IonQ has announced its third-quarter 2025 financial results, highlighting substantial revenue growth, major technical milestones, and a record balance sheet following strategic financing and acquisitions. The table below summarizes key GAAP financial metrics for Q3 2025, with comparisons to the prior quarter (Q2 2025) and the year-ago quarter (Q3 2024).
| Amounts in $M | Q3’2025 | Q2’2025 | Q3’2024 | % vs Q2’2025 | % vs Q3’2024 |
| Revenue | $39.9 | $20.7 | $12.4 | 92.6% | 221.5% |
| Operating Expenses | $208.7 | $181.3 | $65.5 | 15.1% | 218.4% |
| Operating Loss | ($168.8) | ($160.6) | ($53.1) | 5.1% | 217.7% |
| Net Loss | ($1,055.6) | ($177.5) | ($52.5) | 494.7% | 1910.8% |
| Cash, Cash Equivalents, and Investments | $1,485.0 | $656.8 | $382.8 | 126.1% | 287.9% |
Financial and Strategic Overview
IonQ reported Q3 2025 revenue of $39.9 million, exceeding the high end of its guidance by 37% and representing 221.5% growth year-over-year. The company raised its full-year 2025 revenue guidance to a range of $106 million to $110 million, driven by accelerating commercial contracts and partnerships.
The company is scaling rapidly, leading to significant increases in GAAP losses. Operating Expenses climbed 15.1% quarter-over-quarter to $208.7 million. The Net Loss widened substantially to ($1,055.6) billion, with the majority of this loss attributable to large, non-cash charges related to the mark-to-market valuation of warrant liabilities and acquisition-related costs. Adjusted EBITDA loss, a measure of core operational performance, was $48.9 million.
The company’s liquidity position is now industry-leading. By quarter end, cash, cash equivalents, and investments totaled $1.485 billion. Following the close of a $2.0 billion equity offering in October 2025, the pro-forma cash balance rose to $3.5 billion, providing extensive capital to execute its ambitious technology roadmap.
Quantum Technology Milestones
IonQ delivered two sector-defining technical achievements during the quarter:
- World-Record Fidelity: IonQ demonstrated a world-record 99.99% two-qubit gate performance. This fidelity level is a key threshold, establishing the required performance level for future large-scale fault-tolerant quantum computing systems and accelerating the path toward its 80,000 logical qubit goal in 2030.
- Early AQ Achievement: The company achieved its 2025 technical milestone of #AQ 64 (Algorithmic Qubit) on its IonQ Tempo system three months ahead of schedule. IonQ highlighted this milestone as exponentially expanding the computational power of its systems, opening up significantly larger computational space for complex algorithms.
Acquisitions and Commercial Expansion
IonQ completed two strategic acquisitions and expanded its global footprint, strengthening its full-stack quantum platform:
- Oxford Ionics: The acquisition of Oxford Ionics was completed, integrating its ion-trap-on-a-chip technology to enable a path toward higher scale, better unit economics, and enhanced stability by leveraging standard semiconductor manufacturing processes.
- Vector Atomic: IonQ completed the acquisition of Vector Atomic, adding advanced quantum sensing capabilities for applications in ultra-precise navigation, quantum timing, and critical defense and government missions.
- Global Networking: IonQ partnered with a Swiss consortium (including CERN and Rolex SA) to launch the first citywide dedicated quantum network in Geneva, advancing its quantum internet and cybersecurity infrastructure.
- Energy and APAC: The company secured a new contract with Oak Ridge National Laboratory to develop quantum-classical workflows for energy applications and expanded its strategic presence in the APAC region, including KISTI in South Korea.
Outlook and Resources
IonQ is raising its full-year 2025 revenue guidance to between $106 million and $110 million. The massive capital raise provides the company with a significant advantage, enabling it to accelerate its technology development and strategic growth initiatives globally.
A press release from IonQ announcing its Q3 2025 financial results can be found here. You can also review their November 2025 Investor Presentation at IONQ-Investor-Overview-2025-11-05.pdf and a webcast of their Q3 2025 Earnings call at IonQ Third Quarter 2025 Earnings Call – 1737816.
November 6, 2025
