IonQ Q3 Revenue Jumps 336%, 2026 Guidance Raised

IonQ Inc. (NYSE: IONQ) reported record third-quarter 2026 GAAP revenue of $173.8 million, up 336% from $39.9 million a year earlier, as its core quantum platform expanded and the recently acquired SkyWater business contributed for the first time. The company raised its full-year revenue guidance to $505 million to $515 million from the $450 million to $460 million range presented at its September investor day.

The quarter marked IonQ’s sixth consecutive period of record revenue. IonQ Platform generated $90.3 million, a 127% year-over-year increase, while SkyWater Foundry Services contributed $83.5 million in external revenue for the period from its July 31 acquisition through September 30.

Remaining performance obligations reached a record $1.2 billion. IonQ Platform accounted for $689 million of RPO and recorded approximately $290 million of new contracts during the quarter, including about $180 million tied to quantum computing. SkyWater reported $479 million of RPO, including contracts lasting less than one year.

Platform demand broadens

IonQ said global quantum-computer deployments, quantum security and quantum sensing led growth in its platform segment. International markets generated about 35% of segment revenue, commercial customers represented roughly 65%, and more than 40% came from customers purchasing multiple products.

Demand for the Superion 256 system included planned deployments or agreements involving NVIDIA, Florida International University, South Korea’s SDT, the University of Cambridge and Horizon Quantum. IonQ expects to install Superion 256 at the NVIDIA Accelerated Quantum Research Center in 2027, linking the system to NVIDIA’s GB200 NVL72 infrastructure through NVQLink and CUDA-Q.

IonQ also advanced to Stage C of the U.S. Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative, making it the only trapped-ion company promoted to the final stage, according to the presentation. Multiple generations of Superion are expected to be evaluated. The potential program value is as much as $300 million, though funding beyond the initial obligation depends on appropriations.

The company reported more than 125 quantum-security customers globally. Contracts highlighted in the quarter included an $8.2 million agreement with Congruity360 for post-quantum cryptography and quantum key distribution. IonQ said Elisity, a security business added to its platform, extends its offering into asset visibility, Zero Trust segmentation and security analysis used to prioritize deployment of quantum-safe capabilities.

Quantum sensing activity included nine new contracts from July through October. A DARPA agreement covering as many as 25 optical atomic clocks has a stated value of $28 million, with an additional $30 million option for 100 more clocks. Unexercised options are not included in remaining performance obligations.

SkyWater expands manufacturing operations

SkyWater’s first reported quarter within IonQ included more than 30% growth in revenue from quantum customers, excluding IonQ itself. The business added Qolab as a customer for its SC250 superconducting platform and extended a multi-year collaboration with D-Wave.

IonQ said integrating SkyWater is increasing the pace of its chip development, with 12 times more wafer lots delivered over a six-month period than at its previous ion-trap fabrication facilities. The company also cited a reduction in the cycle time for 256-qubit chips to two months from nine months. Its longer-term manufacturing roadmap targets a 330-fold reduction in cost per qubit between the second-generation Aria system and the forthcoming seventh-generation Superion 10K.

Losses remain substantial despite GAAP profit

IonQ reported GAAP net income attributable to the company of $564.0 million, compared with a loss of $1.05 billion a year earlier. Basic GAAP earnings were $1.42 per share. The quarterly profit primarily reflected an $896.2 million gain from changes in the fair value of warrant liabilities and a $141.7 million income-tax benefit, rather than operating profitability.

The GAAP operating loss was $433.1 million, widening from $178.0 million in the prior-year quarter. Adjusted EBITDA was a loss of $133.6 million, compared with a $48.9 million loss a year earlier, while adjusted loss per share was $0.29 versus $0.17.

On a non-GAAP basis, adjusted cost of revenue excluding depreciation and amortization was $121.6 million. Adjusted research and development expense totaled $96.8 million, adjusted sales and marketing expense was $24.9 million, and adjusted general and administrative expense was $63.3 million. Adjusted EBITDA included $23.7 million of research and development costs related to IonQ’s commercial relationship with SkyWater.

IonQ reported $3.7 billion in pro forma cash, cash equivalents and investments as of September 30, including $1.99 billion of net proceeds from an equity issuance completed on October 16. Management said the capital would support investment across quantum computing, networking, sensing, security and foundry operations.

For 2026, the company expects revenue of $505 million to $515 million, implying 292% growth at the midpoint from $130.0 million in 2025. IonQ also said it remained on track for 110% growth in quantum-computing revenue for the year, supported by backlog and its targeted sales pipeline.

The outlook remains subject to execution risks around technology-development schedules, system deliveries and installations, conversion of performance obligations into revenue, acquisition integration and government funding. IonQ also cautioned that the expected value of government agreements may not be fully realized and that forward-looking technology and cost targets could differ materially from actual results.