--- title: "IonQ paid Elisity's sellers at $35.68 a share on November 3. The market pays $26.43." description: "The 8-K filed November 5 discloses the exact share count IonQ paid for Elisity. Against the November 5 close of $26.43, the sellers' paper is already worth about a quarter less than the headline price." publisher: "The Inference" section: "Chips" published: 2026-11-06T16:17:31.923Z modified: 2026-11-06T16:17:31.923Z canonical: https://theinference.org/article/ionq-paid-elisity-s-sellers-at-35-68-a-share-on-november-3-the-market-pays-26-43 language: en keywords: "IonQ, Quantum Computing, Stocks, Dilution" --- # IonQ paid Elisity's sellers at $35.68 a share on November 3. The market pays $26.43. > The 8-K filed November 5 discloses the exact share count IonQ paid for Elisity. Against the November 5 close of $26.43, the sellers' paper is already worth about a quarter less than the headline price. [IonQ](https://theinference.org/markets/companies/ionq) [closed its Elisity acquisition on November 3](https://www.sec.gov/Archives/edgar/data/1824920/000119312526449779/0001193125-26-449779-index.htm) by handing the security software company's sellers 32,233,274 IonQ shares, with up to 4,265,934 more if revenue milestones through January 2028 are met [1]. The deal was valued at $1.15 billion in stock, plus up to $150 million of earn-out [4]. Divide the value by the closing share count and the consideration was struck at about $35.68 a share ($1,150,000,000 ÷ 32,233,274 ≈ $35.68) [1][4]. [IonQ closed November 5 at $26.43](https://stockanalysis.com/stocks/ionq/transcripts/725344-q3-2026/) [3]. On the market's mark, those 32.2 million shares are worth about $852 million, roughly a quarter less than the sellers were promised two days earlier [3]. *Chart: **Three prices for IonQ stock in five weeks, only one of them the market's** Three bars: October offering price $40.00, implied Elisity consideration price $35.68, November 5 close $26.43* *Dollars per IonQ share. October figure is the combined unit price of the $2.0 billion offering. The Elisity price is implied, not stated: $1.15 billion of stock consideration (PRISM MarketView) divided by the 32,233,274 closing shares in the 8-K gives about $35.68. The close is November 5, 2026 (stockanalysis.com). Sources: SEC Form 8-K filed November 5, 2026; IonQ Q3 press release; PRISM MarketView; stockanalysis.com transcript/quote page. [1][2][3][4]* ## Both checks were written above the market The Elisity shares are not the first issuance struck high. In October IonQ sold $2.0 billion of common stock and warrants at a combined $40.00 a unit, taking pro forma cash and investments to $3.7 billion; [we reported that raise and its buyer, Heights Capital, on October 26](https://theinference.ai/article/heights-capital-buys-2-billion-of-ionq-stock-at-40-down-from-93-last-year-dilution-runs-past-a-third) [2][7]. That is the "financial firepower" CFO Inder Singh cited on the earnings call [3]. The mechanism is now visible: the CFO booked $3.7 billion of firepower at issue prices of $40.00 and $35.68, in a currency the market marked at $26.43 on the day both deals were disclosed in full [3]. Every acquisition and every raise adds shares, so the shareholder's exposure is dilution per dollar of revenue, not headline growth. ## The record quarter is real; the profit is not The operating quarter underneath is strong. Revenue hit a record $173.8 million, up 336%, [guidance rose to $505 to $515 million](https://www.ionq.com/news/ionq-announces-record-3q26-revenues-and-raises-fy2026-guidance-to-505---515-million-as-backlog-grows-to-1-2-billion), and 2027 capacity for the Superion 256 is sold out, with DARPA Stage C worth up to $300 million and a Superion 256 heading into [NVIDIA](https://theinference.org/markets/companies/nvidia)'s research center [2][6]. But [the $564 million of net income came from an $896 million non-cash warrant revaluation](https://theinference.ai/article/half-of-ionqs-record-quarter-is-fab-work-for-rivals-the-profit-is-a-warrant-mark); adjusted EBITDA lost $133.6 million and the nine months to September 30 are a $498 million loss [5][8]. We covered the revenue mix and that warrant mark in our November 6 piece; what is new now is the 8-K's exact Elisity share count, priced against the tape [5][8]. ## Elisity's sellers now hold the cleanest mark Elisity's sellers now hold the clearest answer to what IonQ's paper is worth. Their payout is IonQ stock, and it moves with IonQ's price, not IonQ's promises. ## What to watch Watch two things next. Whether IonQ expands Superion 256 capacity fast enough to convert the sold-out 2027 book into revenue without another discounted raise, and whether the Elisity earn-out through January 2028 is paid in a currency worth what it said [1][2][6]. ## Takeaway IonQ struck both of its big issuances above the tape: $40.00 a unit in October and about $35.68 a share for Elisity, against a $26.43 close on November 5, so sellers and the CFO booked firepower the market has already marked down by a quarter. ## Sources 1. [SEC EDGAR, IonQ, Inc. Form 8-K filed 5 November 2026 (Elisity share counts, items 2.01 and 3.02)](https://www.sec.gov/Archives/edgar/data/1824920/000119312526449779/0001193125-26-449779-index.htm) 2. [IonQ press release, 'IonQ Announces Record 3Q26 Revenues and Raises FY2026 Guidance to $505 - $515 Million as Backlog Grows to $1.2 Billion', 5 November 2026](https://www.ionq.com/news/ionq-announces-record-3q26-revenues-and-raises-fy2026-guidance-to-505---515-million-as-backlog-grows-to-1-2-billion) 3. [StockAnalysis.com, IonQ Q3 2026 earnings call transcript and quote page, 5-6 November 2026](https://stockanalysis.com/stocks/ionq/transcripts/725344-q3-2026/) 4. [PRISM MarketView, 'IonQ Closes $1.15 Billion Elisity Acquisition and Signs Quantum Access Deal With QuantumCT', 4 November 2026](https://prismmarketview.com/ionq-closes-1-15-billion-elisity-acquisition-and-signs-quantum-access-deal-with-quantumct/) 5. [MarketScreener, 'IonQ, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2026'](https://www.marketscreener.com/news/ionq-inc-reports-earnings-results-for-the-third-quarter-and-nine-months-ended-september-30-2026-ce785fdddd8cf42d) 6. [The Quantum Insider, 'IonQ Raises Revenue Forecast as Quarterly Sales Climb to $173.8 Million', 5 November 2026](https://thequantuminsider.com/2026/11/05/ionq-raises-revenue-forecast-as-quarterly-sales-climb-to-173-8-million/) 7. [The Inference, 'Heights Capital buys $2 billion of IonQ stock at $40, down from $93 last year; dilution runs past a third', 26 October 2026](https://theinference.ai/article/heights-capital-buys-2-billion-of-ionq-stock-at-40-down-from-93-last-year-dilution-runs-past-a-third) 8. [The Inference, 'Half of IonQ's record quarter is fab work for rivals; the profit is a warrant mark', 6 November 2026](https://theinference.ai/article/half-of-ionqs-record-quarter-is-fab-work-for-rivals-the-profit-is-a-warrant-mark) --- IonQ paid Elisity's sellers at $35.68 a share on November 3. The market pays $26.43. — The Inference. Canonical: https://theinference.org/article/ionq-paid-elisity-s-sellers-at-35-68-a-share-on-november-3-the-market-pays-26-43