IonQ is the largest listed quantum company on every measure that is filed — $130 million of revenue in 2025, $145 million in the first half of 2026, $3.0 billion of cash — and, since February 2025, a different company from the one that listed in 2021. A new chief executive has made twelve acquisitions for about $4.8 billion, paid overwhelmingly in shares, turning a maker of trapped-ion computers into a group that also sells encryption hardware, atomic clocks, radar imagery, laser terminals and, from 31 July 2026, silicon wafers. Revenue tripled; so did the operating loss; the share count is up 83%; and the filings, which report one segment, do not say how much of any of it is quantum computing. This is a full institutional-grade initiation on IonQ (NYSE: IONQ), built from its SEC filings, results releases, proxy statements, technical papers and the SkyWater merger documents into nine structured chapters and 72 charts, current through the June 2026 quarter and the announcements of mid-September 2026.
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