--- title: "IonQ reports SkyWater for the first time on November 5; D-Wave is the only outside customer with a deal" description: "The Minnesota fab IonQ bought on July 31 made money largely from IonQ itself; the first consolidated revenue guide, due November 5, shows what an outside customer actually pays, and the only one with a disclosed deal is D-Wave, down 55% this year and facing a class action." publisher: "The Inference" section: "Chips" published: 2026-10-26T14:18:55.029Z modified: 2026-10-26T14:18:55.029Z canonical: https://theinference.org/article/ionq-reports-skywater-for-the-first-time-on-november-5-d-wave-is-the-only-outside-customer-with-a-deal language: en keywords: "Quantum Computing, IonQ, SkyWater, Chip Foundries, Earnings" --- # IonQ reports SkyWater for the first time on November 5; D-Wave is the only outside customer with a deal > The Minnesota fab IonQ bought on July 31 made money largely from IonQ itself; the first consolidated revenue guide, due November 5, shows what an outside customer actually pays, and the only one with a disclosed deal is D-Wave, down 55% this year and facing a class action. On November 5, [IonQ](https://theinference.org/markets/companies/ionq) [reports its first quarter with SkyWater Technology inside the company](https://finance.yahoo.com/markets/stocks/articles/ionq-report-third-quarter-2026-210000813.html), and for the first time it must guide revenue for the two businesses as one [1]. [The Minnesota chip foundry IonQ bought on July 31, 2026](https://theinference.org/article/ionq-paid-1-8-billion-for-skywater-the-foundry-that-just-extended-rival-d-wave-s-chip-deal), had its own tape; it is now a division of a quantum stock down 43.6% over a year [2]. That stock priced [a $2.0 billion share sale at $40 a share](https://theinference.org/article/ionq-printed-71-6-more-shares-to-buy-its-quantum-empire-november-reveals-the-next-tranche) and closed at $32.28 on October 21 [3]. [Trefis](https://www.trefis.com/stock/ionq/articles/620493/is-50-crash-risk-for-ionq-stock-real/2026-10-26) counts a median worst yearly fall of 52.2% for it and calls a 50% crash realistic [2]. *Chart: **Every pure-play quantum stock is down sharply over one year** Bars ranking one-year share price declines for Rigetti Computing at 71 percent, D-Wave Quantum at 62 percent and IonQ at 47 percent* *One-year share price declines through the week of October 20, 2026, as reported by the Foreign Policy Journal; IonQ's own reported figure is 43.6% over the year to October 26 [2][7]. [7]* ## The guide is smaller than the sum of its parts Here is the arithmetic nobody has put on the tape. IonQ's fiscal 2026 revenue guide of $280 million to $290 million covers IonQ alone [2]. Management said IonQ expected to spend about $120 million with SkyWater this fiscal year, money that counted as SkyWater revenue until now; once the two are one company, intercompany revenue is eliminated [2]. So the combined number due November 5 is less than IonQ plus SkyWater, and the difference is IonQ spending on itself [3]. What the guide exposes instead is SkyWater's third-party revenue: what an outside customer actually pays. Analysts expect about $141 million for the third quarter, and a beat with color on the quantum foundry would support the $450 million to $460 million full-year guidance [3]. ## One named outside customer, and it is a wounded rival SkyWater CEO Thomas Sonderman said at IonQ's September 8 investor day that the fab runs thousands of quantum wafers a year, a third tied to IonQ, with nine quantum customers [3]. The one outside customer with a disclosed deal is [D-Wave Quantum](https://theinference.org/markets/companies/d-wave-quantum), which [extended its SkyWater manufacturing agreement on October 13](https://theinference.org/article/d-wave-renewed-its-foundry-deal-inside-rival-ionq-s-revenue) with no terms disclosed [4]. The FTC Chairman's July 31 statement on the merger, reviewed by [PhotonCap](https://photoncap.net/p/quantum-foundries-the-revenue-is), noted quantum developers could face months of delay if forced to switch foundries [6]. That is the strategic asset. The cash register is a different question. D-Wave is down 55% in 2026, faces a securities class action filed October 15 alleging its bookings surge rests on two older contracts, allegations the company disputes and a court has not tested [4][7]. D-Wave needs roughly $32 million in fourth-quarter revenue to reach the $42.5 million analysts expect for 2026, more than five times its whole first half [4]. ## The other camp, fairly stated IonQ's defenders have receipts too: second-quarter revenue of $80.1 million, nearly triple [Rigetti](https://theinference.org/markets/companies/rigetti)'s, exceeded every other pure-play quantum company combined, against $3 billion of cash and investments [8]. IonQ says co-developing with SkyWater cut its design cycle from nine months to two [6]. D-Wave, for its part, holds $546 million of cash and up to $100 million of CHIPS Act funding, so this is dilution risk, not imminent distress [4][7]. ## What November 5 decides Watch two lines: the combined revenue guide, reset for SkyWater with intercompany sales stripped out, and whether IonQ splits foundry revenue into its CMOS and quantum buckets as promised [3]. Nine days out, the fab's economics stop being a story and become a number. Deep dive in the sources below to learn more. ## Takeaway IonQ's November 5 report is the first to consolidate SkyWater, and the arithmetic cuts both ways: the roughly $120 million IonQ paid its own fab vanishes as intercompany revenue, while the only outside quantum customer with a disclosed deal is D-Wave, a wounded rival down 55% this year. ## Sources 1. [Business Wire via Yahoo Finance, IonQ to Report Third Quarter 2026 Financial Results on November 5, 2026, 22 October 2026](https://finance.yahoo.com/markets/stocks/articles/ionq-report-third-quarter-2026-210000813.html) 2. [Trefis, Is 50% Crash Risk For IonQ Stock Real?, 26 October 2026](https://www.trefis.com/stock/ionq/articles/620493/is-50-crash-risk-for-ionq-stock-real/2026-10-26) 3. [TIKR, IonQ Stock Trades 19% Below the $40 Its $2 Billion Investor Paid. Here's What Its Chip Foundry Adds, 22 October 2026](https://www.tikr.com/blog/ionq-stock-trades-19-below-the-40-its-2-billion-investor-paid-heres-what-its-chip-foundry-adds) 4. [TIKR, D-Wave Sinks 31% in a Month, Rigetti 26%: Is It Time to Sell, or Load Up?, 23 October 2026](https://www.tikr.com/blog/d-wave-sinks-31-in-a-month-rigetti-26-is-it-time-to-sell-or-load-up) 6. [PhotonCap, Quantum Foundries: The Revenue Is Small, So Who Pays for the Fabs and Why?, 24 October 2026](https://photoncap.net/p/quantum-foundries-the-revenue-is) 7. [Foreign Policy Journal, D-Wave Quantum Stock Hits New 52-Week Low As Class Action Lawsuit Targets Bookings Surge, 25 October 2026](https://www.foreignpolicyjournal.com/2026/10/25/d-wave-quantum-nyse-qbts-stock-hits-new-52-week-low-as-class-action-lawsuit-targets-bookings-surge/) 8. [Sustainable Construction Review, Quantum computing: IonQ leads as Rigetti lags, 23 October 2026](https://sustainableconstructionreview.com/2026/10/23/quantum-computing-ionq-leads-as-rigetti-lags/) --- IonQ reports SkyWater for the first time on November 5; D-Wave is the only outside customer with a deal — The Inference. Canonical: https://theinference.org/article/ionq-reports-skywater-for-the-first-time-on-november-5-d-wave-is-the-only-outside-customer-with-a-deal