# IonQ's $1.87bn Q2 loss: $1.65bn of it is a warrant charge caused by its own share price rising

![IonQ's $1.87bn Q2 loss: $1.65bn of it is a warrant charge caused by its own share price rising](https://aiswingx.com/static/covers/ionq-2026q2_cover.jpg?v=1790009455)

**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**

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.

- 종목: IONQ (IonQ)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 16:51 UTC
- 원문: https://aiswingx.com/p/ionq-2026q2

## 숫자 하나
Q2 2026 loss on change in fair value of warrant liabilities $1,649m (88% of the $1,868m net loss). Warrant liabilities at June 30 $3,052m = 92% of shareholders' equity of $3,327m. Revenue $80.1m, operating loss $337m.

## 비유 하나
(구독자 전용)

## 출처 하나
IonQ Form 10-Q for Q2 2026: statement of operations, balance sheet, 'Warrant Liabilities' note (fair-value measurement), 'Stock-based Compensation' note

## 다음 분기에 볼 것
(구독자 전용)

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## 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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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. Where is the warrant loss disclosed?**

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.

**Q. 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.

**Q. 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.

**Q. 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.