NEW YORK, August 2, 2026, 16:04 EDT — IonQ NYSE:IONQ stock is under scrutiny as the company confronts a new valuation hurdle after it secured a $1.8 billion foundry deal.
- IonQ finished trading on Friday at $36.44, up 11.0% for the week.
- SkyWater Technology Inc. NASDAQ:SKYT, in its former capacity, posted first-quarter revenue of $160.7 million, more than double IonQ’s total.
- IonQ will release its second-quarter earnings on Wednesday after the closing bell. The company’s conference call is scheduled for 4:30 p.m. EDT.
IonQ begins earnings week with significant changes to its revenue profile. Including the most recent yearly sales from SkyWater reduces a basic screening multiple from 51 to 19.
This does not make the shares inexpensive; it simply alters the denominator.
SkyWater reported first-quarter revenue of $160.7 million, while IonQ posted $64.7 million for the period. The acquired foundry’s sales were 2.5 times greater.
The deal was finalized on July 31, following the conclusion of the June 30 quarter. As a result, the results released Wednesday are expected to reflect mostly standalone performance. The outlook from management will mark the initial assessment of the merged entity.
U.S. stock markets did not open on Sunday. Data from Friday’s close and July 24 comparisons indicate widespread advances in quantum-sector stocks.
| Company | July 24 close | July 31 close | Weekly move | Screen market cap |
|---|---|---|---|---|
| IonQ | $32.84 | $36.44 | +11.0% | $13.53 billion |
| D-Wave Quantum Inc. NASDAQ:QBTS | $16.21 | $18.08 | +11.5% | $6.64 billion |
| Rigetti Computing Inc. NASDAQ:RGTI | $14.15 | $14.95 | +5.7% | $5.01 billion |
| Quantum Computing Inc. NASDAQ:QUBT | $7.43 | $8.10 | +9.0% | $1.81 billion |
IonQ surpassed the Nasdaq Composite’s weekly gain of 1.6% by 9.4 percentage points, marking a performance that went beyond general strength in the tech sector.
The $1.8 billion deal provided SkyWater shareholders with $15 in cash plus 0.4883 IonQ shares for every SkyWater share held. The Federal Trade Commission approved the transaction on Friday following a divided vote among commissioners regarding potential access terms.
IonQ is a “merchant supplier and ecosystem enabler,” Chief Executive Niccolo de Masi said. SkyWater will continue to serve external foundry clients as SkyWater. IonQ Investors
The operating comparison highlights the impact of the deal on IonQ’s financial profile. Margin metrics continue to be based on company definitions.
| First-quarter 2026 metric | IonQ | SkyWater | Comparison |
|---|---|---|---|
| Revenue | $64.7 million | $160.7 million | SkyWater’s revenue was 2.5 times that of IonQ |
| Adjusted EBITDA | $(96.8) million | $13.0 million | Operating results contrasted sharply |
| Revenue growth | 755% | 162% | Substantial growth recorded by both |
Adjusted EBITDA figures are not directly analogous between the two firms. SkyWater’s filing notes that competitors might use varying methods to calculate this metric.
The primary investor comparison is based on Friday’s screen value of $13.53 billion. IonQ’s guidance midpoint and SkyWater’s audited revenue projection for 2025 are used in the calculations.
| Illustrative revenue reference | Revenue base | Market cap-to-revenue |
|---|---|---|
| IonQ 2026 target midpoint | $265.0 million | 51.0 times |
| Midpoint with SkyWater 2025 realised | $707.1 million | 19.1 times |
The second row does not represent pro forma guidance. It does not account for deal timing, debt, use of cash, or purchase accounting. Screen share totals might also be delayed relative to closing.
Funding is just as important as revenue. IonQ stated that the cash portion would be paid using existing cash reserves. As of March, the company held $3.1 billion in cash and investments.
| Deal measure | Figure | Investor read-through |
|---|---|---|
| Total equity value | $1.80 billion | 13.3% relative to Friday’s quoted market capitalization |
| Early cash portion | About $771 million | 24.9% of March available liquidity |
| Early stock portion | About $1.03 billion | Residual funded by shares |
| Projected prior SkyWater stake | 4.3%-6.8% | Estimate based on fully diluted proxy |
Initial calculations are based on the stated $35 figure, which includes $15 in cash and $20 in stock for each share.
The last 0.4883-share tranche was valued at $17.79 at the close on Friday. The bundle was quoted at $32.79, down 6.3% from the January benchmark. This figure reflected a mark at the close of trading day, not an opening merger spread.
IonQ aims for second-quarter revenue between $65 million and $68 million on Wednesday. Sales for the full year are projected at $260 million to $270 million. The company expects an adjusted EBITDA loss of $310 million to $330 million.
Friday’s U.S. employment data is in focus for the broader market. Analysts predict a payroll increase of 83,000 positions. Shifts in interest rates may heighten fluctuations in high-valued quantum stocks.
Risks: SkyWater’s top three customers accounted for 78% of its revenue in the first quarter. The filing additionally disclosed significant deficiencies in revenue accounting and Fab 25 reconciliation processes. Integration setbacks have the potential to increase IonQ’s rate of cash consumption.
The main challenge is clear. IonQ needs to increase foundry output speed while ensuring it does not hide true quantum demand.
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