IonQ's Quantum Roadmap and Foundry Strategy Through 2030

IonQ IONQ is positioning itself at the intersection of national security priorities and scalable quantum infrastructure. With a strengthened balance sheet and an expanded roadmap, management is targeting meaningful revenue acceleration into 2026 and beyond.

National Security and Federal Expansion Drive Adoption

In the last-reported third quarter of 2025, IonQ launched IonQ Federal, sharpening its focus on U.S. government opportunities. Management cited more than $1 billion of proposals in progress and pointed to Department of Energy partnerships alongside the executed EPB hub sale earlier in 2025 as evidence of growing federal traction.

The revenue mix underscores this momentum. Third-quarter sales were approximately 70% U.S. and 30% international, a notable shift from the prior year’s predominantly domestic base. Management also guided fourth-quarter revenues above third-quarter levels, breaking historical seasonality, and raised full-year revenue guidance.

These developments suggest expanding recurring solution opportunities as IonQ transitions from single-product transactions to integrated deployments across computing, networking, sensing and security. As integrated solutions progress with governments and Fortune 500 customers, quarterly revenue estimates for 2026 trend higher through the year, supporting the view of building demand.

Tempo, 256-Qubit Systems and Near-Term Milestones

IonQ plans to ship Tempo in 2026 and demonstrate a 256-qubit device with Electronic Qubit Control this year, with Forte Enterprise and Tempo deliveries on track. These milestones anchor the company’s near-term commercialization narrative.

Execution in the third quarter reinforces that trajectory. Revenues reached $39.9 million, up 222% year over year, and management guided to a sequential increase in the fourth quarter. The raised full-year outlook and confidence around product deliveries reflect progress against the roadmap.

Together, Tempo shipments and the 256-qubit demonstration are foundational to the expected revenue ramp in 2026. The Zacks Consensus Estimate projects a step-up in annual revenues next year , consistent with increasing system deployments and broader solution adoption.

IonQ, Inc. Price and Consensus

IonQ, Inc. price-consensus-chart | IonQ, Inc. Quote

From 200,000 Qubits to Two Million

Looking further out, IonQ expects 200,000-qubit quantum processing units to begin functional testing in 2028. These systems are designed to enable more than 8,000 ultra-high fidelity logical qubits, marking a significant scale inflection.

Management also accelerated the timeline for its two-million-qubit chip by up to a year. The company is targeting 1,600 logical qubits in 2028 and 80,000 by 2030, highlighting its push toward large-scale, enterprise-ready quantum systems.

These milestones are central to unlocking scaled solution revenues. Achieving higher logical qubit counts is positioned as the gateway to broader commercial workloads, deeper government integration and improved economics across hardware and platform access.

Vertical Integration With SkyWater and Cost Scale

IonQ’s planned acquisition of SkyWater Technology would vertically integrate a DMEA Category 1A Trusted onshore foundry. The transaction, valued at approximately $1.8 billion and expected to close in the second or third quarter of 2026, is designed to secure supply and accelerate wafer iteration.

An independent review confirmed that parts needed to build a two-million-qubit quantum computer could cost less than $30 million in 2025 dollars. Management continues advancing electronic qubit control while leveraging established semiconductor manufacturing and bulk purchasing to lower costs and shorten production times.

Faster wafer iteration, parallel prototyping and improved manufacturability could enhance unit economics as volumes scale. Over time, this cost-scale strategy is intended to support attractive pricing and margin expansion, reinforcing the long-term investment case.

Risks to the Long-Term Quantum Thesis

Despite strategic momentum, risks remain material. Management reaffirmed adjusted EBITDA loss guidance of $206 million to $216 million for 2025, and the Zacks Consensus Estimate points to continued losses into 2026. Research and development and selling, general and administrative spending are set to increase to support scaling efforts.

Visibility is also constrained by multi-year sales cycles. The more than $1 billion pipeline consists of proposals rather than bookings, and management cautioned against modeling large solution deals in the near term . Any slippage in key technology milestones, including Tempo deliveries or higher-qubit systems, could defer adoption and elongate sales cycles .

Within the broader Computer - Integrated Systems industry, peers such as Silicon Motion Technology SIMO and Seagate Technology Holdings STX currently carry a Zacks Rank #1 (Strong Buy), reflecting stronger near-term estimate trends. IonQ holds a Zacks Rank #3 (Hold), signaling balanced short-term momentum as investors weigh long-term ambition against execution and profitability risks.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research