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IonQ (NYSE: IONQ) delivered its fifth consecutive quarter of record results, reporting second-quarter GAAP revenue of $80.1 million, a 287% year-over-year jump that came in 20% above the midpoint of its guidance range. The trapped-ion quantum leader also raised its full-year 2026 revenue guidance to $280–$290 million and grew remaining performance obligations 297% year-over-year to $485 million.
SkyWater Deal Closes, Nexus Follows
Just after quarter-end, IonQ closed its $1.8 billion acquisition of SkyWater Technology, the only U.S.-owned pure-play semiconductor foundry, folding the Bloomington, Minnesota fab into what CEO Niccolo de Masi called "the first vertically integrated, full-stack quantum platform." The company also completed its purchase of Santa Barbara-based Nexus Photonics to accelerate mass manufacturing of miniaturized integrated photonics for its quantum systems.
Cash, cash equivalents and investments sat at $3.0 billion at quarter-end, or $2.0 billion pro forma for the SkyWater transaction. The full-year revenue outlook does not yet include contributions from either acquisition, leaving upside for the second half.
Commercial Base Broadens
Roughly 50% of Q2 revenue came from international customers, 60% from commercial (non-U.S. government) buyers and 25% from multi-product engagements — a diversification IonQ argues makes its top line more durable. Growth was driven by deployments of the fifth-generation IonQ Tempo system, expanding cloud utilization and new memoranda of understanding with Anduril and Sandia National Laboratories for defense and national-security quantum work.
Losses Widen on Warrant Marks
Adjusted EBITDA loss came in at $120.3 million, including SkyWater ramp costs, while a $1.6 billion non-cash mark-to-market impact on warrant liabilities pushed the GAAP net loss to $1.87 billion. Investors focused instead on the operating momentum: the company also expanded its Tennessee quantum communications research center with EPB and signed a $28 million DARPA Evergreen-05 atomic clock extension in the same week.
Reporting based on coverage from IonQ, Investing.com and StockTitan.