# IonQ, Inc. (IONQ)

> Source: Nexqual · https://nexqual.com/IONQ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, IonQ, Inc. (IONQ), nexqual.com/IONQ" · informational, not investment advice.

**Price:** USD 31.16 (-3.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 32.28 · day 30.7–32.34 · 52w 25.89–73.65 · market cap $12.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $246M, net income -$1.36B (-553.3% margin), free cash flow -$484M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $791K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.07 on a 1–5 scale) (14 analysts), mean target USD 64.06 (range 41.85–100).
- Total return with dividends: 1Y -47.5% vs S&P 500 +14.9%; 5Y +222.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.8, revenue estimate $141M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.1M | $1.24B | $22.0M | $43.1M | $130M | $246M |
| Operating income | -$38.7M | -$85.7M | -$158M | -$232M | -$634M | -$1.01B |
| Net income | -$106M | -$48.5M | -$158M | -$332M | -$510M | -$1.36B |
| EPS (diluted) | -$0.77 | -$0.25 | -$0.78 | -$1.56 | -$1.82 | — |
| Free cash flow | -$34.3M | -$54.0M | -$92.5M | -$124M | -$300M | -$484M |
| Operating margin | -1843.1% | -6.9% | -715.7% | -539.7% | -487.4% | -408.2% |
| Net margin | -5058.9% | -3.9% | -715.8% | -770.0% | -392.6% | -553.3% |
| Revenue growth | — | +58737.5% | -98.2% | +95.4% | +201.9% | — |
| Cash + short-term investments | $522M | $356M | $355M | $340M | $2.39B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 51.2x · P/B 3.8x · FCF yield -3.83% · Earnings yield -10.80%

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Raymond John W | Director | 2,407 | $90K | 3% | Yes (adopted March 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18 | Toledano Gabrielle B | Director | 2,757 | $152K | 19.8% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-18 | Chou Kathryn K. | Director | 2,757 | $152K | 4.2% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-18 | Raymond John W | Director | 3,815 | $210K | 4.5% | Yes (adopted March 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Cardillo Robert T. | Director | 3,773 | $188K | 2.6% | Yes (adopted March 12, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 14 analysts; mean target USD 64.06 (low 41.85, high 100).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Morgan Stanley | Target lowered | Equal-Weight | $49 → $43 |
| 2026-10-15 | Rosenblatt | Target lowered | Buy | $100 → $70 |
| 2026-10-13 | Rosenblatt | Maintained | Buy | $100 |
| 2026-09-28 | B of A Securities | Initiated | Buy | $60 |
| 2026-09-22 | Wedbush | Reiterated | Outperform | $75 |
| 2026-09-09 | Mizuho | Target lowered | Outperform | $61 → $52 |
| 2026-09-09 | Rosenblatt | Maintained | Buy | $100 |
| 2026-09-09 | Needham | Reiterated | Buy | $65 |
| 2026-09-09 | Cantor Fitzgerald | Reiterated | Overweight | $70 |
| 2026-08-06 | Benchmark | Reiterated | Buy | $60 |
| 2026-08-06 | Needham | Reiterated | Buy | $65 |
| 2026-08-06 | Cantor Fitzgerald | Reiterated | Overweight | $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -47.5% | +222.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -47.6% | +26.3% |
| Volatility (annualized) | 90.5% | 95.8% |
| Max drawdown | -57.7% (Oct 2025→Mar 2026) | -88.2% (Nov 2021→Dec 2022) |

## Peers (Computer Hardware)
LOGI (Logitech International S.A. - R) USD 112.52 +1.98% · SMCI (Super Micro Computer, Inc.) USD 33.72 -5.20% · HPQ (HP Inc.) USD 33.76 +7.79% · QBTS (D-Wave Quantum Inc.) USD 11.63 -3.88% · RGTI (Rigetti Computing, Inc.) USD 11.48 -4.73% · P (Everpure, Inc.) USD 121.2 -7.43%

## More
Full page: https://nexqual.com/IONQ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IONQ's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1824920/000119312526071562/ionq-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | SkyWater Technology | "Similarly, on January 26, 2026, we announced the currently-pending acquisition, which we refer to as the SkyWater Acquisition, of SkyWater Technologies, Inc., which we refer to as SkyWater, and which we believe will acce…" |
| Supplier | SkyWater Technologies | "Similarly, on January 26, 2026, we announced the currently-pending acquisition, which we refer to as the SkyWater Acquisition, of SkyWater Technologies, Inc., which we refer to as SkyWater, and which we believe will acce…" |
| Customer | Amazon (AMZN) | "We currently make access to our quantum computers available through three major cloud platforms, Amazon Web Services', or AWS's, Braket, Microsoft's Azure Quantum and Google's Cloud Marketplace, and also to select custom…" |
| Customer | Microsoft (MSFT) | "We currently make access to our quantum computers available through three major cloud platforms, Amazon Web Services', or AWS's, Braket, Microsoft's Azure Quantum and Google's Cloud Marketplace, and also to select custom…" |
| Customer | Alphabet (Google) (GOOGL) | "We currently make access to our quantum computers available through three major cloud platforms, Amazon Web Services', or AWS's, Braket, Microsoft's Azure Quantum and Google's Cloud Marketplace, and also to select custom…" |
| Competitor | IBM (IBM) | "large, well-established technology companies that generally compete in all of our markets, including Amazon, Google, IBM, Intel and Microsoft;" |
| Competitor | Intel (INTC) | "large, well-established technology companies that generally compete in all of our markets, including Amazon, Google, IBM, Intel and Microsoft;" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Quantum Hardware | $46.5M | 58.0% | +230.3% |
| Platform Consulting & Support Services | $33.6M | 42.0% | +406.7% |
| Total revenue | $80.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $38.2M | 47.8% | +139.1% |
| South Korea | $17.8M | 22.2% | +3096.8% |
| Non Us | $15.2M | 19.0% | +620.1% |
| Switzerland | $8.8M | 11.0% | +333.8% |
| Total revenue | $80.0M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 33% of revenue from unnamed direct customers (10-Q, filed 2026-08-10).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.80 | $-0.57 | +40.9% | $141.2M | 5 |
| Next quarter (ends 2026-12-31) | $-0.79 | $-0.58 | +36.5% | $169.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $-4.03 | $0.33 | -1322.5% | $455.1M | 6 |
| Next fiscal year (ends 2027-12-31) | $-3.17 | $-2.31 | +37.3% | $808.0M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±13.7%; earnings reaction alone ±7.7%; last 8 reports averaged ±9.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 72.0% | ±8.6% |
| 2026-11-06 | 14 | 84.7% | ±13.7% |
| 2026-11-13 | 21 | 83.9% | ±16.3% |
| 2026-11-20 | 28 | 77.0% | ±17.3% |
| 2026-11-27 | 35 | 76.4% | ±18.9% |
| 2026-12-04 | 42 | 85.6% | ±23.1% |
| 2026-12-18 | 56 | 74.5% | ±23.1% |
| 2027-01-15 | 84 | 73.8% | ±27.8% |