IonQ, Inc.
- Open
- 34.99
- Day high
- 35.05
- Day low
- 34.33
- Prev close
- 35.10
- Volume
- 1.8M
- Mkt cap
- $12.8B
- P/E (TTM)
- 382.0
- EPS (TTM)
- $0.09
- P/B
- 2.6
- P/S
- 68.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$814K over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
IonQ, Inc. (IONQ) is a Technology company listed on NYSE. The stock is down 22% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 1 published research article covering IONQ.
IonQ, Inc. (IONQ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IONQ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.26 | $-0.38 | -46.2% | $65M | +30.0% |
| Feb 25, 2026 | $-0.48 | $1.93 | +502.1% | $62M | +61.7% |
| Nov 5, 2025 | $-0.44 | $-3.58 | -713.6% | $40M | +47.7% |
| Aug 6, 2025 | $-0.13 | $-0.70 | -438.5% | $21M | +20.1% |
| Feb 26, 2025 | $-0.23 | $-0.93 | -304.3% | $12M | +13.9% |
| Feb 28, 2024 | $-0.23 | $-0.20 | +13.0% | $6M | +6.0% |
| Aug 10, 2023 | $-0.16 | $-0.16 | +0.0% | $6M | +26.8% |
| May 11, 2023 | $-0.08 | $-0.14 | -75.0% | $4M | +0.0% |
| Nov 14, 2022 | $-0.11 | $-0.12 | -9.1% | $3M | -0.7% |
| Aug 15, 2022 | $-0.10 | $-0.09 | +10.0% | $3M | +9.0% |
| May 16, 2022 | $-0.08 | $-0.09 | -12.5% | $2M | -0.1% |
| Nov 15, 2021 | $-0.07 | $-0.08 | -14.3% | $233000 | +40.0% |
IONQ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | TOLEDANO GABRIELLE Bdirector | Grant | 4,526 | — |
| Jun 22, 2026 | Raymond John wdirector, other: Special Advisor | Sell | 3,815 | $55.01 |
| Jun 22, 2026 | Chou Kathryn K.director | Sell | 2,757 | $55.02 |
| Jun 22, 2026 | Chou Kathryn K.director | Grant | 4,526 | — |
| Jun 22, 2026 | TOLEDANO GABRIELLE Bdirector | Sell | 2,757 | $55.01 |
| Jun 18, 2026 | TEUBER WILLIAM J JRdirector | Grant | 4,526 | — |
| Jun 18, 2026 | Scannell William Fdirector | Grant | 4,526 | — |
| Jun 18, 2026 | Singh Inder Mofficer: CFO & COO | Tax | 2,617 | $59.75 |
| Jun 18, 2026 | FRANKOLA JIMdirector | Grant | 4,526 | — |
| Jun 12, 2026 | de Masi Niccolodirector, officer: President and CEO | Tax | 16,120 | $56.21 |
| Jun 12, 2026 | Cardillo Robert T.director, other: Executive Chair, IonQ Federal | Tax | 904 | $56.21 |
| Jun 12, 2026 | DACIER PAUL Tofficer: CAO, CLO and Secretary | Tax | 4,110 | $56.21 |
| Jun 12, 2026 | Singh Inder Mofficer: CFO & COO | Tax | 6,272 | $56.21 |
| May 8, 2026 | Cardillo Robert T.director, other: Executive Chair, IonQ Federal | Sell | 3,773 | $49.90 |
| May 8, 2026 | Cardillo Robert T.director, other: Executive Chair, IonQ Federal | Option | 3,773 | $11.24 |
Source: IONQ SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full IONQ insider & 13F page →IONQ research & analysis
IonQ, Inc. company profile
Overview
IonQ, Inc. (NYSE:IONQ) is a quantum computing company founded in 2015 and headquartered in College Park, Maryland. The company went public in 2021 through a SPAC merger and has emerged as one of the leading pure-play quantum computing companies. IonQ develops general-purpose quantum computing systems using trapped ion technology and provides access to its quantum computers through major cloud platforms including Amazon Web Services, Microsoft Azure, and Google Cloud. The company has expanded beyond quantum computing into quantum networking through strategic acquisitions and is positioning itself as a comprehensive quantum technology provider.
Business
IonQ operates in the quantum computing industry, which represents a revolutionary approach to computation that leverages quantum mechanical phenomena to solve problems that are intractable for classical computers. Unlike traditional computers that use bits (0s and 1s), quantum computers use quantum bits or "qubits" that can exist in multiple states simultaneously through a property called superposition. The company's core technology is based on trapped ion quantum computing, where individual ions (charged atoms) are trapped using electromagnetic fields and manipulated with lasers to perform quantum operations. This approach is considered one of the most promising quantum computing technologies due to its high fidelity (accuracy) and long coherence times (how long quantum states can be maintained). IonQ's primary offerings include: 1. Quantum Computing Systems (~70% of revenue): The company manufactures and sells quantum computing hardware, including its flagship Forte enterprise systems and is developing next-generation Tempo systems. These systems achieve industry-leading performance metrics, with the company demonstrating 99.9% two-qubit gate fidelity and targeting systems with 64 algorithmic qubits (AQ 64) capable of 3,000 high-quality gate operations. 2. Cloud Access Services (~20% of revenue): IonQ provides access to its quantum computers through cloud platforms, allowing researchers and enterprises to run quantum algorithms without owning the hardware. This includes partnerships with major cloud providers and direct access through IonQ's own cloud service. 3. Quantum Networking (~10% of revenue): Through recent acquisitions of Qubitekk, ID Quantique, and Lightsynq, IonQ has expanded into quantum networking, which enables secure quantum communication and distributed quantum computing. This technology is essential for building a "quantum internet" that can connect quantum computers across distances while maintaining quantum properties. The quantum computing industry is still in its early stages but is expected to revolutionize fields such as drug discovery, financial modeling, cryptography, materials science, and artificial intelligence by solving optimization problems and simulations that are impossible for classical computers.
Revenue model
IonQ generates revenue through multiple business models centered around quantum computing technology: Hardware Sales represent the largest revenue stream, where IonQ sells complete quantum computing systems to government agencies, research institutions, and enterprises. The company's Forte enterprise systems are priced at approximately $22 million each, as evidenced by recent sales to EPB and other customers. These systems provide customers with dedicated quantum computing capabilities on-premises. Cloud Access Subscriptions and Usage Fees generate recurring revenue through partnerships with major cloud providers. Customers pay for quantum computing time and access through Amazon Braket, Microsoft Azure Quantum, and Google Cloud Marketplace. IonQ receives revenue sharing from these platforms and also offers direct cloud access through its own platform. Government Contracts and Research Funding provide significant revenue through multi-year agreements with agencies like the Air Force Research Lab ($54.5 million contract) and DARPA initiatives. These contracts typically involve developing specialized quantum systems and advancing quantum networking capabilities for national security applications. Quantum Networking Services, enabled by recent acquisitions, create new revenue opportunities in secure communications and quantum key distribution, particularly for critical infrastructure and government applications. Several factors influence IonQ's margins and profitability. Positive margin drivers include the company's technological leadership in trapped ion systems, which commands premium pricing; economies of scale as manufacturing volumes increase; and expanding into higher-margin software and cloud services. The company's strong intellectual property portfolio (nearly 900 patents) provides competitive protection and potential licensing opportunities. Margin pressures come from significant R&D investments required to maintain technological leadership, estimated at over $100 million annually; intense competition from well-funded rivals including IBM, Google, and numerous startups; the early-stage nature of the quantum computing market requiring substantial customer education and long sales cycles; and manufacturing complexity of quantum systems requiring specialized facilities and expertise. Additionally, the company faces execution risk as it scales from prototype to commercial production while maintaining the extremely high precision required for quantum operations.
Competitive moat
IonQ's competitive moat is moderate but strengthening, built primarily on technological differentiation and strategic positioning in the quantum computing ecosystem. The company's strongest moat element is its technological leadership in trapped ion quantum computing. IonQ has achieved industry-leading performance metrics, including 99.9% two-qubit gate fidelity and 35-36 algorithmic qubits, representing exponential computational advantages. The trapped ion approach offers inherent advantages over competing technologies like superconducting qubits, including longer coherence times, higher fidelity operations, and better connectivity between qubits. This technological superiority is protected by a substantial patent portfolio of nearly 900 patents across quantum computing and networking. Strategic partnerships and ecosystem positioning provide additional competitive advantages. IonQ's integration with major cloud platforms (AWS, Microsoft Azure, Google Cloud) creates switching costs and network effects as customers build quantum applications on these platforms. Government relationships, particularly with defense agencies, provide stable revenue streams and validation of the technology's strategic importance. The company's expanding quantum networking capabilities through acquisitions create a unique position as one of the few companies offering both quantum computing and quantum networking solutions, potentially enabling end-to-end quantum solutions that competitors cannot match. However, IonQ's moat faces significant challenges. The quantum computing industry is highly competitive with well-funded rivals including tech giants (IBM, Google, Amazon) and specialized companies (Rigetti, D-Wave) pursuing different technological approaches. The industry is still pre-commercial advantage, meaning technological leadership could shift rapidly. Additionally, the high capital requirements and specialized expertise needed for quantum computing mean that while barriers to entry are high, established technology companies have the resources to compete effectively. The company's moat is likely to strengthen if it can maintain technological leadership, expand its ecosystem partnerships, and successfully commercialize quantum applications before competitors achieve similar capabilities.
Risks & safety
IonQ presents a moderate to high-risk investment with limited margin of safety due to its pre-profitability stage and high cash burn, though it maintains a strong balance sheet. Liquidity and Solvency: - Cash and short-term investments: $159.7 million (Q1 2025) - Current ratio: 13.2x indicating strong short-term liquidity - Debt-to-equity ratio: 0.023 showing minimal debt burden - Quarterly cash burn: ~$36 million in free cash flow, providing approximately 4-5 quarters of runway at current burn rate Valuation Metrics: - Price-to-book ratio: 6.6x suggesting significant premium to book value - EV/EBITDA: Negative due to losses, making traditional valuation difficult - Revenue multiple: Trading at approximately 15-20x forward revenue estimates - Market cap of ~$9.7 billion appears high relative to $43 million in 2024 revenue Other Considerations: - Company recently raised additional capital through acquisitions and has access to a $500 million at-the-market facility - High R&D spending (~$100+ million annually) necessary for competitive positioning - Revenue growth trajectory strong (95% year-over-year in 2024) but from small base - Quantum computing market timeline uncertainty creates execution risk - Early-stage industry with unclear path to profitability for most players The primary safety concern is the cash burn rate relative to revenue generation, requiring either significant revenue acceleration or additional capital raises to achieve sustainability.
Recent development
Over the past few years, IonQ has executed a comprehensive transformation from a pure quantum computing hardware company to a broader quantum technology platform provider. Strategic Acquisitions and Expansion: The company has aggressively expanded through acquisitions, purchasing Qubitekk (quantum networking), acquiring a majority stake in ID Quantique (quantum key distribution), and most recently acquiring Lightsynq (quantum memory technology) and Capella (space-based signals). These acquisitions have built a comprehensive quantum networking portfolio with nearly 900 patents and positioned IonQ as one of the few companies offering end-to-end quantum solutions. Leadership Transition: IonQ underwent a significant leadership change with Niccolo de Masi appointed as President and CEO, while founder Peter Chapman transitioned to Executive Chair. This change reflects the company's evolution from a research-focused startup to a commercial enterprise requiring operational scaling expertise. Commercial Scaling: The company has shifted from primarily cloud-based access to direct system sales, delivering its first Forte enterprise systems to customers including QuantumBasel, Air Force Research Lab, and EPB. IonQ opened a dedicated manufacturing facility in Seattle and is developing assembly-line processes to reduce production time and costs for quantum systems. Technology Advancement: IonQ has made significant technical progress, achieving 99.9% two-qubit gate fidelity with its barium-based systems and developing proprietary error correction techniques. The company is targeting AQ 64 systems capable of 3,000 high-quality gate operations by 2025, representing a significant leap in quantum computing capability. Market Positioning: The company has diversified its customer base beyond government contracts to include commercial partnerships with AstraZeneca for drug discovery and Ansys for engineering simulations, indicating progress toward commercial quantum advantage applications. Revenue guidance has consistently increased, with 2025 projections of $75-95 million representing continued strong growth momentum.
IONQ company profile · for informational purposes only — not investment advice.
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