| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 16 | — | 17.8x | Bottom tier | |
Growth | 78 | 370.6% | 7.1% | Top tier | |
Quality | 18 | -42.0% | 4.5% | Bottom tier | |
Safety | 30 | — | 2.6x | Bottom tier | |
Capital Return | 40 | — | 2.12% | Around median | |
Momentum | 36 | 2.7% | 2.9% | Bottom tier | |
Sentiment | 45 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
IonQ is developing an integrated quantum platform encompassing quantum computing, quantum networking, security, and sensing, alongside atomic clocks and space-based optical communications. The company generates revenue from sales of complete computing systems and subsystems, quantum computing as a service QCaaS, application development, and networking, security, and sensing products; following the completion of its acquisition of SkyWater Technology on July 31, 2026, it added semiconductor design, manufacturing, and packaging to its value chain. In fiscal Q2 2026, 60% of revenue came from commercial customers unaffiliated with the U.S. government, approximately 50% from international customers, while multi-product sales represented roughly 25% of revenue.
IonQ reported revenue of $80.1 million in fiscal Q2 2026, up 287% year over year and approximately 20% above the company’s guidance, marking its fifth consecutive record quarter. Organic growth reached 132%, with deployments of fifth-generation Tempo systems at KISTI in South Korea and QuantumBasel in Switzerland serving as the largest drivers of the outperformance, while multi-product sales rose 40% year over year. The data did not include gross margin, but operating profitability remained clearly negative: GAAP operating expenses were approximately $417.3 million, adjusted EBITDA loss was $120.3 million, and GAAP net loss was approximately $1.9 billion.
Management raised IonQ’s fiscal 2026 revenue guidance to a range of $280–290 million, while continuing to expect organic revenue growth of approximately 100%. Remaining performance obligations reached $485 million at the end of fiscal Q2 2026, compared with $470 million in the previous quarter and $122 million a year earlier, providing the company with contractual visibility extending to revenue, a portion of which will be recognized more than one year later. This guidance does not include the company’s consolidated results with SkyWater, as management explained that it needs to complete the integration and account for the elimination of intercompany transactions before issuing consolidated guidance.
The analyst consensus rates IONQ stock as “Buy,” with an average price target of $64.67 and a wide range between $49 and $75; the average is below the 52-week high of $84.64 and above the low of $25.89. A price-to-earnings ratio is unavailable for the stock, which is consistent with the operating loss and large net loss in fiscal Q2 2026, so the valuation depends heavily on achieving revenue guidance of $280–290 million and successfully integrating SkyWater. The breadth of the analyst target range and the 52-week trading range indicates substantial disagreement over the value of the 256- and 10,000-qubit roadmap relative to spending, execution, and share-issuance dilution risks.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Revenue reached $80.1 million, up 287% year over year and approximately 20% above the company’s guidance. The largest driver was the deployment of fifth-generation Tempo quantum computing systems, with shipments beginning to KISTI and a system being assembled at QuantumBasel. Organic revenue rose 132%, while multi-product sales grew 40% and represented approximately 25% of quarterly revenue.
IonQ completed the transaction on July 31, 2026, for $741 million in cash and 24 million shares, for a total value of approximately $1.8 billion. The acquisition adds semiconductor design, manufacturing, and packaging capabilities, enabling the company to support IonQ’s roadmap and sell foundry services to other quantum companies. SkyWater generated revenue of $442 million in 2025, but as of the August 5, 2026 call, IonQ had not issued consolidated financial guidance for the two companies.
In fiscal Q2 2026, the company received the first fully integrated QPUs manufactured at SkyWater and began testing them at the College Park facility. IonQ targets bringing 256-qubit systems online in 2027, after previous prototypes demonstrated the quality metrics required for this chip. At the same time, the company began work on taping out a 10,000-qubit chip design for manufacturing, but it remains within the development and testing process.
Automated analysis for informational purposes only — not investment advice.
No; 60% of fiscal Q2 2026 revenue came from commercial customers unaffiliated with the U.S. government. Approximately 50% of revenue also came from international customers, supported by system deployments at KISTI in South Korea and QuantumBasel in Switzerland. Nevertheless, national security programs remain important and include a new contract with DARPA and work with the U.S. Space Development Agency under the HALO Europa contract.
Fiscal Q2 2026 results do not reflect operating profitability; adjusted EBITDA loss was $120.3 million. The company recorded a GAAP net loss of approximately $1.9 billion, including an approximately $1.6 billion non-cash impact related to the revaluation of warrants. GAAP operating expenses were also approximately $417.3 million, including $160.6 million for research and development.
The first figure is IonQ’s revenue trajectory toward its fiscal 2026 guidance of $280–290 million, while continuing to target organic growth of approximately 100%. The second is the development of remaining performance obligations from the $485 million level recorded at the end of fiscal Q2 2026. Investors should also monitor consolidated guidance following SkyWater, the elimination of approximately $120 million in expected annual spending between the two companies, and progress in testing the 256-qubit chip.
