IonQ Closes Elisity Deal With 32.2M Shares; Q3 Revenue $173.8M, Guidance Raised to $505-515M
IONQ is trading near its 52-week low of $24.915 (11% above the low).
Summary
IonQ closed its Elisity acquisition, issuing 32.2 million shares (up to 36.5 million with earn-outs), and posted Q3 revenue of $173.8 million, up 336%, while raising 2026 guidance to $505-515 million.
Key Events · M&A and Partnerships · IONQ
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Elisity Acquisition Closes
IonQ completed the all-stock purchase of Zero Trust security firm Elisity on November 3, 2026, issuing 32,233,274 shares at closing plus up to 4,265,934 earn-out shares tied to revenue milestones through January 2028.
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Share Consideration Quantified
Closing consideration was stated as $1.15 billion of common stock, with up to $150 million more in earn-outs — the first hard share count on a deal previously described only as 'up to $1.3 billion.'
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Q3 Revenue Up 336%
Revenue reached $173.8 million versus $39.9 million a year earlier; backlog (RPO) more than doubled to $1.2 billion and FY2026 guidance was raised to $505-515 million.
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Profit Is Non-Cash Warrant Gain
The $564.0 million net income and $1.42 GAAP EPS came from an $896.2 million fair-value gain on warrant liabilities; Adjusted EPS was a $0.29 loss and Adjusted EBITDA a $133.6 million loss.
Analysis · IONQ · Technology
Two developments land at once. The Elisity acquisition closed on November 3 with 32,233,274 shares issued up front and up to 4,265,934 more in earn-outs through January 2028 — roughly $1.15 billion of stock at closing, so the dilution is real shares, not cash. Against that, IonQ's third quarter was the strongest in its history: revenue of $173.8 million, up 336% year-on-year, with backlog (remaining performance obligations) at $1.2 billion and full-year 2026 guidance raised to $505-515 million. The reported $564.0 million net income and $1.42 GAAP EPS are almost entirely a non-cash mark-to-market gain on warrant liabilities ($896.2 million), not operating profit — Adjusted EPS was a $0.29 loss and Adjusted EBITDA a $133.6 million loss. The cash story is what matters: $1.7 billion at quarter-end, $3.7 billion pro forma for the $2 billion October offering, which funds the integration and the foundry build-out.
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At the time of this filing, IONQ was trading at $27.66 on NYSE in the Technology sector, with a market capitalization of approximately $11.3B. The 52-week trading range was $24.92 to $73.65. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.