IonQ (NYSE:IONQ) raised its 2026 revenue forecast after reporting record third-quarter sales, helped by quantum computing demand and its acquisition of foundry operator SkyWater.
The company reported revenue of $173.8 million, up 336% from a year earlier, and increased its full-year revenue guidance to $505 million to $515 million from $450 million to $460 million. Chairman and CEO Niccolo de Masi said it was IonQ’s sixth consecutive quarter of record revenue.
The results included $90.3 million from the IonQ Platform segment and $83.5 million from SkyWater Foundry Services. Chief Operating Officer and Chief Financial Officer Inder Singh said the SkyWater figure covered two months following the acquisition’s closing at the end of July and excluded intercompany revenue.
Computing demand and backlog grow
IonQ Platform revenue rose 127% year over year, driven principally by deployments of fifth-generation Tempo quantum computers and by sensing and space-based products, Singh said. The company now expects quantum computing revenue to grow more than 110% in 2026, up from its previous forecast of 100% growth.
De Masi said IonQ had sold out its 2027 capacity for Superion 256 systems, launched in September, and was working to expand production. He said the company was beginning to fill orders for 2028, but executives did not disclose how many systems they expect to deliver next year or provide 2027 revenue guidance.
Initial Superion 256 partners include NVIDIA, Florida International University, the University of Cambridge, Horizon Quantum and South Korea’s SDT, de Masi said. IonQ’s system is expected to be the first on-premise quantum computer at NVIDIA’s Accelerated Quantum Research Center, where it will connect to NVIDIA’s AI supercomputing infrastructure.
Singh said IonQ signed a $33 million contract with SDT for a Superion 256 computer and a quantum networking memory solution. He also said the company was seeing demand for both systems and cloud-based quantum computing services.
Remaining performance obligations, a measure of contracted work not yet recognized as revenue, totaled approximately $1.2 billion at quarter-end. Singh said the IonQ segment contributed $689 million, up from $485 million, while SkyWater added $479 million. IonQ signed approximately $290 million in new contracts during the quarter, including about $180 million from quantum computing sales and its advancement in a federal benchmarking program, he said.
SkyWater and security acquisitions expand portfolio
IonQ said SkyWater’s quantum foundry revenue grew more than 30% year over year in the quarter, excluding work for IonQ. Singh said the foundry retained its existing customers, extended a multiyear agreement with D-Wave and signed a new multiyear agreement with Qolab.
De Masi said SkyWater had helped IonQ increase wafer lot deliveries and accelerate chip tape-out cycles. The company also launched foundry technology platforms aimed at quantum, satellite and defense applications.
In security, executives highlighted the acquisition of Elisity, whose platform provides identity-based microsegmentation. De Masi said Elisity had about 100 enterprise deployments. Singh said the business adds software and recurring revenue capabilities, while giving IonQ tools to identify quantum-related network vulnerabilities.
More than 40% of IonQ Platform revenue in the quarter came from customers buying multiple products, de Masi said. In sensing, Singh cited a $28 million DARPA contract beginning with 25 next-generation atomic clocks and an option for another 100.
IonQ also advanced to Stage C of DARPA’s Quantum Benchmarking Initiative, a program de Masi said has a potential value of up to $300 million. He described the selection as validation of the company’s approach to the time and cost required for quantum computers to deliver useful answers.
Profitability remains a focus
IonQ reported an adjusted EBITDA loss of $133.6 million for the quarter. Singh said he expects that measure to improve in the fourth quarter and described the then-current S&P Global Capital IQ consensus estimate of a $127 million loss as reasonable.
Net income attributable to IonQ was $564 million, including an $896 million noncash gain from the mark-to-market valuation of warrants. Singh cautioned that the gain did not reflect operating performance. He also said general and administrative expenses included approximately $40 million in one-time acquisition-related costs, which were excluded from adjusted EBITDA.
The company raised $2 billion in October, bringing its pro forma cash balance to $3.7 billion. Singh said the capital was intended to support long-term investment rather than a particular near-term need.
As IonQ grows, management plans to focus on pricing, sales productivity, acquisition integration and consolidating back-office systems and sites. Singh said the company intends to pursue profitability without damaging its growth trajectory.
About IonQ (NYSE:IONQ)
IonQ, Inc (NYSE: IONQ) is a quantum computing company that develops full-stack quantum computing systems and related software. Its technology is based on trapped-ion quantum computing, which uses electrically charged atoms as qubits and is designed to support highly accurate quantum operations.
The company provides access to its quantum computers through cloud platforms and direct enterprise and research engagements. Its offerings include quantum computing hardware, cloud-based access, software tools, and professional services intended to help organizations explore applications in areas such as optimization, chemistry, materials science, artificial intelligence, and cybersecurity.
