IonQ Inc.

IonQ, Inc. was founded in 2015 by Dr. Chris Monroe and Dr. Jungsang Kim and is headquartered in College Park, Maryland. The company builds trapped-ion quantum computers and related software, rooted in academic breakthroughs licensed from the University of Maryland and Duke University. IonQ states its mission as developing quantum technology to solve the world’s most complex problems.

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IonQ became the first publicly traded pure-play quantum computing company when it listed on the New York Stock Exchange under the ticker IONQ on October 1, 2021, following its business combination with dMY Technology Group III.

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In 2025, IonQ highlighted progress on performance benchmarking, including a #AQ 64 milestone on its Tempo system, and it expanded commercial deployments and partnerships in Europe and Asia. Recent agreements include an expanded QuantumBasel partnership valued at over $60 million through 2029 and a finalized deal to deliver a 100-qubit Tempo system to South Korea’s KISTI. IonQ also broadened its scope beyond computing through acquisitions, including ID Quantique for quantum-safe networking and secure communications and Oxford Ionics to accelerate its trapped-ion roadmap.

IonQ generates revenue from four main streams: quantum computing access, quantum hardware sales, quantum networking products and services, and professional services. In its filings, IonQ describes QCaaS as a stand-ready service sold through cloud partners and direct access, with fixed-fee access periods plus variable usage charges in some contracts.

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Core activities include:

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1. Quantum computing access (QCaaS)
   IonQ offers on-demand access to its trapped-ion systems through its own Quantum Cloud and through major cloud marketplaces, including Amazon Braket and Microsoft Azure Quantum. In these arrangements, the cloud provider is the direct customer in IonQ’s contracts.
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2. Quantum systems and support
   IonQ also sells specialized quantum computing hardware with maintenance and support, a model that supports on-site deployments and long-term service relationships. Recent examples include its expanded on-site footprint with QuantumBasel through 2029 and a finalized agreement to deliver a 100-qubit Tempo system to KISTI in South Korea.
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3. Quantum networking and secure communications
   IonQ expanded into quantum-safe networking and security through acquisitions such as ID Quantique and Capella Space, pairing terrestrial QKD and quantum security products with a space-based roadmap.
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4. Quantum sensing and timing
   The Vector Atomic acquisition adds quantum sensing capabilities, including precision timing and inertial sensing technologies, broadening IonQ’s product scope beyond computing.
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Market position

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IonQ’s differentiation starts with trapped-ion hardware, then extends into a broader “platform” strategy across computing, networking, and sensing through acquisitions including Oxford Ionics, ID Quantique, Capella Space, and Vector Atomic.  Oxford Ionics also adds ion-trap technology built on standard semiconductor chips, which IonQ positions as a path toward higher scale and manufacturability.

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Competition spans both specialists and large incumbents. IonQ competes for enterprise and government workloads against IBM Quantum and Google Quantum AI, plus pure-play hardware companies such as Quantinuum and Rigetti.

IonQ has limited direct exposure to mainland China and does not report a local operating footprint there. In its latest quarterly filing, the company says customers are primarily in the United States, with the remainder classified as international.

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China market access is shaped by tighter U.S. export controls that cover quantum computing items and related technology, plus a growing export blacklist aimed at restricting advanced computing, AI, and quantum capabilities for China-based end users.

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At the same time, China is building a more self-reliant quantum stack. Origin Quantum, for example, has pushed domestic superconducting systems and cloud-style access through Origin Wukong, reinforcing local alternatives to U.S. suppliers.

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For IonQ, China matters more as a compliance-intensive frontier than as a current revenue driver. The company’s export guidance highlights that access to its systems and cloud services sits inside export-control rules and user responsibilities.

IonQ’s next phase depends on turning technical milestones into repeatable commercial demand and longer-duration contracts. In Q3 2025, IonQ reported $39.9 million of revenue and raised its full-year revenue outlook to $110 million at the high end. It also reported $3.5 billion of pro-forma cash, cash equivalents, and investments after a $2 billion equity offering that closed on October 14, 2025.

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Key growth drivers include:

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1. Hardware progress tied to a fault-tolerant roadmap
   IonQ reported a #AQ 64 milestone on its Tempo system and a 99.99% two-qubit gate performance benchmark in 2025. These metrics support deeper circuits and more reliable execution for early commercial workloads.
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2. More on-site deployments and multi-year agreements
   IonQ expanded its QuantumBasel partnership to a total deal value above $60 million and extended its on-site presence through 2029, positioning the site as its European innovation hub.
   In Asia, IonQ finalized an agreement to deliver a 100-qubit Tempo system to KISTI to integrate with a national-scale hybrid quantum-classical platform.
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3. Platform expansion through acquisitions
   IonQ completed the Oxford Ionics acquisition in September 2025 to accelerate its trapped-ion roadmap and deepen its UK footprint.
   It completed the ID Quantique acquisition in May 2025 to add quantum-safe networking products like QKD systems and QRNGs.
   It completed the Vector Atomic acquisition in October 2025 to add quantum sensing, timing, and positioning capabilities.
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Challenges ahead include sustained losses, integration risk across multiple acquisitions, and a market where enterprise adoption cycles remain long. Q3 2025 included a GAAP net loss of $1.1 billion and an adjusted EBITDA loss of $48.9 million, which puts cost discipline and contract quality at the center of the 2026 narrative.