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IONQ Sees Favorable Q2 Revenue Trends: More Upside Ahead?
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Key Takeaways
IONQ saw strong Q2 revenues from international customers and non-U.S. government clients.
IONQ's multiproduct sales grew 40% year over year, nearing 25% of quarterly revenues.
IONQ ended Q2 with $485 million in RPOs, up from $470 million sequentially and $122 million a year ago.
IONQ (IONQ - Free Report) reported encouraging revenue trends across key drivers in the second quarter of 2026. Roughly half of the revenues came from international customers, spanning countries such as Australia, South Korea, Portugal, India, Denmark, Germany, Israel and Japan,
This quarter was especially strong for the international metric due to the quantum computing deployments. IONQ began shipments of subsystems to the Korea Institute of Science and Technology Information, or KISTI, and with QuantumBasel in Switzerland, its fifth-generation machine is in final assembly, alongside the fourth-generation machine previously purchased by the customer. The company now has solutions in more than 50 countries, with inbound interest coming from an even broader set of markets.
Commercial revenues remained strong as non-U.S. government customers generated 60% of second-quarter revenues, reflecting the real-world applications of IONQ’s quantum technologies.
Another revenue driver was multiproduct sales, which grew 40% year over year and comprise nearly 25% of quarterly revenues. IONQ remains encouraged by this opportunity, particularly through selling quantum computing and quantum security together. Management said demand for both offerings is high, creating further room to drive cross-selling.
Forward revenue visibility also improved, with IONQ ending the second quarter with $485 million in remaining performance obligations (RPOs). The figure increased from $470 million on a sequential basis and $122 million a year ago, providing one more indication of the company’s growing revenue pipeline.
IONQ’s Peer Updates
D-Wave Quantum (QBTS - Free Report) posted $3.1 million in revenues in the second quarter of 2026, essentially flat yearover year.The company recognized revenues from approximately 100 customers, with commercial enterprises accounting for roughly 62.4% of revenues, up from 45.1% a year earlier.D-Wave’s QCaaS subscription revenues jumped 50% year over year to $1.9 million, while professional services revenues grew more than 18% to roughly $900,000. Systems and other revenues were $300,000, largely from installation and site preparation related to the $20 million Florida Atlantic University sale.
Rigetti (RGTI - Free Report) reported second-quarter 2026 revenues of $5.1 million, up from $1.8 million a year ago. The year-over-year increase was driven by on-premises Novera QPU sales, reflecting recognition of previously announced Novera purchase orders. Across Europe and Asia, RGTI is seeing a growing number of coordinated quantum initiatives. While commercial revenues remain early, engagement is increasing across industries such as materials, logistics and financial services as businesses explore hybrid and quantum-inspired workloads.
IONQ Stock Performance, Valuation and Estimates
Year to date, IonQ shares have dropped 0.9% compared to the industry’s 97.9% surge.
Image Source: Zacks Investment Research
IONQ is trading at a forward 12-month price-to-earnings (P/E) of 45.89X compared with the 5.21X industry average. The stock carries a Value Score of F at present.
Image Source: Zacks Investment Research
Take a look at how estimates for the company’s earnings have been shaping up.
View the Zacks #1 Rank List
Image: Bigstock
IONQ Sees Favorable Q2 Revenue Trends: More Upside Ahead?
Key Takeaways
IONQ (IONQ - Free Report) reported encouraging revenue trends across key drivers in the second quarter of 2026. Roughly half of the revenues came from international customers, spanning countries such as Australia, South Korea, Portugal, India, Denmark, Germany, Israel and Japan,
This quarter was especially strong for the international metric due to the quantum computing deployments. IONQ began shipments of subsystems to the Korea Institute of Science and Technology Information, or KISTI, and with QuantumBasel in Switzerland, its fifth-generation machine is in final assembly, alongside the fourth-generation machine previously purchased by the customer. The company now has solutions in more than 50 countries, with inbound interest coming from an even broader set of markets.
Commercial revenues remained strong as non-U.S. government customers generated 60% of second-quarter revenues, reflecting the real-world applications of IONQ’s quantum technologies.
Another revenue driver was multiproduct sales, which grew 40% year over year and comprise nearly 25% of quarterly revenues. IONQ remains encouraged by this opportunity, particularly through selling quantum computing and quantum security together. Management said demand for both offerings is high, creating further room to drive cross-selling.
Forward revenue visibility also improved, with IONQ ending the second quarter with $485 million in remaining performance obligations (RPOs). The figure increased from $470 million on a sequential basis and $122 million a year ago, providing one more indication of the company’s growing revenue pipeline.
IONQ’s Peer Updates
D-Wave Quantum (QBTS - Free Report) posted $3.1 million in revenues in the second quarter of 2026, essentially flat yearover year.The company recognized revenues from approximately 100 customers, with commercial enterprises accounting for roughly 62.4% of revenues, up from 45.1% a year earlier.D-Wave’s QCaaS subscription revenues jumped 50% year over year to $1.9 million, while professional services revenues grew more than 18% to roughly $900,000. Systems and other revenues were $300,000, largely from installation and site preparation related to the $20 million Florida Atlantic University sale.
Rigetti (RGTI - Free Report) reported second-quarter 2026 revenues of $5.1 million, up from $1.8 million a year ago. The year-over-year increase was driven by on-premises Novera QPU sales, reflecting recognition of previously announced Novera purchase orders. Across Europe and Asia, RGTI is seeing a growing number of coordinated quantum initiatives. While commercial revenues remain early, engagement is increasing across industries such as materials, logistics and financial services as businesses explore hybrid and quantum-inspired workloads.
IONQ Stock Performance, Valuation and Estimates
Year to date, IonQ shares have dropped 0.9% compared to the industry’s 97.9% surge.
Image Source: Zacks Investment Research
IONQ is trading at a forward 12-month price-to-earnings (P/E) of 45.89X compared with the 5.21X industry average. The stock carries a Value Score of F at present.
Image Source: Zacks Investment Research
Take a look at how estimates for the company’s earnings have been shaping up.
Image Source: Zacks Investment Research
IONQ stock currently carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.