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IonQ’s SkyWater Deal — Can Manufacturing Scale Unlock A Quantum Supply Advantage?

IonQ’s first quarter of 2026 reflects a notable acceleration in its commercial quantum computing business, reporting $64.7 million in GAAP revenue, a 755% increase year-over-year, marking the company’s largest quarterly revenue to date and surpassing guidance by over 30%. These results underscore a sustained momentum, with the company raising its 2026 revenue guidance to a range of $260 million to $270 million. Approximately 60% of quarterly revenue derived from commercial customers, demonstrating a shift beyond research labs into real-world applications across more than 30 countries globally. Notably, 35% of revenue came from international markets and another 35% stemmed from customers purchasing multiple product lines, illustrating expanding market depth and cross-selling success. Operational investments remain a significant focus, particularly in research and development, where Q1 spending climbed 215% year-over-year to $125.7 million.