New York, May 26, 2026, 06:07 EDT
- IonQ traded up 2.8% in premarket action ahead of the U.S. exchanges reopening after the Memorial Day holiday.
- The U.S. Commerce Department’s $2.013 billion quantum push boosted sector sentiment, but IonQ didn’t make the award list.
- Investors are looking at IonQ’s record Q1 revenue but also watching its valuation, cash burn, and what could go wrong with deal integration.
IonQ is trading up in premarket Tuesday after the long U.S. holiday break. Shares stood at $65.43 on Public.com at 6:00 a.m. ET, 2.8% higher than the last closing price. Traders are still chasing quantum names following Washington’s new push for federal investment in the sector.
The cash market was still closed when this happened. U.S. markets took a break Monday for Memorial Day. Stock-index futures moved up early Tuesday. Nasdaq 100 futures traded 0.77% higher at 4:50 a.m. ET, according to Reuters.
CHIPS and Science Act incentives are in focus after the Commerce Department signed nine letters of intent, totaling $2.013 billion for companies working on fault-tolerant quantum computers. These systems aim to keep working even with hardware errors. The department will take minority, non-controlling equity stakes in each firm that gets these funds.
IBM is set as the lead player. IBM and the Commerce Department said the company is in line for $1 billion in proposed CHIPS Act incentives tied to Anderon, described as a separate quantum-chip foundry for making quantum wafers. IBM also plans to put up $1 billion in cash plus assets, IP, and staff for the project. CEO Arvind Krishna said Anderon would be “well-positioned” to back the quantum sector in the U.S. IBM Newsroom
D-Wave and Rigetti made the list, with $100 million each in planned funding. IonQ didn’t. That’s what traders are talking about now. B. Riley called IonQ’s absence a “distinction, not a slight” and pointed to its cash, government work, DARPA projects, and the SkyWater foundry deal. TipRanks
IonQ posted first-quarter revenue up 755% from last year at $64.7 million, boosted by sales of quantum systems, more cloud usage and demand for its Tempo line. The company lifted its full-year 2026 revenue outlook to between $260 million and $270 million. Remaining performance obligations climbed 554% to $470 million.
The quarter didn’t give investors much clarity. Stone Fox Capital on Seeking Alpha noted IonQ was trading close to 90 times sales, running an adjusted EBITDA loss of $96.8 million with big cash burn. The contributor called the recent rally an exit point for the stock.
The market treated quantum stocks like a basket last week instead of separating out names. 24/7 Wall St. said on May 21 that IonQ was up 10% early, D-Wave shot up 25%, Rigetti added 24%, with investors trading the quantum group as if they were all tied, even though each company’s tech is different.
Competitive risk is centered here. IBM has the biggest proposed award and the largest manufacturing scale. D-Wave and Rigetti already have direct federal dollars. IonQ is counting on its trapped-ion tech, cash, and the SkyWater deal to stay in the game even without the CHIPS award.
Quantum technology is in the early stages. Quantum computers run on qubits that handle information differently from classical chips, but problems with errors and scaling are still not solved. Reuters said quantum computing faces big hurdles, with high error rates still holding back real-world use.
The risks are obvious. If Tuesday’s action cools off, markets could return to concerns about dilution from government stake sales, long commercialization timelines, IonQ’s string of acquisitions, and the gap between revenue growth and losses. IBM added that Anderon’s launch still depends on signing final documents with Commerce, so the biggest award isn’t locked in yet.
