IonQ (IONQ) AI Stock Analysis

• Market Cap: $14.07B
• Dividend Yield: N/A
• Average Volume (3M): 21.87M
• 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): 1.93
• Shares Outstanding: 366,640,750
• 10 Day Avg. Volume: 21,222,908
• 30 Day Avg. Volume: 21,868,678
• PEG Ratio: -1.26
• Price to Book (P/B): 3.31
• Price to Sales (P/S): 96.75
• P/FCF Ratio: -41.99
• Enterprise Value/Market Cap: 0.90
• Enterprise Value/Revenue: 97.80
• Enterprise Value/Gross Profit: 242.08
• Enterprise Value/Ebitda: -26.79
• 1Y Price Target: $64.40
• Price Target Upside: 67.84% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): -1.88
• Revenue Forecast (FY): $191.02M

• Rating: 53 Neutral
• Price Target: $34.00 ▼(-11.39% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weak financial performance (large losses and cash burn) and bearish technicals (below key moving averages with negative MACD). Offsetting these risks are a strong earnings outlook with significant backlog growth and ample liquidity, plus strategically positive M&A developments.

Positive Factors

Revenue Visibility / Backlog

A near-fivefold rise in remaining performance obligations provides multi-quarter revenue visibility, underpinning predictable demand and enabling capacity planning. That durable backlog supports sales scaling, strengthens contract-based cash flows and reduces near-term revenue volatility as IonQ commercializes offerings.

Technical Leadership

Exceptional two-qubit fidelity and reported algorithm speedups versus alternatives create sustainable product differentiation. Superior hardware performance and a validated roadmap (256-qubit engineering progress) strengthen IonQ's competitive moat, encouraging long-term customer adoption in high-value use cases.

Strong Liquidity / Low Leverage

Substantial cash reserves combined with minimal leverage provide a durable financial buffer to fund R&D, capacity expansion and M&A without immediate refinancing risk. This financial flexibility supports multi-year technology development and commercialization initiatives while absorbing near-term operating deficits.

Negative Factors

Large Operating Losses

Material and growing adjusted EBITDA deficits reflect a cost base that still far exceeds revenue, implying prolonged dependence on external financing or dilution to sustain growth. Persistent negative operating leverage can constrain reinvestment efficiency and delay the company's path to structural profitability.

Negative Cash Generation

Sustained negative operating and free cash flow mean the core business does not yet self-finance growth; despite large cash balances, ongoing cash burn makes long-term plans reliant on capital markets or asset sales. This structural cash deficit elevates execution risk over the medium term.

Acquisition & Regulatory Risk (SkyWater)

A major planned acquisition to vertically integrate manufacturing is strategically material but contingent on approvals and integration execution. Regulatory delays, approval conditions or integration costs could slow the move to onshore foundry control and disrupt timelines for scaling large‑format processors.

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

Revenue growth and gross margin improved sharply in 2025, but the financial profile is still dominated by very large operating losses and material free-cash-flow burn. The balance sheet is a stabilizer with minimal leverage, yet negative returns and high cash usage remain key risks.

Income Statement

Revenue growth accelerated meaningfully in 2025 (up ~63% YoY) off a small base, and gross margin improved to ~40% versus ~9% in 2024, indicating better unit economics/mix. However, profitability remains very weak: net margin stayed deeply negative (about -393% in 2025), and operating losses widened materially (EBIT fell to roughly -$634M in 2025 from about -$231M in 2024). Overall, strong top-line momentum but the cost structure still overwhelms revenue.

Balance Sheet

Leverage is very low (debt-to-equity ~0.008 in 2025), which reduces financial risk and provides flexibility. That said, returns remain negative (return on equity about -13% in 2025), reflecting ongoing losses. Equity and assets expanded sharply in 2025, which can support future scaling, but the company must translate that larger capital base into improved earnings power.

Cash Flow

Cash generation is still a clear weakness: operating cash flow and free cash flow were both materially negative in 2025 (about -$283M and -$300M, respectively), implying continued cash burn to fund operations. Free cash flow decline moderated versus prior years (free cash flow growth was positive in 2025), but cash flow remains reliant on funding rather than the core business. A positive note is that free cash flow tracked net loss closely (free cash flow to net income ~1.06), suggesting losses are largely cash-backed rather than being masked by non-cash benefits.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	130.02M	43.07M	22.04M	11.13M	2.10M
Gross Profit	52.53M	3.82M	13.93M	2.58M	-1.49M
EBITDA	-474.69M	-312.93M	-147.38M	-42.91M	-103.64M
Net Income	-601.26M	-331.65M	-157.77M	-48.51M	-106.19M
Balance Sheet
Total Assets	6.57B	508.39M	553.58M	597.99M	642.03M
Cash, Cash Equivalents and Short-Term Investments	2.39B	340.29M	355.44M	355.80M	522.47M
Total Debt	30.02M	17.73M	8.11M	4.05M	4.21M
Total Liabilities	2.76B	124.53M	68.59M	29.78M	50.80M
Stockholders Equity	3.80B	383.86M	484.99M	568.21M	591.23M
Cash Flow
Free Cash Flow	-299.60M	-129.25M	-98.36M	-57.26M	-36.56M
Operating Cash Flow	-283.19M	-105.68M	-78.81M	-44.70M	-26.54M
Investing Cash Flow	-2.10B	82.73M	68.77M	-309.06M	-213.78M
Financing Cash Flow	3.36B	41.69M	1.76M	1.10M	603.23M

IonQ Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 38.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IONQ, the sentiment is Neutral. The current price of 38.37 is above the 20-day moving average (MA) of 34.73, below the 50-day MA of 42.80, and below the 200-day MA of 47.55, indicating a neutral trend. The MACD of -2.16 indicates Negative momentum. The RSI at 51.28 is Neutral, neither overbought nor oversold. The STOCH value of 77.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	$14.07B	-16.09	-24.40%	―	113.07%	-555.52%
QBTS	48 Neutral	$6.95B	-17.05	-77.62%	―	156.20%	-218.56%
QUBT	46 Neutral	$1.88B	-13.91	-14.49%	―	41.51%	-111.74%
RGTI	45 Neutral	$5.75B	-13.40	-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.