9to5investing

Stocks·NYSE:IONQ

IonQ (IONQ)

Worth knowing: Oct 14, 2026: Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds) (424B5); Oct 14, 2026: Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds) (424B5).
OverviewFinancialsOwnersFilings
Loading chart…
Revenue, last 12 months$380M+377% vs. a year before
Free cash flow, last 12 months-$689MBurning cash
Cash and short-term investments$998MDebt: $65.6M
Shares outstanding, past year+22.1%432M shares now
Cash runway (my math)17 monthsAt $172M burned a quarter
Backlog (signed, not yet booked)$1.17BAs of Sep 30, 2026

My take

Average analyst target $64 14 analysts · as of Oct 30, 2026 · Scorecard

Every video where I mention IONQ

The last 12 months

  1. Nov 5, 2026S-8Registered shares for employee stock plans
  2. Nov 5, 202610-QQuarterly report
  3. Nov 5, 20268-KCompleted buying or selling a business; Released quarterly results; Sold shares without SEC registration; Shared information with investors
  4. Nov 2, 2026VideoMy video: IonQ Stock: 113% Upside If Analysts Are Right? (IONQ)
  5. Oct 30, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  6. Oct 16, 20268-KOther news
  7. Oct 14, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
  8. Oct 14, 2026424B5Prospectus for a sale off the shelf (new shares, an at-the-market program, or bonds)
  9. Oct 13, 20268-KSigned a major agreement; Sold shares without SEC registration; Shared information with investors
  10. Aug 28, 20268-KExecutive or board change; Other news
  11. Aug 13, 2026SCHEDULE 13GAn investor reported a 5%+ stake
  12. Aug 10, 202610-QQuarterly report
  13. Aug 7, 2026424B7Prospectus for shares sold by existing holders
  14. Aug 7, 20268-KSold shares without SEC registration

All filings →

Cash runway: about 17 months. IonQ had $998M in cash and short-term investments on Sep 30, 2026 and burned $689M of free cash flow over the 12 months before that, about $172M a quarter. Divide one by the other and that's the runway, if nothing changes.

My math, not the company's. It doesn't count money raised after Sep 30, 2026 (check the Filings tab for offerings), credit lines, or plans to cut spending.

Revenue by year
2020: $020202021: $2.10M20212022: $1.24B20222023: $22M20232024: $43.1M20242025: $130M2025$130M
Show the numbers
Revenue by year
2020$0
2021$2.10M
2022$1.24B
2023$22M
2024$43.1M
2025$130M
Revenue by quarter calendar quarter the period ended in
Q4 23: $6.11MQ1 24: $7.58MQ1 24Q2 24: $11.4MQ3 24: $12.4MQ3 24Q4 24: $11.7MQ1 25: $7.57MQ1 25Q2 25: $20.7MQ3 25: $39.9MQ3 25Q4 25: $61.9MQ1 26: $64.7MQ1 26Q2 26: $80MQ3 26: $174MQ3 26$174M
Show the numbers
Revenue by quarter
Q4 23$6.11M
Q1 24$7.58M
Q2 24$11.4M
Q3 24$12.4M
Q4 24$11.7M
Q1 25$7.57M
Q2 25$20.7M
Q3 25$39.9M
Q4 25$61.9M
Q1 26$64.7M
Q2 26$80M
Q3 26$174M
Operating income (loss) by year profit from the business before interest and taxes
2020: -$15.7M20202021: -$38.7M20212022: -$85.7M20222023: -$158M20232024: -$232M20242025: -$634M2025-$634M
Show the numbers
Operating income (loss) by year
2020-$15.7M
2021-$38.7M
2022-$85.7M
2023-$158M
2024-$232M
2025-$634M
Free cash flow by year cash from operations minus spending on buildings and equipment
2020: -$22M20202021: -$34.3M20212022: -$54M20222023: -$92.5M20232024: -$124M20242025: -$300M2025-$300M
Show the numbers
Free cash flow by year
2020-$22M
2021-$34.3M
2022-$54M
2023-$92.5M
2024-$124M
2025-$300M
Cash vs. debt

Cash and short-term investmentsDebt

2020 · Cash and short-term investments: $36.1M20202021 · Cash and short-term investments: $522M20212022 · Cash and short-term investments: $356M20222023 · Cash and short-term investments: $355M20232024 · Cash and short-term investments: $340M20242025 · Cash and short-term investments: $2.39B2025 · Debt: $02025
Show the numbers
Cash and short-term investmentsDebt
2020$36.1Mn/a
2021$522Mn/a
2022$356Mn/a
2023$355Mn/a
2024$340Mn/a
2025$2.39B$0
How it makes money: Q3 2026 revenue by business segment; the thin line is a year earlier
  • SkyWater Foundry Services$100M 58%
  • IonQ Platform$90.3M 52% +127% vs. a year ago

From the 10-Q filed Nov 5, 2026. Source. Adjustments between segments (eliminations) are left off the chart. The parts didn't add up neatly in this filing, so treat this split as approximate.

Stock pay vs. buybacks

Stock-based pay to employeesSpent buying back shares

2020 · Stock-based pay to employees: $1.22M2020 · Spent buying back shares: $020202021 · Stock-based pay to employees: $7.75M2021 · Spent buying back shares: $020212022 · Stock-based pay to employees: $31.5M2022 · Spent buying back shares: $020222023 · Stock-based pay to employees: $69.7M2023 · Spent buying back shares: $020232024 · Stock-based pay to employees: $107M2024 · Spent buying back shares: $020242025 · Stock-based pay to employees: $312M2025 · Spent buying back shares: $02025
Show the numbers
Stock-based pay to employeesSpent buying back shares
2020$1.22M$0
2021$7.75M$0
2022$31.5M$0
2023$69.7M$0
2024$107M$0
2025$312M$0

If buybacks are smaller than stock pay, the buyback isn't shrinking the share count; it's soaking up shares handed to employees.

Backlog (remaining performance obligations) contracts signed but not yet booked as revenue
Q1 24: $61.8MQ1 24Q2 24: $59.5MQ3 24: $110MQ3 24Q4 24: $77.2MQ1 25: $71.9MQ1 25Q2 25: $122MQ3 25: $141MQ3 25Q4 25: $370MQ1 26: $470MQ1 26Q2 26: $485MQ3 26: $1.17BQ3 26$1.17B
Show the numbers
Backlog (remaining performance obligations)
Q1 24$61.8M
Q2 24$59.5M
Q3 24$110M
Q4 24$77.2M
Q1 25$71.9M
Q2 25$122M
Q3 25$141M
Q4 25$370M
Q1 26$470M
Q2 26$485M
Q3 26$1.17B

Compare IONQ with other stocks →

From the company's own SEC filings via SEC EDGAR, latest period ended Sep 30, 2026. Numbers can be restated later. Not investment advice.

Dilution

Shares outstanding
Mar 2023: 202MMay 2023: 201MMay 2023Aug 2023: 203MNov 2023: 205MNov 2023Feb 2024: 208MMay 2024: 211MMay 2024Jul 2024: 214MOct 2024: 216MOct 2024Feb 2025: 223MApr 2025: 248MApr 2025Jul 2025: 297MOct 2025: 354MOct 2025Feb 2026: 367MApr 2026: 373MApr 2026Jul 2026: 381MOct 2026: 432MOct 2026432M
Show the numbers
Shares outstanding
Mar 2023202M
May 2023201M
Aug 2023203M
Nov 2023205M
Feb 2024208M
May 2024211M
Jul 2024214M
Oct 2024216M
Feb 2025223M
Apr 2025248M
Jul 2025297M
Oct 2025354M
Feb 2026367M
Apr 2026373M
Jul 2026381M
Oct 2026432M

The share count is up +22.1% in a year, so each share is a slightly smaller slice of the company. What dilution means.

Insider trades

Insider buys, 12 months2$225K
Insider sales, 12 months12$7.21M, 11 planned in advance

Bought or sold on the open market

DateWhoWhatSharesValueFiling
Sep 10, 2026John w Raymond
Director		Sold on the market (planned)2.4K$89.6KForm 4
Jun 18, 2026Gabrielle B Toledano
Director		Sold on the market (planned)2.8K$152KForm 4
Jun 18, 2026Kathryn K. Chou
Director		Sold on the market (planned)2.8K$152KForm 4
Jun 18, 2026John w Raymond
Director		Sold on the market (planned)3.8K$210KForm 4
May 6, 2026Robert T. Cardillo
Director		Sold on the market (planned)3.8K$188KForm 4
Apr 16, 2026Robert T. Cardillo
Director		Sold on the market (planned)2.5K$112KForm 4
Mar 12, 2026John w Raymond
Director		Sold on the market2.8K$93.4KForm 4
Feb 27, 2026William J JR Teuber
Director		Bought on the market3K$115KForm 4
Feb 26, 2026Robert T. Cardillo
Director		Sold on the market (planned)5.2K$204KForm 4
Feb 24, 2026Gabrielle B Toledano
Director		Sold on the market (planned)616$19.1KForm 4
Dec 22, 2025Kathryn K. Chou
Director		Sold on the market (planned)5K$275KForm 4
Dec 11, 2025Kathryn K. Chou
Director		Sold on the market (planned)20K$1.03MForm 4
Nov 20, 2025Rima Alameddine
Chief Revenue Officer		Sold on the market (planned)100K$4.69MForm 4
Nov 11, 2025William J JR Teuber
Director		Bought on the market2K$110KForm 4
Everything else: grants, option exercises, tax withholding (35)
DateWhoWhatSharesValueFiling
Sep 11, 2026Paul T Dacier
CAO, CLO and Secretary		Shares withheld for taxes4.5K$165KForm 4
Sep 11, 2026Inder M Singh
CFO & COO		Shares withheld for taxes6.3K$233KForm 4
Sep 11, 2026Masi Niccolo de
President and CEO, Director		Shares withheld for taxes16.1K$598KForm 4
Aug 24, 2026Timothy E Baxter
Director		Grant or award5.5Kn/aForm 4
Aug 24, 2026Eric R. Ball
Director		Grant or award5.5Kn/aForm 4
Jun 17, 2026Gabrielle B Toledano
Director		Grant or award (planned)4.5Kn/aForm 4
Jun 17, 2026Kathryn K. Chou
Director		Grant or award (planned)4.5Kn/aForm 4
Jun 17, 2026Jim Frankola
Director		Grant or award4.5Kn/aForm 4
Jun 17, 2026William J JR Teuber
Director		Grant or award4.5Kn/aForm 4
Jun 17, 2026William F Scannell
Director		Grant or award4.5Kn/aForm 4
Jun 16, 2026Inder M Singh
CFO & COO		Shares withheld for taxes2.6K$156KForm 4
Jun 11, 2026Inder M Singh
CFO & COO		Shares withheld for taxes6.3K$353KForm 4
Jun 11, 2026Masi Niccolo de
President and CEO, Director		Shares withheld for taxes16.1K$906KForm 4
Jun 11, 2026Robert T. Cardillo
Director		Shares withheld for taxes904$50.8KForm 4
Jun 11, 2026Paul T Dacier
CAO, CLO and Secretary		Shares withheld for taxes4.1K$231KForm 4
May 6, 2026Robert T. Cardillo
Director		Exercised options (planned)3.8K$42.4KForm 4
Apr 16, 2026Robert T. Cardillo
Director		Exercised options (planned)2.5K$28.1KForm 4
Mar 11, 2026Inder M Singh
CFO & COO		Shares withheld for taxes8.1K$283KForm 4
Mar 11, 2026Paul T Dacier
CAO, CLO and Secretary		Shares withheld for taxes6.2K$215KForm 4
Mar 11, 2026Robert T. Cardillo
Director		Shares withheld for taxes904$31.5KForm 4
Mar 11, 2026Masi Niccolo de
President and CEO, Director		Shares withheld for taxes20.8K$723KForm 4
Mar 2, 2026Robert T. Cardillo
Director		Grant or award31.7Kn/aForm 4
Feb 27, 2026Robert T. Cardillo
Director		Shares withheld for taxes (planned)3.1K$120KForm 4
Feb 26, 2026Robert T. Cardillo
Director		Exercised options (planned)2.5K$28.1KForm 4
Feb 20, 2026Paul T Dacier
CAO, CLO and Secretary		Grant or award4.4Kn/aForm 4
Feb 20, 2026Masi Niccolo de
President and CEO, Director		Grant or award11.6Kn/aForm 4
Feb 20, 2026Inder M Singh
CFO & COO		Grant or award3.7Kn/aForm 4
Dec 22, 2025Kathryn K. Chou
Director		Exercised options (planned)5K$23.1KForm 4
Dec 11, 2025Masi Niccolo de
President and CEO, Director		Shares withheld for taxes16.3K$822KForm 4
Dec 11, 2025Scott Francis Millard
Chief Business Officer		Shares withheld for taxes19.6K$989KForm 4
Dec 11, 2025Paul T Dacier
CAO, CLO and Secretary		Shares withheld for taxes4.1K$209KForm 4
Dec 11, 2025Kathryn K. Chou
Director		Exercised options (planned)20K$92.2KForm 4
Dec 11, 2025Inder M Singh
CFO & COO		Shares withheld for taxes12.6K$634KForm 4
Nov 17, 2025John w Raymond
Director		Grant or award83.7Kn/aForm 4
Nov 10, 2025Inder M Singh
CFO & COO		Grant or award275Kn/aForm 4

An insider buying with their own money is a stronger signal than a sale: people sell for taxes, houses and diversification. "Planned" sales were scheduled months ahead under a 10b5-1 plan. Source: SEC Form 4.

Famous investors who own it

None of the 18 famous investors I track owned IONQ at their last 13F. Who I track.

Failed trades

Failed trades (fails to deliver) shares that weren't delivered on time when a trade settled
Aug 5: 11Aug 6: 21Aug 7: 118KAug 10: 131KAug 10Aug 11: 886Aug 12: 19Aug 13: 5Aug 14: 20Aug 14Aug 17: 145KAug 18: 9.5KAug 19: 175KAug 20: 31.7KAug 20Aug 21: 182KAug 24: 319KAug 25: 173KAug 26: 5Aug 26Aug 27: 12.9KAug 28: 15.1KAug 31: 154KSep 1: 116KSep 1Sep 2: 5Sep 3: 2.2KSep 4: 174KSep 8: 405KSep 8Sep 9: 4.2KSep 10: 40.2KSep 16: 4.8KSep 17: 11.3KSep 17Sep 18: 3.2KSep 21: 1.2MSep 23: 220Sep 28: 14KSep 28Sep 29: 143KOct 2: 24.8KOct 5: 32.7KOct 6: 4.3KOct 6Oct 7: 62.6KOct 9: 95.9KOct 13: 229KOct 14: 194KOct 14194K
Show the numbers
Failed trades (fails to deliver)
Aug 511
Aug 621
Aug 7118K
Aug 10131K
Aug 11886
Aug 1219
Aug 135
Aug 1420
Aug 17145K
Aug 189.5K
Aug 19175K
Aug 2031.7K
Aug 21182K
Aug 24319K
Aug 25173K
Aug 265
Aug 2712.9K
Aug 2815.1K
Aug 31154K
Sep 1116K
Sep 25
Sep 32.2K
Sep 4174K
Sep 8405K
Sep 94.2K
Sep 1040.2K
Sep 164.8K
Sep 1711.3K
Sep 183.2K
Sep 211.2M
Sep 23220
Sep 2814K
Sep 29143K
Oct 224.8K
Oct 532.7K
Oct 64.3K
Oct 762.6K
Oct 995.9K
Oct 13229K
Oct 14194K

From the SEC's fails-to-deliver data, which runs two to four weeks behind. A spike can mean heavy short selling or just back-office delays; it isn't proof of anything on its own. Short interest isn't shown: FINRA's terms don't allow republishing it.

Share offerings

Selling new shares dilutes current owners. A "shelf" is permission to sell later; a 424B5 usually means a sale is actually happening.

What they told the SEC, in plain English

Every 8-K (the report a company files when something big happens) in the last two years. Red ones are worth a closer look: auditor changes, restatements, late reports, listing problems.

What changed in the latest annual report

Comparing the risk factors in the 10-K filed Feb 25, 2026 with the one filed Feb 26, 2025: 4 new and 4 removed, out of 62.

New this year

  • The SkyWater Acquisition may not be completed within the expected timeframe, or at all.
  • The SkyWater Acquisition may cause our financial results to differ from expectations, we may not achieve the anticipated benefits of the SkyWater Acquisition and the SkyWater Acquisition may disrupt our current plans or operations.
  • Acquisitions and other strategic investments involve a number of inherent risks, any of which could result in the benefits anticipated not being realized.
  • Our satellite operations depend on regulatory approvals, and any delays, denials, or changes in policy could harm our business, operations and financial results.
Dropped from last year (4)
  • Our management has limited experience in operating a public company.
  • Our systems depend on the use of a particular isotope of an atomic element that provides qubits for our ion trap technology. If we are unable to procure these isotopically enriched atomic samples, or are unable to do so on a timely and cost-effective basis, and in sufficient quantities, we may…
  • Acquisitions, divestitures, strategic investments and strategic partnerships could disrupt our business and harm our financial condition and operating results.
  • Certain of our activities are subject to regulations relating to use of radioactive material, compliance with which may be costly, and a failure to comply with these regulations may materially and adversely affect our business.

Matched by each risk's headline, so a reworded risk can show up as new. This year's report · last year's.

Government contracts

$9.58M in federal contract money over the last 12 months, across 27 awards and changes.

DateAgencyWhat forAmount
Jun 16, 2026Department of the NavyVECTOR ATOMIC WILL DEVELOP AND DEMONSTRATE A LITER SCALE OPTICAL CLOCK. AT THE CONCLUSION OF THE PROGRAM, 10 CLOCKS WILL BE EVALUATED AGAINST THE BAA METRICS A…$4M
Apr 3, 2026Department of the ArmySBIR PHII TOPIC NUMBER OSD232-009, APPLICATION-SPECIFIC ELECTRONIC PACKAGE FOR A QUANTUM SENSOR AN APPLICATION-SPECIFIC ELECTRONICS PACKAGE THAT ENABLES LOW-NO…$1.70M
Jan 30, 2026Department of the NavyVECTOR ATOMIC WILL DEVELOP AND DEMONSTRATE A LITER SCALE OPTICAL CLOCK. AT THE CONCLUSION OF THE PROGRAM, 10 CLOCKS WILL BE EVALUATED AGAINST THE BAA METRICS A…$1M
Sep 22, 2026National Institute of Standards and TechnologyOU68-FY26-493-NEW OPTICAL ATOMIC CLOCK SYSTEMS$1000K
Sep 29, 2026National Aeronautics and Space AdministrationCSDA PROGRAM - SAR TASK ORDER$913K
Nov 24, 2025Department of the NavyVECTOR ATOMIC WILL DEVELOP AND DEMONSTRATE A LITER SCALE OPTICAL CLOCK. AT THE CONCLUSION OF THE PROGRAM, 10 CLOCKS WILL BE EVALUATED AGAINST THE BAA METRICS A…$500K
Sep 14, 2026National Institute of Standards and TechnologyLOW POWER DUAL COMB LASER$251K
Nov 25, 2025National Aeronautics and Space AdministrationCOMMERCIAL SATELLITE DATA ACQUISITION (CSDA) PROGRAM. TASK ORDER FOR DISASTER RESPONSE SATELLITE DATA$209K
Jan 16, 2026Missile Defense AgencySCALABLE HOMELAND INNOVATIVE ENTERPRISE LAYERED DEFENSE (SHIELD) INITIAL ORDER.$500
Dec 19, 2025Missile Defense AgencySCALABLE HOMELAND INNOVATIVE ENTERPRISE LAYERED DEFENSE (SHIELD) INITIAL ORDER.$500

From USAspending.gov. Amounts are money the government committed, which can be cut later.

Search inside IonQ's filings

Opens the SEC's own full-text search in a new tab, limited to IONQ. Every IONQ filing on EDGAR.