Quantum computing track now in turmoil: IonQ financial report exceeded expectations but was still sold off, major banks unanimously raised target price to support growth momentum.

Note that despite the first-quarter performance and outlook exceeding expectations and receiving positive analyst reviews, the stock price of quantum computing company IonQ (IONQ.US) still fell by about 7% in pre-market trading on Thursday. Morgan Stanley maintains a "hold" rating on the stock but has raised the target price from $47 to $48.50. An analyst team led by Joseph Moore stated, "IonQ continues to decisively surpass its quarterly performance guidance numbers. Given its expanding portfolio and consistent conservative style, it is difficult to identify specific drivers of growth, but the overall trend is clearly healthy. Technological milestones are also progressing smoothly, and we are encouraged by their progress." The analysts pointed out that the company has never specifically indicated what contributed to its performance surpassing expectations in any quarter (and widespread conservatism is also likely at play), but this is proof of its continued strong momentum as everything seems to be growing whether it is from organic growth or not. Analysts anticipate getting more information through the 10-Q report to understand if Skyloom or Seed Innovations (both acquisitions completed at the end of January with a combined consideration of approximately $200 million in stock) made a substantial contribution to growth. Based on known information, the revenue outlook remains conservative: the updated 2026 revenue guidance is $265 million, indicating an average quarterly revenue of $66 million for the second half of the year and a high-end of $68 million for the second quarter guidance. Moore and his team stated, "Therefore, as 2026 progresses, we expect to see more 'beat and raise' as the company continues to announce promising collaborations in areas like satellites and quantum networks, all signaling momentum in the ecosystem. The company also disclosed for the first time that one-third of revenue comes from customers who have bought more than one product, so the synergies from cross-selling appear to be materializing." Investment bank Wedbush maintains its "outperform the market" rating and raises IonQ's stock target price from $60 to $75. Analyst Antoine L'Age and team mentioned in a research report, "IONQ delivered a comprehensive and robust performance in the first quarter, raising its 2026 revenue outlook from $225 million to $245 million to $260 million to $270 million, while disclosing an impressive remaining performance obligation (RPO) of $470 million (compared to $370 million in the fourth quarter of last year). We believe that the continued expansion of RPO is one of the most compelling leading indicators of the company's significant growth in commercial revenue over the next few years and maintain a positive view on IONQ." L'Age and his team also noted in another research report that these performances further validate IonQ's commercial momentum and expanding customer base. Regarding the company's disclosure that 35% of first-quarter revenue came from multi-product sales, the analysts pointed out that the success of cross-selling products indicates the company's ability to leverage its full-stack products covering quantum computing hardware, networks, quantum key distribution (QKD), and software to increase wallet share with existing customers. Furthermore, the analysts stated that IonQ maintains a full-year adjusted EBITDA loss outlook of -$310 million to -$330 million, reflecting the conservatism consistent with its management's historically cautious guidance style and the deliberate investment made to meet what could be a groundbreaking year in hardware. Additionally, several quantum computing stocks declined. In pre-market trading on Thursday, Rigetti Computing (RGTI.US) and D-Wave Quantum (QBTS.US) each fell by about 4%, Quantum Computing (QUBT.US) dropped by nearly 3%, and Arqit Quantum (ARQQ.US) declined by about 2%.