IonQ, Inc.
ConvictionWeak
Quantum-compute-as-a-service (cloud QPU access) + on-prem system sales + government/enterprise R&D contracts; pre-profit, capital-markets-funded
Revenue
$130.0M FY25$260–270M FY26 guide (raisedRev growth
+202% FY25+755% YoY Q1 FY26Gross margin
not disclosedin Q1 FY26 release (FY25 GAAP gross margin ~50–60% range per system/contract mix; company does not headline a single GM figureOp margin
deeply negative — Q1 FY26 operating loss ~$271.5MFY25 net loss $510.4MCapex intensity
high and rising — building data-center-grade systems + acquiring foundry capacitySkyWaterMarket cap
~$18.9BJun 25, 2026Price · 1-year trend
real · weekly$43+3% 1yUSD
52-week range
$27 – $82
52w lowas of 2026-07-10 · Yahoo Finance52w high
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-25. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$2M
FY’22
$11M+430%
FY’23
$22M+98%
FY’24
$43M+95%
FY’25
$130M+202%
Margins & balance sheet — FY’25
Operating margin-487.4%
Net margin-392.6%
Net cash$494M
The read
Where our coverage leans
Bull & bear in tension
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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