IonQ Inc. (IONQ)

IonQ generated $130.0M in FY2025 revenue (+202% YoY), becoming the first publicly traded quantum computing company to exceed $100M in annual GAAP revenue. The company uses trapped-ion technology — individual charged atoms held in electromagnetic traps serve as "qubits" (quantum bits), the basic unit of quantum information. Unlike classical bits (0 or 1), qubits can exist in superpositions of both states simultaneously, enabling certain calculations to be performed exponentially faster. IonQ measures useful computing power via "#AQ" (algorithmic qubits) — a proprietary benchmark that estimates the largest useful quantum circuit a system can run — currently at 36 on commercial Forte Enterprise systems and 64 on the Tempo system. Bookings reached $370M, up from $77M a year earlier.

IonQ achieved a world-record 99.99% two-qubit gate fidelity in October 2025. "Gate fidelity" measures the accuracy of quantum logic operations — how closely an operation's output matches the intended result. At 99.99%, only 1 in 10,000 operations produces an error. This metric is critical because quantum computers require extremely low error rates to perform useful computation; errors compound with each operation, so even small fidelity gains at the "four nines" level yield large improvements in reliable circuit depth. The company executed seven acquisitions totaling over $3B in 2025, expanding from quantum computing into networking, sensing, security, and space — positioning itself as a "full-stack quantum platform." The pending $1.8B SkyWater Technology acquisition would add domestic semiconductor fabrication.

The company ended FY2025 with $3.3B in cash and investments (zero debt) after raising ~$3.4B through equity offerings, diluting shares outstanding by 63%. Net loss widened to $510.4M from $331.6M. R&D spend reached $305.7M (+123% YoY). Stock-based compensation of $312.0M exceeded total revenue. Gross margin compressed from 52.2% to 40.4% as hardware delivery costs scaled. Management guided FY2026 revenue of $225M-$245M (+81% YoY at midpoint) with adjusted EBITDA loss of $310M-$330M. Profitability is targeted around 2030. The company carries $2.47B in warrant liabilities and $1.96B in goodwill from acquisitions — both require monitoring as the quantum market matures.