IonQ's $1.87bn Q2 loss: $1.65bn of it is a warrant charge caused by its own share price rising
Q2 10-Q: revenue $80m (4× a year earlier), operating loss $337m. 88% of the net loss is the fair-value increase of 79m private warrants as the stock rose. The $3.05bn warrant liability equals 92% of shareholders' equity
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IonQ Form 10-Q for Q2 2026: statement of operations, balance sheet, 'Warrant Liabilities' note (fair-value measurement), 'Stock-based Compensation' note
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Quantum-computing company IonQ (IONQ) reported a net loss of $1,868m for the second quarter of 2026 — 23 times its revenue of $80.1m. The statement of operations in its 10-Q shows an operating loss of $337m; the rest comes from one line, 'change in fair value of warrant liabilities'. In the first quarter the same line moved the other way and produced net income of $805m.
What happened
IonQ (IONQ) builds trapped-ion quantum computers and is the quantum stock most widely held by Korean retail investors.
Its 10-Q for the second quarter of 2026 shows revenue of $80.1m, 3.9 times the $20.7m of a year earlier, and an operating loss of $337m, double the $161m of a year earlier. The net loss, however, was $1,868m — 23 times revenue and 5.5 times the operating loss.
The difference comes from one line on the statement of operations: a $1,649m loss on the change in fair value of warrant liabilities, 88% of the net loss. The balance sheet carries those warrants as a $3,052m liability, and the note says 1,065,043 public warrants and 79,053,330 Series A and B private warrants remained outstanding at June 30.
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On the statement of operations, 'Gain (loss) on change in fair value of warrant liabilities' is $(1,649,115) thousand for Q2. The balance sheet shows warrant liabilities of $3,052m at June 30, and the note lists 1,065,043 public and 79,053,330 private warrants outstanding.
Did cash leave the company?
No. Until warrants are exercised only the accounting value moves. When they are exercised, new shares are issued and existing holders are diluted.
Why was there net income in Q1?
The same line moved in the gain direction, producing net income of $805m despite an operating loss of $271m. Why the bottom line swings like this, and what to watch instead, is covered in the subscriber section.
Where can I verify these numbers?
On SEC EDGAR: IonQ's Q2 2026 Form 10-Q (accession 0001193125-26-341001), statement of operations, balance sheet and the warrant liabilities note.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
IonQ Form 10-Q for Q2 2026: statement of operations, balance sheet, 'Warrant Liabilities' note (fair-value measurement), 'Stock-based Compensation' note · SEC EDGAR · This article is not investment advice. Disclaimer
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