IonQ (IONQ) AI Stock Analysis

• Market Cap: $14.16B
• Dividend Yield: N/A
• Average Volume (3M): 17.75M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.68
• Revenue Growth: 113.07%
• EPS Growth: -555.52%
• Country: US
• Employees: 407
• Sector: Technology
• Sector Strength: 88
• Industry: Computer Hardware
• EPS (TTM): -3.58
• Shares Outstanding: 354,279,600
• 10 Day Avg. Volume: 21,778,484
• 30 Day Avg. Volume: 17,750,942
• PEG Ratio: -0.27
• Price to Book (P/B): 23.18
• Price to Sales (P/S): 206.58
• P/FCF Ratio: -68.84
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 173.44
• Enterprise Value/Gross Profit: 739.08
• Enterprise Value/Ebitda: -9.58
• 1Y Price Target: $77.36
• Price Target Upside: 93.50% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $44.00 ▲(10.06% Upside)

The score is held back primarily by weak financial performance (losses and negative free cash flow) and bearish technical setup (below major moving averages with negative MACD). Offsetting these, the earnings call indicated strong demand and improved revenue outlook with raised guidance and a large cash balance, while recent acquisitions add strategic upside but carry execution and integration risk.

Positive Factors

Revenue Growth & Guidance

Sustained, outsized top-line growth and raised full-year guidance signal expanding commercial adoption and stronger recurring demand for IonQ’s cloud access and services. Durable revenue momentum supports continued R&D and sales investment, improving chances to scale toward profitability.

Technical Leadership

World‑record gate fidelity and new Tempo systems materially strengthen IonQ’s technical moat, enabling larger, more accurate quantum workloads. Such durable performance advantages increase customer switching costs and underpin longer‑term leadership in quantum hardware and software ecosystems.

Vertical Integration via SkyWater

Acquiring SkyWater establishes an embedded U.S. foundry and end‑to‑end supply chain, reducing manufacturing bottlenecks and geopolitical supply risks. This structural move improves control over processor scaling and strengthens IonQ’s positioning with government and defense customers over the medium term.

Negative Factors

Persistent Unprofitability

Continued negative margins reflect structural inability to cover costs with current revenue mix; if sustained, losses will require ongoing capital raises or dilution. Profitability shortfalls constrain free cash generation and limit reinvestment flexibility during scale-up of quantum systems and go‑to‑market efforts.

Ongoing Cash Burn

Although FCF has improved, persistent negative free cash flow demonstrates continued cash consumption to fund R&D, operations, and acquisitions. Structural cash burn increases reliance on capital markets or asset sales to fund long‑term roadmap execution and slows path to sustainable self‑funding.

High Operating Expenses

Very high operating spend and substantial adjusted EBITDA losses indicate the business requires significant scale to reach break‑even. Elevated cost base raises the magnitude of execution risk: delays in commercialization or slower revenue scaling will prolong cash needs and pressure margins.

IonQ Business Overview & Revenue Model

Company Description

IonQ, Inc. engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services' (AWS) Amazon Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its cloud service. IonQ, Inc. was founded in 2015 and is headquartered in College Park, Maryland.

How the Company Makes Money

IonQ generates revenue primarily through the sale of quantum computing services, which include access to its quantum computers via cloud platforms. The company offers subscription models and pay-per-use pricing for its quantum computing services, allowing businesses and researchers to leverage its technology for specific applications. Additionally, IonQ has established partnerships with major technology firms, such as Microsoft and Amazon, to integrate its quantum computing capabilities into their cloud services. These collaborations not only expand IonQ's market reach but also provide crucial revenue streams through joint offerings. Furthermore, IonQ engages in research partnerships and grants that contribute to its earnings, while also exploring licensing agreements for its technology.

IonQ Financial Statement Overview

Summary

Strong revenue growth (52.45% TTM) and minimal leverage (debt-to-equity 0.0125) support the score, but it is held back by weak profitability (negative net and EBIT margins), deeply negative ROE (-127.93%), and ongoing negative free cash flow despite improvement.

Income Statement

IonQ's revenue growth is impressive at 52.45% TTM, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by negative net profit margins (-18.36%) and EBIT margins (-5.35%). The gross profit margin has improved to 22.82% TTM, but overall profitability remains a significant challenge.

Balance Sheet

IonQ maintains a low debt-to-equity ratio of 0.0125 TTM, suggesting minimal leverage and a conservative capital structure. However, the return on equity is deeply negative at -127.93%, reflecting substantial losses relative to equity. The equity ratio stands at 52.63%, indicating a solid equity base relative to total assets.

Cash Flow

The company has shown a significant improvement in free cash flow growth at 64.42% TTM, yet it remains negative, indicating ongoing cash burn. The operating cash flow to net income ratio is -1.55, highlighting cash flow challenges. The free cash flow to net income ratio of 1.06 suggests that free cash flow is slightly better aligned with net income, but both remain negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	79.84M	43.07M	22.04M	11.13M	2.10M	0.00
Gross Profit	18.73M	3.82M	13.93M	2.58M	-1.49M	-1.40M
EBITDA	-1.45B	-312.93M	-147.38M	-42.91M	-103.64M	-14.02M
Net Income	-1.47B	-331.65M	-157.77M	-48.51M	-106.19M	-15.42M
Balance Sheet
Total Assets	4.32B	508.39M	553.58M	597.99M	642.03M	60.48M
Cash, Cash Equivalents and Short-Term Investments	1.08B	340.29M	355.44M	355.80M	522.47M	36.12M
Total Debt	28.52M	17.73M	8.11M	4.05M	4.21M	4.27M
Total Liabilities	2.03B	124.53M	68.59M	29.78M	50.80M	6.78M
Stockholders Equity	2.27B	383.86M	484.99M	568.21M	591.23M	53.70M
Cash Flow
Free Cash Flow	-262.83M	-129.25M	-98.36M	-57.26M	-36.56M	-23.68M
Operating Cash Flow	-248.10M	-105.68M	-78.81M	-44.70M	-26.54M	-12.01M
Investing Cash Flow	-849.27M	82.73M	68.77M	-309.06M	-213.78M	-11.68M
Financing Cash Flow	1.42B	41.69M	1.76M	1.10M	603.23M	276.00K

IonQ Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 39.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 39.98 is below the 20-day moving average (MA) of 47.93, below the 50-day MA of 48.30, and below the 200-day MA of 46.96, indicating a bearish trend. The MACD of -1.66 indicates Positive momentum. The RSI at 36.01 is Neutral, neither overbought nor oversold. The STOCH value of 13.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IONQ.

IonQ Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
IONQ	53 Neutral	$14.16B	-7.47	-108.23%	―	113.07%	-555.52%
QUBT	51 Neutral	$2.08B	-15.33	-14.49%	―	41.51%	-111.74%
QBTS	49 Neutral	$7.92B	-15.71	-122.03%	―	156.20%	-218.56%
RGTI	45 Neutral	$6.00B	-13.97	-141.90%	―	-36.98%	-238.63%

IonQ Corporate Events

IonQ Completes Skyloom Acquisition, Expands Quantum Networking Capabilities

On January 28, 2026, IonQ announced it had completed its acquisition of Skyloom Global Corp., a U.S. developer of lightwave-optics technology for secure, high-performance communications, closing a deal first unveiled in November 2025. The transaction enhances IonQ’s quantum networking roadmap by incorporating Skyloom’s free-space optical communications and secure data transmission expertise, bolstering its ability to deliver high-bandwidth, low-latency and resilient connectivity solutions for government, aerospace, defense and commercial clients. Skyloom’s CEO Marc Eisenberg and his management team will remain in place to lead the business under IonQ’s technical roadmap, supporting existing customers and new growth opportunities. The deal advances IonQ’s strategy of building a full-stack, quantum-secure communications and networking platform—complementing prior acquisitions such as Capella Space, Lightsynq, ID Quantique and Vector Atomic—and positions the company as owning all critical technology layers for distributed quantum entanglement and ultra-secure connectivity across national security, enterprise and scientific research markets.

The most recent analyst rating on (IONQ) stock is a Hold with a $58.00 price target. To see the full list of analyst forecasts on IonQ stock, see the IONQ Stock Forecast page.

IonQ to Acquire SkyWater, Building Vertically Integrated Quantum Platform

On January 25, 2026, IonQ agreed to acquire SkyWater Technology in a cash-and-stock deal valuing SkyWater at about $1.8 billion, or $35 per share, including $15 in cash and $20 in IonQ shares per SkyWater share, subject to a collar that will leave SkyWater investors owning roughly 4.4% to 6.7% of the combined company. The unanimously approved transaction, expected to close in the second or third quarter of 2026 pending shareholder and regulatory approvals, will create what IonQ calls the first vertically integrated, full‑stack quantum platform company, giving it embedded access to a trusted U.S. semiconductor foundry, an onshore end‑to‑end supply chain, and faster development of large‑scale, fault‑tolerant quantum processors, while SkyWater continues to operate under its own name as a pure‑play foundry and quantum merchant supplier; the deal strengthens IonQ’s positioning as a key U.S. government and defense partner and is structured to preserve its balance sheet and financial flexibility for continued quantum commercialization.

The most recent analyst rating on (IONQ) stock is a Hold with a $47.00 price target. To see the full list of analyst forecasts on IonQ stock, see the IONQ Stock Forecast page.

IonQ Appoints Scott Millard as Chief Business Officer

On November 17, 2025, IonQ announced the departure of Rima Alameddine as Chief Revenue Officer, effective November 24, 2025, and outlined her severance benefits, including cash payments and equity vesting. Subsequently, on November 19, 2025, IonQ appointed Scott Millard as the new Chief Business Officer, tasked with advancing the company’s growth and market adoption of its quantum solutions. Millard’s extensive experience in AI and sales leadership is expected to bolster IonQ’s position as a leader in the quantum industry.

The most recent analyst rating on (IONQ) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on IonQ stock, see the IONQ Stock Forecast page.

IonQ Files Prospectus for Stock Resale by University

On November 10, 2025, IonQ, Inc. filed a prospectus supplement with the SEC to cover the resale of over 2 million shares of common stock by The University of Chicago. This filing follows a registration rights agreement entered into on November 7, 2025, and is part of IonQ’s ongoing efforts to manage its stockholder agreements and market presence.

The most recent analyst rating on (IONQ) stock is a Buy with a $70.00 price target. To see the full list of analyst forecasts on IonQ stock, see the IONQ Stock Forecast page.