IonQ’s SkyWater Deal Gets Green Light as Revenue Soars 755% and Institutions Rush In

IonQ wins SkyWater shareholder approval for $1.8B acquisition, posts 755% revenue jump to $64.7M, yet net loss misses estimates. Stock above analyst target at $71.

IonQ shareholders are staring at a tale of two stories. The quantum computing company just won approval from SkyWater Technology shareholders for its $1.8 billion takeover, but that final hurdle was cleared while losses deepen and the stock trades above the average analyst price target. Shares have climbed past $68.63 — the consensus target — recently changing hands near $71 after touching $72.07.

The SkyWater acquisition locks down IonQ’s semiconductor supply chain, giving the firm independence in hardware production. It’s a crucial piece of a strategy that relies on trapped-ion technology boasting a 2-qubit fidelity of 99.99%. That fidelity edge is what the company hopes will defend it against rivals such as IBM, which landed $1 billion in federal CHIPS Act funding for its New York quantum fab, and Honeywell’s Quantinuum, which is heading for an IPO with an estimated valuation above $12 billion.

Revenue Explodes, But Earnings Miss

First-quarter revenue hit roughly $64.7 million, a 755% surge from the prior year. Commercial deals now account for about 60% of that top line, validating the market’s appetite for IonQ’s Tempo system. Remaining performance obligations — a proxy for contracted future revenue — swelled to $470 million, up 554%. Management has raised its full-year 2026 revenue forecast to $260–$270 million.

Yet the earnings scorecard tells a less rosy story. The net loss per share came in at $0.34, missing analyst estimates of $0.26 by a wide margin. The company still carries a cash pile of roughly $3.3 billion, enough to fund further R&D and dealmaking, but the improving revenue base hasn’t yet flipped the profit switch.

Institutions and Short Sellers Square Off

Professional money managers are betting that profits will follow. Legal & General boosted its stake by 48.5% in the fourth quarter of 2025, ending the period with about 1.36 million shares. AQR Capital Management more than doubled its position, a 106.2% increase. The Royal Bank of Canada added 12.5%, while Gulf International Bank UK opened a brand-new position of 16,164 shares. Institutional holders now control 41.42% of IonQ’s outstanding stock.

Short sellers haven’t given up, though. Despite a 12.47% decline in short interest over the most recent period, 20.71% of the float remains sold short. That leaves room for both a squeeze and a sharp correction.

Technicals Flash Mixed Signals

The stock closed May with strong momentum, comfortably above its 200-day moving average at $46.50 — widely viewed as a bullish signal. The 14-day relative strength index sits between 68 and 74, indicating solid upward momentum but also creeping into neutral-to-overbought territory. The 52-week high of $84.64 remains the ceiling, with near-term resistance at $72.07. A decisive break above that level could open the path toward the high. On the downside, the 20-day moving average at $67.93 is the first support, with a broad cushion between $44.50 and $46.50 where the 50- and 200-day lines converge.

A Busy June Calendar

June is packed with events that could tip the balance. Management will present at the Mizuho Global Technology Conference on June 9, followed by the Rosenblatt Annual Technology Summit on June 10. The shareholder meeting falls on June 15, with a formal presentation to analysts and investors the following day. Those gatherings are expected to provide updates on SkyWater integration, photonic interconnection progress, and the rationale behind the raised 2026 revenue guidance.

IonQ’s exclusion from a recent $2 billion federal quantum computing program hasn’t dented investor confidence. The stock has rallied roughly 31% in May alone, reflecting a belief that the company’s portfolio — spanning computing, sensing, and networking — offers a broader hedge than pure-play competitors.

For now, the market appears willing to overlook the earnings miss and heavy short interest, taking its cue from institutional inflows, a solidifying backlog, and the recently secured chip-making capacity. Whether that optimism holds through the June events and the next quarterly report is the next big question.