IonQ Posts Record $173.8M Quarter, Crediting SkyWater Fab Economics

As seen on the 24/7 Wall St. homepage on November 5, 2026.

Earnings · 2026 Q3 Niccolo De Masi President and CEO, IonQ
I am pleased to report that IonQ delivered its sixth consecutive quarter of record results and the strongest quarter in our company's history. Third quarter revenue of $173.8 million reflects increasing demand for our quantum technologies and the benefits of our vertically integrated quantum manufacturing capabilities through SkyWater.

De Masi is framing the SkyWater acquisition as the engine behind the quarter, which turns IonQ from a research-stage story into a chipmaker with its own fab economics. For an $11.4 billion quantum name, a sixth straight record quarter is the only thing holding up the valuation.

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IonQ's third quarter of 2026 came in at $173.8 million in revenue, the strongest single quarter in the company's history and the sixth consecutive record. That kind of streak is rare in any industry, but in quantum computing, where most competitors are still years away from commercial revenue, it marks a meaningful inflection.

CEO Niccolo De Masi pointed directly to SkyWater as the structural reason behind the result. By owning its own semiconductor fabrication through SkyWater, IonQ can now talk about vertically integrated quantum manufacturing, the same kind of fab economics that gives traditional chipmakers control over cost, yield, and production ramp. That is a materially different business model than a pure quantum software or services play.

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The framing matters for how investors should value the company. A quantum name with its own fab is harder to dismiss as a research-stage story, because the revenue is coming from manufacturing capacity that IonQ controls end to end.

Six straight record quarters is the metric holding up what is an $11.4 billion market capitalization. Any quarter that breaks the streak would force a sharp reassessment of that valuation, so each successive record raises the stakes of the one that follows.

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Mentioned: IONQ

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Wall St. Engine @wallstengine

A $1.3 billion all-stock deal means IonQ shareholders fund an enterprise network security business rather than a quantum one, and dilution is the price of that pivot.

$IONQ agreed to acquire cybersecurity firm Elisity in an all-stock deal worth up to $1.3B, including up to $150M in performance-based payments. Elisity’s platform helps prevent hackers and ransomware from spreading across company networks. https://t.co/nSB5kEOz56
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