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Item 1. Business

2026-02-25 compared with 2025-02-26 · 166 added, 180 removed, 276 unchanged (56% of the section changed)

We are developing quantum computers and networks designed to solve some of the world’s most complex problems, and transform business, society and the planet for the better.

We believe that our proprietary technology, our architecture, and the technology exclusively available to us through license agreements will offer us advantages both in terms of research and development, as well as the commercial value of our intended product offerings.

Today, we sell specialized quantum computing and networking hardware together with related maintenance and support.

IonQ is the world’s first and only quantum platform company.

We operate in every theater:

in space, in the air, on land and at sea, where we seek to deliver the full promise of quantum, across computing, networking, sensing and security.

We believe that we have the clearest path to fault-tolerant quantum computing, and a repertoire of networking, sensing and security products that will form the backbone of a global quantum infrastructure.

We are developing quantum computers designed to solve some of the world’s most complex problems and transform business, society and the planet for the better.

We believe that our proprietary technology, our architecture and the technology exclusively available to us through license agreements will offer us advantages both in research and development and in the commercial value of our product offerings.

Today, we sell specialized quantum computing hardware, together with complementary products and services, such as quantum networking, quantum sensing and quantum security products and associated maintenance and support.

We also sell access to several quantum computers of various qubit capacities and are in the process of researching and developing technologies for quantum computers with increasing computational capabilities.

We currently make access to our quantum computers available via three major cloud platforms, Amazon Web Services’ (“AWS”) Amazon Braket, Microsoft’s Azure Quantum and Google’s Cloud Marketplace, and also to select customers via our own cloud service.

This cloud-based approach enables the broad availability of quantum-computing-as-a-service (“QCaaS”).

We supplement our offerings with professional services focused on assisting our customers in applying quantum computing and networking to their businesses.

We also expect to sell full quantum computing systems to customers, either over the cloud or for local access.

We also offer quantum networking products which offer customers secure communication networks and enable networked quantum computing.

We currently make access to our quantum computers available through three major cloud platforms, Amazon Web Services’, or AWS’s, Braket, Microsoft’s Azure Quantum and Google’s Cloud Marketplace, and also to select customers via our own cloud service.

This cloud-based approach enables the broad availability of quantum-computing-as-a-service, or QCaaS.

We supplement our offerings with professional services focused on assisting our customers in applying quantum computing and our quantum networking, quantum sensing and quantum security solutions to their businesses.

We also sell full quantum computing systems to customers, either over the cloud or on premises.

Additionally, through a network of satellites, we offer data-as-a-service products to customers, including synthetic-aperture radar imaging, and through combining our satellite platform with our quantum sensing products, we intend to offer advanced quantum positioning, navigation and timing services in the future.

We are still in the early stages of commercial growth.

Since our inception, we have incurred significant operating losses.

Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and further commercialization of our quantum computing systems.

Our net losses were $331.6 million, $157.8 million and $48.5 million, for the years ended December 31, 2024, 2023 and 2022, respectively.

Our net losses attributable to IonQ, Inc.

were $510.4 million, $331.6 million and $157.8 million, for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, we had an accumulated deficit of $1,194.1 million.

We expect to continue to incur significant losses for the foreseeable future as we prioritize reaching the technical milestones necessary to achieve an increasingly higher number of algorithmic qubits and higher levels of fidelity than presently exists—prerequisites for quantum computing to reach broad quantum advantage.

We expect to continue to incur significant losses for the foreseeable future as we prioritize reaching the technical milestones necessary to achieve an increasingly higher number of physical and logical qubits and higher levels of qubit performance than presently exists—prerequisites for quantum computing to reach broad quantum advantage.

From time to time, we have acquired or invested in complementary businesses, and intend to continue to consider making such acquisitions and investments.

For more information on recent acquisitions and investments and their impact on our business, refer to

Note 3, Business Combinations, Note 5, Fair Value Measurements, and Note 22, Subsequent Events, in the notes to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

The Quantum Opportunity

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Quantum computing uses information in a fundamentally different way than classical computing.

Quantum computers are based on quantum bits (qubits), a fundamental unit that can exist in both states 0 and 1 simultaneously (superposition).

Quantum computers are based on quantum bits, or qubits, a fundamental unit that can exist in both states 0 and 1 simultaneously (superposition).

As a result, we believe that quantum computers can address a set of problems classical computing may never solve.

The types of problems that currently defeat classical computing include:

the simulation of quantum systems (e.g., in materials science or pharmaceuticals);

The types of problems that currently defeat classical computing include the simulation of quantum systems (e.g., in materials science or pharmaceuticals);

number factoring for decryption;

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Many of these problems are fundamental, involving society’s most pressing needs, such as how to live sustainably on our planet, how to cure diseases and how to efficiently move people and goods.

Classical computers cannot solve these problems because the calculations would take far

too long (i.e., millions to trillions of years) or because the problems involve quantum systems that are far too complex to be represented on a classical computer, even if their remarkable pace of development were to continue indefinitely.

Classical computers cannot solve these problems because the calculations would take far too long (i.e., millions to trillions of years) or because the problems involve quantum systems that are far too complex to be represented on a classical computer, even if their remarkable pace of development were to continue indefinitely.

While these problems are not solvable by today’s quantum computers, we believe that a quantum computer currently offers the best possibility for computational power that could be used to solve them.

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We envision a future powered by quantum computing and believe the 21st century is poised to be the dawn of this era.

Our mission is to be the leading quantum computing company enabling the new era of quantum computing.

As the world’s only quantum platform company, and the leading quantum computing company, we aim to advance the new quantum era.

We intend to fulfill our mission by:

• Leveraging Our Technology .

We believe that our technology offers substantial technological advantages compared to other competing quantum computing and networking systems.

We intend to build upon our technological lead by leveraging our world-class team of leaders and engineers who are pioneers in quantum computing and networking, with proven track records in innovation and technical leadership.

To date, we have developed and assembled ten generations of quantum computer prototypes and systems, have constructed quantum operating systems and software tools, and have worked with leading cloud vendors, quantum programming languages and quantum software development kits (“SDKs”).

We believe that our technology offers substantial technological advantages compared to other competing quantum computing systems.

We intend to build upon our technological lead by leveraging our world-class team of leaders and engineers who are pioneers in quantum computing, with proven track records in innovation and technical leadership.

To date, we have developed and assembled many generations of quantum computer prototypes and systems, have constructed quantum operating systems and software tools and have worked with leading cloud vendors, quantum programming languages and quantum software development kits, or SDKs.

• Accelerating Our Roadmap by Acquiring the Best Minds and Technologies .

In the past year, we have moved to accelerate our roadmap and cement our position as the world’s only quantum platform company, and its leading quantum computing company, by hiring world class talent and acquiring complementary businesses.

For example, in September 2025, we acquired Oxford Ionics Limited, which we believe will accelerate our quantum computing roadmap by using Electronic Qubit Control (EQC) to leverage semiconductor production and scaling.

Similarly, in May 2025, we acquired Lightsynq Technologies, Inc., which provided us access to a world-class R&D team and photonic interconnect technology, which we believe will enable higher-performance quantum networking solutions.

We also cemented our leadership in quantum networking, quantum sensing and quantum security with our acquisitions of id Quantique SA,

Vector Atomic, Inc., Capella Space Corp.

in 2025, and of Skyloom Global Corp.

in January 2026.

Similarly, on January 26, 2026, we announced the currently-pending acquisition, which we refer to as the SkyWater Acquisition, of SkyWater Technologies, Inc., which we refer to as SkyWater, and which we believe will accelerate our roadmap by providing us with embedded access to a secure quantum foundry.

• Selling Direct Access to Quantum Computers .

We sell specialized quantum computing and networking hardware to select customers, complemented by access to quantum experts and algorithm development capabilities.

We sell direct access to the quantum computers we manufacture, with units offered on a whole system or usage basis.

We sell specialized quantum computing, quantum networking and quantum sensing hardware to select customers, complemented by access to quantum experts and algorithm development capabilities.

We sell computers, partial computers and direct access to IonQ-owned computers.

We believe that by offering direct access to quantum computing, supplemented by our professional services, we can assist select customers in deepening their application of quantum solutions.

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• Continuing to Enhance Our Proprietary Position .

We have exclusively licensed our core technology from the University of Maryland and Duke University (together, the “Universities”), and our complex technology is protected by an extensive patent portfolio.

We intend to continue to drive innovation in quantum computing and networking and seek intellectual property protection where appropriate to enhance our proprietary technology position.

• Further Developing Our Quantum Computing and Networking Partner Ecosystem .

We believe our relationships with leading technology enterprises, government agencies, and university research institutes will accelerate innovation, distribution and monetization of our quantum capabilities.

We have an extensive patent portfolio and other intellectual property rights that protect our valuable technology.

We intend to continue to drive innovation in quantum and seek intellectual property protection where appropriate to enhance our proprietary technology position.

• Developing a Worldwide Quantum Ecosystem .

While developing and commercializing quantum computers is our central goal, we also believe that establishing a global quantum ecosystem is critical.

We have recently begun to do this, by developing and acquiring quantum networking, quantum sensing and quantum security products and services to complement our quantum computers and, if they are commercialized, those of our competitors.

We have also taken steps to establish a quantum ecosystem by partnering with leading universities, enterprises, governmental agencies and non-profits to accelerate innovation, distribution and commercialization of quantum products and services.

Market Opportunity:

A Future Driven by Quantum Computing

A Future Driven by Quantum

The potential uses for quantum applications are widespread and address a number of problems that would be impossible to solve using classical computing technology.

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A cornerstone of the global agriculture industry, the Haber-Bosch process consumes about one percent of the world’s energy and produces about one percent of the world’s carbon dioxide.

Agronomists have attempted to model the core molecule in nature’s nitrogen fixation process, but the molecule is too large for today’s classical supercomputers to

Agronomists have attempted to model the core molecule in nature’s nitrogen fixation process, but the molecule is too large for today’s classical supercomputers to simulate.

Understanding the quantum process used in nature to fixate nitrogen could lead directly to more efficient ways for scientists to do the same.

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To obtain 99.9% accuracy, a classical computer requires around one million simulations.

Quantum algorithms, however, can achieve the same accuracy using only one thousand simulations, thereby significantly reducing the time it takes to perform Monte Carlo simulations.

Quantum algorithms, however, can

achieve the same accuracy using only one thousand simulations, thereby significantly reducing the time it takes to perform Monte Carlo simulations.

This is especially important when running these simulations is expensive.

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Similarly, there are probability distributions that can only be efficiently distinguished from each other using a quantum computer.

In these examples, models utilizing quantum circuits can be used to capture complex internal structures in the data set much more effectively than classical models.

In these examples, models using quantum circuits can be used to capture complex internal structures in the data set much more effectively than classical models.

In other words, quantum computers can “learn” things that are beyond the capabilities of classical computers.

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Machine learning is used broadly in industry today, and we believe quantum machine learning could have a similarly broad impact.

As with any completely new technology, the use cases imagined by us today are only a subset of the opportunities that will emerge if future generations of more powerful quantum computers are successfully developed, as users understand the power of quantum algorithms.

As with any completely new technology, the use cases we imagine today are only a subset of the opportunities that will emerge if future generations of more powerful quantum computers are successfully developed, as users understand the power of quantum algorithms.

Remaining Challenges in Quantum Computing Evolution

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A 2019 publicly available report by a leading third-party consulting firm describes these phases—and the associated technical barriers—as paraphrased below:

• Noisy and intermediate-scale quantum (NISQ) computers :

• Noisy and intermediate-scale quantum, or NISQ, computers :

The earliest stage of development will see component demonstrations and intermediate-scale system development with limited commercial application.

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If this barrier can be overcome, we believe that quantum computing will offer practical solutions to meaningful problems superior to those provided by classical computers.

• Fault-tolerant quantum computing (FTQC) :

• Fault-tolerant quantum computing, or FTQC :

This last stage will see large modular quantum computers with enough power to tackle a wide array of commercial applications relevant to many sectors of the economy.

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The technical barrier will be the adoption of a modular quantum computer architecture that allows the scalable manufacturing of large quantum computer systems.

In a 2024 update of the previously referenced publicly available report, the third-party consulting firm detailed $50 billion in total government and private investment in quantum technology and estimated up to $2 trillion in economic value from quantum computing in the next ten years.

Building a Quantum Computer or a Quantum Network

Requirements for Building Useful Quantum Computers and Networks

Quantum computers and networks are difficult to build and operate because the physical system of qubits must be nearly perfectly isolated from its environment to faithfully store quantum information.

In a 2025 update of the previously referenced publicly available report, the third-party consulting firm detailed over $50 billion in total government and private investment in quantum technology and estimated up to $2 trillion in economic value from quantum computing in the next ten years.

Building a Quantum Computer

Requirements for Building Useful Quantum Computers

Quantum computers are difficult to build and operate because the physical system of qubits must be nearly perfectly isolated from its environment to faithfully store quantum information.

Yet the system must also be precisely controlled through the application of quantum gate operations, and it must ultimately be measured with high accuracy.

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Breakthroughs in physics, engineering and classical computing were prerequisites for building a quantum computer or network, which is why for many decades the task was beyond the limits of available technology.

To execute computational tasks, a quantum computer must be able to (i) initialize and store quantum information in qubits, (ii) operate quantum gates to modify information stored in qubits and (iii) output measurable results.

To execute computational tasks, a quantum computer must be able to initialize and store quantum information in qubits, operate quantum gates to modify information stored in qubits and output measurable results.

Each of these steps must be accomplished with sufficiently low error rates to produce reliable results.

Moreover, to be practical, a quantum computer or network must be economical in cost and scalable in compute power (i.e., the number of qubits and the number of gate operations) to handle real world problems.

The development of large-scale quantum computing and networking systems is still in early stages, and several potential engineering architectures for how to build a quantum computer or network have emerged.

Moreover, to be practical, a quantum computer must be economical in cost and scalable in compute power (i.e., the number of qubits and the number of gate operations) to handle real world problems.

The development of large-scale quantum computing systems is still in early stages, and several potential engineering architectures for how to build a quantum computer or network have emerged.

We are developing quantum computers based on individual atoms as the core qubit technology, which we believe has key advantages in scaling.

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Even neutral atoms are perturbed to some extent when they are trapped in space.

In contrast, trapped ion qubits are confined via electric fields in an ultra-high vacuum environment, and their internal qubits are hence perfectly isolated.

In contrast, trapped ion qubits are confined by electric fields in an ultra-high vacuum environment and their internal qubits are hence perfectly isolated.

As a result, the coherence of trapped ions can be preserved for about an hour, and may be able to be preserved for longer if isolation technology improves.

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This is because the qubits themselves are not in thermal contact with the environment, as they are electromagnetically confined in free space inside a vacuum chamber.

Although modest cryogenics (< 10 degrees above absolute zero) can be used to dramatically improve the vacuum environment, the inherent properties of the qubits

themselves do not degrade at room temperature.

Although modest cryogenics (< 10 degrees above absolute zero) can be used to dramatically improve the vacuum environment, the inherent properties of the qubits themselves do not degrade at room temperature.

The laser-cooling of the qubits themselves is extremely efficient because the atomic ions have very little mass and this requires just a single low-power laser beam (microwatts).

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• All-to-all connectivity :

In superconducting and other solid-state architectures, individual qubits are connected via physical wires, hence a particular qubit can only communicate with a further-removed qubit by going through the qubits that lie in-between.

In superconducting and other solid-state architectures, individual qubits are connected by physical wires, so a particular qubit can only communicate with a further-removed qubit by going through the qubits that lie in-between.

In the trapped ion approach, however, qubits are connected by electrostatic repulsion rather than through physical wires.

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fabrication with this level of precision is an unsolved challenge.

Technological Complexity Creates Significant Barriers to Entry

Significant Barriers to Entry

Alongside the benefits of the trapped ion approach, there are several challenges inherent in it that serve as barriers to entry, strengthening the advantages of our systems.

These key challenges include:

• Complex laser systems :

One of the challenges of trapped ion quantum computing is the set of lasers required and the degree to which they must be stable to operate the system.

Traditionally, these laser systems were assembled on an optical table on a component-by-component basis, which led to serious stability and reliability issues.

We believe that we have resolved this issue from an engineering standpoint and that our future roadmap will further improve manufacturability.

• Ultra-high vacuum (UHV) technology :

• Coherent control systems :

One of the challenges of trapped ion quantum computing is the coherent control system, including electronics and lasers, and the degree to which they must be stable to operate the system.

We believe that EQC, which integrates critical components into our ion trap chips in a way that we believe is not only highly manufacturable and scalable, but also increases the ultimate computing performance, is a solution to this challenge.

• Ultra-high vacuum, or UHV, technology :

The conventional method to achieve UHV conditions for ion trapping experiments involves using vacuum chamber designs with carefully chosen materials, assembly procedures with cumbersome electrical connections, and a conditioning procedure to prepare and bake the chamber at elevated temperatures for extended periods of time.

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• Executing high fidelity gates with all-to-all connectivity :

While trapped ion qubits feature the highest fidelity entangling gates, it is nevertheless a major technical challenge to design a control scheme that enables all qubits in a system to form gates with each other under full software control.

Through innovation in gate-implementation protocols, we believe that we have developed laser delivery and control systems that will allow us to implement fully programmable, fully connected gate schemes in our system.

While trapped ion qubits feature the highest fidelity entangling gates, it is nevertheless a major technical challenge to design a control scheme that enables all qubits in a system to efficiently form gates with each other under full real-time software control.

We believe that we have developed control schemes that will allow us to implement fully programmable, fully connected gate schemes in our system in a way that scales efficiently.

• Slow gate speeds :

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Laser light is then used to strip one electron selectively from each of only those atoms of a particular isotope, creating an electrically charged ion.

Ions are then confined in a specific configuration of electromagnetic fields created by the trapping structure ( i.e.

, the ion trap), to which their motion is confined due to their charge.

The trapping is done in an UHV chamber to keep the ions well-isolated from the environment.

Ions are then confined in a specific configuration of electromagnetic fields created by the trapping structure (i.e., the ion trap), to which their motion is confined due to their charge.

The trapping is done in a UHV chamber to keep the ions well isolated from the environment.

Isolating and loading a specific isotope of a specific atomic species ensures each qubit in the system is identical.

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The two atomic states have enough frequency separation that the qubit is easy to measure through fluorescence detection when an appropriate laser beam is applied.

To build quantum computers, many atomic ions are held in a single trap, and the repulsion from their charges naturally forces them into a stable linear crystal (or chain) of qubits.

To build quantum computers, many atomic ions are held in a single trap and the repulsion from their charges naturally forces them into stable arrays of qubits.

The qubits are highly isolated in the UHV chamber, only perturbed by occasional collisions with residual molecules in the chamber, which provides near-perfect quantum memory that lasts much longer than most currently envisioned quantum computing tasks require.

The qubits are initialized and measured through a system of external gated laser beams.

An additional set of gated laser beams applies a force to selected ions and modulates the electrical repulsion between the ions.

This process allows the creation of quantum logic gates between any pair of qubits, regardless of their distance within the crystal, which can be arbitrarily reconfigured in software.

An additional set of gated laser fields or electronic control fields applies a force to selected ions and modulates the electrical repulsion between the ions.

This process allows the creation of quantum logic gates between pairs of qubits, which by software control and reconfiguration enables quantum control of the entire system of qubits.

System Modularity and Scalability

Today, all qubits in our systems are stored on a single chip, referred to as a quantum processing unit (“QPU”).

QPUs can have several cores, or zones for trapping chains of ions, comparable to multicore central processing unit (“CPU”) chips in classical computing.

Each core can contain up to about 100 qubits in a linear crystal, and dozens of cores can potentially be co-located in a single QPU.

Within a QPU, some qubits can be physically moved between cores to accommodate quantum communication between the cores.

This process of moving ions within a QPU is called “shuttling” and is achieved by modifying the electromagnetic fields that form the trap.

Today, all qubits in our systems are stored on a single chip, referred to as a quantum processing unit, or QPU.

By using EQC, we believe we can efficiently parallelize these operations, and scale up these devices by what we expect to be many orders of magnitude by scaling the qubit array in two dimensions.

In addition to increasing the number of qubits per QPU, we believe we have identified, and we are currently developing, the technology needed to connect qubits between trapped ion QPUs, which may be commercially viable in the future.

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We believe this protocol can be combined with all-optical switching technology to enable multi-QPU quantum computers at large scale.

We at IonQ have assembled a team with deep expertise in photonics and are designing Photonic Interconnects that will enable our systems to compute with entangled qubits spanning multiple QPUs.

We believe this can open up the possibility of scaling quantum computers indefinitely, similar to how high-performance computers and data centers have been scaled.

We have assembled a team with deep expertise in photonics and are designing photonic interconnects that will enable our systems to compute with entangled qubits spanning multiple QPUs.

Our quantum architecture is modular, meaning that if development of this architecture is successful, the number of qubits in a QPU, or the number of QPUs in a system, could be scaled.

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This all-to-all connectivity is one of the key reasons we believe our systems will be computationally powerful.

Notably, our architectural approach to scaling quantum computers across several QPUs has also contributed to IonQ's work in quantum networking.

Notably, our architectural approach to scaling quantum computers across several QPUs has also contributed to our quantum networking.

Gate Configuration

Our qubits are manipulated (for initialization, detection, and forming quantum logic gates) by shining specific laser beams onto the trapped ions.

Our systems employ a set of lasers and a sophisticated optical system to deliver beams precisely tailored to achieve this manipulation.

The laser beams are tailored by programming radio frequency (“RF”) signals using state-of-the-art digital chipsets, which are custom-configured to generate the signals for qubit manipulation.

Our qubits are manipulated (for initialization, detection and forming quantum logic gates) by directing specific laser beams or EQC fields onto the trapped ions.

Our systems employ a set of lasers, electrodes and antennae to deliver signals precisely tailored to achieve this manipulation.

An operating system manages the quantum computer, maintaining the system in operation.

It includes software toolsets for converting quantum programs from users into a set of instructions the computer hardware can execute to yield the desired computational results.

To support system access from the cloud, we offer cloud management tools and application programming interfaces (“APIs”) that permit programming jobs to run remotely.

To support system access from the cloud, we offer cloud management tools and application programming interfaces that permit programming jobs to run remotely.

Our quantum gates are fully programmable in software;

there is no “hard-wiring” of qubit connections in the quantum computing hardware.

The structure of a quantum circuit or algorithm can therefore be optimized in software, and the appropriate laser beams can then be generated, switched, or modulated to execute any pattern of gate interactions.

The structure of a quantum circuit or algorithm can therefore be optimized in software, and the appropriate control fields can then be generated, switched, or modulated to execute any pattern of gate interactions.

Our programmable gate configurations make our systems adaptable.

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In 2020, a team of researchers at the University of Maryland, including some current IonQ employees, demonstrated the first fault-tolerant error-corrected qubit using 13 trapped ion qubits.

In 2024, we announced a partial error correction scheme which proposes a 3:1 qubit overhead to reduce noise and error in certain quantum gates that we believe we may implement in future generations of IonQ quantum computers.

With our unique architecture, we believe quantum error-correction can be coded in hardware and software, allowing varying levels and depths of quantum error-correction to be deployed as needed.

Because the ion qubits feature very low idle and native error rates and are highly connected, to achieve the first useful quantum applications we expect the error-correction overhead to be significantly lower than other approaches, for which we estimate the overhead to be on the order of at least 1,000:1.

In 2025, we announced that we were the first and, to date, only quantum computing company to achieve two-qubit gate fidelity of 99.99%.

Our unique architecture aims to code quantum error-correction in hardware and software, with the goal of allowing varying levels and depths of quantum error-correction to be deployed as needed.

We believe our architectural decisions will make our systems uniquely capable of achieving scale.

We have published a roadmap for scaling to larger quantum computing systems, with concrete technological innovations designed to significantly improve the performance of the systems.

For example, in 2022, we announced that through our partnership with the U.S.

Department of Energy’s Pacific Northwest National Laboratory (“PNNL”), we were able to shrink the barium source material down to a microscopic scale.

We believe this is significant because it is evidence of our continued progress to reduce the size of core system components, an important step in the creation of quantum computers small enough to be networked together.

However, meeting future milestones included in our roadmap is not guaranteed and is dependent on various technological advancements, which could take longer than expected to realize or turn out to be impossible to achieve.

Meeting the milestones included in our roadmap is not guaranteed and is dependent on various technological advancements, which could take longer than expected to realize or turn out to be impossible to achieve.

We believe that, with engineering advancements and firsts yet to be achieved, our quantum computers will become increasingly compact and transportable, opening up future applications of quantum computing at the edge.

Our Forward-Looking Roadmap

In December 2020, we publicly released a forward-looking technical roadmap for the next eight years.

Our technical roadmap was designed to provide transparent guidance to our quantum computer users regarding when we expect certain quantum computing capabilities to become available.

As part of this roadmap, we introduced the notion of “algorithmic qubits” as a metric to measure progress, and a detailed description of how to define and measure the number of algorithmic qubits (#AQ) in early 2022.

Roughly speaking, #AQ represents the total number of qubits that can be used to perform a quantum computational task that involves an order of ~(#AQ)^2 entangling gate operations in a list of quantum algorithms that reflect representative real-world use cases of a quantum computer.

This metric provides a simple and effective measure to estimate the computational power of each generation of quantum computers.

At low #AQ, the size of the problem the quantum computer can tackle is limited by the error rate of the entangling gate operations, rather than by the number of physical qubits available in the computer.

The aggressive push for improving the power of quantum computers, including the early introduction of quantum error-correction, is intended to significantly compress the time required for reaching the point when we expect quantum computers may become commercially impactful at scale.

We believe that many of the technological components needed to accomplish the performance goals of the roadmap, such as high-fidelity gate operations, photonic interconnects and quantum error-correction, have been realized in proof-of-concept demonstrations in trapped ion systems.

Given our track record of engineering and technology development, we believe that, over time, we will be able to successfully translate these technology components into products, which may enable successful deployment of our quantum computers and deliver material commercial value to customers.

We are targeting a Modular Architecture, Designed to Scale, resulting in Smaller Systems and Cheaper Compute Power for Each Generation

We are targeting a Modular Architecture, Designed to Scale, resulting in Cheaper Compute Power for Each Generation

The scaling of classical computer technology, which unlocked continuously growing markets over many decades, was driven by exponential growth in computational power coupled with exponential reduction in the cost of computational power for each generation (Moore’s law).

The key economic driver permitting the expansion of digital computer applications to new segments of the market was this very phenomenon of capability doubling in each generation with costs rising only modestly.

The key economic driver permitting the expansion of digital computer applications to new segments of the

market was this very phenomenon of capability doubling in each generation with costs rising only modestly.

We believe the scaling of quantum computing may follow a similar trajectory:

as the #AQ available in each generation scales, the per-AQ cost is also reduced and enables true scaling of quantum computers.

Our systems have benefited from years of architectural focus on scalability that addresses both #AQ and per-AQ cost and, as such, we believe that if we are able to successfully solve remaining scalability challenges, these systems may become increasingly powerful and accessible in tandem.

At the heart of our approach is the modular architecture that may enable such growth.

We expect our future systems to be modular networks of many QPUs working together as a large quantum computer, similar to how classical data centers are designed, constructed and operated today.

Our engineering effort is focused on reducing the size, weight, cost, and power consumption of the QPUs that will be the center of each generation of the modular quantum computer, while increasing the number of QPUs

manufactured each year.

as the compute performance available in each generation scales, the per- qubit cost is also reduced and enables true scaling of quantum computers.

Our systems have benefited from years of architectural focus on scalability that addresses per-qubit cost and, as such, we believe that if we are able to successfully solve remaining scalability challenges, these systems may become increasingly powerful and accessible in tandem.

At the heart of our approach is the scalable unit cell architecture that may enable such growth.

We expect our future systems to be built of QPUs designed from many identical unit cells, and of many QPUs working together as a large quantum computer, similar to how classical data centers are designed, constructed and operated today.

Our engineering effort is focused on reducing the size, weight, cost and power consumption of the QPUs that will be the center of each generation of the modular quantum computer, while increasing the number of QPUs manufactured each year.

We intend to focus on achieving these engineering efforts over the next several years.

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Our Business Model

Quantum Computing and the Compute Access Model

As quantum hardware matures, we expect the quantum computing industry to increasingly focus on practical applications for real-world problems, known as quantum algorithms.

Quantum Hardware and Compute Access Model

As quantum hardware matures, we expect the quantum industry to increasingly focus on practical applications for real-world problems, known as quantum algorithms.

Today, we believe that there are a large number of quantum algorithms widely thought to offer advantages over classical algorithms in that each of these algorithms can solve a problem more efficiently, or in a different manner, than a classical algorithm.

Our business model is premised on the belief that businesses with access to quantum computers and networks will likely have a competitive advantage in the future.

We provide quantum computing and networking services, complemented by access to quantum experts and algorithm development capabilities, designed to solve some of the most challenging issues facing corporations, governments and other large-scale entities today.

We manufacture, own and operate quantum computers and networks, with compute units being offered to potential customers through system hardware sales and on a QCaaS basis and network units being offered through hardware sales.

We manufacture specialized quantum computers for specific use cases for customers including government agencies.

We also provide quantum networking solutions to augment existing networks with quantum capabilities.

Our business model is premised on the belief that businesses with access to quantum technologies will likely have a competitive advantage in the future.

We sell quantum hardware, and provide quantum computing services, complemented by access to quantum experts and algorithm development capabilities, designed to solve some of the most challenging issues facing corporations, governments and other large-scale entities today.

We manufacture, own and operate quantum systems, with compute units being sold to customers through system hardware sales and on a QCaaS basis, and with an expanding platform of networking, sensing, security and infrastructure units being offered through hardware sales and as service offerings.

We also manufacture specialized quantum computers for specific use cases for customers including government agencies.

We expect our target markets to experience two stages of quantum algorithm deployment:

the development stage and the application stage.

We expect our involvement in these two stages, to the extent they will take place, to be as follows:

• During the development stage, our experts will assist customers in developing an algorithm to solve their business challenges.

Customers may be expected to pay for quantum compute usage, in addition to an incremental amount for the consulting and development services provided in the creation of algorithms.

We may choose to sell this computing time to customers in a variety of ways.

In this stage, we expect revenue to be unevenly distributed, with individual customers potentially contributing to peaks in bookings.

• During the application stage, once an algorithm is fully developed for a market, we anticipate that customers would be charged to run the algorithm on our hardware.

Given the mission critical nature of the use cases we anticipate quantum computing will attract, we believe a usage-based revenue model will result in a steady stream of revenue while providing the incremental ability to grow with customers as their algorithm complexity and inputs scale.

Our Customer Journey

In each new market that stands to benefit from quantum computing, we intend to guide our customers and partners through two stages:

We expect our involvement in these two stages, to the extent they take place, to be as follows:

• During the development stage, our experts will assist customers in experimenting with or developing a quantum solution to their business challenges.

Customers may be expected to pay for quantum hardware or access to IonQ-owned quantum computers, in addition to an incremental amount for the consulting and development services provided in the creation and customization of the hardware or other solutions.

We may choose to sell these hardware and services to customers in a variety of ways.

In this stage, we expect revenue to be unevenly distributed, with individual customers potentially contributing to peaks in revenue recognition.

• During the application stage, once a solution or algorithm is fully developed for a market, we anticipate that customers would be charged to run the algorithm on our hardware or to purchase a commoditized solution.

Given the mission critical nature of the use cases we anticipate quantum will attract, we believe this will result in a steady stream of revenue while providing the incremental ability to grow with customers as their use case complexity and inputs scale.

Our Quantum Platform Customer Journey

In each new market that stands to benefit from quantum, we intend to guide our customers and partners through two stages:

the development phase and the application phase.

Development Phase:

This first stage focuses on quantum algorithm development and we expect it to involve deep partnerships between us and our customers to lay the groundwork for applying quantum solutions to the customer’s industry.

We also anticipate uneven revenue for this period given that the quantum computing market is still nascent.

This first stage focuses on quantum use case development and we expect it to involve deep partnerships between us and our customers to lay the groundwork for applying quantum solutions to the customer’s industry.

We also anticipate uneven revenue for this period given that the quantum market is still nascent.

We expect the development phase for each market to be characterized by the following go-to-market channels:

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We intend to form long-term partnerships with select industry-leading companies (aligned with our technology roadmap) to co-develop end-to-end solutions for the partner and to provide an early-adopter advantage to the partner in their industry.

IonQ has announced co-development agreements with Ansys for computer aided design (CAD) and engineering and with the US Defense Advanced Research Projects Agency (DARPA) to help establish the next generation of benchmarking for quantum computers.

IonQ has announced co-development agreements with Ansys for computer aided design and engineering, the Centre for Commercialization of Regenerative Medicine, for

advanced therapeutics optimization, and with the US Defense Advanced Research Projects Agency to help establish the next generation of benchmarking for quantum computers.

• Preferred compute agreements with clients .

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• Dedicated hardware .

We sell certain specialized quantum computing and networking hardware to select customers.

We also expect to manufacture and sell complete quantum systems and networks for dedicated use by a single customer, to be hosted on premises by the customer or remotely by us.

We sell certain specialized quantum hardware to customers.

We also manufacture and sell complete quantum systems for dedicated use by a single customer, to be hosted on premises by the customer or remotely by us.

• Cloud access to quantum computing .

Our current and future cloud partnerships with AWS’s Amazon Braket, Microsoft’s Azure Quantum, Google’s Cloud Marketplace and other cloud providers are designed and will continue to be designed to make access to quantum computing hardware available to a broader community of quantum programmers.

Our current and future cloud partnerships with AWS’s Braket, Microsoft’s Azure Quantum, Google’s Cloud Marketplace and other cloud providers are designed and will continue to be designed to make access to quantum computing hardware available to a broader community of quantum programmers.

Application Phase :

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• Delivery of a full-scale quantum compute platform .

For customers who have worked alongside us in the development phase to curate deep in-house technical expertise in quantum computing capabilities at the time quantum advantage is achieved for the customer’s application, our preferred compute agreements, cloud offerings, and dedicated hardware sales are expected to offer sufficient quantum computational capacity.

For customers who have worked alongside us in the development phase to curate deep in-house technical expertise in quantum capabilities at the time quantum advantage is achieved for the customer’s application, our preferred agreements, cloud offerings, and dedicated hardware sales are expected to offer sufficient quantum capacity.

• Packaged solution offerings .

When appropriate, we may develop full-stack quantum solutions that can be provided directly to customers, regardless of their in-house quantum expertise.

When appropriate, we may develop fully enabled quantum solutions that can be provided directly to customers, regardless of their in-house quantum expertise.

• Accelerated high-impact applications development .

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We expect the technical complexity of the solutions required for quantum algorithms to address how each application area will impact the timing of that market’s inflection point and transition from the development phase to the application phase.

We expect computational chemistry and optimization to be among the first solutions to transition into broadly available applications.

Additional markets taking advantage of quantum material science research and optimization speed-ups may come online next if broad-scale quantum advantage becomes accessible.

If our quantum computers achieve full-scale fault tolerance, a diverse array of industries, ranging from quantum machine learning to deeper optimization, may be able to be transitioned to the application phase.

We expect computational chemistry and life sciences optimization to be among the first solutions to transition into broadly available applications.

Additional markets taking advantage of quantum research and optimization speed-ups may come online next if broad-scale quantum advantage becomes accessible.

If our quantum computers achieve full-scale fault tolerance, a diverse array of industries, ranging from quantum-enabled AI and machine learning to complex optimizations, may be able to be transitioned to the application phase.

We believe that quantum technologies have the potential to impact many companies’ business models and be used to create new use cases and opportunities.

Establishing the Quantum Platform

We are a quantum platform company.

While the core of our business model is to develop increasingly powerful quantum computers, we also believe that it is critical that we establish and foster an ecosystem of quantum products and services that complement our quantum computers to drive broad quantum adoption.

To this end, we now offer a variety of quantum networking, quantum sensing and quantum security products and services that not only enable customers who already use our quantum computing products to deepen their exposure to quantum solutions, but also permit us to commercialize with customers looking to explore a more expansive quantum platform.

Beyond offering this vast suite of quantum products and services, we also aim to broaden the quantum ecosystem by working with key institutions, such as our partnership, announced in November 2025, with the University of Chicago to expand quantum research.

This partnership spans quantum computing, quantum services and algorithm development and quantum networking.

By doing so, we believe we will accelerate adoption of quantum technology in general and our products and services in particular.

Customers and Prospects

Quantum Computing and Networking Systems and Hardware

We sell certain specialized quantum computing and networking hardware to select customers.

We are also engaged with certain prospects who are interested in purchasing partial or entire quantum computing and networking systems, either over the cloud or for local access.

Quantum Computing Hardware

We sell certain specialized quantum computing hardware to customers.

We are also engaged with certain prospects who are interested in purchasing partial or entire quantum computing systems, either on the cloud or on premises.

Direct Access Customers

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These platforms serve an important purpose in the quantum ecosystem, allowing virtually anyone to try our systems without an upfront commitment or needing to integrate with our platform.

Quantum Networking

We build networks that connect computers, quantum or classical, to each other, and devices that permit the transmission of information encoded in photons across satellite and fiber optic cable infrastructure.

Quantum Sensing

We build quantum sensing devices and atomic clocks that enable timekeeping, time synchronization, orientation and navigation that is more precise and accurate than standard technologies (e.g., GPS).

Our technologies have already been deployed on land, at sea and in the air.

Quantum Security

We provide quantum-safe encryption hardware and software technology that allows customers to leverage the fundamental principles of quantum mechanics to safeguard their data assets.

Constellation-Based Data

Our Capella Space Corp.

subsidiary also provides a satellite-based data-as-a-service product to customers based on synthetic aperture radar, or SAR, imaging.

Government Agencies

Our customers, potential customers and partners include government agencies such as the United States Air Force Research Lab.

Our customers, potential customers and partners include government agencies such as the United States Air Force Research Lab, Defense Advanced Research Projects Agency and Oak Ridge National Laboratory.

Government agencies and large organizations often undertake a significant evaluation process.

Our contracts with government agencies are typically structured in phases, with each phase subject to satisfaction of certain conditions.

Commercial Agreements with the University of Maryland

Lease with the University of Maryland

In March 2020, we entered into an amended and restated office lease with UMD for the lease of our corporate headquarters and our research and development and manufacturing facility.

This lease expires on November 30, 2030.

Contracts with the University of Maryland

In September 2021, we entered into a contract with UMD to provide certain quantum computing services and facility access, and in July 2022, we entered into a contract with UMD to provide customized quantum computing hardware.

Our contracts with government agencies are typically structured in phases, with each phase subject to satisfaction of certain conditions and risks, including those discussed in Item 1A of Part I, “Risk Factors,” under the heading “Contracts with U.S.

federal and state and international government agencies are subject to a number of challenges and risks.”

There are many other approaches to quantum computing that use qubit technology besides the trapped ion approach we are taking.

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The differences between our technology and that of these companies lies in our processor architecture, system design and implementation and our strategies to scale.

Based on publicly available information, Quantinuum processors operate with the application circuits broken down to two qubits at a time, with a bus width of two, and the ion qubits are shuffled between each gate operation.

Our processor core involves a wide-bus architecture, where the interaction among a few dozens of atomic ion qubits can be controlled using programmable laser pulses.

This typically allows quantum logic gates between all possible pairs of qubits in the processor core without extraneous operations, which will enable us to operate some quantum gates that are not possible on other quantum architectures.

We have also demonstrated the ability to shuttle multiple processor cores on the same chip, increasing the potential qubit capacity of a system.

At scale, we believe these architectural features will confer benefits in the speed and efficiency of running algorithms.

Based on publicly available information, Quantinuum processors operate with the application circuits broken down to a small number of quantum interaction zones, with the ion qubits being shuttled into and out of these zones between each gate operation.

We have designed our newer generation processor cores instead to involve a highly parallelized architecture, which we believe is enabled by parallel signal delivery by EQC.

We expect this to allow us to compile algorithms highly efficiently by carrying out many gate operations in parallel.

At scale, we believe these architectural features will confer benefits in the speed and efficiency of running algorithms while being highly input/output resource efficient.

At a higher level, our scaling architecture will exploit optical interconnects among multiple QPUs in a way that allows full connectivity between any pair of qubits across the entire system.

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Intellectual Property

We rely on a combination of the intellectual property protections afforded by patent, copyright, trademark and trade secret laws in the United States and other jurisdictions, as well as license agreements and other contractual protections, to establish, maintain and enforce rights in our proprietary technologies.

Unpatented research, development, know-how and engineering skills make an important contribution to our business.

We pursue patent protection only when it is consistent with our overall strategy for safeguarding intellectual property.

In addition, we seek to protect our intellectual property rights through non-disclosure and invention assignment agreements with our employees and consultants and through non-disclosure agreements with business partners and other third parties.

We have accumulated a broad patent portfolio, both owned and exclusively licensed, across a range of technological fronts that relate to our systems and will continue to protect our inventions in the United States and other countries.

Our patent portfolio is deepest in the area

of devices, methods and algorithms for controlling and manipulating trapped ions for quantum computing.

Our trade secrets primarily cover the design, configuration, operation and testing of our trapped-ion quantum computers.

As of February 1, 2025, we own or license, on an exclusive basis, 132 issued U.S.

patents and 204 pending or allowed U.S.

patent applications, 140 issued foreign patents and 134 pending or allowed foreign patent applications, 13 registered U.S.

trademarks and 11 pending U.S.

trademark applications, and 23 registered international trademarks and 2 pending international trademark applications.

Our issued patents expire between 2029 and 2043.

Exclusive License Agreement with the University of Maryland and Duke University

In July 2016, we entered into a license agreement with the University of Maryland (“UMD”) and Duke University (“Duke”), or the Universities, which was subsequently amended in September 2017, October 2017, October 2018, February 2021, April 2021, September 2021, January 2023, and February 2024 (as amended, the “License Agreement”), under which we obtained a worldwide, royalty-free, sublicensable license under certain patents, know-how and other intellectual property to develop, manufacture and commercialize products for use in certain licensed fields, the scope of which includes the application of the licensed intellectual property in ion trap quantum computing.

The License Agreement provides an exclusive license under the Universities’ interest in all patents (and non-exclusive for other types of intellectual property), subject to certain governmental rights and retained rights by the Universities and other non-profit institutions to use and practice the licensed patents and technology for internal research and other non-profit purposes.

We also entered into an exclusive option agreement (“Option Agreement”) with each of the Universities in 2016 whereby we have the right to exclusively license additional intellectual property developed by the Universities by exercising an annual option and issuing a certain number of common shares to each of Duke and UMD.

We are obligated to use commercially reasonable efforts to commercialize the inventions covered by the licensed patent rights and achieve certain milestones, including the hiring of a Chief Executive Officer, obtaining equity financing by specified times and such other milestones that we may specify in a development plan provided by us to the Universities.

We have met all existing milestones as provided for in the License Agreement, have not included any additional milestones in any development plan provided to the Universities, and no longer have any obligation to submit any future development plans to the Universities.

We are also responsible for the prosecution and maintenance of the licensed patents, at our expense and using commercially reasonable efforts.

We have the sole right to enforce the licensed patents, at our expense.

We may terminate the License Agreement at any time for any reason with at least 90 days’ written notice to UMD.

UMD and Duke may terminate the License Agreement if we enter into an insolvency-related event or in the event of our material breach of the agreement or other specified obligations therein, in each case, that remains uncured for 90 days after the date that it is provided with written notice of such breach by either university.

In consideration for the rights granted to us under the License Agreement, we issued UMD and Duke shares of our common stock.

Option Agreement with Duke University

In July 2016, we entered into an option agreement with Duke, which was subsequently amended in December 2020 and March 2021 (as amended, the “Duke Option Agreement”), under which we obtained the right to add Duke's interests in certain patents or other intellectual property to the License Agreement, including if they were developed by Jungsang Kim, Christopher Monroe, a professor at Duke and our former Chief Scientist, or Kenneth Brown, a professor at Duke, or by individuals under their respective supervision and such patents or intellectual property relates to the field of quantum information processing devices.

We have added patents and other intellectual property to the License Agreement through the Duke Option Agreement.

Pursuant to the terms of the Duke Option Agreement, we issued Duke shares of common stock, including shares of common stock issued pursuant to the amendment of the Duke Option Agreement.

The Duke Option Agreement terminates in July 2026.

We maintain a broad intellectual property portfolio that spans a range of technologies relating to our business.

We rely on a combination of the intellectual property protections afforded by patent, copyright, trade secret and trademark laws in the United States and other jurisdictions, as well as license agreements and other contractual protections, to establish, maintain and enforce rights protecting our business and proprietary technologies.

We pursue patent protection as a key part of our overall strategy for safeguarding intellectual property.

Unpatented research, development, know-how and engineering skills protected by trade secret and other laws are also an important part of our intellectual property portfolio.

As of January 31, 2026, we own or control 610 issued patents and 514 pending patent applications, with expiration dates through 2043.

We own or control 113 registered U.S.

or international trademarks and 19 pending U.S.

or international trademark applications.

We also license technologies and intellectual property rights from third parties where necessary or beneficial to our businesses.

As of January 31, 2026, we have exclusive licenses to 131 third-party patents in several technology areas, including licenses from the University of Maryland and Duke University.

Human Capital Management

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Approximately 14% of our full-time employees are based in the greater Washington, D.C.

metropolitan area and approximately 35% of our full-time employees are based in the greater Seattle, WA metropolitan area.

We also engage a small number of consultants and contractors to supplement our permanent workforce.

metropolitan area and approximately 18% of our full-time employees are based in the greater Seattle metropolitan area.

We also engage a number of consultants and contractors to supplement our permanent workforce.

A majority of our employees are engaged in research and development and related functions, and a significant portion of our research and development employees hold advanced engineering and scientific degrees, including many from the world’s top universities.

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Corporate Information

IonQ, formerly known as dMY Technology Group, Inc.

III (“dMY”) was incorporated in the state of Delaware in September 2020, and formed as a special purpose acquisition company.

Our wholly owned subsidiary, IonQ Quantum, Inc.

(formerly known as IonQ, Inc., and referred to as “Legacy IonQ” herein), was incorporated in the state of Delaware in September 2015.

On March 7, 2021, Legacy IonQ entered into an Agreement and Plan of Merger (the “Merger Agreement”), with dMY and Ion Trap Acquisition Inc., a direct, wholly owned subsidiary of dMY (the “Merger Sub”).

Pursuant to the Merger Agreement, on September 30, 2021, the Merger Sub was merged with and into Legacy IonQ with Legacy IonQ continuing as the surviving corporation following the merger, becoming a wholly owned subsidiary of dMY and the separate corporate existence of the Merger Sub ceased (the “Business Combination”).

Commensurate with the closing of the Business Combination, dMY changed its name to IonQ, Inc.

IonQ, Inc., formerly known as dMY Technology Group, Inc.

III, which we refer to as dMY, was incorporated in the state of Delaware in September 2020, and formed as a special purpose acquisition company.

Our wholly owned subsidiary, IonQ Quantum, Inc., was formerly known as IonQ, Inc., and which we refer to as Legacy IonQ, was incorporated in the state of Delaware in September 2015.

On September 30, 2021, Legacy IonQ was acquired by dMY in a de-SPAC transaction, at which time dMY changed its name to IonQ, Inc.

and Legacy IonQ changed its name to IonQ Quantum, Inc.

We refer to this transaction as the De-SPAC Transaction.

Our principal executive offices are located at 4505 Campus Drive, College Park, MD 20740, and our telephone number is (301) 298-7997.

Our corporate website address is www.ionq.com .

Information contained on or accessible through our website is not a part of this Annual Report, and the inclusion of our website address in this Annual Report is an inactive textual reference only.

Information contained on or accessible through our website is not a part of or otherwise incorporated by reference into this Annual Report, and the inclusion of our website address in this Annual Report is an inactive textual reference only.

Available Information

Our website address is www.ionq.com .

We make available on our website, free of charge, our Annual Reports, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”).

We make available on our website, free of charge, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

The SEC maintains a website that contains reports, proxy and information statements and other information regarding our filings at www.sec.gov .

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business