IonQ shares rise 10.67% as third-quarter revenue grows to $173.8 million
Key Facts
IonQ shares rose 10.67% to $29.25 when Benzinga published its report on November 6, 2026, as investors reacted to record quarterly results and the company’s higher annual outlook. IonQ reported on November 5 revenue of $173.8 million for the third quarter ended September 30, up 336% year over year. The company said it marked its sixth consecutive quarter of record revenue. The stock advanced during trading, while a separate report said it was trading at $26.43, near its 52-week low of $24.91. Meanwhile, BofA Securities lowered its price target to $50 from $60 while maintaining a “buy” rating, citing multiple compression across the quantum computing sector.
The results showed contributions to quarterly revenue from two different segments: IonQ Platform recorded about $90.3 million, up 127%, while SkyWater’s foundry services segment generated $83.5 million. CEO Niccolo de Masi said revenue reflected “growing demand for our technologies and the advantages of our vertically integrated manufacturing capabilities through SkyWater.” Management attributed revenue growth to the global deployment of Tempo computers, delivery of sensing and space solutions, and completion of the SkyWater acquisition. It added that demand for Superion 256 was among the drivers of strength in quantum computing contracts. The figures show a broader revenue base across IonQ platforms and foundry activities, alongside rising demand for quantum systems.
The company reported remaining performance obligations of $1.2 billion, more than double the previous level, according to its earnings release. IonQ said quantum computing accounted for about two-thirds of the value of new contracts signed by the IonQ Platform segment during the quarter, driven by demand for Superion 256. An Investing.com report, citing Reuters, said remaining performance obligations for the IonQ Platform segment rose to $689 million from $485 million. The report added that the segment signed about $290 million in new contracts, including nearly $180 million for quantum computing. These indicators point to rising contracted demand alongside higher realized revenue, while the value of new contracts and performance obligations remain separate measures from quarterly revenue.
Contracts announced by IonQ included a $33 million deal with SDT to deploy a Superion 256 computer and a quantum memory platform. It also announced a $25 million contract with Florida International University to deploy a Superion 256 system. In the atomic clock business, the company said it secured a $28 million contract under DARPA’s “It’s About Time” program to deliver 25 optical atomic clocks. The contract includes a $30 million option to purchase an additional 100 production units. These contracts reflect different commercial, institutional and technical applications, from quantum computer deployment to precision timing solutions.
IonQ said all of the Superion 256 system’s capacity for 2027 had been sold and that it had begun booking orders for 2028. The announcement concerns the capacity of that system; the company did not say that all of its production capacity had been sold. The company linked the strength of new contracts on its platform to demand for Superion 256, which, together with quantum computing, accounted for about two-thirds of the segment’s new contract value. In a related computing infrastructure move, IonQ said NVIDIA would deploy the Superion 256 system as the first quantum computer at its Accelerated Computing Research Center. It added that the system would connect directly to NVIDIA’s AI supercomputing infrastructure.
On analyst expectations, BofA lowered its price target for the stock while maintaining its “buy” recommendation, citing continued multiple compression across the quantum computing sector. Investing.com reported that BofA simultaneously raised its IonQ sales estimates for fiscal years 2026, 2027 and 2028 to $510 million, $950 million and $1.5 billion, respectively. This balances a more optimistic view of expected sales with a lower price target for the stock. The revisions highlight a divergence between the company’s operating estimates and the stock’s valuation in a market where quantum computing sector multiples have fallen.
The company had $1.7 billion in cash and investments as of September 30, 2026, according to its earnings release. It said the amount would rise to $3.7 billion on a pro forma basis after accounting for a $2.0 billion stock offering that closed on October 16. The company also reported net income attributable to it of $564 million and GAAP earnings per share of $1.42 in the third quarter. It attributed those results to the non-cash impact of warrant revaluation. In cybersecurity, the Elisity acquisition combined post-quantum encryption, quantum key distribution and zero-trust technologies, and added more than 100 existing enterprise deployments.
Upcoming company milestones include its participation in the Cantor 2026 Global Technology, Industrials & Energy Infrastructure Conference, scheduled to take place in Miami on November 11. IonQ raised its fiscal 2026 revenue outlook in its third-quarter results announcement, while BofA reported higher sales estimates for the following years. This follows the company’s announcement of extended orders for the Superion 256 through 2028, after all of its announced capacity for 2027 was sold. Attention is also turning to execution of the quantum computer, quantum memory and atomic clock contracts announced with the quarterly results. The stock’s trading performance coincides with a mix of revenue growth, contracted demand and analyst price target revisions.