Trapped-ion quantum computing company and the sector’s revenue leader. Acquired the SkyWater foundry in July 2026.
The commercial lead is real, but about 46% of the FY26 IonQ-only revenue guide is acquired rather than organic, gross margin has fallen from 59.8% to 24.9% in a year, and the price needs a bull case we cannot underwrite: $43.91 implies about 50% annual revenue growth to 2035 at a 30% adjusted EBITDA margin.
Revenue of $171.4m beat our estimate, but $91.8m came from SkyWater and IonQ-only revenue was flat on the quarter. Gross margin fell again. Sell and $15 target unchanged. Sample update with illustrative figures and sources.
Revenue rose 287% to $80.1m in Q2 2026, but growth is being bought at falling margins and the price sits above even our $37 bull value. We initiate at Sell with a $15 target.
Answers come from Penmark’s IONQ research and the company’s filings, with a source for each claim. Change an assumption and the assistant reruns the report’s valuation.
