IonQ, Inc (NYSE: IONQ) has reported its financial results for the third quarter ended September 30, 2026, marking its sixth consecutive record revenue quarter. Following its expansion into semiconductor fabrication and its strong performance reported in Q2 2026, the College Park, Maryland-based quantum leader delivered triple-digit top-line growth, closed major defense and commercial system deals, and significantly strengthened its balance sheet.
The table below summarizes key GAAP financial metrics for Q3 2026 compared with the year-ago quarter (Q3 2025) and the first nine months of the fiscal year.
| Amounts in $M (except per share) | Q3’2026 | Q3’2025 | % YoY (Q3) | 9M 2026 | 9M 2025 | % YoY (9M) |
|---|---|---|---|---|---|---|
| Revenue | $173.83 | $39.87 | +336.0% | $318.55 | $68.13 | +367.6% |
| Operating Expenses | $606.91 | $208.68 | +190.8% | $1,360.37 | $473.21 | +187.5% |
| Operating Loss | ($433.08) | ($168.81) | -156.5% | ($1,041.83) | ($405.08) | -157.2% |
| Net Income (Loss) | $563.96 | ($1,054.96) | N/M | ($498.43) | ($1,264.05) | +60.6% |
| Cash and Short-Term Investments | $997.91* | $2,392.16 | -58.3% | $997.91* | $2,392.16 | -58.3% |
*Note: Cash and Short-Term Investments aggregates Cash and Cash Equivalents ($209.45M) and Short-Term Investments ($788.46M), totaling $997.91M as of September 30, 2026. Including long-term investments ($664.48M), balance sheet liquid assets totaled $1.66 billion (~$1.7B). Pro-forma for the $2.0 billion equity offering ($1.99B net proceeds) that closed on October 16, 2026, total cash, equivalents, and investments reached $3.7 billion. Baseline comparison reflects December 31, 2025 balances ($1,030.87M cash + $1,361.29M short-term investments = $2,392.16M).
Financial Highlights & Raised FY 2026 Guidance
IonQ reported GAAP revenue of $173.83 million for Q3 2026, an increase of 336.0% year-over-year compared to $39.87 million in Q3 2025. Growth was driven across both operational segments:
- IonQ Platform: Revenue reached $90.32 million, up 127% year-over-year, propelled by global customer deployments of the Tempo quantum computer, quantum security solutions, and quantum sensing systems. Multi-product customers accounted for more than 40% of segment revenue.
- SkyWater Foundry Services: Contributed $83.52 million in external revenue during its first full operating quarter under IonQ, with non-IonQ quantum customer revenue growing over 30% year-over-year.
GAAP operating costs and expenses totaled $606.91 million, up 190.8% year-over-year, reflecting consolidated foundry production costs, $146.91 million in stock-based compensation, and $127.64 million in depreciation and amortization (including purchase accounting asset step-ups from SkyWater). Operating loss widened to ($433.08) million.
On the bottom line, GAAP Net Income attributable to IonQ was $563.96 million ($1.42 per basic share), compared to a net loss of ($1,054.96) million in Q3 2025. This GAAP profitability was driven below the operating line by a $896.16 million non-cash mark-to-market gain on the change in fair value of warrant liabilities. On a non-GAAP basis, Adjusted EBITDA loss was ($133.61) million and Adjusted EPS was ($0.29).
Remaining Performance Obligations (RPO) more than doubled year-over-year to $1.2 billion ($689M at IonQ Platform and $479M at SkyWater Foundry). Driven by strong contract momentum, IonQ raised its full-year 2026 revenue guidance to between $505 million and $515 million, expecting 110% year-over-year growth in its core quantum computing revenue.
Commercial & Defense Deployments
- DARPA QBI Stage C Advancement: IonQ was selected as the only trapped-ion company to advance to Stage C of DARPA’s Quantum Benchmarking Initiative (QBI). This final phase evaluates multiple Superion generations and carries a potential agreement value of up to $300 million.
- NVIDIA Accelerated Quantum Research Center: NVIDIA selected the Superion 256 to serve as the first on-premises quantum computer at the NVIDIA Accelerated Quantum Research Center (NVAQC), connecting directly to a GB200 NVL72 AI supercluster via NVQLink and CUDA-Q.
- Superion 256 Commercial Contracts: Secured a $33 million multi-product contract with SDT (South Korea) for a Superion 256 and quantum memory platform, along with a $25 million contract with Florida International University. Quantum computing hardware and services accounted for approximately two-thirds of new contract dollars signed by the IonQ Platform segment during the quarter.
- DARPA Optical Atomic Clocks: Awarded a $28 million contract under DARPA’s “It’s About Time” program to deliver 25 optical atomic clocks for mission-critical defense positioning, navigation, and timing (PNT), with an option for 100 additional units valued at $30 million.
- AFRL & Strategic Alliances: Received $7.5 million in follow-on funding from the Air Force Research Laboratory (AFRL) for quantum networking, signed an MOU with Northrop Grumman spanning quantum computing and materials science, and partnered with Carahsoft to expand federal agency procurement.
Foundry & Quantum Cybersecurity Expansion
- SkyWater Quantum Solutions Launch: Launched the OnRamp commercialization initiative and expanded foundry capabilities through its SP90 quantum photonics platform and SC250 superconducting line. Signed a multi-year commercial manufacturing contract with Qolab (founded by Nobel Laureate John Martinis) and executed a multi-year extension with D-Wave Quantum Inc. to support its superconducting processor roadmap.
- Elisity Acquisition: Completed the acquisition of cybersecurity company Elisity to integrate AI-driven Zero Trust microsegmentation with IonQ’s Post-Quantum Cryptography (PQC) and Quantum Key Distribution (QKD) hardware. Added an $8.2 million enterprise security contract with Congruity360.
Resources and Further Reading
Additional details regarding this report can be found in the IonQ Q3 2026 earnings press release here and the Q3 2026 Investor Presentation here.
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