A contracted backlog approaching $1.2 billion at the close of the third quarter signals that demand for quantum computing capacity is outpacing IonQ’s (NYSE: IONQ) current ability to deliver it.
The company’s Superion 256 systems, launched in September, are already fully booked through 2027, with executives now working to fill orders stretching into 2028.
That production constraint sits alongside a quarterly revenue figure that few analysts had anticipated: $173.8 million for the three months ended in the third quarter, representing a 336% jump from the same period a year earlier.
The result was shaped in part by IonQ’s acquisition of semiconductor foundry operator SkyWater, which closed at the end of July and contributed $83.5 million to revenue across two months of consolidated results.
Chief Operating Officer and Chief Financial Officer Inder Singh noted that the SkyWater figure excluded intercompany revenue, meaning the organic picture across both businesses was even more distinct.
IonQ’s core quantum platform business generated $90.3 million in segment revenue, a 127% year-over-year increase, driven by deployments of fifth-generation Tempo quantum computers alongside sensing and space-based products.
More than 40% of IonQ Platform revenue in the quarter came from customers purchasing multiple products, a metric that points to deepening commercial relationships rather than one-off contracts.
Among the deals signed during the period, IonQ disclosed a $33 million contract with SDT covering a Superion 256 system and a quantum networking memory solution.
The remaining performance obligation breakdown showed the IonQ segment holding $689 million in contracted but unrecognized revenue, up from $485 million previously, while SkyWater contributed a further $479 million.
SkyWater’s own quantum foundry business grew more than 30% year over year when excluding work performed for IonQ, and the unit extended a multiyear agreement with D-Wave while signing a new multiyear deal with Qolab.
IonQ’s acquisition of Elisity added roughly 100 enterprise deployments to the 125 customers already served through the ID Quantique business, nearly doubling the company’s quantum security footprint.
Singh described Elisity as adding software and recurring revenue capabilities, while also equipping IonQ with tools to help clients identify quantum-related vulnerabilities across their networks.
On the cost side, general and administrative expenses for the quarter included approximately $40 million in one-time charges tied to acquisition activity, which were stripped out of adjusted EBITDA calculations.
Singh said the company intends to pursue profitability without damaging its growth trajectory, and executives indicated they may incorporate profitability targets into compensation structures as the company moves into 2027.
With momentum across hardware, foundry services, and security, IonQ raised its full-year 2026 revenue guidance to a range of $505 million to $515 million, and forecast 110% year-over-year growth in quantum computing revenue.
