IonQ, Inc.

IonQ reported second-quarter 2026 GAAP revenue of $80.1 million, up 287% year over year, and said the quarter exceeded its own expectations by 20%. Management also said Q2 organic revenue grew 132% year over year. GAAP operating expenses were $417.3 million, including $160.6 million of R&D, while non-GAAP operating expenses were $201.2 million. Adjusted EBITDA was negative $120.3 million, including about $20 million of additional SkyWater spending and about $10 million of higher pre-integration costs. GAAP net loss was negative $1.9 billion, primarily due to a roughly $1.6 billion noncash mark-to-market warrant valuation impact. RPO ended Q2 at $485 million, up from $470 million in Q1 and $122 million a year ago. For 2026, IonQ raised revenue guidance to $280 million to $290 million, but said this is IonQ-only guidance and that combined-company guidance will come later after integration; management also reiterated expectations for about 100% organic revenue growth for the full year.

Niccolo de Masi framed the quarter as proof that IonQ’s strategy is working across computing, networking, security, sensing and semiconductor manufacturing. He emphasized the shift from laser-based control to electronic qubit control, saying the company is scaling toward millions of qubits via semiconductor pathways and that the first integrated QPUs from SkyWater are now under test. His tone was highly confident and expansive, repeatedly describing IonQ as the sector’s pace-setter and merchant supplier while linking the business to U.S. and allied national security priorities.

Inder Singh highlighted that Q2 revenue of $80.1 million came with 287% year-over-year growth and 20% upside versus the company’s expectations. He said the biggest revenue driver was fifth-generation quantum computing deployments, while commercial revenue was 60% of the total, international revenue was about 50%, and multiproduct sales were about 25% of revenue and up 40% year over year. On the cost side, he cited $417.3 million of GAAP OpEx, $201.2 million of non-GAAP OpEx, $120.3 million of adjusted EBITDA loss, and $1.9 billion of GAAP net loss driven largely by warrant revaluation. He also noted $485 million of RPO and raised full-year revenue guidance to $280 million to $290 million, while explaining that SkyWater-related intercompany eliminations and purchase accounting mean the company will provide combined guidance later.

Analysts focused on how fast MOUs and government relationships could convert into revenue, and management said nothing from the Anduril/Sandia-related work is included in RPOs or guidance yet because those efforts are still early. On the roadmap, management said the key next step is moving from chip prototypes to commissioning systems and customer deployments in the first half of next year, with 256-qubit systems targeted first and 10,000-qubit work progressing in parallel. Questions also pressed on executive-order demand and foundry strategy; management said demand is broad-based across government and enterprise, and that SkyWater will serve both IonQ’s roadmap and the wider quantum ecosystem as a merchant supplier with strong IP protections.