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Insider Brief
- IonQ used its first investor day following the SkyWater acquisition to present an integrated strategy covering quantum computing, semiconductor manufacturing, cybersecurity and foundry services.
- The company introduced its 256-qubit Superion platform, targeted customer deliveries for 2027 and raised its combined 2026 revenue forecast to between $450 million and $460 million.
- IonQ also detailed a future quantum threat to elliptic-curve signatures, announced an $8.18 million security agreement and launched SkyWater Quantum Solutions for external customers.
IonQ used its first investor day following the acquisition of SkyWater Technology to outline a more integrated strategy spanning quantum computers, semiconductor manufacturing, cybersecurity and foundry services.
The event, held Tuesday at the New York Stock Exchange, came about five weeks after IonQ completed its roughly $1.8 billion acquisition of SkyWater . IonQ presented the transaction as a way to shorten hardware-development cycles, secure domestic manufacturing capacity and move its quantum computers toward repeatable production.
Chairman and CEO Niccolo de Masi characterized the investor day as a six-announcement event. IonQ introduced its 256-qubit Superion computing platform , raised its 2026 revenue forecast , published a detailed estimate of the resources needed to threaten a widely used digital-signature system and announced an $8.18 million quantum-security agreement with Congruity360.
SkyWater separately launched a dedicated quantum foundry service and announced a multiyear manufacturing agreement with superconducting quantum-computing company Qolab .
The announcements gave investors a more detailed view of how IonQ intends to combine technologies obtained through a series of acquisitions. They also established a set of near-term milestones against which the company’s plans can be measured, including Superion deliveries and a laboratory demonstration of fault tolerance targeted for 2027.
Superion Becomes Center of Computing Roadmap
The main hardware announcement was Superion 256, a 256-qubit trapped-ion system that IonQ plans to begin delivering to customers in 2027.
Superion will serve as the underlying platform for IonQ ’s future computing products, rather than being developed as a stand-alone generation. Orders are open, and production systems will also be made available through IonQ’s cloud service.
IonQ sold the first Superion 256 system during the first quarter of 2026, before publicly naming the platform. The customer — the University of Cambridge — purchased the system as part of a wider agreement covering quantum computing, networking and intellectual-property development.
IonQ said it has fabricated fully integrated 256-qubit processors at SkyWater and trapped the first ions in prototype systems being assembled at several U.S. facilities.
The system incorporates Electronic Qubit Control technology obtained through IonQ ’s acquisition of Oxford Ionics . The approach replaces much of the laser equipment traditionally used to control trapped-ion qubits with electronics integrated into the quantum chip.
Trapped ions are electrically charged atoms that serve as qubits, the basic units of quantum information. Experts suggest their natural uniformity can support accurate operations, but controlling increasing numbers of ions with separate lasers and optical components can make systems difficult to scale.
IonQ said placing more of the control system on a semiconductor chip reduces the number of individually aligned optical components and makes the hardware more suitable for standardized manufacturing. Superion 256 is designed to fit into a conventional data-center rack without requiring a custom facility.
The chip completed six tapeouts — which is the point at which a completed chip design is sent to a foundry for fabrication — during the first half of 2026.
IonQ said working directly with SkyWater reduced its design cycle from nine months to two months and allowed it to run 12 times more wafer lots over six months than it had at its previous foundry. Those figures offer an early hint of faster development fostered by the acquisition.
Chris Ballance, IonQ ’s president of quantum computing, said during the event that the platform is intended to simplify the hardware, reduce the time between product generations and allow each system to build on the manufacturing processes developed for the previous one.
“Superion is the result of two strategic acquisitions coming together to deliver this historic milestone,” de Masi said in the company’s announcement . “ Oxford Ionics enabled IonQ to control natural, trapped-ion qubits using standard electronics, and SkyWater unlocked the ability to manufacture at semiconductor costs and scale.”
IonQ did not yet disclose gate fidelities, error rates or logical-qubit results for the Superion prototypes. Those measurements will be important because qubit count alone does not show whether a quantum computer can perform long and useful calculations accurately.
IonQ Develops 10,000-Qubit System Alongside Superion 256
IonQ is developing Superion 10K at the same time as the 256-qubit system rather than waiting for the first platform to reach customers.
The larger system is expected to contain about 10,000 physical qubits and will be the first hardware generation designed to run IonQ ’s Walking Cat fault-tolerant architecture. The architecture, published in April, describes how calculations would be compiled, how ions would move across the processor and how the machine would detect and correct errors.
Superion 10K will add cryogenic complementary metal-oxide-semiconductor, or cryo-CMOS, electronics to the quantum chip. CMOS is the established semiconductor technology used to build most conventional processors. Cryo-CMOS adapts those electronics to operate at the low temperatures required by the quantum system.
IonQ displayed early cryo-CMOS test chips at the investor day. The company is targeting a laboratory demonstration of fault tolerance using the technology in 2027, followed by a manufacturable commercial system in 2028.
Fault tolerance would allow a quantum computer to detect and correct errors as it operates. Current quantum systems remain susceptible to environmental disturbances and imperfect controls, limiting the length and complexity of calculations they can perform reliably.
IonQ estimates that moving from laser-based controls to semiconductor electronics could reduce its cost per qubit by more than 300 times over the course of the roadmap. That figure remains a company projection dependent on future engineering and manufacturing results.
To take that proposed step — from 256 to 10,000 physical qubits — IonQ will need to show that it can preserve operational accuracy while increasing the number of ions, control components and error-correction operations.
The company said it is also continuing work on photonic interconnects that could connect multiple quantum processors. IonQ reported an initial demonstration involving connected commercial quantum systems in April.
De Masi told investors during the session that the company’s applications work remains on schedule in areas including computational engineering, logistics, pharmaceutical research and image-change detection. He identified oncology and personalized medicine as priorities within life sciences.
Combined Revenue Forecast Reflects SkyWater Acquisition
IonQ raised its full-year 2026 revenue forecast to between $450 million and $460 million.
The forecast includes SkyWater ’s financial contribution from July 31, when the acquisition closed, through the end of the year. It also removes estimated revenue from transactions between IonQ and SkyWater under their previous commercial relationship.
Before adding SkyWater , IonQ had forecast full-year revenue of between $280 million and $290 million.
IonQ reported $130 million in revenue for 2025. Second-quarter 2026 revenue reached $80.1 million, up 287% from the same quarter a year earlier.
De Masi said at the investor day that IonQ ’s existing platform business had been tracking toward its annual target before the SkyWater transaction closed. He also said the company had been generating about twice as much revenue as the rest of the publicly traded quantum sector combined, although that comparison was presented onstage and was not included in the company’s financial announcement.
The company remains in an investment-heavy stage. IonQ reported an adjusted EBITDA loss of $120.3 million for the second quarter. It held $3 billion in cash, cash equivalents and investments as of June 30, or approximately $2 billion after accounting for cash used to complete the SkyWater acquisition.
IonQ Chief Financial and Operating Officer Inder Singh described the new forecast as the first step in demonstrating the financial case for combining the businesses. The company did not provide updated combined guidance for adjusted EBITDA or other profitability measures during the event.
SkyWater CEO Tom Sonderman said the foundry is processing thousands of quantum wafers and that roughly one-third are for IonQ . The company did not disclose the customers or programs represented by the remaining quantum-related production.
Sonderman contrasted SkyWater ’s manufacturing model with foundries focused on standardized, high-volume chip production. SkyWater specializes in working with customers to develop customized processes, an approach IonQ believes can help it test new chip designs more frequently.
Cryptography Study Connects Hardware to Security Risk
IonQ also used the investor day to publish an end-to-end resource estimate for running Shor’s algorithm against secp256k1, the 256-bit elliptic curve used by Bitcoin and other digital systems.
Shor’s algorithm could allow a sufficiently powerful fault-tolerant quantum computer to solve mathematical problems that protect current public-key cryptography.
IonQ ’s study estimates that a trapped-ion computer containing 19,397 physical qubits could solve the elliptic-curve discrete logarithm problem for secp256k1 in approximately 25.7 days per attempt.
The proposed calculation would require 1,457 error-corrected logical qubits and about 39 million logical Toffoli gates. A logical qubit uses multiple physical qubits to protect quantum information from errors, while a Toffoli gate is an operation used as a building block in large quantum calculations.
IonQ described the estimate as more complete than earlier studies because the researchers compiled the calculation down to the physical error-correction operations that would run on its Walking Cat architecture. The company said the researchers established a lower bound for the probability that the full calculation would succeed instead of assuming that the underlying operations would work as intended.
“This is the first time anyone has taken a utility-scale quantum algorithm and estimated its cost without approximating away the parts that usually dominate a real machine’s runtime,” said Ballance, in a statement. “We compiled every operation down to the actual error-correction primitives our architecture runs. Today’s paper proved — rather than assumed — a lower bound on the probability that the full computation succeeds. It should be noted that no deployed digital asset nor crypto platform was affected during IonQ’s research.”
The study does not mean IonQ can currently compromise Bitcoin or another system using the curve. The fault-tolerant machine described in the estimate does not exist, and its projected performance depends on IonQ meeting several hardware and error-correction targets.
IonQ connected the estimate to its own development schedule, which calls for hardware in the 10,000- to 20,000-qubit range beginning in the 2027-28 period.
The modeled exposure involves digital signatures used to prove identity and authorize transactions. It does not describe an attack on the encryption used to keep stored or transmitted data confidential.
IonQ said post-quantum signature standards including ML-DSA and SLH-DSA would not be affected by this type of attack. The company also said it shared advance copies of the research with U.S. government and industry representatives before publication.
De Masi told investors that the possibility of a cryptographically capable quantum computer is moving into the planning horizon of chief information security officers. He argued that organizations should begin preparing now because replacing long-lived certificates, device identities and other roots of trust can take years.
IonQ paired the study with an $8.18 million agreement to supply quantum-security equipment to Congruity360, a data-management and governance company.
The planned deployment will combine post-quantum cryptography with quantum key distribution. IonQ will provide Clavis quantum key distribution devices and Solteris network appliances to protect information as it moves between locations.
Quantum key distribution uses quantum properties to establish encryption keys and detect certain attempts to intercept them. Post-quantum cryptography relies on mathematical algorithms designed to withstand attacks from both classical and quantum computers.
Congruity360 serves customers in finance, healthcare, insurance, legal services, manufacturing, defense and higher education. The companies did not disclose the agreement’s duration, installation schedule or expected contribution to IonQ ’s 2026 revenue.
SkyWater Opens Quantum Foundry to Other Companies
SkyWater used the event to launch SkyWater Quantum Solutions, a merchant foundry service intended to support quantum companies from process development through manufacturing.
The unit will work with companies developing trapped-ion, neutral-atom, photonic and superconducting quantum computers, as well as quantum networks and sensors.
Mihir Bhaskar, a co-founder of quantum-networking company Lightsynq who later led research and development at IonQ , will run the business.
SkyWater Quantum Solutions brings together the foundry’s semiconductor operations with photonics capabilities IonQ acquired through Nexus Photonics. The available technologies include SkyWater’s SP90 photonics platform, its SC250 superconducting platform, advanced packaging and manufacturing processes involving diamond and lithium niobate.
SkyWater also announced Qolab as an initial customer. The Madison, Wisconsin-based company is developing superconducting quantum computers, an approach that competes with the trapped-ion technology used by IonQ .
Under a multiyear agreement, Qolab will move its Quantum System-in-Package devices from custom development to standardized wafer services using SkyWater ’s SC250 platform. SkyWater said it is investing in dedicated equipment upgrades at its Minnesota fabrication facility to support the work.
The agreement provides an early test of the merchant-foundry model IonQ outlined when it agreed to acquire SkyWater . The strategy calls for SkyWater to manufacture components for the broader quantum industry, including companies pursuing technologies that compete with IonQ’s systems.
SkyWater said it will use information-security controls, intellectual-property protections and internal program separation to protect customer projects. Maintaining confidence in those safeguards will be important if the foundry is to attract other quantum-computing companies while owned by IonQ .