IonQ printed 80.05 million of revenue, 485 million of remaining performance obligations, and a 280 to 290 million guide

Universities count as academic under the published rule, not as a paying enterprise workload.

Gold plates hang in the frame beside the racks.

Thesis map

A qubit count is not a purchase order. IonQ booked 80.05 million of Q2 revenue and 485 million of remaining performance obligations on the 10-Q filed 10 August.

IonQ Q2 2026 revenue was 80.05 million dollars on the 10-Q filed 10 August, with 485 million of remaining performance obligations and a 280 to 290 million dollar guide. Five days earlier the investor-relations page said approximately 60 percent of the quarter was commercial. Rigetti printed 5.14 million dollars. D-Wave printed 3.08 million. A qubit roadmap does not classify that invoice.

The chain

01
Qubit count
A qubit number is not revenue, not remaining performance obligations, and not a guide. Roadmaps publish. Invoices classify.
02
Purchase order
IonQ booked 80.05 million of Q2 revenue. Approximately 60 percent of the quarter was commercial on the 5 August investor-relations page, defined as non-US-government customers and leading universities.
03
RPO
Remaining performance obligations 485 million. Guide 280 to 290 million. Those two objects grade the book. A qubit count does not.
04
Commercial mix
The published rule counts universities as academic, not as a paying enterprise workload. Named does not mean the mix is clean.

Long side

Owns the scarce object. Named filing, named plant, named queue.

IONQ

10-Q filed 10 August

IonQ

80.05 million · RPO 485 million

The owned scan of 5 September printed IONQ at 39.52, up 0.8 percent on five days. The catalyst line still said Quantum. The 10-Q is the object.

IBM

IBM chandelier

IBM sits on the theme page as the incumbent chandelier photograph, not as a Q2 mix comparator. The photograph is not IonQ remaining performance obligations.

RGTI

Rigetti

5.14 million

Rigetti printed 5.14 million dollars. That is an invoice scale, not a qubit roadmap. It is not 80.05 million.

QBTS

D-Wave

3.08 million

D-Wave printed 3.08 million. SkyWater closed on 31 July for 1.8 billion dollars. Neither number is a qubit count.

Short side

Constrained by the chain, or a substitute that is not the product.

short

Roadmap qubits

A roadmap qubit is not an invoice. Publishing a count does not roll into remaining performance obligations.

short

Grant revenue

A grant is not computation revenue. The invalidation on this theme excludes grants from the 100 million trailing-twelve-month test.

short

Scan print 39.52

39.52 on 5 September

A 5 September print of 39.52 is a name on a scan. Seven Form 4 buys do not classify the 10-Q.

How they interconnect

Qubit countis notPurchase order
A qubit count is not a purchase order. IonQ 80.05 million on the 10-Q filed 10 August is the order that printed.
Purchase orderrolls intoRPO
A purchase order rolls into remaining performance obligations. 485 million is that book.
Purchase orderstill needsCommercial mix
Commercial mix still has to survive the published rule. Universities are academic, not enterprise, on that page.
IonQprintsPurchase order
IonQ prints the invoice. The guide is 280 to 290 million. The scan is 39.52.
IBM chandelierphotographsQubit count
IBM photographs the chandelier. That incumbent image is not IonQ remaining performance obligations.
Rigettiprints a smallerPurchase order
Rigetti 5.14 million is an invoice. It is not 80.05 million. Scale is the grade.
D-Waveprints a smallerPurchase order
D-Wave 3.08 million is an invoice. SkyWater at 1.8 billion on 31 July is a foundry close, not a qubit.
Roadmap qubitspublishesQubit count
Roadmap qubits publish. They do not invoice. A count is not remaining performance obligations.
IonQis notGrant revenue
IonQ commercial mix is the test. Grant revenue does not satisfy the 100 million computation clock.
IonQis notScan print 39.52
The 10-Q is not the 5 September scan. 39.52 does not unprint 80.05 million or 485 million of remaining performance obligations.

If you believe the thesis

The invoice and remaining performance obligations grade the name. A qubit count does not. Universities count as academic under the published rule, not as a paying enterprise workload. IBM sits on the theme page as the incumbent chandelier photograph, not as a Q2 mix comparator.

If the thesis is incorrect

A listed pure-play reports more than 100 million of trailing-twelve-month computation revenue, excluding grants, before 2028. Then the qubit count was a product. A 5 September print of 39.52 is a name on a scan. Seven Form 4 buys do not classify the invoice either.

IonQ booked 80.05 million dollars of Q2 revenue on the 10-Q filed 10 August. The owned scan of 5 September still printed IONQ at 39.52, up 0.8 percent, and that card still had an earnings date. The revenue line is the 10-Q, and the qubit count is a different object. Form 4 listed 7 insider buys in the last 90 days. IONQ sits off the index on that scan. On 21 August IonQ printed 44.86, up 8.02 percent, against the Nasdaq 100 up 0.33 percent at 29,308.9. Friday 4 September the Nasdaq 100 closed 29,539.4, up 0.23 percent from 29,471.1. A session is allowed. It is not mix, not remaining performance obligations, and not a product.

Every listed quantum name publishes a qubit number that is getting better. Qubit counts, two-qubit gate fidelity, algorithmic qubits, quantum volume. The engineering is real. None of it is revenue, and none of it predicts who will pay again next year. The investment question is who is paying, for what, and whether they come back.

IonQ Q2 2026 revenue was 80.05 million dollars on the 10-Q filed 10 August. Five days earlier, on 5 August, the investor-relations page said approximately 60 percent of the quarter was commercial. The same page defines commercial as non-US-government customers and leading universities. Universities count as academic under the published rule, not as a paying enterprise workload. Rigetti printed 5.14 million dollars. D-Wave printed 3.08 million. SkyWater closed on 31 July for 1.8 billion dollars. Remaining performance obligations 485 million. Guide 280 to 290 million. IBM is the incumbent on the theme page. This file does not use IBM as the Q2 mix comparator.

The published clocks are dated. No publicly listed pure-play reports more than 100 million dollars of trailing-twelve-month computation revenue, excluding grants, consulting, and hardware one-offs, before 2028. On the Q3 2026 filings, for at least two of the three largest listed pure-plays by market cap, year-over-year remaining-performance-obligation growth is below year-over-year revenue growth. Those clocks resolve on the November filings, not on a qubit blog, and not on a 5 September session. Mix still grades on Q3. The 30 November window is the next receipt.

A material long is held in a listed quantum company. The bear case against the sector multiple was written before the next 10-Q so it cannot be adjusted after. The bear case stays the one written before the next 10-Q. The 5 September print of 39.52 is a name on a scan. This file carries no classified invoice.

IonQ booked 80.05 million dollars of Q2 revenue on the 10-Q filed 10 August, with 485 million of remaining performance obligations and a 280 to 290 million dollar guide. A 5 September print of 39.52 is a name on a scan. A qubit roadmap does not classify that invoice. Seven Form 4 buys do not either.

The 10-Q filed 10 August is the observation. A 5 September session in IONQ is a scan print.