{"id":36605,"date":"2025-09-12T23:56:00","date_gmt":"2025-09-12T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=36605"},"modified":"2026-04-05T13:25:01","modified_gmt":"2026-04-05T05:25:01","slug":"ionq-quantum-computing","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/","title":{"rendered":"IonQ, the most competitive advantages, most valuable and first public pure-play quantum computing company"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Company_Introduction\" >Company Introduction<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Introduction\" >Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Company_establishment\" >Company establishment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Americas_first_quantum_computing_factory\" >America&#8217;s first quantum computing factory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Initial_Public_Offering\" >Initial Public Offering<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Notable_Shareholders\" >Notable Shareholders<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Technology\" >Technology<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Core_Technology\" >Core Technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Origin_of_technology\" >Origin of technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Origin_of_the_company\" >Origin of the company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#IonQs_Technical_Approach\" >IonQ\u2019s Technical Approach<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Ionqs_Biggest_Advantage\" >Ionq&#8217;s Biggest Advantage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Products_and_Business\" >Products and Business<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Three-tiers_offerings\" >Three-tiers offerings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Products\" >Products<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Services_provided\" >Services provided<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Serious_losses\" >Serious losses<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#2024_Financial_Report\" >2024 Financial Report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#2025_Q1_Financial_Report\" >2025 Q1 Financial Report<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Customers_and_Partners\" >Customers and Partners<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Three_major_cloud_provider_partners\" >Three major cloud provider partners<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#IonQ_Corporate_Partners\" >IonQ Corporate Partners<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#IonQ_Customers\" >IonQ Customers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#IonQs_competitors\" >IonQ&#8217;s competitors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Mega_listed_companies\" >Mega listed companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Unlisted_companies\" >Unlisted companies<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#al_market_performance\" >al market performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Company_roadmap\" >Company roadmap<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Next_system\" >Next system<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Dual_approach\" >Dual approach<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#EcoSystem_builing_by_development\" >EcoSystem builing by development<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Acquired_SkyWater\" >Acquired SkyWater<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Closing_words\" >Closing words<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Introduction\"><\/span>Company Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/ionq.com\/company\" target=\"_blank\" rel=\"noopener\">IonQ (ticker: IonQ)<\/a> is a quantum computing hardware and software company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_establishment\"><\/span>Company establishment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ was developed by Christopher at the University of Maryland. It was founded in 2015 by Chris Monroe of Duke University and Jungsang Kim of Duke University.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Americas_first_quantum_computing_factory\"><\/span>America&#8217;s first quantum computing factory<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company opened a dedicated research and development facility in Bothell, Washington in February 2024, which the company claims is the first quantum computing factory &#8220;in the United States.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Initial_Public_Offering\"><\/span>Initial Public Offering<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In October 2021, IonQ went public on the New York Stock Exchange through a special purpose acquisition company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Notable_Shareholders\"><\/span>Notable Shareholders<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>According to a recent SEC filing, Amazon has invested $36.7 million in IonQ. IonQ&#8217;s trapped ion quantum computer already provides computing power for AWS&#8217;s Braket service, making this transaction more than just a passive investment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Technology\"><\/span>Technology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Core_Technology\"><\/span>Core Technology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ&#8217;s core technology is trapped-ion, which is considered one of the leaders in the field of quantum computing. This technology was developed by the two founders of the company, Christopher. Co-invented by Monroe and Kim Jong-sang.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Origin_of_technology\"><\/span>Origin of technology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Christopher. Monroe&#8217;s research in quantum computing began while he was a researcher at the National Institute of Standards and Technology (NIST), working with Nobel Prize-winning physicist David Wineland. At that time, he led his team to use trapped-ions to create the first controllable quantum bit and the first controllable quantum logic gate. Based on this research, the architecture of a large-scale trapped-ion computer was finally proposed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Origin_of_the_company\"><\/span>Origin of the company<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Thanks to a large research project funded by the Intelligence Advanced Research Projects Agency (IARPA), Kim Jong-sang and Christopher. Monroe began formal cooperation. <a href=\"https:\/\/www.science.org\/doi\/10.1126\/science.1231298\" target=\"_blank\" rel=\"noopener\">They wrote a review paper for the journal Science titled &#8220;Scaling the Ion Trap Quantum Processor,&#8221;<\/a> which cited Christopher. Monroe&#8217;s research in trapped-ions combines with Kim&#8217;s work in scalable quantum information processing and quantum communication hardware.<\/p>\n\n\n\n<p>This research collaboration became the seed for the creation of IonQ. In 2015, New Enterprise Associates invested $2 million to acquire Kim Jong-sang and Christopher. Commercialization of the technology proposed by Monroe in his Science paper.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IonQs_Technical_Approach\"><\/span>IonQ\u2019s Technical Approach<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>While many quantum hardware developers use \u201csynthetic\u201d quantum systems for their quantum bits (qubits), IonQ uses naturally occurring quantum systems: individual atoms as the quantum cores in its hardware. The technology is based on that of Kim Jong-sang and Christopher. Monroe co-developed trapped-ion architecture.<\/p>\n\n\n\n<p>IonQ converts atoms into ions and holds them in 3D space using a specialized linear ion trapping (trapped-ion) wafer. About 100 tiny electrodes are used in this tiny trap. The electrodes are created using photolithography to control the electromagnetic force that holds the ions in place and isolates them from the surrounding environment to reduce environmental noise and decoherence.<\/p>\n\n\n\n<p>They mounted several ions onto a linear chain, allowing them to create a system with more than 100 qubits without having to make new wafers or modify the underlying technology. So far, they have performed single-qubit gates on chains of up to 79 ions and complex algorithms on chains of up to 11 ions.<\/p>\n\n\n\n<p>Prior to calculations, the ions are cooled to reduce computational noise, and then state preparation is performed to initialize each ion to a well-defined \u201czero\u201d state, ready for algorithm execution. They perform calculations using a series of operations called gates to manipulate the state of the qubits, first encoding the information to be calculated and then performing the operation.<\/p>\n\n\n\n<p>IonQ&#8217;s &#8220;trapped ion&#8221; technology that could potentially shrink the width of a quantum processing unit (QPU) from a few feet to a few inches. That miniaturization process could pave the way toward the development of cheaper and more powerful quantum computing systems in the future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ionqs_Biggest_Advantage\"><\/span>Ionq&#8217;s Biggest Advantage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Recent research published in the journal <a href=\"https:\/\/journals.aps.org\/prl\/abstract\/10.1103\/42w2-6ccy\" target=\"_blank\" rel=\"noopener\">APS Physical Review Letters<\/a> reveals that a research team consisting of scientists from the University of Oxford and Osaka University has achieved the lowest quantum computing error rate ever achieved, at 0.000015%. This equates to an error rate of only one in every 6.7 million operations.<\/p>\n\n\n\n<p>Typically, quantum systems often employ superconducting circuits based on quantum dots or use lasers, commonly known as optical tweezers, to hold single photons in place for operation as qubits. However, this breakthrough primarily utilizes trapped ions as qubits, creating more quantum logic gates. By reducing the error rate, this new approach reduces the number of qubits required and reduces the cost and size of the quantum computer itself.<\/p>\n\n\n\n<p>This is a testament to Ionq&#8217;s unique technology, demonstrating that its trapped ion technology leads the industry in feasibility and noise error rate (i.e., fidelity).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Products_and_Business\"><\/span>Products and Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Three-tiers_offerings\"><\/span>Three-tiers offerings<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ sells three types of quantum computing systems: Its top-tier Aria quantum system, its commercial-oriented Forte system, and its on-premise Forte Enterprise system. It also provides its quantum computing power as a cloud-based service.<\/p>\n\n\n\n<p>It mainly sells its products and services to big government customers and universities.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Products\"><\/span>Products<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Currently, IonQ has launched two quantum computers, Harmony and Aria, which use 11 and 32 qubits respectively. Harmony was launched in 2019; the 11 qubits are fully connected, meaning you can run a two-qubit gate between any pair of qubits.<\/p>\n\n\n\n<p>Launched in August 2022, Aria is IonQ\u2019s most powerful device yet, with 23 qubits. Aria successfully executed a quantum circuit with more than 550 gates, enabling the testing of increasingly complex quantum algorithms.<\/p>\n\n\n\n<p>IonQ will launch Forte in 2023. The device offers significant improvements in performance, adaptability and accuracy. IonQ Forte uses ytterbium ions and integrates a highly sophisticated acousto-optic deflector (AOD) to apply logic gates between 32 qubits in the ion chain. By reducing noise and residual light on nearby qubits, the approach enables extraordinary precision and stability in the laser beam, thereby improving fidelity and reliability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Services_provided\"><\/span>Services provided<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ&#8217;s main service is to provide customers or partners with quantum computing hardware infrastructure as the basis for quantum computing applications.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Serious_losses\"><\/span>Serious losses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2024_Financial_Report\"><\/span>2024 Financial Report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue of US$430.73 million, up 95.41% year-on-year<\/li>\n\n\n\n<li>Operating cash flow loss of $1,056.83 million increased by 34.1% from the loss of $788.11 million in 2023<\/li>\n\n\n\n<li>Net loss of $331.647 million, an increase of 110.2% from $157.71 million in 2023<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2025_Q1_Financial_Report\"><\/span>2025 Q1 Financial Report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue: $760 million<\/li>\n\n\n\n<li>Operating loss of $75.7 million, up 43% year-over-year<\/li>\n\n\n\n<li>Total assets: US$850.1 million<\/li>\n\n\n\n<li>Cash: $588.3 million<\/li>\n\n\n\n<li>Total liabilities: $85 million<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Customers_and_Partners\"><\/span>Customers and Partners<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Three_major_cloud_provider_partners\"><\/span>Three major cloud provider partners<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In November 2021, IonQ partnered with Microsoft to commercialize IonQ&#8217;s quantum computer through the cloud, allowing users to take advantage of IonQ&#8217;s unique quantum computing approach.<\/p>\n\n\n\n<p>IonQ has similar partnerships with Google and Amazon&#8217;s AWS.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IonQ_Corporate_Partners\"><\/span>IonQ Corporate Partners<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>That same month (November 2021), they announced a partnership with Multiverse Computing to enable financial services institutions to model risk more accurately and faster using Multiverse\u2019s IonQ Quantum Cloud platform within Singularity, Multiverse\u2019s financial solution.<\/p>\n\n\n\n<p>In April 2022, IonQ announced a collaboration with automaker Hyundai to apply quantum machine learning to image classification and 3D object detection for future mobility. Prior to this, the two companies were working on developing new variational quantum feature solving algorithms to study lithium compounds and their chemical reactions involved in battery chemistry. The project is a key component of Hyundai\u2019s 2025 strategy, which includes selling 560,000 EVs annually and launching more than a dozen battery-electric vehicles to consumers.<\/p>\n\n\n\n<p>Toyota Tsusho Corporation announced a partnership with Toyota Tsusho Corporation in 2025 and signed a memorandum of understanding with the Global Business R&amp;D Center for Quantum Artificial Intelligence Technology (G-QuAT) to promote the development of quantum computing in Japan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IonQ_Customers\"><\/span>IonQ Customers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ proactively disclosed the following three clients:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Applied Research Laboratory: Two parties have signed the Agreement on Intelligence and Security (ARLIS).<\/li>\n\n\n\n<li>U.S. Air Force: IonQ has been awarded two contracts by the U.S. Air Force Research Laboratory (AFRL) to commission quantum networking systems at the AFRL site in Rome, New York.<\/li>\n\n\n\n<li>EPB: IonQ has reached a $22 million agreement with EPB, a leading energy and communications company in Chattanooga, Tennessee, to build the first quantum computing and networking center in the United States.<\/li>\n<\/ul>\n\n\n\n<p>In July 2025, Ionq declared another 3 bug customers including Ansys, AstraZeneca, and Toyota Tsusho.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IonQs_competitors\"><\/span>IonQ&#8217;s competitors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mega_listed_companies\"><\/span>Mega listed companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Including super large listed companies such as IBM, Intel, Microsoft, Amazon, and Google.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Unlisted_companies\"><\/span>Unlisted companies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are many unlisted companies among IonQ&#8217;s competitors, but some of the more well-known and currently active ones include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Xanadu Quantum Technologies<\/li>\n\n\n\n<li>PsiQuantum<\/li>\n\n\n\n<li>Quantinuum Ltd<\/li>\n\n\n\n<li>Alpine Quantum Technologies<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"al_market_performance\"><\/span>al market performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>Company name<\/td><td>Ticker<\/td><td>Stock price<\/td><td>Market Cap (US$ billion)<\/td><td>Stock performance in past one year<\/td><td>Stock performance in past five year<\/td><td>2024 revenue (US$ million) and growth rate<\/td><td>2024 net income (US$ million) and growth rate<\/td><\/tr><tr><td>D-Wave<\/td><td>QBTS<\/td><td>14.18<\/td><td>46.28<\/td><td>1013.53%<\/td><td>36.37%<\/td><td>8.8(+0%)<\/td><td>(142.9)(-65.02%)<\/td><\/tr><tr><td>Ionq<\/td><td>IONQ<\/td><td>41.81<\/td><td>118.69<\/td><td>367.15%<\/td><td>279.75%<\/td><td>43.1(+95.9%)<\/td><td>(331.6)(-110.2%)<\/td><\/tr><tr><td>Rigetti<\/td><td>RGTI<\/td><td>12.18<\/td><td>39.31<\/td><td>923.53%<\/td><td>22.91%<\/td><td>10.8(-10%)<\/td><td>(201)(-167.64%)<\/td><\/tr><tr><td>S&amp;P 500<\/td><td>\u3000<\/td><td>6259.75<\/td><td>52,703<\/td><td>11.16%<\/td><td>94.12%<\/td><td>17,310,000(+6.25%)<\/td><td>1,962,000(+11.71%)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Numbers are as of 7\/11\/2025<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_roadmap\"><\/span>Company roadmap<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Next_system\"><\/span>Next system<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ aims to gradually scale up from 256 physical qubits in 2026 to 2 million physical qubits and 80,000 logical qubits by the end of the decade.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dual_approach\"><\/span>Dual approach <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IonQ&#8217;s strategy is dual approach in computing and networking. IonQ views computing and networking as symbiotic and is aiming to provide end-to-end quantum solutions that address a wider range of customer needs. Its revenue is diversified across hardware sales, quantum computing as a service, and applications.<\/p>\n\n\n\n<p>Networking is a more viable approach to building bigger quantum computers than simply adding qubits, which serve as basic units of information in a system. If you just picked a better path, it doesn\u2019t take a lot of qubits to do useful work. We scale through quantum networking.<\/p>\n\n\n\n<p>The company\u2019s end goal is to build a so-called quantum internet, with its computers acting as the primary nodes. Industry believes IonQ has the most commercial business model and differentiated go-to-market strategy among peers, saying that will serve the company as the quantum-computing industry matures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"EcoSystem_builing_by_development\"><\/span>EcoSystem builing by development<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>While application development currently represents a smaller chunk of total revenue, it is considered the most important long-term value driver. The strategy focuses on landing customers with either computing or networking solutions and then expanding the relationship to build a sticky ecosystem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Acquired_SkyWater\"><\/span>Acquired SkyWater <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In addition to its important 3D chip research project for the Department of Defense, in 2022 SkyWater collaborated with Efabless and Google to develop the first open-source manufacturing toolset that can be used for 90-nanometer chip fabrication. Quantum chip manufacturing is difficult; SkyWater manufactured qubit chips for D-Wave even before its spin-off, which is why IonQ, the world&#8217;s largest pure quantum computing company, was willing to acquire it for $1.8 billion at the end of January 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_words\"><\/span>Closing words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Compared with competitors, Ionq is well-positioned, might be so called &#8220;Nvidia of quantum computing&#8221; in terms of below advantages:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Better business strategy and commercilization plan.<\/li>\n\n\n\n<li>Bigger revenue among quantum computing listed companies.<\/li>\n\n\n\n<li>The largest quantum computing listed companies by market value.<\/li>\n<\/ul>\n\n\n\n<p>However, investors should take note this is current situation. Quantum computing investment still has huge risks because in the very early innings of technology, smaller market size, far away from real commercialization, big company loss, etc.<\/p>\n\n\n\n<p>Keep in mind: Ionq&#8217;s trapped ion technique has advantages in accuracy and cost.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"180\" height=\"88\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2025\/05\/ionq-Custom.jpg\" alt=\"IonQ\" class=\"wp-image-36606\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/04\/skywater-3d-chip-us-foundry\/\">SkyWater, 3D chip leader and the only pure-play US chip foundry<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/12\/ionq-quantum-computing\/\">IonQ, the most competitive advantages, most valuable and first public pure-play quantum computing company<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/11\/02\/rigetti-superconducting\/\">Rigetti is known for its universal modular superconducting qubit architecture&#8221;<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/10\/10\/d-wave-first-quantum\/\">D-Wave, world&#8217;s first commercial quantum computer supplier<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/02\/top-3-quantum-computing\/\">Top 3 quantum computing listed companies, Ionq, D-Wave, Rigetti<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/03\/superconductor-progress\/\">Why are superconductors important? current progress and related companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/19\/carbon-capture\/\" target=\"_blank\" rel=\"noreferrer noopener\">Carbon capture current developments, prospects, and related companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/02\/04\/quantum-computing-update\/\">Quantum computing update, the performance of related stocks<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/05\/25\/nuclear-fusion\/\">The current progress of nuclear fusion, and relevant companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/14\/willow-chip-rally\/\">Google&#8217;s Willow chip rally related quantum computing stocks. Is it justified?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/16\/quantum-computing\/\" target=\"_blank\" rel=\"noreferrer noopener\">Quantum computing current progress and related stocks<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/02\/zyvex\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zyvex and sub-nanometer semiconductor processes, will Zyvex threat TSMC?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ionq&#8217;s trapped ion technique has advantages in accuracy and cost. IonQ was developed by Christopher at the University of Maryland. It was founded in 2015 by Chris Monroe of Duke University and Jungsang Kim of Duke University.<\/p>\n","protected":false},"author":1,"featured_media":36606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114,83],"tags":[771,692,1426,772,1587],"class_list":["post-36605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-technology","category-startup","tag-ionq","tag-qbts","tag-qubt","tag-rgti","tag-skyt"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/36605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=36605"}],"version-history":[{"count":36,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/36605\/revisions"}],"predecessor-version":[{"id":41571,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/36605\/revisions\/41571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/36606"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=36605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=36605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=36605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}