IonQ, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Quantum Hardware was 54% and Platform Consulting and Support Services was 46% of revenue; Quantum Hardware rose from 32% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 67% and Outside the United States was 20% of revenue; United States fell from 85% in the fiscal year to Dec 2023.

Quarters: IonQ, Inc.'s SEC filings, named by the month they end. Fiscal years: IonQ, Inc.'s annual reports to the SEC.

How it makes money

The company loses $392.6 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: IonQ, Inc.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report IonQ buys from Amazon, Microsoft, Alphabet. It sells through the platforms of Amazon, Microsoft, Alphabet.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon, Microsoft

CoreWeave CRWVto Microsoft

AMD AMDto Microsoft

Show 8

Suppliers

Alphabet GOOGL

Amazon AMZN

Microsoft MSFT

 

IONQIonQ

IonQ's 10-Q for the quarter to Sep 2026 gives one customer's share of its revenue: Customer Two (30%).

From IonQ, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Partners

Amazon AMZNinvested in IonQ · Holds warrant to purchase IonQ shares

Synopsys SNPSCo-develop quantum applications for design and engineering

Platforms

Amazon AMZNIonQ sells through it · Distributes quantum computing access through Amazon BraketMicrosoft MSFTIonQ sells through it · Distributes quantum computing access through Azure QuantumAlphabet GOOGLIonQ sells through it · Distributes quantum computing access through Cloud Marketplace

Changes since the previous annual report (10-K filed Feb 26, 2025)

Alphabet GOOGLWas a partner, now a supplierAmazon AMZNNow also a supplierMicrosoft MSFTWas a partner, now a supplier

Only the companies IonQ names in its 10-K filed Feb 25, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Platforms: an app store, a console maker or a marketplace one company sells through and pays a share or a fee; not supply, so not on the chain. Hover a name for the filing's own words.

Is it expensive?

P/E of 17.8x. No peers to compare against.

No peers with a P/E to compare against.

Its peers here are the other quantum computing companies on this site, a group kept by hand: Yahoo Finance's Computer Hardware list is another business.

What analysts expect

The average analyst price target is $54.27, 76% above the current price; 86% of 14 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 12 analysts (86%). Sell or Strong Sell: 0.

Since May 7, 2026 the average of the analysts' latest price targets went from $60.00 to $61.18 (+2%), while IONQ went from $47.68 to $30.86 (−35%). In the past three months targets were cut 8 times and never raised. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved +29.3% (Dec 2025, beat); −0.7% (Mar 2026, beat); −4.8% (Jun 2026, missed); +10.4% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.79 a share, and revenue of $192M, up 210% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $872M, up 71% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $44M exceeds operating cash flow of −$645M, leaving free cash flow of −$689M. The gap has to be covered with cash on hand or borrowing.

IonQ had 401M diluted shares in the quarter ended Sep 2026, 36.1% more than a year earlier, and 17.2% more each year on average since Mar 2022.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 15.5, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves IONQ out (on the exchange, not in the app yet): UNICOM Systems, Norges Bank, Swiss National Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 8 held IONQ at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares, 4 cut, 2 sold all and 1 held the same. The largest of them is Norges Bank, 5.19M shares worth $276M at Jun 30, 2026, 16.6% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of IONQ at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $115K and sold $7.2M of IONQ on the open market in the 12 months to Nov 12, 2026. 99% of the sales were made under 10b5-1 plans, set up in advance. The largest was Rima Alameddine (Chief Revenue Officer), who sold $4.7M in 1 sale.

From the Form 4s filed with the SEC about IonQ, Inc. (40 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 34 other transactions (grants, option exercises and shares withheld for tax).