Trapped-ion quantum (revenue leader)
IonQ
The trapped-ion leader and the first quantum firm to exceed $100M in GAAP revenue. 2025 revenue ~$130M, 2026 guidance $225-245M. It sells quantum access via AWS Braket, Azure, NVIDIA (CUDA-Q hybrid) and government (Oak Ridge, General Dynamics). Acquisitions (Oxford Ionics $1.075B, SkyWater $1.8B) broadened a full-stack quantum-technology footprint. A pre-profit, sentiment-driven frontier.
IONQ Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, IonQ is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 55 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue ~$130M (first $100M+)
- Customer concentration · AWS, Azure, NVIDIA; 2026 guide $225-245M.
- Segments · Quantum hardware/cloud · Quantum networking · Government/research
Revenue from
- Government · enterprises · research (Oak Ridge · General Dynamics) High confidence· contract $55M · AFRL 4년(2024.9) · plus $21.1M AFRL quantum networking (Jan 2025), $5.7M DoD ARLIS; $72.8M YTD bookings
Quantum hardware and services to government, enterprise and research.Confirms EN IonQ Published Jan 13, 2025: IonQ announces $21.1M project with US Air Force Research Lab - Amazon Medium confidence
Sells access by hosting its trapped-ion backend on AWS Braket's managed quantum service — for IonQ, a distribution channel that reaches enterprise customers without its own sales force, and a usage-based rather than hardware-sale revenue. - Microsoft Medium confidence
Sells quantum access through Azure Quantum — with AWS, a dual channel that carries IonQ's revenue through cloud marketplaces.
Pays to
- NVIDIA Low confidence
Builds quantum-classical hybrid workflows on NVIDIA CUDA-Q — a bridge that commercializes what quantum cannot yet solve alone by pairing it with GPUs, and a point where IonQ leans on NVIDIA's ecosystem. - Photonics · ion traps · acquisitions (undisclosed) Low confidence
Ion-trap and photonic parts and acquisitions (Oxford, SkyWater).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| IonQ | node | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
IonQ's thesis is 'the one quantum frontier with real revenue versus a valuation with no profit.' As the trapped-ion leader it became the first quantum firm past $100M in GAAP revenue (~$130M in 2025, 2026 guide $225-245M), yet it remains pre-profit and sentiment-driven. The substance of revenue is less its own system sales than quantum access sold via AWS Braket, Azure and NVIDIA CUDA-Q plus government/research bookings (AFRL quantum networking and the like), and acquisitions (Oxford Ionics, SkyWater) vertically integrate ion-trap and chip fabrication toward a full stack. The crux is the uncertain timing of when quantum utility reaches a commercial threshold — roadmap milestones (error-correction demos) and bookings move the stock. Graph exposure runs IonQ<->cloud (AWS, Azure) and IonQ->government contracts.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $61 · Price $42.96 (07-11) · Upside +42%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Equal-Weight | $47 | May 4, 2026 | Report ↗ |
| Needham · Quinn Bolton | Buy | $65 | Feb 26, 2026 | Report ↗ |
| Cantor Fitzgerald · Troy Jensen | Overweight | $70 | Nov 7, 2025 | Report ↗ |
Wall Street consensus is Buy (average target around $63-69), with Cantor and Morgan Stanley among firms raising targets after strong Q4 2025 and H1 2026 results.
Analyses covering this node
- Orders are measured, revenue is narrative: on every frontier, infrastructure re-rates first Jun 23, 2026