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NVIDIA for quantum computing.

Amazon Web Services (AWS) for quantum computing.

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• Quantum Computing as a Service (QCaaS): Provides access to IonQ's general-purpose quantum computers with 20 qubits through major cloud platforms like AWS, Microsoft Azure, and Google Cloud, as well as its proprietary cloud service.

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• Amazon (via Amazon Web Services' (AWS) Amazon Braket) - Symbol: AMZN
• Microsoft (via Azure Quantum) - Symbol: MSFT
• Google (via Google's Cloud Marketplace) - Symbol: GOOGL

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Niccolò de Masi Chairman & CEO

Niccolò de Masi was appointed CEO of IonQ in February 2025 and Chairman of the Board in August 2025. He previously served on IonQ's board of directors since 2021. De Masi is an experienced public company chief executive officer and board member with expertise in deep tech, mobile, and creating enterprise software-hardware ecosystems. He has led multiple technology and consumer companies, including serving as CEO of Monstermob Group PLC and Glu Mobile, where he oversaw significant growth. De Masi also co-founded dMY Technology Group, which completed several special-purpose acquisition company (SPAC) mergers, including IonQ's public listing in 2021. He has been instrumental in approximately 50 mergers and acquisitions and has helped raise over $5 billion in equity for public and private companies he has led.

Inder M. Singh Chief Financial Officer & Chief Operating Officer

Inder M. Singh was appointed Chief Financial Officer and Chief Operating Officer of IonQ in September 2025. Prior to joining IonQ, he served as CFO of Arm from April 2019 to December 2022, where he oversaw the majority of its IPO, which was the largest of 2023. Singh also held several leadership roles, including CFO, at Unisys, and led financial strategy for Cisco.

Dr. Jungsang Kim Co-Founder & Chief Technology Officer

Dr. Jungsang Kim co-founded IonQ in 2015 with Dr. Christopher Monroe and has served as Chief Technology Officer since its inception. He is a Professor of Electrical and Computer Engineering, Physics, and Computer Science at Duke University, where he has led numerous research and development projects in quantum computing technologies since 2004. Dr. Kim holds 35 patents, 19 of which are licensed to IonQ, covering innovations such as modular fault-tolerant quantum computer architecture and methods for compiling quantum circuits.

Dr. Christopher Monroe Co-Founder & Chief Scientific Advisor

Dr. Christopher Monroe co-founded IonQ in 2015 with Dr. Jungsang Kim. He served as Chief Scientist until 2023 and as CEO from August 2018 to May 2019. A pioneer in quantum physics, Dr. Monroe is the original inventor of the ion trap quantum computer and, with David Wineland, demonstrated the first quantum logic gate in 1995 at NIST. He is currently the Gilhuly Family Presidential Distinguished Professor of Electrical and Computer Engineering and Physics at Duke University.

Peter Chapman Former CEO, Executive Chair

Peter Chapman served as IonQ's Chief Executive Officer from May 2019 until February 2025, after which he transitioned to the role of Executive Chair. Before joining IonQ, he was an engineering director at Amazon, overseeing the "delivery experience" for Amazon Prime. Chapman played a pivotal role in guiding IonQ through its transition from a private research-driven company to a publicly traded quantum computing firm, following its 2021 merger with dMY Technology Group III.

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The key risks to IonQ's business are:

1. Lack of Profitability and High Research & Development (R&D) Spending: IonQ consistently operates at a significant loss due to substantial investments in technology development and commercialization. The company reported a GAAP net loss of $510.4 million in 2025, with adjusted EBITDA losses expected to widen to $310-$330 million in 2026 as investments remain elevated. Maintaining a lead in quantum technology requires heavy R&D spending, contributing to these persistent losses.
2. Nascent Stage of Quantum Computing and Intense Competition: The quantum computing industry is still in its early commercialization stages, with widespread adoption potentially years away. IonQ faces significant competition from major tech giants such as IBM, Google, Amazon, Microsoft, and Nvidia, who are heavily investing in quantum research and have far greater financial resources. The uncertainty surrounding the timeline for practical commercial applications of quantum computing and the intense competitive landscape pose considerable risks.
3. High Valuation and Market Volatility: IonQ's stock trades at a premium valuation, with a market capitalization of $12.09 billion and a forward 12-month price/sales (P/S) ratio of 47.92 in early 2026, despite its unprofitability. This elevated valuation makes the stock highly sensitive to operational setbacks, shifts in market sentiment, and macroeconomic uncertainties. Global geopolitical tensions and a broader sell-off in high-growth technology stocks have contributed to significant stock price volatility, reducing investor appetite for speculative, pre-profit companies like IonQ.

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IonQ (IONQ) operates within the quantum computing market, offering access to its quantum computers through cloud platforms. The company is also expanding into quantum networking. The addressable markets for these services are projected to grow significantly.

Quantum Computing Market

The global quantum computing market, which encompasses IonQ's core services, is expected to see substantial growth over the next decade and beyond. Here are some projections:

• The global quantum computing market size was estimated at $1.42 billion in 2024 and is projected to reach $4.24 billion by 2030, growing at a compound annual growth rate (CAGR) of 20.5% from 2025 to 2030.
• Other estimates place the global market size at $1.3 billion in 2024, with projections to reach $20.2 billion by 2030, exhibiting a CAGR of 41.8%.
• By 2035, the global quantum computing market is projected to reach $27.6 billion, expanding at a CAGR of 32.2% from 2025. McKinsey & Company specifically forecasts that quantum computing could capture $72 billion of global revenue by 2035, with a low-end estimate of $28 billion.
• Longer-term projections from Boston Consulting Group (BCG) indicate that quantum computing will create a global market of $90 billion to $170 billion for hardware and software providers by 2040.
• IonQ itself projects the total addressable market for quantum computing products could reach $87 billion by 2035.

The North American region plays a significant role in this market. In 2024, North America accounted for approximately 31.01% of the global quantum computing market share. This share is also noted as 41% in 2024 and 43.60% in 2025. The North American quantum computing market size is expected to surpass $5 billion by 2032.

Quantum Networking Market

IonQ is also expanding its addressable market through ventures into quantum networking. McKinsey projects that the quantum networking market could become a $36 billion market by 2040.

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IonQ (IONQ) anticipates several key drivers to fuel its revenue growth over the next two to three years, stemming from its strategic advancements and market expansion efforts.

Here are 3-5 expected drivers of future revenue growth for IonQ:

1. Expansion of Commercial Customer Base and Organic Growth: IonQ expects continued robust organic growth, driven by increasing adoption from commercial customers. In 2025, over 60% of its revenue was generated from commercial clients, and the company anticipates even higher organic growth in 2026. This indicates growing commercial traction and demand for its quantum solutions.
2. Advancements in Quantum Computing Hardware: A significant driver is the ongoing development and deployment of next-generation quantum computing systems. IonQ plans to demonstrate an operational 256-qubit sixth-generation quantum computer in 2026, while simultaneously continuing deployments of its fifth-generation Tempo systems. This technological leadership and hardware roadmap are crucial for attracting and retaining high-value customers.
3. Strategic Acquisitions and Vertical Integration: The agreement to acquire SkyWater Technology is a major strategic move expected to enhance IonQ's manufacturing capabilities and accelerate commercialization. This acquisition aims to establish IonQ as a leading merchant supplier for the U.S. quantum industry, providing vertical integration and securing domestic manufacturing.
4. Broadening Quantum Platform into New Markets: IonQ is evolving into a "full-stack quantum platform company" by expanding its offerings beyond quantum computing to include quantum networking, quantum sensing, and quantum security. This diversification widens its addressable market and creates new revenue streams by offering integrated quantum solutions.
5. Growth in International Sales and Expanding Global Footprint: International sales are a growing component of IonQ's revenue, making up more than 30% of total revenue in 2025. The company has also expanded its global presence by deploying national quantum networks in countries such as Switzerland, Slovakia, and Romania, indicating a push for increased international market penetration.

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Share Repurchases

• IonQ has not reported any share repurchases over the last 3-5 years.

Share Issuance

• In October 2025, IonQ priced a $2.0 billion equity offering to an entity managed by Heights Capital Management, Inc., which included common stock and pre-funded and regular warrants.
• In March 2025, IonQ sold 16,038,460 shares of its common stock for approximately $372.6 million, netting approximately $360 million, through an "at-the-market" equity offering program.
• In October 2021, IonQ went public via a SPAC merger, receiving $636 million in gross proceeds, which included a $350 million private investment.

Inbound Investments

• In October 2025, an entity managed by Heights Capital Management, Inc. made a $2.0 billion equity investment in IonQ through the purchase of common stock and warrants.
• Upon going public through a SPAC merger in October 2021, IonQ received $636 million in gross proceeds, including a $350 million private investment from strategic partners such as Silver Lake, Fidelity Management and Research, and Hyundai Motor Co.

Outbound Investments

• In January 2026, IonQ announced an agreement to acquire SkyWater Technology for $1.8 billion, aiming to create a vertically integrated quantum company and accelerate its roadmap.
• In June 2025, IonQ agreed to acquire Oxford Ionics for approximately $1.075 billion, consisting primarily of IonQ common stock.
• In 2025, IonQ acquired Lightsynq Technologies for 12.4 million shares of IonQ stock and Capella Space for $311 million of IonQ stock to enhance its quantum networking and space-based quantum key distribution capabilities.

Capital Expenditures

• IonQ increased its research and development (R&D) spending by 123% year-over-year in 2025, making it the largest investment area.
• In February 2024, IonQ opened a dedicated R&D facility in Bothell, Washington, described as the first quantum computing factory in the United States.
• The company capitalizes hardware and labor costs associated with building quantum computing systems and supporting equipment when these costs are expected to provide future economic benefit, including systems used in R&D with alternative future uses.