IonQ reported $173.8 million in revenue for the quarter ended September 30, 2026, up 336% from a year earlier, and raised its full-year 2026 revenue forecast to $505 million to $515 million. The November 5 results included SkyWater, the semiconductor foundry it acquired on July 31.
The company described the period as its sixth consecutive record revenue quarter. The results bring together sales from quantum systems and services with a newly acquired manufacturing business, while IonQ continues to report substantial operating losses.
SkyWater expands the revenue mix
IonQ reported the following revenue split for the third quarter of 2026, excluding intersegment sales:
| Reporting segment | Revenue |
|---|---|
| IonQ Platform | $90.3 million |
| SkyWater Foundry Services | $83.5 million |
The IonQ Platform segment, which spans computing, networking, sensing and security, grew 127% year over year. SkyWater’s contribution covered two months following the acquisition, adding semiconductor manufacturing revenue to IonQ’s consolidated results.
SkyWater’s revenue from quantum customers other than IonQ increased more than 30% year over year, the company said. Its foundry business therefore serves external customers alongside supplying its parent’s hardware.
Separately, IonQ forecast 110% growth in quantum-computing revenue for 2026. That forecast covers a narrower activity than the consolidated revenue outlook, which includes foundry services and the platform’s other product lines.
Contracts extend beyond quarterly revenue
IonQ reported approximately $1.2 billion in remaining performance obligations as of September 30, 2026. Chief financial officer Inder Singh put the Platform segment’s portion at $689 million and SkyWater’s at $479 million.
These obligations represent contracted work awaiting revenue recognition. IonQ’s quarterly filing says they include funded and unfunded orders; unexercised contract options are excluded. The figures therefore differ from revenue already earned or cash already collected.
Chief executive Niccolo de Masi said the company’s existing Superion 256 capacity for 2027 was sold out and that order books were beginning to fill for 2028. The statement concerns planned system capacity, with deliveries still ahead.
IonQ also said NVIDIA would install a Superion 256 system at its Accelerated Quantum Research Center, connected to AI supercomputing infrastructure for hybrid quantum computing. Other announced contracts included $33 million with SDT for a Superion computer and quantum memory, and $25 million with Florida International University for a system deployment.
The company said it had advanced to Stage C, the final stage of DARPA’s Quantum Benchmarking Initiative, with a potential agreement value of up to $300 million. Funding beyond the initial obligation is subject to appropriations, keeping that potential value separate from recognized sales.
Other quantum companies report different sales patterns
Quantinuum reported third-quarter 2026 revenue of $9.1 million, up 233% year over year, and raised its full-year 2026 outlook to $31 million to $34 million.
The company also announced what it called its largest cloud agreement: a multiyear extension with an unnamed global financial institution covering access through its planned Apollo system and Nexus software platform. Quantinuum retained its 2029 target for Apollo, so the agreement includes access to a future hardware generation.
D-Wave reported $24.6 million in revenue for 2025, up 179%. Its first-half 2026 revenue was $5.9 million, down 67% from $18.1 million a year earlier. The earlier period included $13.7 million from its first annealing system sale, illustrating how individual deliveries can affect reported growth.
Rigetti reported $9.5 million in first-half 2026 revenue. Government entities accounted for 90.2% of its 2025 revenue, the company said.
On September 8, 2026, the Commerce Department announced final research awards of up to $100 million each for D-Wave, Rigetti and Quantinuum. The funding framework calls for minority, non-controlling government equity stakes in the recipients. These research awards are distinct from commercial customer sales.
Revenue growth comes with operating losses
IonQ reported a third-quarter adjusted EBITDA loss of $133.6 million. This non-GAAP measure excludes interest, taxes, depreciation, amortization and specified adjustments; it does not measure operating cash flow.
IonQ also reported net income attributable to the company of $564 million, including an $896 million non-cash gain from changes in warrant values. Singh said the warrant gain did not reflect the business’s operating performance.
