IonQ IONQ exited the first quarter of 2026 with approximately $3.1 billion in cash, cash equivalents, restricted cash, and investments. This is one of the strongest balance sheets in the quantum computing industry. This substantial liquidity supports multi-year investment needs and reduces near-term financing risk.
A notable indicator of revenue visibility is the continued expansion of remaining performance obligations, which increased to $470 million (as of March 31, 2026) from $370 million at the end of 2025. While the timing of revenue recognition remains contingent on project execution and customer deployments, the expanding contracted backlog reduces reliance on an early-stage proposal pipeline and offers greater multi-quarter revenue visibility.
For 2026, management reaffirmed its adjusted EBITDA loss guidance of $310 million to $330 million. Coupled with a first-quarter adjusted EBITDA loss of $96.8 million, this implies continued elevated cash burn. Given IonQ's exceptionally strong liquidity position, the company appears well positioned to fund this investment cycle internally without facing meaningful near-term financing risk.
Peer Update
Quantum Computing QUBT or QCi ended the quarter with cash, cash equivalents and investments of about $1.4 billion, underscoring a substantial liquidity position despite the acquisitions of Luminar Semiconductor (“LSI”) and NuCrypt. QCi’s financial strength is further reflected in its total assets of about $1.6 billion and stockholders' equity of approximately $1.6 billion. Meanwhile, total liabilities accounted for $23.4 million, much lower than the cash level.
Rigetti RGTI exited the first quarter of 2026 with cash, cash equivalents and short-term available-for-sale investments of $418.2 million. The company ended the quarter with no debt on its balance sheet, underscoring a solid solvency position. This means Rigetti has ample liquidity to fund its operations and roadmap execution without near-term financing pressure.
IONQ’s Price Performance
Over the past year, IONQ’s shares have gained 32.8% compared with the industry’s 252.5% growth.
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Expensive Valuation
IonQ currently trades at a forward 12-month price-to-sales (P/S) of 59.44X compared with the industry median of 4.45X.
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IONQ Stock Estimate Trend
In the past 30 days, its loss per share estimate for 2026 has remained unchanged at $2.26.
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IonQ currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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