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IonQ, Inc.
Information Technology · Technology Hardware, Storage & Peripherals
Structural: pure-play trapped-ion quantum compute; only public name with all 3 hyperscaler clouds carrying its hardware ($AMZN Braket, $MSFT Azure Quantum, $GOOGL Cloud). Highest Algorithmic Qubit (AQ) count among gate-model peers; competing modality vs $RGTI (superconducting) and $QBTS (annealing).
- 3-of-3 hyperscaler cloud distribution - only quantum name with that reach
- Forte (AQ 36) shipping; Tempo roadmap targets AQ 64 by 2026, AQ 256 by 2028
- Multi-year DoE / AFRL / USC contracts anchor revenue floor
- Acquired Qubitekk (quantum networking) + Lightsynq IP - optionality on quantum internet leg
- Trapped-ion modality wins on fidelity + connectivity (fewer physical-to-logical qubits)
- Revenue base under $50M/yr vs $15B+ market cap = >300x sales
- Cash burn $150M+/yr; relies on equity raises (dilution risk)
- Fault-tolerant utility-scale machines still 5-10yr out per most credible roadmaps
- Superconducting peers ($IBM, $GOOGL) have larger qubit counts (raw, not AQ)
- Bubble re-rates violently on any hyperscaler announcement (NVDA CUDA-Q, IBM Heron, etc.)