Updated 5 November 2026, 13:30 GMT (before the US open). Results are due after today’s close. IonQ (NYSE: IONQ) closed at $29.54 on Wednesday 4 November, down 1.50 percent, and was quoted at $29.09 in pre-market trading at 7:13 a.m. ET on Thursday (StockAnalysis). Third-quarter results come after the close tonight, with the call at 4:30 p.m. ET (IonQ investor relations). Wall Street expects about $141 million of revenue, up roughly 254 percent, and the company closed its $1.15 billion Elisity acquisition on Wednesday. Verdict: the stock is 34 percent lower this year and 60 percent below its 52-week high, so the bar is the full-year guide, not the quarter. Reference levels: $26 below, $34 above.
Key facts
- Price: $29.54 close on 4 November, down $0.45; day range $28.37-$30.65. The stock rose 6.46 percent on 3 November as quantum names bounced (TipRanks). Pre-market $29.09 on 5 November (StockAnalysis).
- Range: 52-week low $25.89, high $73.65. IonQ started 2026 at $44.95 (MarketBeat), so it is down about 34 percent this year.
- Results: Q3 2026 after the close on Thursday 5 November, call 4:30 p.m. ET (IonQ release, 22 October).
- Consensus revenue: about $141.2 million (MarketBeat, TipRanks) to $142.0 million (Benzinga), against $80.1 million in Q2.
- Consensus EPS: sources disagree, from a loss of $0.34 a share (MarketBeat) to a loss of $0.80 (Benzinga).
- Full-year guide: $450-$460 million, raised from $280-$290 million and including SkyWater (TipRanks). Analysts average $455.1 million (StockAnalysis).
- Analysts: consensus Strong Buy across 14 analysts, average target $62.28, low $41.85, high $80 (StockAnalysis).
What changed before tonight’s print
IonQ has done two large deals in the past month, and both will be in tonight’s numbers or the guide that follows.
The $2.0 billion raise. On 14 October IonQ priced a $2.0 billion equity offering: 20.5 million shares and pre-funded warrants for 29.5 million shares at $40.00 each, plus seven-year warrants to buy 100 million more shares at $69.46 (IonQ investor relations; SEC prospectus supplement). An entity managed by Heights Capital Management bought the whole deal, with J.P. Morgan as sole underwriter, and net proceeds were estimated at about $1.99 billion. The $40 price was a premium of about 15 percent to the 13 October close of $34.78 (Quantum Computing Report). The shares now trade about 26 percent below that $40 price.
Elisity is closed. On 4 November IonQ completed its acquisition of Elisity, a zero-trust network security company, for $1.15 billion in stock at closing, with up to $150 million more if revenue targets are met through January 2028 (TipRanks; Quantum Computing Report). Elisity has more than 100 enterprise deployments and keeps chief executive James Winebrenner. When the deal was announced in October the stock fell 9 percent on dilution concerns, covered in our Elisity deal report. IonQ also announced a partnership with the Connecticut initiative QuantumCT on the same day (Seeking Alpha).
The number that matters: organic growth
Q2 revenue was $80.1 million, up 287 percent from a year earlier, but organic growth was 132 percent (TipRanks). The rest came from acquisitions. The full-year guide was raised to $450-$460 million after SkyWater was added, so tonight’s question is how much of the third quarter is IonQ’s own quantum business and how much is bought revenue.
A clean beat on organic growth would support the guide. A quarter carried by SkyWater, with a wider loss, would support the analysts who have been cutting targets. Elisity closed after the quarter ended, so any effect will show in the fourth-quarter guide rather than in Q3 revenue.
Analysts are cutting targets, not ratings
Most of the recent notes are Buy ratings with lower targets (StockAnalysis): Wedbush’s Matt Bryson to $50 from $75 on 4 November, B. Riley’s Craig Ellis to $75 from $100 on 3 November, and Rosenblatt’s John McPeake to $70 from $100 on 15 October. Morgan Stanley’s Joseph Moore rates the stock Hold with a $43 target, cut from $49 on 15 October. Mizuho’s Vijay Rakesh has $52.
Every published target is above the current price, and even the $41.85 low implies about 42 percent upside. The targets are falling faster than the price, which is what you see when analysts are still positive on the business but less sure of the timing. IonQ has a beta of 3.36 (StockAnalysis), and its post-earnings moves have averaged roughly 10-12 percent in recent quarters (Barchart; TheFly), so a move of that size either way would be normal.
IonQ stock: bull, base and bear after the print
| Scenario | IONQ | What has to happen | Anchor |
|---|---|---|---|
| Bear | $26 | Organic growth slows, the loss is at the wide end of estimates or the full-year guide is only kept, not raised. | The 52-week low of $25.89; about 12 percent below $29.54. |
| Base | $27-$32 | Revenue near the $141 million consensus, guide kept at $450-$460 million, and the market waits for Elisity’s contribution. | A move in line with recent post-earnings averages either side of the close. |
| Bull | $34 | A revenue beat with strong organic growth and a higher guide that includes Elisity. | The mid-October closes of $34.35-$34.78 around the offering; about 15 percent above $29.54. |
The bear case sits below the current price. These are post-earnings reference levels measured from the verified 4 November close, not forecasts. They sit below every analyst target because they describe the reaction to one report, not a 12-month view.
What to watch tonight
- Revenue against $141 million: and the split between organic and acquired revenue.
- The full-year guide: kept at $450-$460 million, raised, or changed to include Elisity.
- Cash: the balance after the $2.0 billion raise, and how fast it is being spent.
- Quantum peers: D-Wave’s recent move is covered in our D-Wave stock page; a big IonQ move usually carries the group.
Quick take: IonQ is near $29.50 before Q3 results tonight, down 34 percent this year and 26 percent below the $40 price of its $2.0 billion raise. Consensus is about $141 million of revenue; the full-year guide of $450-$460 million and the organic growth rate matter more. Elisity closed on Wednesday. Expect $27-$32 on an in-line report; $26 needs a weak guide, $34 needs a beat and a raise.
FAQ
When does IonQ report earnings?
IonQ reports third-quarter 2026 results after the market close on Thursday 5 November 2026, with a conference call at 4:30 p.m. ET.
What are IonQ’s Q3 earnings expectations?
Analysts expect about $141.2-$142.0 million of revenue, up roughly 254 percent from a year earlier. EPS estimates vary widely, from a loss of $0.34 (MarketBeat) to a loss of $0.80 (Benzinga).
Why is IonQ stock down this year?
IonQ started 2026 at $44.95 and closed at $29.54 on 4 November. Large share-funded deals, including the $2.0 billion offering and the Elisity acquisition, have added dilution, and analysts have cut targets in the past month.
Did IonQ complete the Elisity acquisition?
Yes. IonQ closed the deal on 4 November 2026 for $1.15 billion in stock at closing, with up to $150 million more tied to revenue targets through January 2028.
What is the IonQ stock price target?
The average 12-month target is $62.28 across 14 analysts, with a low of $41.85 and a high of $80 (StockAnalysis). Wedbush cut its target to $50 on 4 November.
What is IonQ’s 2026 revenue guidance?
IonQ guided full-year 2026 revenue of $450-$460 million, raised from $280-$290 million after the SkyWater acquisition.
Our earlier scenario view is on the IonQ stock prediction page from 3 November.
Sources: StockAnalysis, 4-5 November (close, pre-market quote, day range, 52-week range, beta, analyst targets and ratings, full-year consensus); IonQ investor relations, 22 October and 14 October (results date, offering terms); SEC prospectus supplement (offering); MarketBeat, TipRanks and Benzinga, 3-5 November (Q3 consensus, guidance, 1 January price, 3 November move); TipRanks and Quantum Computing Report, 4 November (Elisity closing terms); Seeking Alpha, 4 November (QuantumCT); Barchart and TheFly (historical post-earnings moves).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
