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IonQ
(NYSE:IONQ)
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Rating:51Neutral
Price Target:
$39.00
▼(-7.25% Downside)
Action:Reiterated
Date:08/29/26
The score is primarily held back by weak financial performance—large ongoing losses and heavy cash burn—despite a strong balance sheet. Technicals also detract as the stock is trading below key moving averages, while valuation remains difficult to justify with negative earnings and no dividend support. Offsetting these risks, the latest earnings call showed strong operational momentum with record revenue, raised guidance, and rapidly growing RPOs, though profitability and integration execution remain key swing factors.
Positive Factors
Accelerating revenue and forward visibility
Record revenue, rapid organic growth and nearly $485M of RPOs indicate stronger customer adoption and multi-quarter demand visibility. The raised 2026 outlook supports a durable expansion opportunity across commercial, international and government markets.
Negative Factors
Heavy cash burn and limited self-funding
Large recurring cash outflows show that growth currently depends on external funding or existing liquidity rather than internally generated cash. Sustained investment needs could constrain strategic flexibility and increase dilution or financing risk over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue and forward visibility
Record revenue, rapid organic growth and nearly $485M of RPOs indicate stronger customer adoption and multi-quarter demand visibility. The raised 2026 outlook supports a durable expansion opportunity across commercial, international and government markets.
Read all positive factors
IonQ Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business areas, highlighting which segments drive growth and profitability, and where the company might face challenges or opportunities.
Breaks down revenue across different business areas, highlighting which segments drive growth and profitability, and where the company might face challenges or opportunities.
Data provided by:
The Fly
The FlyIonQ (IONQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.93B
Dividend YieldN/A
Average Volume (3M)20.19M
Price to Earnings (P/E)―
Beta (1Y)3.26
Revenue Growth370.64%
EPS Growth-112.64%
CountryUS
Employees1,132
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-4.29
Shares Outstanding405,138,100
10 Day Avg. Volume18,457,060
30 Day Avg. Volume20,190,187
Financial Highlights & Ratios
PEG Ratio-1.48
Price to Book (P/B)3.31
Price to Sales (P/S)96.75
P/FCF Ratio-41.99
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$69.44Price Target Upside65.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-3.45
Revenue Forecast (FY)$268.55M
IonQ Business Overview & Revenue Model
Company Description
IonQ, Inc. specializes in the creation of advanced, general-purpose quantum computing systems. The company provides customers with access to its 20-qubit quantum computers. This access is facilitated through prominent third-party cloud platforms, ...
How the Company Makes Money
IonQ generates revenue primarily by providing paid access to its quantum computing systems and by delivering quantum computing-related services under contracts.
Key revenue streams include:
1) Quantum computing access via cloud platforms: IonQ of...
IonQ Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented a strong commercial and technical momentum: exceptional top-line growth (Q2 $80.1M, +287% YoY), robust organic acceleration (+132% YoY), growing RPOs, major technical milestones (integrated QPUs, world‑class fidelities, walking cat architecture, QEC breakeven), and strategic vertical integration via SkyWater and Nexus Photonics that materially expands manufacturing and merchant-supplier capabilities. Offsetting these positives are sizable near-term investments and integration costs that produced negative adjusted EBITDA (‑$120.3M) and a large GAAP net loss driven by a non-cash warrant revaluation, along with pending accounting eliminations and the need to finalize combined-company guidance. Overall, the call emphasized durable long-term value creation and aggressive execution, while acknowledging short-term expense and integration noise.Positive Updates
Record Quarterly Revenue and Strong YoY Growth
GAAP revenue of $80.1M in Q2 2026, representing 287% year-over-year growth; the strongest quarter in company history and the fifth consecutive quarter of record results.
Negative Updates
Negative Adjusted EBITDA and High Operating Spend
Adjusted EBITDA of negative $120.3M for Q2; GAAP operating expenses totaled $417.3M (non-GAAP OpEx $201.2M), with R&D at $160.6M—reflecting heavy near-term investment and pressure on profitability.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong YoY Growth
GAAP revenue of $80.1M in Q2 2026, representing 287% year-over-year growth; the strongest quarter in company history and the fifth consecutive quarter of record results.
Read all positive updates
Company Guidance
IonQ raised its full‑year 2026 revenue guidance for IonQ-only to $280–$290 million (combined-company guidance pending integration), after reporting a record Q2 GAAP revenue of $80.1 million (+287% YoY, +20% above expectations) with Q2 organic revenue up 132% YoY and management still targeting ~100% organic revenue growth for the year; at quarter end RPOs were $485 million (Q1 $470M, prior-year $122M), ~50% of Q2 revenue was international, 60% commercial, and multiproduct sales represented ~25% of revenue (up 40% YoY); Q2 GAAP operating expenses were $417.3M (non‑GAAP $201.2M) including $160.6M of R&D, adjusted EBITDA was -$120.3M, GAAP net loss was -$1.9B (driven by ~ $1.6B noncash warrant mark‑to‑market), Skyloom terminals on orbit totaled 84 (2x YoY), and management noted a ~$120M estimate of 2026 spend under the prior SkyWater commercial agreement and reiterated milestones toward commissioning 256‑qubit QPUs and a path to 10,000 qubits.IonQ Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 246.47M | 130.02M | 43.07M | 22.04M | 11.13M | 2.10M |
| Gross Profit | 89.44M | 52.53M | 22.48M | 13.93M | 2.58M | -1.49M |
| EBITDA | 1.82B | -474.69M | -312.93M | -147.35M | -42.91M | -103.64M |
| Net Income | -1.41B | -510.38M | -331.65M | -157.77M | -48.51M | -106.19M |
Balance Sheet | ||||||
| Total Assets | 6.78B | 6.57B | 508.39M | 553.58M | 597.99M | 642.03M |
| Cash, Cash Equivalents and Short-Term Investments | 2.12B | 2.39B | 340.29M | 355.44M | 355.80M | 522.47M |
| Total Debt | 54.50M | 30.02M | 17.73M | 8.11M | 4.05M | 4.21M |
| Total Liabilities | 3.44B | 2.76B | 124.53M | 68.59M | 29.78M | 50.80M |
| Stockholders Equity | 3.33B | 3.80B | 383.86M | 484.99M | 568.21M | 591.23M |
Cash Flow | ||||||
| Free Cash Flow | -483.87M | -299.60M | -129.25M | -98.36M | -57.26M | -36.56M |
| Operating Cash Flow | -452.37M | -283.19M | -105.68M | -78.81M | -44.70M | -26.54M |
| Investing Cash Flow | -1.45B | -2.10B | 82.73M | 68.77M | -309.06M | -213.78M |
| Financing Cash Flow | 3.00B | 3.36B | 41.69M | 1.76M | 1.10M | 603.23M |
IonQ Technical Analysis
Negative
42.05
Price Trends
42.13
Negative
47.58
Negative
44.34
Negative
Market Momentum
-0.64
Positive
42.13
Neutral
7.36
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONQ, the sentiment is Negative. The current price of 42.05 is below the 20-day moving average (MA) of 42.45, below the 50-day MA of 42.13, and below the 200-day MA of 44.34, indicating a bearish trend. The MACD of -0.64 indicates Positive momentum. The RSI at 42.13 is Neutral, neither overbought nor oversold. The STOCH value of 7.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IONQ.
IonQ Risk Analysis
IonQ disclosed 78 risk factors in its most recent earnings report. IonQ reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IonQ Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $1.86B | -122.10 | -1.06% | ― | 3635.36% | 90.58% | |
54 Neutral | $5.23B | -20.39 | -46.82% | ― | 68.49% | 0.83% | |
53 Neutral | $6.41B | -23.30 | -26.67% | ― | -44.22% | 32.82% | |
51 Neutral | $15.93B | -8.81 | -39.34% | ― | 370.64% | -112.64% |
* Technology Sector Average
IONQ
IonQ
37.78
-3.19
-7.79%
QUBT
Quantum Computing
7.90
-6.65
-45.70%
QBTS
D-Wave Quantum
16.54
1.24
8.10%
RGTI
Rigetti Computing
14.99
-0.05
-0.33%
IonQ Corporate Events
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing Changes
IonQ Strengthens Board to Support Quantum Growth Strategy
Positive
Aug 28, 2026
On August 24, 2026, IonQ’s board expanded its membership and appointed technology finance veteran Eric R. Ball and former SkyWater Technology chairman and Samsung North America chief executive Timothy E. Baxter as new directors, with terms r...
Private Placements and FinancingRegulatory Filings and Compliance
IonQ Files Prospectus Supplement for Secondary Share Resale
Neutral
Aug 7, 2026
On August 7, 2026, IonQ, Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission to facilitate the resale of 1,958,951 shares of its common stock by certain existing stockholders. The filing, made under a previously eff...
Business Operations and StrategyM&A Transactions
IonQ Completes SkyWater Acquisition, Expanding Quantum Platform
Positive
Jul 31, 2026
On July 31, 2026, IonQ completed its acquisition of SkyWater Technology, integrating the largest exclusively U.S.-based semiconductor foundry into its operations to create a vertically integrated, full-stack quantum platform company. The deal posi...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
IonQ Secures Approval for SkyWater Quantum Platform Merger
Positive
Jul 28, 2026
On July 28, 2026, IonQ announced that it had received final regulatory approval to complete its acquisition of SkyWater Technology, following a merger agreement signed in January 2026 under which SkyWater will become a wholly owned subsidiary. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.