Insider Brief
- IonQ reported $130 million in 2025 revenue, up 202% year over year, becoming the first publicly traded quantum computing company to exceed $100 million in annual GAAP revenue.
- The company ended the year with $3.3 billion in cash and investments, expanded commercial and international sales, and announced plans to acquire SkyWater Technology to strengthen domestic quantum chip manufacturing.
- IonQ guided for 2026 revenue between $225 million and $245 million while projecting continued adjusted operating losses as it scales operations and integrates acquisitions.
IonQ crossed a symbolic threshold in 2025, becoming the first publicly traded quantum computing company to report more than $100 million in annual GAAP revenue.
The College Park, Maryland-based company reported in a statement that it generated $130 million in revenue for the full year ended Dec. 31, 2025, up 202% from the prior year and 20% above the midpoint of its previous guidance range, according to a company news release issued Tuesday. Fourth-quarter revenue reached $61.9 million, representing 429% year-over-year growth and 55% above the midpoint of the implied guidance range.
“I am pleased to share that IonQ has once again significantly outperformed our revenue guidance range, exceeding the midpoint by 55% for the fourth quarter and 20% for the full year by delivering $61.9 million and $130.0 million respectively,” said Niccolo deMasi, Chairman and CEO. “Our strategic evolution into the world’s only full-stack quantum platform company, and strong organic growth, positions us with continued momentum to achieve $235 million in revenue for 2026, at our current guidance midpoint.”
IonQ reported net income of $753.7 million in the fourth quarter, with Generally Accepted Accounting Principles GAAP — a standardized set of accounting rules — earnings per share of $2.13. For the full year, the company posted a net loss of $510.4 million and GAAP earnings per share of negative $1.82. The company ended the year with $3.3 billion in cash, cash equivalents and investments.
The nine-figure results mark a milestone for a sector that has long promised transformative computing power but has struggled to translate technical progress into sustained revenue.
“2025 represented historic growth for the company, and our results exceeded our own expectations for both top line and bottom line, as well as consensus estimates,” said Inder Singh, CFO and COO. “In our 2025 revenues of $130.0 million, more than 60% came from commercial customers, demonstrating that quantum is resonating with the commercial sector. In addition, international sales comprised more than 30% of revenue, demonstrating that our quantum platform is more global. Importantly, our 2025 results included nearly 80% year-over-year organic growth, and in our 2026 guidance, we expect organic growth to be even higher. We continue our focus on building strong backlog and having a targeted view of the pipeline inorder to ensure visibility in our financial planning.”
Scaling Revenue and Commercial Mix
Among the quarter’s other highlights was an expanded agreement with QuantumBasel valued at more than $60 million over four years, spanning four generations of IonQ systems. IonQ also reported the sale of a fifth-generation, 100-qubit system to the Korea Institute of Science and Technology Information, or KISTI. The system is expected to anchor what IonQ described as the country’s largest quantum-classical computing platform, combining quantum processors with high-performance classical computing and Nvidia-based acceleration for artificial intelligence workloads.
IonQ has focused on positioning its systems as part of hybrid architectures, where quantum processors handle specialized calculations while conventional supercomputers and AI chips manage other tasks. Such hybrid approaches are widely seen as the most practical near-term path for quantum computing to deliver commercial value.
The company also reported continued collaboration in quantum-enabled life sciences through a strategic partnership with CCRM, a Canada-based organization that helps translate academic research in cell and gene therapies into commercial products, aimed at accelerating the development of advanced therapeutics. IonQ added it deployed operational national quantum networks in Switzerland, Slovakia and Romania, and was selected by the Defense Advanced Research Projects Agency, or DARPA, for Phase B of its Quantum Benchmarking Initiative.
IonQ describes itself as a “full-stack” quantum platform company, meaning it develops hardware, software and related services across multiple domains, including quantum computing, networking, sensing and security. The company said 2025 marked a strategic shift toward a semiconductor-based roadmap for its quantum computers, signaling deeper integration with established chip manufacturing processes.
Acquisition Strategy and Balance Sheet
A key strategic move announced alongside the earnings report was an agreement to acquire SkyWater Technology, a U.S.-based semiconductor foundry with experience in quantum chip fabrication. IonQ said the acquisition would create what it described as a well-capitalized merchant supplier for the U.S. quantum industry.
SkyWater’s role as a domestic chip manufacturer could carry implications beyond IonQ’s own operations. U.S. policymakers have increasingly emphasized onshore semiconductor production for national security and supply-chain resilience. By integrating with a domestic foundry, IonQ is positioning itself within that policy framework while potentially securing tighter control over its hardware supply chain.
IonQ’s substantial cash position — $3.3 billion at year-end — gives it continued flexibility to pursue acquisitions and invest in research and development. The large fourth-quarter net income was influenced by noncash accounting items, including changes in the fair value of warrant liabilities, according to the company’s explanation of GAAP and non-GAAP measures. For the full year, IonQ continued to report losses on both a GAAP and adjusted basis, reflecting ongoing investment in growth.
Adjusted EBITDA, a non-GAAP measure that excludes certain items such as stock-based compensation and warrant-related charges, showed a loss of $67.4 million in the fourth quarter and $186.8 million for the full year. Adjusted earnings per share were negative $0.20 for the quarter and negative $0.60 for the year.
Outlook for 2026
Looking ahead, IonQ said it expects 2026 revenue between $225 million and $245 million, with first-quarter revenue projected between $48 million and $51 million. The midpoint of that annual range implies continued triple-digit growth compared with 2024 levels, though the pace would moderate relative to 2025’s 202% increase.
The company anticipates an adjusted EBITDA loss between $310 million and $330 million for 2026, reflecting plans to scale operations and integrate acquisitions. I
The guidance shows the rapid top-line expansion coupled with ongoing operating losses as companies invest in technology, talent and infrastructure.