Updated 7 November 2026. IonQ closed Friday 6 November at $32.62, up 23.4 percent from Thursday’s $26.43 close and at the session high (Yahoo Finance data). After Thursday’s close, IonQ reported third-quarter revenue of $173.8 million, up 336 percent from a year earlier, and raised its 2026 revenue guidance to $505-515 million (IonQ release). Verdict: the quarter beat estimates and the guide went up, but part of the growth is the newly consolidated SkyWater foundry business, and several analysts trimmed their targets. Reference levels: $26.43 below, $35.90 above.
Key facts
- Close: $32.62 on Friday, up 23.4 percent, after a $27.61-$32.62 range for the day (Yahoo Finance data). Thursday’s close was $26.43, down about 10.5 percent in the AI sell-off (Motley Fool).
- Revenue: $173.8 million, up 336 percent year over year, the sixth record quarter in a row (IonQ release). Estimate trackers had expected about $141-143 million (Benzinga and other consensus pages).
- Segments: IonQ Platform revenue rose 127 percent to $90.3 million; SkyWater Foundry Services added $83.5 million (IonQ release).
- Earnings: GAAP net income attributable to IonQ was $564.0 million, or $1.42 a share, “reflecting the non-cash mark-to-market impact of warrants”. Adjusted EPS was a loss of $0.29 and adjusted EBITDA a loss of $133.6 million (IonQ release).
- Guidance: 2026 revenue now $505-515 million (IonQ release), up from the $450-460 million range set after the SkyWater consolidation (Quantum Computing Report).
- Backlog and cash: remaining performance obligations more than doubled to $1.2 billion. Cash, cash equivalents and investments were $1.7 billion at 30 September, or $3.7 billion including the $2.0 billion equity offering that closed on 16 October (IonQ release).
What the results said
The headline beat is real, but it needs splitting in two. The IonQ Platform segment, which covers IonQ’s own quantum products and services, grew 127 percent to $90.3 million. The other $83.5 million came from SkyWater, the chip foundry IonQ now consolidates. That is why the year-over-year growth rate looks so large. IonQ says it expects quantum computing revenue alone to grow about 110 percent this year.
The release also listed new business: Stage C of DARPA’s Quantum Benchmarking Initiative, with a potential program value of up to $300 million; a Superion 256 system that will be the first on-premise quantum computer at Nvidia’s Accelerated Quantum Research Center; a $33 million contract with SDT; a $28 million DARPA contract for 25 optical atomic clocks, with a $30 million option for 100 more; and a $25 million Superion 256 deployment at Florida International University (IonQ release). IonQ also said it is extending its quantum security platform by acquiring Elisity, a deal it completed on 4 November.
The profit line needs care. The $564.0 million GAAP net income comes from a non-cash change in the value of warrants, not from operations. On an adjusted basis IonQ still lost $0.29 a share and $133.6 million of EBITDA in the quarter.
Why the stock is up so much
Part of Friday’s gain is a rebound. IonQ fell about 10.5 percent on Thursday as the Nasdaq dropped 5.52 percent into a correction on fears that the Democratic midterm win will mean tighter rules for data centers; our Nvidia coverage has the wider sell-off. Shares rose 3 to 5.5 percent after hours on the results (Investing.com, GuruFocus) and kept climbing through Friday’s session to close at the high.
The stock had also been weak going in. It was down about 34 percent this year before the report, and IonQ sold $2 billion of stock in October (TipRanks). Our pre-results preview set out what the market wanted to see, and the earlier IonQ stock prediction has the longer-term scenarios. For the rest of the sector, see our D-Wave analysis.
What analysts did
The ratings held but several targets came down. Needham’s Quinn Bolton cut his target to $48 from $65 and kept a Buy rating (MarketBeat, Benzinga). Cantor Fitzgerald’s Troy Jensen trimmed his to $60 from $70 and kept Overweight. Rosenblatt kept a Buy and a $70 target (TipRanks). Every one of these targets sits well above the current price, but the direction of travel after a beat-and-raise quarter was lower, not higher.
IonQ stock: bull, base and bear
| Scenario | IONQ | What has to happen | Anchor |
|---|---|---|---|
| Bear | $26.43 | The rebound fails, the market focuses on the SkyWater share of growth and the adjusted losses, and the AI sell-off resumes. | Thursday’s close before the results; about 19 percent below Friday’s $32.62 close. |
| Base | $29.54-$32.62 | The beat holds most of Friday’s gain while buyers wait for the Platform segment to keep growing without help from the foundry. | Between Wednesday’s $29.54 close and Friday’s $32.62 close (Yahoo Finance data). |
| Bull | $35.90 | Quantum names extend the rebound and the raised guide pulls in buyers who sold in the rout. | About 10 percent above Friday’s close, and above the $34 upside case in our preview. |
The bear case sits below Friday’s close. These are short-term reference levels measured from the verified closing price, not forecasts. Published analyst targets ($48-$70 from the three firms above) sit far higher.
What to watch
- Monday’s open: whether IonQ holds above $30 after a 23 percent one-day move that ended at the high.
- More analyst notes: further target changes, and whether any firm raises rather than trims.
- Platform growth: next quarter’s Platform segment number, which shows growth without SkyWater.
- The AI trade: Nasdaq direction after Thursday’s correction; IonQ has moved with it.
- Dilution: any new share sales after October’s $2 billion offering.
Quick take: IonQ closed up 23.4 percent at $32.62 after a $173.8 million quarter that beat estimates and a 2026 guide raised to $505-515 million. Half the revenue now comes from the SkyWater foundry, the adjusted loss was $0.29 a share, and analysts trimmed targets even as they kept Buy ratings. Expect $29.54-$32.62; $26.43 needs the rebound to fail, $35.90 needs the quantum rally to extend.
FAQ
What is the IonQ stock price today?
IonQ closed at $32.62 on Friday 6 November, up 23.4 percent from Thursday’s $26.43 close (Yahoo Finance data).
Did IonQ beat earnings?
Yes. Revenue of $173.8 million beat consensus estimates of about $141-143 million, and IonQ said revenue, GAAP EPS and adjusted EPS all exceeded consensus (IonQ release; Benzinga).
Why did IonQ report a profit?
The $564.0 million GAAP net income reflects a non-cash mark-to-market gain on warrants (IonQ release). On an adjusted basis IonQ lost $0.29 a share.
What is IonQ’s 2026 revenue guidance?
$505-515 million, raised from $450-460 million (IonQ release; Quantum Computing Report).
How much of IonQ’s revenue comes from SkyWater?
$83.5 million of the $173.8 million in the third quarter came from the SkyWater Foundry Services segment; the IonQ Platform segment brought in $90.3 million (IonQ release).
What is the IonQ price target?
After the results, Needham cut its target to $48, Cantor Fitzgerald to $60, and Rosenblatt kept $70 (MarketBeat, Benzinga, TipRanks). Targets are not guarantees.
Sources: IonQ third-quarter 2026 results release, 5 November 2026 (revenue, segments, GAAP and adjusted earnings, adjusted EBITDA, backlog, cash, guidance, contracts); Yahoo Finance market data, 6 November (Friday close, day range, Wednesday and Thursday closes); Motley Fool, 5 November (Thursday decline); Investing.com and GuruFocus, 5 November (after-hours move); Investing.com (Reuters), 5 November (Nasdaq close); Benzinga (consensus, analyst targets); Quantum Computing Report (prior guidance); MarketBeat and TipRanks (analyst targets, year-to-date decline, October offering).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
