IonQ (IONQ)

Trapped-ion quantum computing (IonQ) — quantum hardware/cloud + owned SkyWater specialty foundry

AI exposure 6% — derived from reported segment revenue, not asserted.

Where it sits

Frontier & Emerging Bets → Quantum Computing · figures rebased to Q2 2026, reported 2026-08-05

Trapped-ion quantum computers (cloud access via AWS/Azure/GCP + on-prem systems + quantum networking) is 60% of revenue and the largest business on the map, which is what Quantum Computing holds. The remaining 40% (DMEA-accredited domestic specialty foundry…) is deliberately off-map.

Reported segments

• Quantum computing (trapped-ion) — 60% of revenue
• Semiconductor foundry (SkyWater — specialty/mature-node) — 40% of revenue

IonQ — trapped-ion quantum computing leader, no longer a single-business company: the $1.8B SkyWater acquisition CLOSED Jul 31, 2026, adding a DMEA-accredited domestic specialty foundry with a ~$200M+/yr commercial revenue stream (excluded from the $280-290M FY2026 guide). Quantum: computers via cloud (AWS/Azure/Google) + on-prem systems (KISTI, QuantumBasel fifth-gen deployments) + quantum networking; RPO $485M. Primary B7 Quantum Computing (the quantum business remains the identity and the valuation); foundry = B1 Foundry Services secondary, also fabbing IonQ's own 256-qubit chips (vertical…

How the 6% is built

• Quantum computing (trapped-ion) — 60% of revenue × 8% AI-driven (estimate). Unchanged share on a re-based revPct: Q2 2026 growth came from fifth-generation system deployments to KISTI and QuantumBasel — government and research buyers, not AI data-center demand. Quantum co-processors remain a post-2028 complement to classical AI at the earliest
• Semiconductor foundry (SkyWater — specialty/mature-node) — 40% of revenue × 3% AI-driven (estimate). SkyWater is a DMEA-accredited specialty foundry serving aerospace/defense, biomedical and industrial customers plus IonQ's own quantum chips — trailing-edge specialty processes, not AI accelerators or HBM; only a nominal slice of commercial work is AI-attributable

Investment read

Moat. Trapped-ion architecture, cloud access via AWS/Azure/Google, and — since the July 31, 2026 SkyWater close — an owned DMEA-accredited domestic foundry. Vertical integration fixes a supply constraint; it is not yet a competitive moat, with quantum advantage unproven and IBM, Google, Rigetti and QBTS pursuing rival architectures.

Bottleneck / pricing power. No durable pricing power: revenue is lumpy multi-million-dollar system sales to sovereign and institutional buyers (KISTI, QuantumBasel). RPO of $485M (+297% YoY) exceeds the full-year guide, but grew only ~3% sequentially — the number that decides whether this is a ramp or a project business.

Role in the AI stack. The trapped-ion quantum-computing layer — speculative option.

Connected companies

• D-Wave Quantum (QBTS) — IONQ competes with: Pure-play quantum — IonQ (ion-trap gate model) vs D-Wave (annealing); both chase gov/HPC
• Quantum Computing Inc. (QUBT) — IONQ competes with: Pure-play quantum hardware — ion-trap vs photonic/quantum-optics
• Amazon (AMZN) — IONQ is supplied by: AWS Braket cloud access hosts IonQ quantum computers
• Microsoft (MSFT) — IONQ is supplied by: Azure Quantum hosts IonQ systems

Others in Quantum Computing

• Quantum Computing Inc. (QUBT)
• D-Wave Quantum (QBTS)

All 174 companies · What moved this quarter · How the map is built