IonQ, Inc. engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services' (AWS) Amazon Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its cloud service. IonQ, Inc. was founded in 2015 and is headquartered in College Park, Maryland.
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- Intel for quantum computers
- NVIDIA for quantum computing hardware
- AWS for quantum computing infrastructure
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- Quantum Computing as a Service (QCaaS): Provides cloud-based access to IonQ's trapped-ion quantum computers, allowing users to develop and execute quantum algorithms for various computational challenges.
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IonQ (symbol: IONQ) primarily sells its quantum computing hardware and services to other companies, government entities, and research institutions, rather than directly to individuals. Its business model often involves providing access to its quantum computers through major cloud platforms, as well as engaging in direct contracts for dedicated access, research, and application development.
Major customers and collaborators include:
- Cloud Computing Providers: These companies integrate IonQ's quantum computers into their platforms, acting as significant channels for IonQ's services and often as direct customers for hosting and partnership agreements.
- Amazon (Symbol: AMZN) - via Amazon Braket
- Microsoft (Symbol: MSFT) - via Azure Quantum
- Google (Symbol: GOOGL) - via Google Cloud
- Government and Defense Agencies: IonQ has secured significant contracts and partnerships with various government bodies for quantum computing research and development.
- U.S. Air Force Research Laboratory (AFRL)
- Defense Advanced Research Projects Agency (DARPA)
- U.S. Department of Energy (DOE)
- Enterprise and Research Customers: Various global companies and research institutions partner with IonQ to explore and develop quantum applications relevant to their industries.
- Hyundai Motor Company (Trades on Korea Exchange: 005380) - for battery research and development
- Airbus (Symbol: AIR on Euronext Paris) - for aerospace applications
- Goldman Sachs (Symbol: GS) - for exploring financial applications
- GE Research (part of General Electric, Symbol: GE) - for various industrial applications
- Pacific Northwest National Laboratory (PNNL) - for research collaboration
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Niccolo de Masi, Chairman & CEO
Niccolo de Masi has served as IonQ's CEO since February 2025 and was named Chairman of the Board in August 2025. He has extensive experience as a public company chief executive officer and board member with expertise in deep tech, mobile, and creating enterprise software-hardware ecosystems. De Masi has been a public company CEO three times and a private company CEO three times. He has served on the boards of 14 public companies, including Xura, Glu, Monstermob, Rush Street Interactive, Genius Sports Group, Resideo, and Planet. Over his career, he has been instrumental in approximately 50 mergers and acquisitions and has helped raise around $4 billion in equity for public and private companies. He also chaired Carlyle-backed Jagex and General Catalyst-backed Ares Interactive, indicating a pattern of managing companies backed by private equity firms.
Inder M. Singh, Chief Financial Officer & Chief Operating Officer
Inder M. Singh has served as IonQ's Chief Financial Officer and Chief Operating Officer since September 2025. Prior to this, he was a member of IonQ's board of directors since December 2021. From 2019 to 2022, Mr. Singh served as Executive Vice President and CFO of Arm Limited, where he led the global finance organization and oversaw the majority of its 2023 IPO. He previously held leadership roles, including Senior Vice President and CFO, at Unisys Corp., a publicly listed company, and was Vice President of Corporate Financial Strategy and M&A at Cisco. Mr. Singh also spent several years as a top-ranked equities analyst on Wall Street. He has advised startups as a member of Columbia University's Entrepreneurship Advisory Board.
Ariel Braunstein, Chief Product Officer
Ariel Braunstein is IonQ's Chief Product Officer. An experienced entrepreneur, he previously led Google's Augmented Reality initiatives and prominent video technologies at YouTube. Before joining Google, Mr. Braunstein co-founded Pure Digital Technologies, which created the Flip Video camcorder. Pure Digital Technologies was acquired by Cisco in 2009 for over $1 billion. He also founded Knowmia.com.
Dean Kassmann, SVP of Engineering & Technology
Dr. Dean Kassmann is the Senior Vice President of Engineering & Technology at IonQ. He joined IonQ in November 2021, and was promoted to SVP in June 2024. Prior to IonQ, Dr. Kassmann was Senior Director of Advanced Technology for Blue Origin, where he established and led the team responsible for company-wide applied research. At Amazon, he invented the autonomous system that manages order fulfillment flow across Amazon's supply chain, and at Blue Origin, he was part of the small team that developed the first series of New Shepard rockets.
Chris Ballance, President, Quantum Computing
Dr. Chris Ballance serves as President, Quantum Computing at IonQ. With over a decade of experience in the quantum computing industry, he has set multiple world records in quantum computing performance, including highest performance quantum logic gates and longest qubit memory coherence time. Before joining IonQ, Dr. Ballance co-founded and served as CEO of Oxford Ionics, scaling the company to over 100 employees globally. He holds a PhD in trapped-ion quantum computing from the University of Oxford.
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The rapid advancement and potential dominance of alternative quantum computing paradigms, such as neutral atom arrays (e.g., Pasqal) or photonic quantum computing (e.g., PsiQuantum), which could offer superior scalability, error correction, or cost-effectiveness compared to IonQ's trapped-ion technology, thereby challenging its market position and long-term viability.
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The addressable markets for IonQ's main products and services, primarily quantum computing and quantum networking, are projected to experience significant global growth in the coming years.
Quantum Computing Market
- The global quantum computing market size was valued at approximately USD 1.16 billion in 2024 and is projected to grow to USD 12.62 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 34.8% during the forecast period.
- Another estimate places the global quantum computing market size at USD 1.42 billion in 2024, with a projection to reach USD 4.24 billion by 2030, growing at a CAGR of 20.5% from 2025 to 2030.
- McKinsey & Company projects that the global quantum computing market could be worth between USD 28 billion and USD 72 billion by 2035. The broader quantum technology market, which includes quantum computing, quantum communication, and quantum sensing, could collectively generate up to USD 97 billion in revenue worldwide by 2035 and potentially reach USD 198 billion by 2040.
- Boston Consulting Group is more conservative, estimating the quantum computing market at up to USD 850 billion by 2040 globally.
- MarketsandMarkets estimated the global Quantum Computing Market size at USD 2.70 billion in 2024, predicted to increase to approximately USD 20.20 billion by 2030, expanding at a CAGR of 41.8% from 2025 to 2030.
Regional Quantum Computing Market Sizes:
- North America: The market size was USD 388.3 million in 2023 and is estimated to be USD 386.1 million in 2025. North America accounted for a significant market share of 31.01% in 2024.
- Europe: Expected to be the second-largest market, with a value of USD 500.9 million in 2025.
- Asia Pacific: Projected to witness the fastest growth in the quantum computing market.
Quantum Networking Market
- McKinsey projects that the quantum networking market is expected to become a USD 36 billion market by 2040 globally.
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IonQ (IONQ) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- Advancements in Quantum Computer Performance (Algorithmic Qubits and Fault-Tolerant Systems): IonQ's accelerated technological roadmap focuses on increasing Algorithmic Qubits (AQ) and developing fault-tolerant quantum computers. The company achieved its 2025 technical milestone of AQ 64 ahead of schedule in Q3 2025. This progress, including plans for systems with approximately 20,000 physical qubits by 2028, is aimed at unlocking more complex and valuable commercial applications.
- Expansion of Commercial Contracts and Strategic Partnerships: IonQ has demonstrated significant growth in commercial contracts and partnerships, contributing to accelerated customer adoption. Recent highlights include a $54.5 million contract with the United States Air Force Research Lab and ongoing collaborations with companies like AstraZeneca and Ansys to develop quantum applications.
- Growth in Quantum Networking through Acquisitions and Product Launches: The company is strategically expanding its quantum networking capabilities, notably through acquisitions such as Qubitekk and a majority stake in ID Quantique. This expansion is leading to new contracts and the commercialization of quantum key distribution (QKD) products, further diversifying revenue streams.
- Global Market Expansion: IonQ is actively broadening its global footprint, increasing its commercial activities and forging new partnerships in key international markets. This includes expanded presence and new collaborations in regions such as Japan and South Korea, aiming to diversify its revenue sources beyond its strong U.S. base.
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Share Repurchases
IonQ has not reported any dollar amount of share repurchases made in the last 3-5 years.
Share Issuance
- IonQ had financing inflows of $1.36 billion from common stock and warrant issuance year-to-date as of September 30, 2025.
- In October 2025, IonQ raised $2 billion through a stock offering that included 16,500,000 shares of common stock, 5,005,400 pre-funded warrants, and 43,010,800 Series B warrants.
- In July 2025, the company completed a $1.0 billion equity offering, consisting of common stock and warrants, purchased by Heights Capital Management, Inc.
Inbound Investments
- Heights Capital Management, Inc. purchased $1.0 billion in IonQ's equity offering in July 2025. This was described as the largest common-stock single-institutional investment in the quantum industry.
Outbound Investments
- IonQ signed a definitive agreement to acquire Qubitekk in Q3 2024 to enhance its quantum networking capabilities.
- In Q2 2025, IonQ announced a proposed acquisition of Oxford Ionics for $1.075 billion to advance scalable quantum computing breakthroughs.
- The company completed the acquisitions of Lightsynq and Capella in Q2 2025, aiming to accelerate its quantum computing and quantum networking roadmaps.
Capital Expenditures
- Capital expenditures for the last 12 months were approximately -$11.22 million.
- Projected capital expenditures for 2025 are $84 million.
- The primary focus of capital expenditures includes investments in quantum computing systems, computer equipment, acquired computer software, machinery, equipment, furniture and fixtures, and satellites.
