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Coinbase pays us for certain activity generated through this link. Prices displayed are informational. IonQ (IONQ) stock trades at about $37, roughly 55% below its high inside the last year.
The market did not do that: over the past twelve months the S&P 500 returned 16.6% while IonQ lost 33.4%. Its own numbers went the other way, which makes the downside hard to size. Adjusted EBITDA was negative $120.3 million in its second-quarter 2026 results.
IonQ also raised its own full-year 2026 revenue guidance to $280 million to $290 million, and called the quarter its fifth straight record. What IonQ has not sized is the business it just bought. IonQ closed a $1.8 billion purchase of SkyWater days before those results.
While management initially withheld combined metrics on its Q2 call, it guided combined 2026 revenue to $450 million–$460 million at its September 2026 Investor Day. Revenue over the trailing twelve months is about $250 million, up 370.6% from a year earlier, against a three-year average growth rate of 176.4%. The operating margin, at -408.2%, is deeply negative and still the best of its last three years.
Those numbers do not explain the price. At about $14 billion of market value, IonQ trades at roughly 54 times its own trailing revenue, which does not include SkyWater. The multiple is a bet on 2027.
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