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US quantum-computing company building trapped-ion quantum computers, accessed via the cloud.
US quantum-computing company building trapped-ion quantum computers, accessed via the cloud.
Earns today mainly from a small number of large contracts, such as government research agreements and system sales, rather than steady subscriptions, plus computing time sold through the big cloud platforms. In 2025 it bought several companies, including Oxford Ionics, ID Quantique and Capella Space, to cover networking, sensing and chips as well as computers.
Moat: narrow (IP / patents, process know-how). Trapped-ion approach offers high qubit fidelity, but commercial quantum advantage is still unproven industry-wide.
Headquarters: College Park, Maryland, US · Founded: 2015 · Employees: 1,132
Size IonQ (IONQ) is a United States Information Technology company (Computer Processing Hardware) with a market value of $14.0B, the 630th largest of 3,117 United States companies the cockpit tracks. Shares closed at $32.62 on 6 Nov 2026.
Performance Over six months the shares fell 33.8%, against +7.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 370.6% over the last twelve months (peer median +28.4%); the operating margin is -392.5% (peer median 3.8%).
Valuation It trades at 48.5× enterprise value to sales against a peer median of 1.0× (4th most expensive of 20).
Capital Return on invested capital runs 79.2 points below its cost of capital (19.8% WACC).
Backlog Backlog (remaining performance obligations) was $1.17B at 30 Sep 2026, up 728% on a year earlier — 3.1 years of trailing revenue. Backlog detail →
Short interest Short interest is 11.2% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $246M | $130M | $43.1M | $22.0M | $11.1M |
| Revenue growth | — | +202% | +95% | +98% | — |
| Gross profit | -$81.8M | -$29.5M | $3.82M | $3.56M | $2.58M |
| EBITDA | -$813M | -$508M | -$212M | -$147M | -$80.1M |
| Net income | -$1.38B | -$510M | -$332M | -$158M | -$48.5M |
| Free cash flow | -$572M | -$388M | -$124M | -$92.5M | -$54.0M |
| Capital expenditure | $118M | $105M | $23.6M | $19.5M | $12.6M |
| Total debt | $54.5M | $30.0M | $17.7M | $8.11M | $4.05M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| IonQ IONQ | $14.0B | -34% | +371% | -392% | 48.5× | n/a |
| RGTI RGTI | $3.92B | -38% | +68% | -728% | 264.8× | n/a |
| QBTS QBTS | $4.05B | -25% | -44% | -1,373% | 286.2× | n/a |
| IBM IBM | $232B | +6% | +7% | 21% | 4.1× | 7.6% |
| Alphabet Inc. (Class A) GOOGL | $3.47T | -29% | +22% | 33% | 7.2× | 18.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IONQ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.3% | -14.1% | 7th lowest of 21 |
| 6-month return | -33.8% | +7.5% | 4th lowest of 20 |
| Distance from 52-week high | -55.7% | -36.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +370.6% | +28.4% | highest of 20 |
| Operating margin | -392.5% | 3.8% | 4th lowest of 20 |
| EV / Sales | 48.5× | 1.0× | 4th most expensive of 20 |
| ROIC minus cost of capital | -79.2 pp | +1.1 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IonQ IONQ | United States | $14.0B | -34% | +371% | -392% | 48.5× | n/a | n/a |
| Lingyi iTech (Guangdong) 002600.SZ | China | $14.2B | -17% | +9% | 6% | 1.9× | n/a | n/a |
| Advantech 2395.TW | Taiwan | $14.5B | +39% | +40% | 19% | 4.8× | 9.5% | +6.8% |
| GoerTek 002241.SZ | China | $13.1B | 0% | -3% | 2% | 1.0× | n/a | n/a |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 2.9× | 14.8% | +4.1% |
| IEIT SYSTEMS Co., Ltd.Class A 000977.SZ | China | $12.1B | -21% | +14% | 3% | 0.5× | 7.7% | +21.2% |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 0.4× | n/a | n/a |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 6.0× | 31.2% | +8.0% |
| Sharetronic Data Technology 300857.SZ | China | $11.4B | -40% | +127% | 21% | 4.8× | n/a | n/a |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 0.5× | n/a | n/a |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 0.8× | n/a | n/a |
| Quantinuum QNT | United States | $9.89B | n/a | +35% | -644% | 336.4× | n/a | n/a |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 0.2× | n/a | n/a |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 0.4× | -15.0% | +6.6% |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 0.3× | n/a | n/a |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 2.4× | n/a | n/a |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 0.8× | -2.7% | +7.3% |
| Compal Electronics 2324.TW | Taiwan | $4.15B | +8% | -4% | 1% | 0.2× | n/a | n/a |
| QBTS QBTS | United States | $4.05B | -25% | -44% | -1,373% | 286.2× | n/a | n/a |
| RGTI RGTI | United States | $3.92B | -38% | +68% | -728% | 264.8× | n/a | n/a |
IonQ reported $1.17B of remaining performance obligations at 30 Sep 2026, up 728% from a year earlier and up 141% from the previous quarter. That is 3.1 years of trailing revenue already under contract. Book-to-bill last quarter: 4.93.