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what it is
IonQ sells access to quantum computers and networks, mostly through the cloud, so customers can test the tech without building a physics lab.
how it gets paid
Last year Ionq made $130M in revenue.
why it's growing
Revenue grew 201.9% last year. Revenue rose 71% vs. prior year in the latest quarter.
what just happened
IonQ posted $68M in quarterly revenue, but the last earnings line still came in a touch below estimates.
At a glance
C+ balance sheet — struggling to keep the lights on
xvary composite: 17/100 — weak
-$1.25 fy2027 eps est
$1B fy2029 rev est
n/a operating margin
What they do
IonQ sells access to quantum computers and networks, mostly through the cloud, so customers can test the tech without building a physics lab.
Trapped ion → a quantum computing method that uses charged atoms to hold data → so what: IonQ is betting precision beats speed later. You can already reach its systems through 3 giant cloud storefronts: AWS, Azure, and Google Cloud, per company disclosures. That matters because a 1,125-person company gets distribution next to trillion-dollar platforms.
How they make money
$130M
annual revenue · their business grew +201.9% last year
total revenue
$130M
+201.9%
The products that matter
quantum computing platform
Quantum computing and networking
$130M · +201.9% growth
It is the whole reported business today: $130M in annual revenue growing 201.9% from a year ago. That makes the upside easy to imagine and the dependence on a single commercial story impossible to miss.
100% of revenue
Key numbers
$1.0B
2029 revenue est
That is 7.7 times the current $130 million revenue base. You are paying today for a business expected to be much larger in four years.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the company → so what: IonQ loses almost $4.87 on operations for every $1 of sales.
2.15
beta
Beta → how hard the stock swings versus the market → so what: IonQ has moved at a little more than twice the market's speed.
$59
18-month target
The base target is $59 versus a $35.87 stock price, or about 64% upside, which explains why traders keep showing up despite the losses.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
You invested $10,000 in IONQ 3 years ago → it's now worth $74,270.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
IonQ posted $68M in quarterly revenue, but the last earnings line still came in a touch below estimates.
Revenue rose 71% vs. prior year in the latest quarter, per SEC data. EPS was -$0.20 versus a -$0.19 estimate, a 5.26% miss, while the company keeps spending hard to hit technical milestones.
$68M
revenue
$0.20
eps
n/a
n/a
the number that mattered
The number that mattered was $68 million of quarterly revenue, because top-line growth is the only part of this story that currently looks normal.
-
revenues at ionq have taken a big step up.
-
the top line reached $61.9 million in the december quarter, up 56% from the september period.
-
an active acquisition program has been contributing to the growth, though full-year sales would still have advanced nearly 80% without this.the upturn is likely to continue into 2026, with management targeting full-year revenues of roughly $235 million. beyond this, the company’s long-term growth prospects will likely be closely tied to the achievement of additional technical and product development milestones. later this year, for instance, ionq is scheduled to release its next generation, 256-qubit computing platform schedule.
-
the red ink will likely persist well into the future.losses at the adjustedebitda level totaled $186 million last year and will likely surpass $300 million in 2026, as the company continues to build out its management team and spend heavily on r&d. bolstered by last year’s equity issuances, ionq has amassed nearly $2.4 billion in cash and other liquid assets to support these outlays.
-
the company is preparing to make its biggest acquisition yet.in january, ionq reach an agreement to purchase skywater technology in a cash-and-stock deal with a total equity value of roughly $1.8 billion. the addition of the u.s.-based semiconductor foundry should help to accelerate the development of the company’s quantum computing capabilities, while strengthening its domestic supply chain.
source: company earnings report, 2026
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What could go wrong
IonQ's risk picture is not subtle: the stock is priced for a future business that still has to arrive, while legal noise and volatility are already here.
med
$13B of market value on $130M of revenue
That is roughly 100x current revenue. You can justify that only if the growth path toward $1B by FY2029 stays believable.
If growth expectations slip, multiple compression can do damage even before the income statement improves.
med
Investor alerts and securities litigation are part of the story now
The source feed flags an investor alert on Feb 26, 2026 and securities and derivative litigation on Aug 12, 2025.
Source risk data also points to roughly $20M–$32M of revenue at risk across identified issues. Thin data, but not zero data.
med
Profitability is still missing from the model
There is no trailing P/E because there are no trailing earnings, and analysts still see FY2027 EPS at -$1.25.
A C+ balance sheet is manageable. A C+ balance sheet plus ongoing losses is where you keep paying attention.
A $13B stock with $130M in revenue, no current earnings, and identified legal exposure gives you a lot of upside if the story works and very little margin for sloppy execution.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation bridge
The gap between $130M today and $1B in FY2029
That future revenue estimate is doing a lot of work. If it holds, the premium can stay alive. If it fades, the premium loses its alibi.
volatility
A 2.15 beta and a 5 / 100 price stability score
This stock does not drift. It swings. If you own it, your position size should reflect that reality even if your thesis is long term.
profit timeline
FY2027 still shows a -$1.25 EPS estimate
The market is still waiting for evidence that bigger revenue eventually becomes smaller losses. Until then, this is a promise stock.
ownership trend
Institutional buying has lasted three straight quarters
351 buyers versus 178 sellers in 4Q2025 says big money has not abandoned the name. You want to know if that trend keeps holding.
Analyst rankings
short-term outlook
bottom 5%
outlook rank 5 — the lowest rating — significant underperformance expected.
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
top 20%
momentum rank 2 — analysts expect above-average price performance in the year ahead.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 351 buyers vs. 178 sellers in 4q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$28
$89
$36
current price
$59
target midpoint · +64% from current · 3-5yr high: $80 (+125% · 22% ann'l return)
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