IonQ (IONQ) stock fell 50.3% over the past year, while the S&P 500 returned 17.1%, even as management called the second quarter of 2026 its fifth consecutive record quarter. A buyer pays 46.6 times trailing sales, versus 3.1 times for the S&P 500, for revenue of $246 million in the twelve months to June 30, up 370.6%, with organic revenue up 132% in the second quarter. Remaining performance obligations rose to $485 million from $122 million a year earlier, while the operating loss equaled 408.2% of revenue. IonQ held $2.1 billion in cash and short-term investments, priced a $2.0 billion equity offering on October 14, and agreed to buy Elisity in an all-stock deal worth up to $1.3 billion, which will dilute existing shareholders when it closes. The next report, expected around November 11, 2026, will be the first to cover a quarter in which IonQ owned SkyWater, bought for $1.8 billion.
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IonQ shares fell 6% to $32.76 after the company priced a $2 billion equity offering, just days after agreeing to buy cybersecurity firm Elisity in an all-stock deal worth up to $1.3 billion. The offering sold common stock and pre-funded warrants to an entity managed by Heights Capital Management, along with seven-year warrants for 100 million additional shares, with J.P. Morgan as sole underwriter. Other quantum stocks also declined, with D-Wave down 4% to $12.87, Rigetti down 4% to $12.26, and the Defiance Quantum ETF down 2%. IonQ reported Q2 2026 revenue of $80.05 million, up 286.8% year over year, and raised its 2026 outlook to $280 million to $290 million, while stock-based compensation reached $141.8 million in the quarter. The key question is whether revenue can grow faster than the expanding share count.
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IonQ stock fell 19.8% in the week to October 13, 2026, while the S&P 500 slipped 0.2% and peer Rigetti Computing lost 15.8%. The drop followed the company's announcement that it would buy Elisity in an all-stock deal worth up to $1.3 billion, about a tenth of its $12.7 billion market value, and the article says existing owners may be diluted, as the share count has already climbed 82.5% over three years. Elisity's revenue was not disclosed, and up to $150 million of the price is performance-based earnouts. IonQ's own business kept growing, with second-quarter revenue of $80.1 million, organic revenue up 132%, and 2026 revenue guidance raised to $280 million to $290 million for IonQ alone, though its trailing operating margin was minus 408.2%. Contracted revenue still to deliver reached $485 million, up from $122 million a year earlier.
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