test reactor by July 4, 2026.
- NSDA Approval (March 2026): The U.S. Department of Energy (DOE) approved the Nuclear Safety Design Agreement (NSDA) for Atomic Alchemy’s Groves Isotopes Test Reactor in Texas, following an "Other Transaction Agreement" signed in January.
- Isotope Commercialization License (March 2026): $OKLO received its first materials license from the NRC for its subsidiary, Atomic Alchemy, allowing it to handle, process, and distribute isotopes for medical and industrial use.
- Aurora Design Approval: The DOE approved the NSDA for the Aurora powerhouse project at Idaho National Laboratory (INL), allowing the Preliminary Documented Safety Analysis (PDSA) to proceed.
- Fueling Strategy: $OKLO is utilizing DOE Reactor Pilot Programs, which allow for potential exemption from traditional NRC licensing, targeting mid-2026 for criticality of test reactors.
- $OKLO CEO, Jason DeWitte, is a part of the President’s Council of Advisors on Science and Technology (PCAST) along with:
Sergey Brin $GOOG
Safra Catz $ORCL
Michael Dell $DELL
Fred Ehrsam $COIN
Larry Ellison $ORCL
David Friedberg Ohalo / $GOOG
Jensen Huang $NVDA
John Martinis Quantum AI Lab
Bob Mumgaard Commonwealth Fusion Systems
Lisa Su $AMD
Mark Zuckerberg $META
One doesn't get a seat at the table without any proper credential or doesn't bring any value to the group.
So, yes, I'm still bullish. And, yes, I remain a long-term investor in both $IONQ and $OKLO.
