SkyWater Technology, Inc. provides semiconductor manufacturing services in the United States through two segments: Legacy SkyWater and SkyWater Texas. Its offerings include foundry services, advanced technology services (ATS), wafer manufacturing for analog, mixed-signal, MEMS, and specialty CMOS devices, and advanced semiconductor packaging. The company serves the quantum computing, aerospace and defense, automotive, bio-health, and industrial sectors. Incorporated in 2016, it is headquartered in Bloomington, Minnesota.
IonQ completes $1.8B SkyWater acquisition IonQ closed its $1.8 billion purchase of SkyWater on July 31, 2026, after shareholders approved it in May. SkyWater investors received $35 per share in cash and IonQ stock. This removes deal uncertainty and locks in a premium, supporting SKYT's price.
The deal closing is the single biggest event that determines SKYT's value and removes prior timing risk.
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IonQ launches Superion 256 with SkyWater-made chips IonQ launched its sixth-generation Superion 256 quantum platform, with the first fully integrated 256-qubit processing units fabricated at SkyWater. Customer orders are open, deliveries start in 2027. This gives SkyWater a concrete, high-volume production role, boosting demand for its foundry services.
It shows SkyWater is now a key manufacturing partner for IonQ's next-generation product, directly driving future revenue.
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IonQ raises 2026 revenue guidance above $260M IonQ raised its full-year 2026 revenue guidance to $260–270 million, more than 100% organic growth, excluding SkyWater. Strong IonQ sales mean more demand for SkyWater's fabrication and packaging services, supporting SKYT's value as part of the combined company.
IonQ's growth directly increases the volume of work flowing to SkyWater's fabs.
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IonQ buys Nexus Photonics to boost SkyWater foundry IonQ acquired Nexus Photonics to add chip-scale lasers and optical subsystems, planning the industry's first dedicated quantum photonics foundry at SkyWater. This expands SkyWater's advanced packaging and photonics capabilities, attracting more customers and strengthening its long-term revenue potential.
It shows SkyWater's foundry is being positioned as a central supplier for quantum photonics, a new growth area.
IonQ acquisition closes IonQ completed its $1.8B acquisition of SkyWater, paying SKYT holders cash plus IonQ stock (terms reported as $15 cash + 0.4883 shares, or $35/share cash and stock), locking in a premium and ending SKYT's independent trading.
This is the main event that determined SKYT's price in the period.
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IonQ growth and DoD foundry role IonQ's revenue surged 755% to $64.7M with raised 2026 guidance of $260–270M; SkyWater became a DoD-trusted foundry for IonQ's new Superion 256 quantum platform, with deliveries starting 2027.
Shows strong demand and strategic importance for SkyWater's business.
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Quantum photonics foundry and military spending Nexus Photonics was acquired to build a dedicated quantum photonics foundry at SkyWater; and bipartisan proposals could raise military quantum spending 68% to $567M.
Highlights expansion and potential government funding tailwinds.
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IonQ valuation and integration risks IonQ looks fully priced with a high P/E and no profits; integration and scaling are difficult; and if IonQ shares fall, the stock portion of SKYT holders' payout loses value.
Provides a fair counterweight to the positive drivers.
News & notes movingSKYT
United States
Quantum Computing▲2impact 4
IonQ Q2 Sales Jump 287% to $80.1 Million as Losses Widen
IonQ reported second-quarter 2026 sales of $80.1 million, up 287% from a year earlier, with part of that growth coming from a series of acquisitions and the rest from organic quantum revenue. Management estimates organic revenue will double for the full calendar year 2026, helping total sales, including acquisitions and organic growth, reach an estimated $455 million this year, a 60% increase over the company's previous guidance, though the raised full-year revenue guidance came just after IonQ completed its purchase of the chip foundry business SkyWater Technology on July 31. The company's non-GAAP adjusted EBITDA loss widened to $120.3 million in the second quarter from $36.5 million a year earlier, driven by expensive research and development costs and rising sales and general administrative costs, and that loss far exceeded quarterly revenue. IonQ holds cash and cash equivalents of $3 billion, giving it substantial runway despite being unprofitable, while its stock trades at a price-to-sales ratio of 51, well above the tech sector average of about 7, even after a roughly 42% share price decline over the past year.
Quantum Computing › Cryogenic, Control & Photonic Components ▲Supply
IONQ · Capital · Positive Q2 sales jumped 287% to $80.1M and full-year revenue guidance was raised 60% to ~$455M, though EBITDA losses widened sharply.
SKYT · Capital · Positive IonQ completed its purchase of chip foundry SkyWater Technology on July 31, contributing to IonQ's acquisition-driven revenue growth.
IonQ Launches Superion 256 Quantum Platform, First Deliveries Set for 2027
IonQ has launched Superion 256, its sixth-generation quantum computing platform and the foundation for future compute products, with customer deliveries set for 2027. The platform moved from early design to trapping ions in under a year, and IonQ fabricated its first fully integrated 256-qubit quantum processing units at its SkyWater subsidiary, with prototype Superion 256 systems now trapping ions at multiple U.S. facilities. IonQ and SkyWater jointly designed and fabricated the chip, completing six tapeouts in the first half of 2026 and cutting the design cycle to two months from nine months, while delivering 12 times more wafer lots over six months than at a previous foundry. At the core of Superion 256 is IonQ's Electronic Qubit Control, which controls trapped-ion qubits with electronics integrated directly into the chip rather than with laser systems, using the same technology behind IonQ's 99.99% two-qubit gate fidelity world record in October 2025. The platform scales from 256 qubits to millions of qubits, and Superion 10K is already underway, integrating CMOS into the chip. IonQ is taking orders for Superion 256 now and pre-sold its first system in the first quarter of 2026, while production-grade systems will also run on its cloud.
IONQ · Technology · Positive IonQ launched its sixth-generation Superion 256 quantum platform with integrated Electronic Qubit Control and 99.99% gate fidelity
IONQ · Demand · Positive IonQ is taking orders for Superion 256 now and pre-sold its first system in Q1 2026
SKYT · Technology · Positive SkyWater subsidiary fabricated IonQ's first fully integrated 256-qubit QPUs, jointly designed with six tapeouts and 12x more wafer lots
IonQ shares jumped 9.5% in afternoon trading after the quantum computing company raised its full-year 2026 revenue guidance to between $260 million and $270 million, representing over 100% year-over-year organic growth, excluding any impact from its pending acquisition of SkyWater Technology. The company also introduced its sixth-generation quantum computing platform, Superion 256, built on integrated chip-based 256-qubit quantum processing units manufactured through its partnership with SkyWater, with customer orders now open and initial deliveries planned for 2027. Additionally, IonQ secured a commercial quantum security contract worth $8.18 million with Congruity360 to deliver its Clavis quantum key distribution pairs and Solteris network appliances for enterprise data protection. IonQ shares are down 8.4% year-to-date, trading at $42.83, 47.8% below their 52-week high of $82.09 from October 2025.
IONQ · Capital · Positive IonQ raised its full-year 2026 revenue guidance to $260-270M, over 100% YoY organic growth.
IONQ · Demand · Positive IonQ secured an $8.18M commercial quantum security contract with Congruity360.
IONQ · Technology · Positive IonQ unveiled its sixth-generation Superion 256 quantum platform with 256-qubit QPUs.
Congruity360 · Demand · Positive Congruity360 awarded IonQ an $8.18M contract for Clavis QKD pairs and Solteris appliances for enterprise data protection.
SKYT · Demand · Positive IonQ's Superion 256 QPUs are manufactured through its partnership with SkyWater, and SkyWater is IonQ's pending acquisition target.
Quantum Stocks Rally as Commerce Takes Equity Stakes
Quantum computing stocks rallied after the U.S. Commerce Department finalized CHIPS Act funding awards that give the government minority, non-controlling equity stakes in Rigetti Computing and D-Wave Quantum, each securing $100 million. Rigetti shares rose 6% to $16.13, while D-Wave climbed 5% to $17.46, though both remain down 26% and 33% year to date, respectively. The awards are part of a broader $2.013 billion allocation across nine quantum companies announced in May. IonQ also gained after raising its 2026 revenue guidance to $280 million to $290 million following its SkyWater Technology acquisition, and it hosts an investor day at the New York Stock Exchange today. The Defiance Quantum ETF rose only 1%, reflecting limited sector-wide participation, as the equity stakes add dilution risk to the funded names.
IonQ Shares Down 1.8% Since Q2 Report, Outlook Raised
IonQ shares have fallen 1.8% since its second-quarter earnings report, underperforming the S&P 500, but the company raised its full-year revenue guidance. In the quarter, IonQ reported an adjusted loss of 33 cents per share, wider than the year-ago loss of 8 cents and missing the Zacks Consensus Estimate by 13.8%, while revenues surged 287% year over year to $80.1 million, beating estimates by 20.63%. International customers generated about 50% of quarterly revenues, and commercial customers accounted for roughly 60%, with multi-product sales up 40% year over year. Remaining performance obligations reached $485 million, up from $470 million in the first quarter and $122 million a year earlier, excluding potential business from memorandums of understanding with Anduril and Sandia National Laboratories. Adjusted gross margin was 44.1%, and adjusted EBITDA loss widened to $120.3 million from $36.5 million a year ago, including $24.7 million in R&D costs related to the SkyWater relationship. IonQ ended the quarter with $3.0 billion in cash and investments, or $2.0 billion pro forma after the SkyWater acquisition, and raised its 2026 revenue outlook to $280-$290 million from $260-$270 million, still expecting 100% organic growth. Since the report, the consensus estimate has shifted downward by 41.76%, and IonQ holds a Zacks Rank #4 (Sell) with a VGM Score of F.
Artificial Intelligence › AI Compute & Accelerator Silicon Competition
IONQ · Capital · Negative Q2 adjusted loss of 33 cents missed estimates and consensus estimates shifted down 41.76% with a Zacks Rank #4 (Sell), despite raised revenue outlook.
SKYT · Capital · Neutral Mentioned only as the SkyWater relationship/acquisition, with $24.7 million in R&D costs and pro forma cash impact.
IonQ Adds Capital Markets and Chip Leaders to Board
IonQ has appointed two new board members, Dr. Eric Ball, a veteran finance executive, and Timothy Baxter, former SkyWater chairman and Samsung North America CEO, bringing deep capital markets and semiconductor leadership experience to its governance. The combination of Ball's large-scale financing and M&A track record with Baxter's chip industry and go-to-market expertise could be important as IonQ integrates SkyWater and scales its merchant quantum supply ambitions. The new board members do not materially change the near-term catalyst of converting government and defense programs into durable revenue, but may help with governance around execution and integration risks. IonQ's narrative projects $700.4 million revenue and $53.4 million earnings by 2029, requiring 55.3% yearly revenue growth and a $255.1 million earnings decrease from $308.5 million today, with a fair value estimate of $68.41, a 63% upside to its current price.
IonQ Expands Merchant Supplier Role With Nexus Photonics Acquisition
IonQ is strengthening its role as a merchant supplier to the broader quantum industry, most recently acquiring Nexus Photonics to add chip-scale integration of lasers, modulators and optical subsystems. The company has already been a key supplier of precision atomic clocks to quantum computing companies and government contractors, and following the $1.8 billion acquisition of SkyWater in May, IonQ says it has become the world's largest quantum merchant supplier. On its August 2026 earnings call, IonQ announced the Nexus Photonics deal, which supports miniaturization and mass manufacture of quantum systems and brings the company closer to data center-scale distributed quantum systems. IonQ plans to supply these critical components through the industry's first dedicated quantum photonics foundry offering at SkyWater. IonQ shares have dropped 8.1% year to date, significantly lagging the industry's 105.7% growth, and the stock currently carries a Zacks Rank #4 (Sell).
Rigetti's commercial quantum sales expand as peers report mixed results
Rigetti Computing reported that its first two 9-qubit systems delivered in 2026 went to commercial customers, marking a notable shift from a year or two ago when commercial demand was largely absent. Management attributed a significant portion of first-half revenue growth to commercial organizations purchasing on-premises quantum systems, while the broader pipeline now spans commercial enterprises, universities, and governments. The company's $8.4 million C-DAC order for a 108-qubit system remains on track for fourth-quarter revenue recognition, and the HPE-Pittsburgh Supercomputing Center collaboration is expected to place a full 9-qubit Rigetti system into an HPC environment in 2027. D-Wave Quantum posted $3.1 million in second-quarter 2026 revenues, essentially flat year over year, with commercial enterprises accounting for roughly 62.4% of revenues, up from 45.1% a year earlier. IonQ completed its acquisition of SkyWater Technology, creating a U.S.-based quantum foundry and strengthening its control over semiconductor manufacturing, advanced packaging, and supply-chain capabilities.
IonQ reported second quarter 2026 revenue of $80.1 million, up 287% year over year and 20% above its own expectations, driven by deployments of its fifth-generation quantum computing systems. The company also raised its full-year revenue guidance to a range of $280 million to $290 million, reflecting strong first-half performance. IonQ completed its $1.8 billion acquisition of SkyWater Technology on July 31, 2026, creating a vertically integrated full-stack quantum platform company, and received its first fully featured quantum processing units from SkyWater, which are now undergoing testing. Remaining performance obligations reached $485 million, up from $122 million a year earlier, while GAAP net loss was $1.9 billion, including a $1.6 billion non-cash warrant valuation charge. The company ended the quarter with $3.0 billion in cash and investments, and expects to begin commissioning its 256-qubit systems in 2027.
IonQ reports record Q2 revenue of $80.1 million, raises full-year guidance
IonQ reported record GAAP revenue of $80.1 million for the second quarter of 2026, up 287% year over year and roughly 20% above the midpoint of its own guidance. Remaining performance obligations jumped to about $485 million, up nearly 300% from a year ago, and management raised full-year revenue guidance to $280 million to $290 million, targeting 100% organic growth in 2026. The company posted a GAAP net loss of $1.87 billion, largely due to a non-cash charge tied to remeasuring earn-outs and contingent consideration from the SkyWater acquisition, while adjusted EBITDA stood at negative $120 million. Cash, equivalents, and investments were approximately $2.0 billion pro forma after the deal. CEO Niccolo de Masi emphasized that the next race is AI plus quantum working together, citing IonQ's research on quantum fine-tuning as an energy-efficient layer on top of classical AI models.
US Lawmakers Seek 68% Boost in Military Quantum Funding to $567 Million
US lawmakers from both parties are seeking to increase annual military spending on quantum computing by 68% to $567 million as part of defense funding legislation expected to be debated in the House later this year. A similar effort is underway in the Senate, building on Trump administration moves including a May announcement of more than $2 billion in direct federal investments and a June executive order to advance quantum research and protect federal IT systems from quantum-based cyberattacks. The push comes as China has established a $10 billion National Laboratory for Quantum Information Sciences, while Europe and the UK combined have committed nearly three times as much public money as the US, according to industry consultancy QBN. Despite recent breakthroughs, investor skepticism persists, with shares of pure-play quantum firms like D-Wave Quantum Inc., Infleqtion Inc., and Rigetti Computing Inc. falling sharply this year, though IonQ Inc. raised its full-year revenue forecast and recouped most losses after closing its $1.8 billion acquisition of SkyWater Technology Inc. The four pure-play quantum companies slated for Commerce Department grants have doubled their annual lobbying spending to $2.2 million, and the White House in July hosted a quantum tech summit with industry leaders.
IonQ shares jump 8.6% after Wedbush initiates with outperform and $1.8 billion SkyWater acquisition closes
Shares of quantum computing company IonQ jumped 8.6% in afternoon trading after Wedbush initiated coverage with an outperform rating and a $75 price target, and the company completed its $1.8 billion acquisition of SkyWater Technology. The deal, which received Federal Trade Commission clearance, aims to create a vertically integrated firm by giving IonQ direct control over its chip manufacturing. The positive news follows a strong first quarter that led IonQ to raise its full-year revenue outlook. Despite the gain, the stock remains 51.6% below its 52-week high of $82.09 from October 2025.
IonQ Stock Looks Fully Priced After Closing SkyWater Deal
IonQ stock appears fully priced after completing its US$1.8 billion SkyWater Technology acquisition, with the company failing all six valuation checks on Simply Wall St. The stock trades at a price-to-earnings ratio of 44.1 times, well above the tech industry average of 21.9 times and Simply Wall St's fair P/E estimate of 16.2 times. While the SkyWater deal supports long-term growth through vertical integration, execution risks around chip manufacturing and quantum hardware scaling may weigh on investor sentiment. Bullish analysts see IonQ as potentially undervalued by 57 percent, while bears argue it is overvalued by 620 percent, trading at over 100 times revenue. The key question remains whether IonQ can convert its technology and new manufacturing footprint into tangible earnings progress that justifies its current premium valuation.
D-Wave Surges 11% on Nasdaq Verafin Deal, IonQ Gains 9% After SkyWater Buyout
Quantum computing stocks rallied sharply on Monday, led by D-Wave Quantum's 11% surge to $20.08 after announcing a collaboration with Nasdaq Verafin to develop quantum-hybrid applications for fraud detection, and IonQ's 9% jump to $39.62 following the close of its approximately $1.8 billion acquisition of SkyWater Technology. The broader NASDAQ 100 rose 1.52% amid easing Middle East tensions, amplifying the sector's deal-driven gains. Rigetti Computing and Quantum Computing rose 9% and 8% respectively, riding the risk-on sentiment despite no company-specific news, though both remain unprofitable. The Defiance Quantum ETF, which offers diversified exposure with a holdings-weighted P/E ratio of 28.34x, gained a more restrained 3% to $145.45 and is up 31% year to date.
IonQ completes $1.8 billion acquisition of SkyWater Technology
IonQ has completed its acquisition of US semiconductor foundry SkyWater Technology in a deal valued at about $1.8 billion. The transaction closed after receiving regulatory clearance, including early termination of the US Federal Trade Commission's review process. SkyWater shareholders will receive $15.00 in cash and 0.4883 shares of IonQ common stock for each SkyWater share. SkyWater now operates as a subsidiary of IonQ, with CEO Thomas Sonderman reporting to IonQ's chairman and CEO Niccolo de Masi. The acquisition is expected to advance IonQ's fault-tolerant quantum computing development and strengthen its federal division for government and defense applications.
IonQ Outpaces D-Wave Quantum on Revenue Growth, Making It the Better Buy in 2026
IonQ emerges as the preferred quantum computing stock over D-Wave Quantum for 2026, driven by far stronger revenue growth and a broader technology portfolio. IonQ reported fiscal 2025 revenue of $130.0 million, a 201.9% year-over-year increase, while D-Wave posted $24.6 million, up 178.5%. IonQ’s first-quarter 2026 sales reached $64.7 million, representing 755% year-over-year growth, compared to D-Wave’s $2.9 million, an 81% decline from the prior year. IonQ’s acquisition of SkyWater Technology provides end-to-end quantum chip capabilities, and its solutions span networking, cybersecurity, and space applications. D-Wave’s acquisition of Quantum Circuits expands its technology into gate-model quantum computers, and it secured a $100 million U.S. government award in May, but its revenue trajectory and narrower focus make IonQ the stronger pick.
IonQ Raises Full-Year Revenue Guidance to $260–$270 Million
IonQ raised its full-year revenue guidance to between $260 million and $270 million, up from the prior range of $225 million to $245 million. The company posted first-quarter fiscal 2026 revenue of $64.67 million, exceeding expectations of $49.79 million and marking a 755% year-over-year increase. Its remaining performance obligation, or backlog, grew more than 550% to $470 million, with commercial customers accounting for approximately 60% of total revenue. IonQ is also pursuing a $1.8 billion acquisition of SkyWater Technology to vertically integrate semiconductor manufacturing and accelerate hardware development. The company is scheduled to report fiscal second-quarter 2026 earnings on August 5, with the Street projecting revenue of roughly $66.5 million.
IONQ · Capital · Positive IonQ raised full-year revenue guidance and beat Q1 revenue estimates, indicating strong financial performance.
SKYT · Capital · Positive IonQ is pursuing a $1.8 billion acquisition of SkyWater Technology, which would be a premium acquisition for SkyWater shareholders.
IonQ, SoundHound AI, and UiPath touted as better moonshot bets than SpaceX
The Motley Fool highlights IonQ, SoundHound AI, and UiPath as three speculative growth stocks that may be better moonshot investments than SpaceX. IonQ leads in quantum computing accuracy with trapped-ion qubits achieving 99.99% two-qubit gate fidelity, though it remains far from fault-tolerant operation, and it is acquiring SkyWater for a dedicated foundry. SoundHound AI, whose shares have fallen about 30% this year, is pursuing the customer service market through its pending acquisition of LivePerson, which would add a large customer base to its voice AI platform following its earlier Amelia deal. UiPath trades at a forward price-to-sales ratio of 3.5 and a forward price-to-earnings ratio of 15, and it aims to become an agentic AI orchestration leader by leveraging its robotic process automation foundation and Maestro platform, with revenue up 17% last quarter.
Artificial Intelligence › AI Applications & Copilots Competition
Artificial Intelligence › Agentic AI & Autonomous Workflows Competition
IONQ · Technology · Positive IonQ's quantum computing accuracy milestone (99.99% fidelity) and acquisition of SkyWater for dedicated foundry are highlighted as positive developments.
PATH · Technology · Positive UiPath is positioned as an agentic AI orchestration leader with its Maestro platform and 17% revenue growth.
SOUN · Capital · Positive SoundHound AI's pending acquisition of LivePerson and earlier Amelia deal are highlighted as growth catalysts.
LPSN · Capital · Positive SoundHound AI's pending acquisition of LivePerson is expected to add a large customer base, boosting its voice AI platform.
SKYT · Capital · Positive SkyWater is being acquired by IonQ, which is a positive event for the company.
IonQ vs. Quantum Computing Inc.: Which Quantum Computing Stock Is a Better Buy in 2026?
IonQ and Quantum Computing Inc. present contrasting investment cases in the quantum computing sector. IonQ reported fiscal 2025 revenue of $130.0 million, a 201.9% increase, but posted a net loss of $510.4 million, while Quantum Computing Inc. generated just $682,000 in revenue with a net loss of $18.7 million. Both companies carry no debt, with IonQ holding a current ratio of 15.5x and Quantum Computing Inc. at 102.4x. IonQ faces regulatory scrutiny over its pending $1.8 billion SkyWater Technologies acquisition and high short interest of 22%, whereas Quantum Computing Inc. contends with supply chain risks and integration challenges from recent acquisitions. The analysis concludes IonQ is the better buy due to its consistent revenue growth and customer traction.
IONQ · Demand · Positive IonQ reported 201.9% revenue growth to $130M, indicating strong customer traction and demand.
QUBT · Demand · Negative Quantum Computing Inc. generated only $682K in revenue, showing very weak customer demand.
SKYT · Regulation · Neutral SkyWater Technologies is mentioned only as the target of IonQ's pending $1.8B acquisition facing regulatory scrutiny; no direct impact on SkyWater itself.
SkyWater Technology Gains Over 89% in 6 Months on Revenue Growth and IonQ Merger
SkyWater Technology has surged more than 89% over the past six months, driven by strong fiscal 2025 revenue growth and its pending merger with IonQ, which is expected to close in the second or third quarter of 2026. Shareholders approved the merger agreement on May 8, clearing a key milestone, with SkyWater investors set to receive $35.00 per share in a mix of $15.00 cash and IonQ stock subject to a collar. The stock still trades at a small discount to the $35 deal price, reflecting timing uncertainty around regulatory clearance and short-term volatility in IonQ's share price. Analysts view this as a structural and timing risk rather than a fundamental concern about the deal. SkyWater is a U.S.-based pure-play semiconductor foundry serving aerospace, defense, automotive, and industrial sectors through its Technology-as-a-Service model.
Semiconductors › Foundry & Contract Fabrication Capital
SKYT · Capital · Positive SkyWater's pending merger with IonQ at $35/share and strong revenue growth drive the stock's 89% gain.
IONQ · Capital · Neutral IonQ is the acquirer in the merger; the deal's closing is subject to regulatory clearance and IonQ stock volatility, creating uncertainty.
IonQ Targets 256-Qubit System in 2026 Amid $96.8 Million Quarterly EBITDA Loss
IonQ is advancing its commercialization roadmap with plans to deliver an operational 256-qubit system later in 2026, having already presold its first chip-based unit and completed key tape-out milestones. The company maintained a bill-of-materials target under $30 million for a future fault-tolerant system and is positioning the pending SkyWater transaction to add onshore capacity and faster prototyping. In the first quarter of 2026, adjusted EBITDA was a loss of $96.8 million, and management reaffirmed full-year adjusted EBITDA loss guidance of $310 million to $330 million. IonQ shares have gained 47.4% over the past year, underperforming the industry's 259.8% growth, and the stock trades at a forward 12-month price-to-sales ratio of 64.05 times versus an industry median of 4.36 times.
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